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701 records in US in 2001
United States · United States Congress · 30 April 2001
Amends the Internal Revenue Code to eliminate, for purposes of the alternative minimum tax, the 90 percent limitation on foreign tax credits.
United States · United States Congress · 30 April 2001
Amends the Internal Revenue Code to add to the list of 501(c) organizations (tax-exempt organizations) any nonprofit association created before January 1, 1999, by State law and organized and operated exclusively to provide property and casualty insurance coverage for losses occurring due to the effect of natural catastrophic events for property located within the State for which the State has determined that coverage in the authorized insurance market is not reasonably available to a substantial number of insurable real properties.
United States · United States Congress · 30 April 2001
Productivity, Opportunity, and Prosperity Act of 2001 - Amends the Internal Revenue Code to: (1) allow a credit to an employer for qualified remedial education expenses provided to an employee; (2) allow a small business digital divide credit; (3) double from 50 percent to 100 percent the exclusion for gain from the sale or exchange of qualified small business stock held more than five years; (4) repeal the minimum tax preference for the exclusion for incentive stock options; and (5) provide for a three-year depreciable life for any semiconductor manufacturing equipment.
United States · United States Congress · 27 April 2001
Foreign Relations Authorization Act, Fiscal Years 2002 and 2003 - Authorizes appropriations for FY 2002 and 2003 for: (1) the Department of State; and (2) U.S. international broadcasting activities. Sets forth certain Department of State authorities and activities, including: (1) diplomatic and consular activities; and (2) migration and refugee activities. Sets forth certain requirements with respect to: (1) the organization and personnel of the Department of State; (2) Department of State U.S. educational and cultural programs; (3) U.S. international broadcasting activities; and (4) international organizations and commissions. Sets forth provisions with respect to: (1) certain reports regarding the nonproliferation of goods and technology to Iran; (2) the adoption of an HIV/AIDS mitigation strategy as a component of United Nations peacekeeping operations; and (3) resolution of the Taiwan Strait issue. Security Assistance Act of 2001 - Amends Federal law to extend through FY 2003 Department of Defense (DOD) authority to transfer excess defense articles to countries eligible to participate in the Partnership for Peace program and eligible for assistance under the Support for East European Democracy (SEED) Act of 1989. Amends the Foreign Assistance Act of 1961 to authorize the President to furnish education and training to foreign governmental and military personnel in order to enhance their nonproliferation and export control capabilities. Earmarks certain funds for FY 2002 and 2003 for the Office of Defense Trade Controls of the Department of State for salaries and expenses and certain other improvements. Authorizes the President to transfer specified naval vessels to certain foreign countries.
United States · United States Congress · 26 April 2001
Rural Electric Tax Equity Act - Amends the Internal Revenue Code to permit an exempt mutual or electric cooperative to exclude from income certain prepayments of any loan, debt, or obligation made, insured, or guaranteed under the Rural Electrification Act of 1936. Adds rules concerning the treatment of certain amounts received by taxable electric cooperatives.
United States · United States Congress · 26 April 2001
Amends the Internal Revenue Code to: (1) increase, from $3,000 to $20,000 (and from $1,500 to $10,000 for a married individual filing a separate return), the limitation on capital losses an individual may deduct against ordinary income; and (2) allow individuals a three-year capital loss carryback and unlimited carryovers.
United States · United States Congress · 26 April 2001
See summary of: S. 780
United States · United States Congress · 26 April 2001
Neighbor to Neighbor Act - Amends the Internal Revenue Code respecting charitable contributions to: (1) allow non-itemizing taxpayers a limited charitable deduction; (2) exclude charitable deductions from the income-based limitation on itemized deductions: (3) repeal the special limitation on charitable contributions of capital gain property; (4) extend the excess contribution carryover period; and (5) allow tax-free distributions from individual retirement accounts (IRAs) for qualifying charitable purposes. Repeals the excise tax on the net income of tax-exempt foundations.
United States · United States Congress · 26 April 2001
Amends the Internal Revenue Code to include life insurance companies as an "includible corporation" for purposes of filing consolidated tax returns. Permits an affiliated group which includes at least one domestic insurance company that elects to file a consolidated return rather than pay tax under certain life insurance provisions to use a phased-in percentage of insurance company net operating loss in determining its own taxable income. (Permits unused loss carryover.) Provides for: (1) subsidiary stock basis adjustment; and (2) waiver of the five-year reconsolidation waiting period for certain formerly includible corporations which became nonincludible as a result of becoming a subsidiary of a nonincludible life insurance company.
United States · United States Congress · 26 April 2001
Amends provisions of the Internal Revenue Code concerning the taxation of exempt organizations to treat certain hospital support organizations as qualified organizations for purposes of determining acquisition indebtedness.
United States · United States Congress · 26 April 2001
Amends the Internal Revenue Code to increase, from $3,000 to $8,250, the annual capital loss limit applicable to individuals.
United States · United States Congress · 26 April 2001
Selective Service Standby Act of 2001 - Amends the Military Selective Service Act to limit the required registration under the Selective Service System (SSS) to periods in which a declaration of national emergency is in effect. Authorizes the President to declare such a period, requiring its prompt termination upon the termination of the emergency. Mandates the termination of such a declaration upon the expiration of the first ten-day period of continuous congressional session after such declaration, unless Congress enacts a ratifying law. Suspends: (1) any sanctions against persons failing to register under the SSS; and (2) the activities of SSS boards (except during a national emergency). Requires a report from the Director of Selective Service to Congress on a standby emergency manpower mobilization registration program for use during national emergencies. Expresses the sense of Congress that at least 50 percent of the difference between the amount appropriated to carry out the Military Selective Service Act for the fiscal year in effect on the date of enactment of this Act and the amount so appropriated for each of the first four fiscal years after the effective date of this Act should be appropriated to the Secretary of Veterans Affairs to support expanded health care services for veterans.
United States · United States Congress · 26 April 2001
Amends the Internal Revenue Code with respect to limitations on benefits and contributions under qualified plans to apply to multiemployer plans the same treatment in the adjustment to the $90,000 limit on benefits, where the benefit begins before the Social Security retirement age, as is accorded to plans maintained by governments and tax-exempt organizations. Exempts multiemployer plans from the alternative benefit limit of 100 percent of the participant's average compensation for his or her high three years. States that multiemployer plans shall not be combined or aggregated with other plans for limitation purposes.
United States · United States Congress · 26 April 2001
Rural Electric Tax Equity Act - Amends the Internal Revenue Code to permit an exempt mutual or electric cooperative to exclude from income certain prepayments of any loan, debt, or obligation made, insured, or guaranteed under the Rural Electrification Act of 1936. Adds rules concerning the treatment of certain amounts received by taxable electric cooperatives.
United States · United States Congress · 26 April 2001
Amends the Internal Revenue Code respecting the small ethanol producer credit to: (1) authorize credit allocation among a cooperative's patrons; (2) increase the gallon capacity for eligible producers; (3) make the credit a non-passive income credit; and (4) remove the credit from the alcohol fuel credit gross income inclusion.
United States · United States Congress · 26 April 2001
Future Entrepreneurs of America Act - Amends the Elementary and Secondary Education Act of 1965 to direct the Secretary of Education to make grants to States for entrepreneurship education and training programs for students in grades seven through 12. Requires such grants to States in any fiscal year in which appropriations under this Act equal or exceed a specified amount. Authorizes the Secretary to make direct grants to local educational authorities and public schools for such programs, in any fiscal year for which appropriations do not reach the level required for grants to States. Directs the Secretary to: (1) make a competitive grant or contract for a national clearinghouse for instructional materials and information regarding exemplary entrepreneurship education and training programs and best practices; and (2) develop performance measures and evaluate programs assisted under this Act.
United States · United States Congress · 26 April 2001
Clean Money, Clean Elections Act - Amends the Federal Election Campaign Act of 1971 (FECA) to: (1) prescribe eligibility and qualifying contribution requirements, seed money provisions, and benefits of clean money financing of House election campaigns; (2) set forth requirements applicable to clean money candidates; (3) direct the Federal Election Commission (FEC) to certify whether or not the candidate is a clean money candidate; (4) establish in the Treasury a House of Representatives Election Fund for clean money financing; (5) set forth requirements concerning reporting of certain expenditures of private money candidates and reporting of certain independent expenditures; (6) limit expenditures that may be made by political party committees in connection with the general election campaign of a House election in which one or more of the candidates is a clean money candidate; and (7) require a committee of a political party, before making coordinated expenditures in excess of $5,000 for a Federal election, to certify to the FEC that it has not and will not make any independent expenditures in connection with such campaign. Amends the Communications Act of 1934 to entitle clean money candidates to receive specified free broadcast time. Amends: (1) FECA to outline political advertising provisions for specified communications; and (2) Federal postal law to limit franked mass mailings by Members of Congress. Amends FECA with respect to soft money to prohibit: (1) a national committee of a political party (including a national congressional campaign committee) from soliciting or receiving contributions or making expenditures not subject to FECA; (2) a national State, district, or local committee from soliciting or donating funds to a tax-exempt organization; and (3) an incumbent or candidate for Federal office (or an agent) from soliciting or receiving either funds not subject to FECA, or funds for a non-Federal election in excess of certain limits or from prohibited sources (with exceptions). Requires a State, district, or local committee of a political party to make Federal election year expenditures (with exceptions) from funds subject to FECA. Amends FECA to: (1) establish aggregate annual contribution limits for political committees established and maintained by a State committee of a political party, and increase aggregate annual individual contribution limits; (2) prescribe reporting requirements pertaining to political committees; (3) eliminate the exception for building funds relating to the definition of "contribution"; (4) revise requirements for the composition and terms of FEC Commissioners; and (5) mandate electronic filing of FEC reports.
United States · United States Congress · 26 April 2001
Marriage IRA Fairness Act of 2001 - Amends the Internal Revenue Code to make the applicable joint filer dollar amount limitation, with respect to the IRA deduction for active participants in certain pension plans, twice the amount available to other filers (other than married filing separately).
United States · United States Congress · 26 April 2001
Amends the Internal Revenue Code to eliminate the provision requiring the deposit of internal revenue collections on articles produced in Puerto Rico and shipped to the United States or consumed on the island.
United States · United States Congress · 26 April 2001
Single Parent Protection Act of 2001 - Amends the Internal Revenue Code to: (1) allow a qualifying individual who is entitled to, but does not receive, child support a refundable tax credit equal to the amount of such unpaid support; and (2) increase the tax liability of the individual required to pay such support by such unpaid amount.
United States · United States Congress · 26 April 2001
Artists' Contribution to American Heritage Act of 2001 - Amends the Internal Revenue Code to provide a fair market value (determined at time of contribution) deduction for charitable contributions of literary, musical, artistic, scholarly compositions, or the copyright created by a qualifying donor. Exempts certain non-personal letters and memorandum from such treatment. Limits such increased deduction to the donor's artistic adjusted income (as defined by this Act).
United States · United States Congress · 26 April 2001
Amends the Internal Revenue Code to eliminate, for purposes of the alternative minimum tax, the 90 percent limitation on foreign tax credits.
United States · United States Congress · 26 April 2001
Amends the Internal Revenue Code to suspend, for purposes of determining exclusion of gain from the sale of a principal residence, the five-year determination period for: (1) members of the uniformed services or the Foreign Service serving on qualified extended duty (at least 50 miles from such residence or residing in Government quarters); or (2) an employee serving for more than 90 days on assignment abroad.
United States · United States Congress · 26 April 2001
Agriculture Education Freedom Act - Amends the Internal Revenue Code to exclude from the gross income of an individual any gain from the sale of any animal raised and sold by such individual as part of his or her participation in the 4-H program under the Cooperative State Research, Education, and Extension Service of the Department of Agriculture, the Future Farmers of America, any tax-exempt similar organization, or any program of a tax-exempt educational organization.
United States · United States Congress · 25 April 2001
Amends the Presidential Protection Assistance Act of 1976 to: (1) allow the President to designate a temporary non-governmental property to be secured by the Secret Service for the President's protection for not to exceed 60 days each fiscal year; and (2) authorize reimbursement of up to $100,000 of State and local government expenses for the utilization of law enforcement services, personnel, equipment, and facilities with respect to such property in any one fiscal year.
United States · United States Congress · 25 April 2001
Internet Tax Nondiscrimination Act - Amends the Internet Tax Freedom Act to prohibit a State or political subdivision from imposing: (1) taxes on Internet access; and (2) multiple or discriminatory taxes on electronic commerce.
United States · United States Congress · 25 April 2001
Right-To-Know National Payroll Act - Amends the Internal Revenue Code to require that each employer of more than 250 employees show on the W-2 form of each employee the employer's share of taxes for old-age, survivors, and disability insurance (OASDI) and for hospital insurance (Medicare) for the employee, as well as the total amount of such taxes for such employee. Requires a W-2 also to show any tier 1 railroad retirement tax with respect to OASDI and Medicare the employer has paid.
United States · United States Congress · 25 April 2001
Reforestation Tax Act of 2001 - Amends the Internal Revenue Code to allow a deduction to a taxpayer who has a qualified timber gain in an amount equal to the qualified percentage of such gain. Decreases the amortization period for reforestation expenditures.
United States · United States Congress · 25 April 2001
Revises Internal Revenue Code provisions concerning distributions by cooperative housing corporations to provide that: (1) no gain or loss shall be recognized to a cooperative housing corporation on the distribution by such corporation of a dwelling unit to a stockholder in exchange for the stockholder's stock (in such corporation); and (2) no gain or loss shall be recognized to the stockholder as a result of such exchange.
United States · United States Congress · 25 April 2001
Amends the Internal Revenue Code to permit a taxpayer-participant of a flexible spending or cafeteria plan with up to $500 in unused health or dependent care benefits to: (1) carry such amount forward to the next year; or (2) include such amount in gross income in the case of plan termination or failure to re-enroll. States that the availability of such election shall not cause: (1) a plan to not be considered a flexible spending or cafeteria plan; (2) the inclusion in gross income of an otherwise excluded amount.
United States · United States Congress · 25 April 2001
Constitutional Amendment - Prohibits the United States from engaging in any business, professional, commercial, financial, or industrial enterprise except as specified in the Constitution. Prohibits the constitution or laws of any State, or the laws of the United States, from being subject to the terms of any foreign or domestic agreement which would abrogate this amendment. Requires any activities of the U.S. Government which violate the intent and purposes of this amendment to, within a period of three years from the date of the ratification of this amendment, be liquidated and the properties and facilities affected to be sold. Repeals, three years after the ratification of this amendment the sixteenth article of amendments to the Constitution of the United States and thereafter Congress shall not levy taxes on personal incomes, estates, and/or gifts.
United States · United States Congress · 25 April 2001
Amends rule XXI of the Rules of the House of Representatives to make it out of order to include in any bill, joint resolution, amendment, or conference report any provision which makes the taking effect of a decrease in Federal income taxes contingent upon another event or circumstance. Allows a point of order against such a provision at any time during pendency of that measure.
United States · United States Congress · 24 April 2001
Clean Efficient Automobiles Resulting From Advanced Car Technologies (CLEAR ACT) Act of 2001 - Amends the Internal Revenue Code to allow an annual alternative motor vehicle credit equal to the sum of: (1) the new qualified fuel cell motor vehicle credit; (2) the new qualified hybrid motor vehicle credit; and (3) the new qualified alternative fuel motor vehicle credit. Sets forth credit termination dates. Extends and revises the credit for qualified electric vehicles. Makes leased vehicles eligible for the credit. Allows (through 2007) an alternative fuel retail sales credit of 50 cents per gallon to a qualifying retailer. Extends and revises the deduction for certain clean fuel vehicles and refueling property. Allows (through 2007) a credit for the installation of residential or retail clean-fuel vehicle refueling property.
United States · United States Congress · 24 April 2001
Technology Education and Training Act of 2001 - Amends the Internal Revenue Code to: (1) allow a limited tax credit for information technology training program expenses; and (2) make technology training centers eligible educational institutions for purposes of the Hope scholarship and lifetime learning credits. Establishes an Information Technology Training Certification Advisory Board, which shall develop provider certifications for certified commercial information technology training.
United States · United States Congress · 24 April 2001
Affordable Education Act of 2001 - Amends the Internal Revenue Code to increase, from $500 to $2,000, the maximum annual contribution allowed to an education individual retirement account. Renames such accounts as education savings accounts. Eliminates the contribution marriage penalty, with respect to such an account, by providing that the phase-out threshold dollar amounts on a joint return shall be exactly double the amounts on an individual return. Includes qualified elementary and secondary education school expenses within the definition of qualified education expenses. Renames an Education Individual Retirement Account a Coverdell Education Savings Account. Permits an eligible educational institution (currently, limited to a State or agency or instrumentality thereof) to maintain a qualified tuition program, provided such program has received a ruling that such program meets the applicable requirements for a qualified tuition program. Permanently extends the exclusion from gross income of employer provided educational assistance. Eliminates the 60 month limit on the student loan interest deduction. Increases the income limitation on the student loan interest deduction. Excludes from gross income certain amounts received under the National Public Health Service Corps Scholarship Program and the F. Edward Hebert Armed Forces Health Professions Scholarship and Financial Assistance Program. Excludes from employee gross income employer contributions to Coverdell Education Savings Accounts on behalf of an employee. Increases the amount by which certain governmental bonds used to finance public school capital expenditures may be exempted from specified arbitrage bond provisions. Provides for the treatment of qualified public educational facility bonds as exempt facility bonds.
United States · United States Congress · 24 April 2001
Carbon Sequestration Investment Tax Credit Act - Amends the Internal Revenue Code to establish a carbon sequestration investment tax credit for eligible taxpayers.
United States · United States Congress · 24 April 2001
Nonresident Income Tax Freedom Act of 2001 - Amends Federal law to prohibit, except as provided for by State compact, a State or subdivision from taxing income earned in such State by nonresidents.
United States · United States Congress · 24 April 2001
Federal Prison Industries Competition in Contracting Act of 2001 - Amends the Federal criminal code to replace provisions regarding the purchase of prison-made products by Federal departments with provisions establishing a Government-wide procurement policy relating to purchases from Federal Prison Industries (FPI) which shall generally require the use of competitive procedures. Requires FPI to comply with Federal occupational, health, and safety standards regarding its industrial operations. Requires that an analysis of the probable impact of a proposed expansion of inmate-work activities by FPI on private sector firms and their non-inmate workers be made whenever FPI proposes to authorize the sale of a new specific product or service or to expand production of a current product or service. Provides for inmate wages and deductions. Amends the Federal judicial code regarding the Department of Justice Assets Forfeiture Fund to authorize payments to the Bureau of Prisons exclusively for the purpose of providing additional vocational and remedial educational training for inmates. Amends the Federal criminal code to require that not less than 20 percent of the gross profits of the corporation at the end of each fiscal year be allocated to fund vocational training for inmates. Requires the Director of the Bureau to afford to inmates opportunities to participate in programs and activities designed to help prepare such inmates to obtain employment upon release. Authorizes FPI to: (1) locate more than one workshop at a Federal correctional facility; and (2) operate a workshop outside of a correctional facility if all of participating inmates are minimum security inmates.
United States · United States Congress · 24 April 2001
Internet Tax Nondiscrimination Act - Amends the Internet Tax Freedom Act to prohibit a State or political subdivision from imposing: (1) taxes on Internet access; and (2) during the period beginning on October 1, 1998, and ending on December 31, 2006, multiple or discriminatory taxes on electronic commerce.
United States · United States Congress · 24 April 2001
Amends subtitle B of title XII of division A of the National Defense Authorization Act for Fiscal Year 1998 to repeal the use of millions of theoretical operations per second (MTOPS) as a measurement of computer speed with respect to the application of certain export controls on high performance computers.
United States · United States Congress · 24 April 2001
See summary of: H.R. 527
United States · United States Congress · 24 April 2001
Social Security Protection and Tax Relief Act of 2001 - Amends the Internal Revenue Code to impose a 12 percent tax on an individual's "social security taxable income." Defines such income as adjusted gross income reduced by the greater of: (1) the sum of the standard deduction applicable to the taxpayer (or which would be applicable if the taxpayer did not elect to itemize deductions for the taxable year) and the deduction for personal exemptions (determined without regard to the phase out); or (2) the aggregate exempt income of the taxpayer for the taxable year. Defines such exempt income as amounts received as a pension or annuity, social security benefits, and earned income. Decreases the old age, survivors, and disability income (social security taxes) tax rates.
United States · United States Congress · 24 April 2001
Freedom from Unfair Energy Levy Act - Amends the Internal Revenue Code to: (1) suspend, for six months, motor fuels taxes; and (2) repeal the 1993 4.3 cents per gallon increase in motor fuel taxes. Sets forth floor stock provisions.
United States · United States Congress · 24 April 2001
Amends the Internal Revenue Code to allow small businesses (corporations, or S corporations, partnerships, or sole proprietorships meeting C corporation requirements) an increased deduction for meal and entertainment expenses. Waives the current limitation of such deduction to 50 percent of such expenses. Applies to small businesses the applicable percentage currently restricted to certain individuals subject to the hours of service limitations of the Department of Transportation, which ranges from 55 percent for taxable years beginning in 1998 or 1999 up to 80 percent for taxable years beginning in 2008 or thereafter.
United States · United States Congress · 24 April 2001
Amends the Internal Revenue Code to change the income tax filing deadline for calendar year taxpayers from April 15 to the first Monday in November.
United States · United States Congress · 24 April 2001
Sets forth the rule (modified closed) for the consideration of H.J. Res. 41 (tax limitations).
United States · United States Congress · 23 April 2001
Growing Renewable Energy for Emerging Needs (GREEN) Act - Amends the Internal Revenue Code respecting the credit for electricity produced from certain renewable resources to: (1) extend the credit; (2) expand the scope of qualifying closed-loop facilities; and (3) make qualifying biomass (other than closed-loop biomass) and biomass facilities eligible for the credit.
United States · United States Congress · 6 April 2001
Amends the Internal Revenue Code to include computer and peripheral equipment as three-year depreciable property.
United States · United States Congress · 6 April 2001
Amends the Internal Revenue Code to: (1) exempt State and local candidate committees from specified notification requirements; (2) exempt State and local political committees from specified reporting and annual gross receipts-based return requirements; and (3) authorize the Secretary of the Treasury to waive certain related penalties. Directs the Secretary to publicize the effects of the amendments made by this Act.
United States · United States Congress · 6 April 2001
Retirement Security and Savings Act of 2001 - Amends the Internal Revenue Code (the Code) with respect to pensions. (All the following are amendments to the Code, except where the Employee Retirement Income Security Act of 1974, ERISA, is mentioned.) Increases: (1) annual dollar Individual Retirement Account (IRA) contribution limits; and (2) benefit and contribution limits, with indexes for inflation. Amends the Code and ERISA to deem certain voluntary employee contributions to accounts and annuities as IRAs rather than pension plans. Provides for tax-free distributions from IRAs for charitable purposes. Modifies adjusted gross income limits for Roth IRAs. Revises requirements relating to: (1) plan loans for subchapter S owners, partners, and sole proprietors; and (2) specified top-heavy rules. Provides that elective deferrals shall not be taken into account for purposes of limits on certain plan contributions. Repeals specified coordination requirements for deferred compensation plans of State and local governments and tax-exempt organizations. Revises certain deduction limits for stock bonus and profit sharing trusts and for defined contribution plans. Provides for optional treatment of elective deferrals as after-tax contributions. Establishes nonrefundable tax credits for elective deferrals and IRA contributions. Establishes refundable tax credits for: (1) qualified pension plan contributions of small employers; and (2) the pension plan startup costs of small employers. Allows individuals age 50 or older to make additional contributions to an applicable employer plan (section 401(k) or similar plan). Sets forth requirements relating to equitable treatment for contributions of employees to defined contribution plans. Provides for faster vesting of certain employer matching contributions under the Code and ERISA. Revises: (1) minimum distribution rules; and (2) requirements relating to tax treatment of division of section 457 plan benefits upon divorce. Sets forth provisions: (1) relating to hardship distributions; and (2) for waiver of a tax on nondeductible contributions for domestic or similar workers. Permits, under certain conditions, rollovers: (1) from and to various types of plans; (2) of IRAs into workplace retirement plans; and (3) of after-tax contributions in an exempt trust. Sets forth a hardship exception to the 60-day rule. Sets forth requirements for treatment of forms of distribution available under transferor and transferee plans under the Code and ERISA. Revises restrictions on distributions, including the same desk exception. Allows trustee-to-trustee transfers to purchase permissive service credit with respect to governmental defined benefit plans. Allows employers to disregard rollovers for purposes of cash-out amounts, under retirement plan provisions of the Code. Revises minimum distribution and inclusion requirements for section 457 plans. Repeals, for plan years beginning in 2004 and following years, the current liability full funding limit under the Code and ERISA. Revises maximum contribution deduction rules, and applies them to all defined benefit plans. Allows an employer, in determining the amount of nondeductible contributions for any taxable year, to elect not to take into account any contributions to a defined benefit plan except to the extent they exceed the full-funding limitation. Makes certain compensation limitations for defined benefit plans inapplicable to governmental and multiemployer plans. Prohibits combining or aggregating a multiemployer plan with any other plan maintained by the employer for the purpose of applying such limitations. Amends the Taxpayer Relief Act of 1997 to protect the investment of employee contributions to 401(k) plans by providing that specified requirements apply to elective deferrals for plan years beginning after December 31, 1998. Requires that pension benefit statements be furnished annually (once every three years for defined benefit plans) or on request. Establishes an excise tax for certain prohibited allocations of stock in an S corporation ESOP. Provides for automatic rollovers of certain mandatory distributions. Establishes an excise tax for the failure of a defined benefit plan or an individual account plan (except governmental, church, and other specified plans), subject to minimum funding standards to meet specified notice requirements, under the Code and ERISA, for plan amendments which significantly reduce benefit accruals. Revises Code and ERISA requirements relating to timing of plan valuations. Allows applicable dividends of ESOPs to be reinvested without loss of dividend deduction. Repeals a transition rule relating to certain highly compensated employees under the Tax Reform Act of 1986. Directs the Secretary of the Treasury to modify specified regulations with respect to certain plan participation by employees of tax-exempt entities. Treats the provision of certain retirement planning services by an employer for an employee as a de minimis fringe benefit to the extent it is not treated as a working condition fringe. Directs the Secretary to provide simplified annual filing requirements for retirement plans with assets below a specified amount, if they cover: (1) one participant (an owner and spouse); or (2) fewer than 25 employees. Directs the Secretary to continue to update and improve the Employee Plans Compliance Resolution System, or any successor program. Repeals a multiple use test. Allows certain alternative ways of satisfying nondiscrimination, coverage, and line of business rules. Exempts plans maintained by any governmental entity from certain nondiscrimination rules. Directs the Secretary to modify specified regulations relating to the notice and consent period regarding distributions. Directs the Secretary to study and report on pension coverage and preretirement use of benefits. Revises ERISA provisions relating to: (1) annual report dissemination; (2) the National Summit on Retirement Savings; (3) missing participants; (4) Pension Benefit Guaranty Corporation (PBGC) reduction of premiums for new plans of small employers and of additional premiums for new and small plans; (5) PBGC authority to pay interest on premium overpayment refunds; (6) substantial owner benefits in terminated plans; (7) civil penalties for breach of fiduciary responsibility; and (8) benefit suspension notices. Prescribes time requirements for plan amendments or annuity contract amendments.