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TAXPAYER RELIEF ACT OF 1997 - Congress

PUBLIC LAW 105 34 AUG. 5, 1997 TAXPAYER RELIEF ACT OF 1997111 STAT. 788 PUBLIC LAW 105 34 AUG. 5, 1997 * Note: This is a hand enrollment pursuant to Public Law 105 32.* Public Law 105 34105th CongressAn ActTo provide for reconciliation pursuant to subsections (b)(2) and (d) of section 105of the concurrent resolution on the budget for fiscal year it enacted by the Senate and House of Representatives ofthe United States of America in Congress assembled,SECTION 1. SHORT TITLE; ETC.(a) SHORTTITLE. This Act may be cited as the TaxpayerRelief Act of 1997 .(b) AMENDMENT OF1986 CODE. Except as otherwise expresslyprovided, whenever in this Act an amendment or repeal is expressedin terms of an amendment to, or repeal of, a section or otherprovision, the reference shall be considered to be made to a sectionor other provision of the Internal Revenue Code of 1986.

Tax-exempt status for certain State worker’s compensation act companies. ... Modification of levy exemption. Sec. 1026. Confidentiality and disclosure of returns and return information. ... Subtitle F—Foreign Provisions Sec. 1051. Definition of foreign personal holding company income.

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Transcription of TAXPAYER RELIEF ACT OF 1997 - Congress

1 PUBLIC LAW 105 34 AUG. 5, 1997 TAXPAYER RELIEF ACT OF 1997111 STAT. 788 PUBLIC LAW 105 34 AUG. 5, 1997 * Note: This is a hand enrollment pursuant to Public Law 105 32.* Public Law 105 34105th CongressAn ActTo provide for reconciliation pursuant to subsections (b)(2) and (d) of section 105of the concurrent resolution on the budget for fiscal year it enacted by the Senate and House of Representatives ofthe United States of America in Congress assembled,SECTION 1. SHORT TITLE; ETC.(a) SHORTTITLE. This Act may be cited as the TaxpayerRelief Act of 1997 .(b) AMENDMENT OF1986 CODE. Except as otherwise expresslyprovided, whenever in this Act an amendment or repeal is expressedin terms of an amendment to, or repeal of, a section or otherprovision, the reference shall be considered to be made to a sectionor other provision of the Internal Revenue Code of 1986.

2 (c) SECTION15 NOTTOAPPLY. No amendment made by thisAct shall be treated as a change in a rate of tax for purposesof section 15 of the Internal Revenue Code of 1986.(d) WAIVER OFESTIMATEDTAXPENALTIES. No addition totax shall be made under section 6654 or 6655 of the InternalRevenue Code of 1986 for any period before January 1, 1998,for any payment the due date of which is before January 16,1998, with respect to any underpayment attributable to such periodto the extent such underpayment was created or increased byany provision of this Act.(e) TABLE OFCONTENTS. The table of contents for this Actis as follows:Sec. 1. Short title; I CHILD TAX CREDITSec. 101. Child tax II EDUCATION INCENTIVESS ubtitle A Tax Benefits Relating to Education ExpensesSec. 201. Hope and lifetime learning 202. Deduction for interest on education 203.

3 Penalty-free withdrawals from individual retirement plans for higher edu-cation B Expanded Education Investment Savings OpportunitiesPARTI QUALIFIEDTUITIONPROGRAMSSec. 211. Modifications of qualified State tuition EDUCATIONINDIVIDUALRETIREMENTACCOUNTSSec . 213. Education individual retirement C Other Education InitiativesSec. 221. Extension of exclusion for employer-provided educational USC USC 15 USC 1 ReliefAct of 5, 1997 [ 2014]111 STAT. 789 PUBLIC LAW 105 34 AUG. 5, 1997 Sec. 222. Repeal of limitation on qualified 501(c)(3) bonds other than 223. Increase in arbitrage rebate exception for governmental bonds used to fi-nance education 224. Contributions of computer technology and equipment for elementary orsecondary school 225. Treatment of cancellation of certain student 226. Incentives for education III SAVINGS AND INVESTMENT INCENTIVESS ubtitle A Retirement SavingsSec.

4 301. Restoration of IRA deduction for certain 302. Establishment of nondeductible tax-free individual retirement 303. Distributions from certain plans may be used without penalty to purchasefirst 304. Certain bullion not treated as B Capital GainsSec. 311. 20 percent maximum capital gains rate for 312. Exemption from tax for gain on sale of principal 313. Rollover of gain from sale of qualified 314. Amount of net capital gain taken into account in computing alternativetax on capital gains for corporations not to exceed taxable income of IV ALTERNATIVE MINIMUM TAX REFORMSec. 401. Exemption from alternative minimum tax for small 402. Repeal of separate depreciation lives for minimum tax 403. Minimum tax not to apply to farmers installment V ESTATE, GIFT, AND GENERATION-SKIPPING TAX PROVISIONSS ubtitle A Estate and Gift Tax ProvisionsSec.

5 501. Cost-of-living adjustments relating to estate and gift tax 502. Family-owned business 503. Modifications to rate of interest on portion of estate tax extended undersection 504. Extension of treatment of certain rents under section 2032A to lineal 505. Clarification of judicial review of eligibility for extension of time for pay-ment of estate 506. Gifts may not be revalued for estate tax purposes after expiration of stat-ute of 507. Repeal of throwback rules applicable to certain domestic 508. Treatment of land subject to a qualified conservation B Generation-Skipping Tax ProvisionSec. 511. Expansion of exception from generation-skipping transfer tax for trans-fers to individuals with deceased VI EXTENSIONSSec. 601. Research tax 602. Contributions of stock to private 603. Work opportunity tax 604.

6 Orphan drug tax VII INCENTIVES FOR REVITALIZATION OF THE DISTRICT OFCOLUMBIASec. 701. Tax incentives for revitalization of the District of VIII WELFARE-TO-WORK INCENTIVESSec. 801. Incentives for employing long-term family assistance IX MISCELLANEOUS PROVISIONSS ubtitle A Provisions Relating to Excise TaxesSec. 901. General revenue portion of highway motor fuels taxes deposited intoHighway Trust 902. Repeal of tax on diesel fuel used in recreational STAT. 790 PUBLIC LAW 105 34 AUG. 5, 1997 Sec. 903. Continued application of tax on imported recycled 904. Uniform rate of tax on 905. Operators of multiple gasoline retail outlets treated as wholesale distribu-tor for refund 906. Exemption of electric and other clean-fuel motor vehicles from luxuryautomobile 907. Rate of tax on certain special fuels determined on basis of BTU equiva-lency with 908.

7 Modification of tax treatment of hard 909. Study of feasibility of moving collection point for distilled spirits 910. Clarification of authority to use semi-generic designations on wine B Revisions Relating to DisastersSec. 911. Authority to postpone certain tax-related deadlines by reason of presi-dentially declared 912. Use of certain appraisals to establish amount of disaster 913. Treatment of livestock sold on account of weather-related 914. Mortgage financing for residences located in disaster 915. Abatement of interest on underpayments by taxpayers in presidentiallydeclared disaster C Provisions Relating to Employment TaxesSec. 921. Clarification of standard to be used in determining employment tax sta-tus of securities 922. Clarification of exemption from self-employment tax for certain termi-nation payments received by former insurance D Provisions Relating to Small BusinessesSec.

8 931. Waiver of penalty through June 30, 1998, on small businesses failing tomake electronic fund transfers of 932. Clarification of treatment of home office use for administrative and man-agement 933. Averaging of farm income over 3 934. Increase in deduction for health insurance costs of self-employed 935. Moratorium on certain E BrownfieldsSec. 941. Expensing of environmental remediation F Empowerment Zones, Enterprise Communities, Brownfields, andCommunity Development Financial InstitutionsCHAPTER1 ADDITIONALEMPOWERMENTZONESSec. 951. Additional empowerment NEWEMPOWERMENTZONESSec. 952. Designation of new empowerment 953. Volume cap not to apply to enterprise zone facility bonds with respect tonew empowerment 954. Modification to eligibility criteria for designation of future enterprisezones in Alaska or TREATMENTOFEMPOWERMENTZONES ANDENTERPRISECOMMUNITIESSec.

9 955. Modifications to enterprise zone facility bond rules for all empowermentzones and enterprise 956. Modifications to enterprise zone business definition for all empowermentzones and enterprise G Other ProvisionsSec. 961. Use of estimates of shrinkage for inventory 962. Assignment of workmen s compensation liability eligible for exclusion re-lating to personal injury liability 963. Tax-exempt status for certain State worker s compensation act 964. Election for 1987 partnerships to continue exception from treatment ofpublicly traded partnerships as 965. Exclusion from unrelated business taxable income for certain 966. Associations of holders of timeshare interests to be taxed like other home-owners STAT. 791 PUBLIC LAW 105 34 AUG. 5, 1997 Sec. 967. Additional advance refunding of certain Virgin Island 968. Nonrecognition of gain on sale of stock to certain farmers 969.

10 Increased deductibility of business meal expenses for individuals subjectto Federal hours of 970. Clarification of de minimis fringe benefit rules to no-charge 971. Exemption of the incremental cost of a clean fuel vehicle from the limitson depreciation for 972. Temporary suspension of taxable income limit on percentage depletion formarginal 973. Increase in standard mileage rate expense deduction for charitable use ofpassenger 974. Clarification of treatment of certain receivables purchased by cooperativehospital service 975. Deduction in computing adjusted gross income for expenses in connectionwith service performed by certain 976. Combined employment tax reporting demonstration 977. Elective carryback of existing carryovers of National Railroad H Extension of Duty-Free Treatment Under Generalized System ofPreferencesSec.


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