Taxpayer Relief Act of 1997

Summary

TABLE OF CONTENTS: Title I: Child Tax Credit; Tax Incentives For Dependent Care and Health Care For Children Title II: Education Incentives Subtitle A: Tax Benefits Relating to Education Expenses Subtitle B: Expanded Education Investment Savings Opportunities Subtitle C: Other Education Initiatives Title III: Savings and Investment Incentives Subtitle A: Retirement Savings Subtitle B: Capital Gains Title IV: Alternative Minimum Tax Reform Title V: Estate, Gift, and Generation-Skipping Tax Provisions Subtitle A: Estate and Gift Tax Provisions Subtitle B: Generation-Skipping Tax Provisions Title VI: Extension and Modification of Certain Expiring Provisions Title VII: Incentives For Revitalization of The District of Columbia Title VIII: Welfare-To-Work Incentives Title IX: Miscellaneous Provisions Subtitle A: Provisions Relating to Excise Taxes Subtitle B: Provisions Relating to Pensions and Fringe Benefits Subtitle C: Revisions Relating to Disasters Subtitle D: Provisions Relating to Employment Taxes Subtitle E: Provisions Relating to Small Businesses Subtitle F: Other Provisions Subtitle G: Extension of Duty-Free Treatment Under Generalized System of Preferences; Tariff Treatment of Certain Equipment and Repair of Vessels Subtitle H: United States-Caribbean Basin Trade Partnership Act Title X: Revenues Subtitle A: Financial Products Subtitle B: Corporate Organizations and Reorganizations Subtitle C: Other Corporate Provisions Subtitle D: Administrative Provisions Subtitle E: Excise Tax Provisions Subtitle F: Provisions Relating to Tax-Exempt Entities Subtitle G: Other Revenue Provisions Title XI: Simplifications and Other Foreign-Related Provisions Subtitle A: General Provisions Subtitle B: Treatment of Controlled Foreign Corporations Subtitle C: Treatment of Passive Foreign Investment Companies Subtitle D: Repeal of Excise Tax on Transfers to Foreign Entities Subtitle E: Information Reporting Subtitle F: Determination of Foreign Status of Partnerships Subtitle G: Other Simplification Provisions Subtitle H: Other Provisions Title XII: Simplification Provisions Relating To Individuals and Businesses Subtitle A: Provisions Relating to Individuals Subtitle B: Provisions Relating to Businesses Generally Subtitle C: Simplification Relating to Electing Large Partnerships Subtitle D: Provisions Relating to Real Estate Investment Trusts Subtitle E: Provisions Relating to Regulated Investment Companies Title XIII: Simplification Provisions Relating To Estate and Gift Taxes Title XIV: Simplification Provisions Relating To Excise Taxes, Tax-Exempt Bonds, and Other Matters Subtitle A: Excise Tax Simplification Subtitle B: Tax-Exempt Bond Provisions Subtitle C: Tax Court Procedures Subtitle D: Other Provisions Title XV: Technical Amendments Related To Small Business Job Protection Act of 1996 and Other Legislation Revenue Reconciliation Act of 1997 - Title I: Child Tax Credit; Modification of Dependent Care Credit - Amends the Internal Revenue Code (IRC) to allow a tax credit of up to $500 dollars for each qualifying child of a taxpayer. (Sec. 102) Provides an inflation adjustment for the dependent care credit. Provides for reductions in the credit as income rises. Title II: Education Incentives - Subtitle A: Tax Benefits Relating to Education Expenses - Permits an individual a tax credit of up to $1,500 per year for the first two years of post-secondary education. (Sec. 202) Permits a total aggregate deduction of up to $40,000 for paid for qualified higher education expenses. (Sec. 203) Waives the ten percent early withdrawal tax due on IRA distributions if the withdrawal is used to pay higher education expenses. (Sec. 204) Permits a limited credit (up to $150) for qualifying expenses of education which supplements elementary and secondary education. Subtitle B: Expanded Education Investment Savings Opportunities - Permits an eligible institution to maintain a qualified State tuition program. Includes room and board in the definition of qualified higher education expenses. Makes additional modifications to the qualified State tuition program including, among other things, provisions concerning: (1) the definition of a family member; (2) estate and gift tax treatment; and (3) excess contributions. (Sec. 212) Exempts, as specified, an education investment account from taxation. Subtitle C: Other Education Initiatives - Extends, until December 31, 1997, the exclusion for employer-provided educational expenses. (Sec. 222) Increases the limit on qualified 501(c)(3) bonds other than hospital bonds. (Sec. 223) Sets forth a special rule for the donation of computer technology and equipment to elementary and secondary schools. (Sec. 224) Revises provisions concerning the cancellation of certain student loans made by tax-exempt organizations. Title III: Savings and Investment Incentives - Subtitle A: Retirement Savings - Establishes the American Dream (AD) IRA and treats it in the same manner as an individual IRA. Prohibits deductions for contributions to an AD IRA. Limits contributions to $2,000 annually. Excludes qualified distributions from gross income. Subtitle B: Capital Gains - Reduces the maximum capital gains rate for individuals from 28 to 20 percent. (Sec. 312) Provides for the indexing of certain assets acquired after December 31, 2000, for purposes of determining gain. (Sec. 313) Revises provisions concerning the one-time exclusion for the gain from the sale of a principal residence to, among other things: (1) increase the exclusion to $250,000 ($500,000 for certain joint returns); (2) allow the exclusion once every two years; and (3) remove the age limitation. (Sec. 321) Provides for a reduction of the alternative tax for corporations. Title IV: Alternative Minimum Tax Reform - Increases the exemption amounts of the individual alternative minimum tax. (Sec. 402) Exempts certain small corporations from the alternative minimum tax. (Sec. 403) Repeals the alternative minimum tax adjustment concerning depreciation. (Sec. 404) Permits farmers to use the installment method of accounting for purposes of the alternative minimum tax. Title V: Estate, Gift, and Generation-Skipping Tax Provisions - Subtitle A: Estate and Gift Tax Provisions - Increases, incrementally, the unified estate and gift tax credit to $1 million by the year 2006. (Sec. 502) Extends the amount of time an estate has to pay taxes where the estate consists largely of a closely held business. Provides for reduced and no interest charges on certain extended amounts. (Sec. 504) Permits a lineal descendent to rent specially-valued farm or trade property without imposition of the additional estate tax. (Sec. 505) Authorizes a U.S. Tax Court to make declaratory judgments concerning initial or continuing eligibility for the payment of an estate tax largely consisting of interests in a closely held business. (Sec 506) Prohibits revaluing gifts for estate tax purposes after the expiration of the statute of limitations. (Sec. 507) Provides that, for a trust other than a foreign trust, any distribution shall be computed without regard to any undistributed net income. (Sec. 508) Provides that with respect to any split-gift property that is included in both spouses' estates the unified credit is increased allowed to a decedent's estate by the amount of the unified credit previously allowed to the decedent's spouse. (Sec. 509) Sets forth provisions concerning the reformation of defective bequests. Subtitle B: Generation-Skipping Tax Provision - Sets forth provisions concerning the severing of trusts holding property having an inclusion ratio of greater than one. (Sec. 512) Extends the predeceased parent exception to transfers to collateral heirs, as specified. Title VI: Extensions - Extends: (1) the research tax credit until June 30, 1998; (2) the special rule for contributions of stock (for which market quotations are readily available) to private foundations until June 30, 1998; (3) the work opportunity tax credit for one year; and (4) permanently, the orphan drug credit. Title VII: Incentives for the Revitalization of the District of Columbia - Provides, with respect to the District of Columbia, for: (1) the establishment of the District of Columbia Enterprise Zone; (2) tax-exempt economic development bonds for the DC Zone; (3) a zero percent capital gains rate for the sale or exchange of any DC Zone asset held for more than five years; and (4) certain credits. Title VIII: Welfare-to-Work Incentives - Provides employers a specified tax credit on wages paid to long-term family assistance recipients for the first two years of their employment. Title IX: Miscellaneous Provisions - Subtitle A: Provisions Relating to Excise Taxes - Repeals the diesel fuel tax applicable to diesel fuel used in recreational boats. (Sec. 902) Revises provisions concerning the tax on recycled halon. (Sec. 903) Provides for a uniform rate of taxation on vaccines. (Sec. 904) Treats an operator of ten or more gasoline retail outlets as a wholesale distributor for refund purposes. (Sec. 905) Provides an exception for electric and other clean-fuel vehicles from the ten percent luxury automobile tax. Subtitle B: Provisions Relating to Pensions and Fringe Benefits - Includes certain irrigation and drainage entities in the definition of rural cooperative plan. (Sec. 912) Exempts governmental plans from nondiscrimination and minimum participation rules. (Sec. 913) Treats heart disease and hypertension as personal injuries or sickness for purposes of excluding from gross income the disability benefits received by former police officers or firefighters. (Sec. 914) Sets forth special rules relating to the portability of permissive service credit under governmental plans. (Sec. 915) Permits limited transfers of qualified employer securities by charitable remainder trusts. (Sec. 916) Sets forth rules concerning: (1) the treatment of certain transportation on non-commercially operated aircraft as a fringe benefit excludable from gross income; (2) increasing the limit on involuntary pension cash-outs; and (3) rules relating to employee stock ownership plans of S corporations. Subtitle C: Revisions Relating to Disasters - Authorizes the Secretary of the Treasury to postpone, for up to 90 days, certain tax- related deadlines in the case of a taxpayer affected by a Presidentially declared disaster. (Sec. 922) Permits the Secretary to prescribe regulations under which an appraisal for the purpose of obtaining a Federal loan as a result of such a disaster may be used to establish the amount of the disaster loss. (Sec. 923) Provides special treatment for income from the sale of livestock sold or involuntarily converted because of drought or other weather related conditions. (Sec. 924) Waives, with respect to qualified mortgage bond financing, specified requirements for residences located in disaster areas. Subtitle D: Provisions Relating to Employment Taxes - Sets forth standards to be used for determining the: (1) employment tax status of individuals distributing bakery products and of securities brokers; (2) exemption from the self-employment tax for certain termination payments received by former insurance salesman; and (3) standards for determining whether individuals are not employees. Subtitle E: Provisions Relating to Small Businesses - Waives any penalty through July 1, 1998, for a taxpayer first required to use the electronic fund transfer system after July 1, 1997, and who does not use such system. (Sec. 942) Provides that a home office qualifies as the principal place of business if: (1) the office is the place of business used by the taxpayer for the administrative or management activities of any trade or business of the taxpayer; and (2) there is no other fixed location of such trade or business where the taxpayer conducts substantial administrative or management activities of such trade or business. Subtitle F: Other Provisions - States that a method of determining inventories shall not be deemed not to clearly reflect income solely because it utilizes estimates of inventory shrinkage that are confirmed by a physical count only after the last day of the taxable year, subject to conditions. (Sec. 952) Includes liability to pay workers' compensation within the definition of personal injury liability assignments (thus, making amounts received for agreeing to such liability assignment eligible for exclusion from gross income). (Sec. 953)Provides for the tax-exempt status of any organization created by State law which is organized and operated exclusively to provide workmen's compensation. (Sec. 954) Excepts an existing publicly traded partnership which chooses to be subjected to a specified additional tax from the general rule that a publicly traded partnership be treated as a corporation. (Sec. 955) Excludes certain sponsorship payments received by a tax-exempt organization from unrelated taxable income. (Sec. 956) Permits timeshare associations to be taxed under provisions provided for the taxation of other homeowners associations. (Sec. 957) Revises provisions concerning the advance refunding of certain Virgin Island bonds. (Sec. 958) Provides for the nonrecognition of gain on sales of stock of a qualified refiner or processor to an eligible farmer's cooperative. (Sec. 959) Provides a reporting exception for transactions involving the sale or exchange of certain principal residences. (Sec. 960) Increases the business meals deduction for certain individuals subject to the hours of service limitations of the Department of Transportation. (Sec. 961) Excludes from the gross income of a lessee any amount received in cash by a lessee from a lessor: (1) under a short-term lease of retail space; and (2) for the purpose of such lessee's constructing or improving long-term real property for use in the lessee's business. (Sec. 962) Provides for the tax treatment of consolidations of life insurance departments of mutual savings banks. (Sec. 963) Provides for the collection, from Federal overpayments, of past-due State tax obligations. (Sec. 964) Revises provisions concerning: (1) rules for certain clean-fuel passenger vehicles; (2) tax benefits for law enforcement officers killed in the line of duty; and (3) the temporary suspension of the taxable income limit on percentage depletion for marginal income. Subtitle G: Extension of Duty-Free Treatment Under Generalized System of Preferences ; Tariff Treatment of Certain Equipment and Repair of Vessels - Amends the Trade Act of 1974 to extend the Generalized System of Preferences through May 31, 1999. (Sec. 972) Amends the Tariff Act of 1930 to suspend for one year duties due with respect to the repair of certain vessels. Subtitle H: United States-Caribbean Basin Trade Partnership Act - Amends the Caribbean Basin Economic Recovery Act to provide additional trade benefits to Caribbean Basin Initiative countries, including temporary provisions designed to provide NAFTA parity to such countries. Title X: Revenues - Subtitle A: Financial Products - Provides that if there is a constructive sale of an appreciated financial position: (1) a taxpayer shall recognize gain as if such position were sold for its fair market value on the date of the constructive sale; and (2) for purposes of the treatment of gains and losses for periods after the constructive sale, proper adjustment shall be made in the amount of any gain or loss subsequently realized with respect to such position for any gain taken into account by reason of the above and the holding period of such position shall be determined as if such position were originally acquired on the date of such constructive sale. (Sec. 1002) Modifies the definition of an investment company for purposes of determining whether a gain or loss is recognized if property is transferred to a corporation by one or more persons solely in exchange for stock and immediately such person or persons controls such corporation. (Sec. 1004) Extends to all property (currently, only personal property) specified provisions concerning gains or losses from certain cancellations or other terminations of rights or obligations which are capital assets. (Sec. 1005) Set forth provisions concerning: (1) original issue discount where pooled debt obligations are subject to acceleration; and (2) the denial of interest deductions on certain debt instruments. Subtitle B: Corporate Organizations and Reorganizations - Revises provisions concerning a corporate shareholder's basis in stock being reduced by the nontaxed portion of extraordinary dividends received to provide that if the nontaxed portion of such dividends exceeds such basis, such excess shall be treated as gain for the sale or exchange of such stock for the taxable year in which the extraordinary dividend is received. (Sec. 1012) Revises rules for: (1) distributions of stock and securities of a controlled corporation; (2) redemptions of stock through the use of related corporations; and (3) the holding period applicable to the dividends received deduction. Subtitle C: Other Corporate Provisions - Provides for the treatment of: (1) certain confidential arrangements as tax shelters requiring registration; and (2) certain preferred stock as boot. Subtitle D: Administrative Provisions - Sets forth provisions concerning: (1) the reporting of payments to attorneys; (2) the reporting of payments made by Federal agencies to corporations; (3) extending the Department of Veterans Affairs disclosure provision; (3) a continuous levy, levy exemptions, and levy disclosure; and (4) requiring consistent reporting of the return of a beneficiary's estate or trust return and the return of the estate or trust. Subtitle E: Excise and Tax Provisions - Extends, for ten years, the Airport and Airway Trust Fund taxes. (Sec. 1042) Provides for the taxation of kerosene at the diesel fuel rate. (Sec. 1043) Reduces incentives for alcohol fuel. (Sec. 1044) Restores, until October 1, 2002, the Leaking Underground Storage Tank Trust Fund excise tax. (Sec. 1045) Applies the three percent communications tax to long- distance prepaid telephone cards. Subtitle F: Provisions Relating to Tax-Exempt Entities - Modifies provisions concerning interest, annuities, royalties, and rents received by a tax-exempt organization from a subsidiary and the unrelated business income tax to define the term "control" of a subsidiary to mean ownership of more than 50 percent. (Sec. 1052) Provides, as a general rule, that in the case of a sale or exchange between a tax-exempt entity and a related person, the basis of the related person in the property acquired shall not exceed the adjusted basis of such property in the hands of the tax-exempt entity, increased by the gain recognized to the tax-exempt entity on the transfer which is subject to the unrelated business income tax. (Sec. 1054) Provides for the tax treatment of certain tax-exempt organizations which provide commercial-type insurance. Subtitle G: Other Revenue Provisions - Prohibits a family farm establishing a suspense account when required to use the accrual method of accounting. (Sec. 1062) Limits the net operating loss carryback period to two years and extends the net operating loss carryforward period to 20 years. (Sec. 1063) Prohibits, with respect to life insurance, a deduction for that portion of the taxpayer's interest expense which is allocable to unborrowed policy cash values, subject to exceptions. (Sec. 1064) Modifies basis allocation rules upon distribution of partnership property. (Sec. 1065) Eliminates the requirement that inventory must have substantially appreciated in value to cause ordinary income with respect to rules concerning sales and exchanges of partnership interests. (Sec. 1067) Places specified restrictions on claiming the earned income credit for taxpayers who had improperly claimed the credit in a prior year. (Sec. 1068) Permits the income forecast method of depreciation to be used only for film and video tape, copyrights, books, patents, and other property specified in regulations. (Sec. 1069) Repeals the rule concerning the rental use of vacation homes for less than 15 days per year. (Sec. 1070) Sets forth provisions which: (1) require that involuntarily converted property be replaced with property acquired from an unrelated person in certain cases; (2) repeal the exception permitting the use of the installment method of accounting for certain sales by manufacturers to dealers. Title XI: Simplification and Other Foreign-Related Provisions - Subtitle A: General Provisions - Provides that computer software licensed for reproduction abroad is not excluded from the definition of export property for purposes of the foreign sales corporation provisions. (Sec. 1102) Increases the limitation on the exclusion of foreign earned income. (Sec. 1103)Exempts from the foreign tax credit limitation certain individuals whose entire gross income from sources outside the United States consists of qualified passive income and whose amount of creditable foreign taxes paid does not exceed $300. (Sec. 1104) Revises the method of translating foreign income taxes into dollars by providing, in general, for the use of the average exchange rate for the taxable year. Subtitle B: Treatment of Controlled Foreign Corporations - Provides, with respect to controlled a foreign corporation, for: (1) the treatment of gain on certain stock sales by controlled foreign corporations as dividends; (2) regulations concerning basis adjustments of stock in controlled foreign corporation; and (3) extending the application of the indirect foreign tax credit to taxes paid by certain lower-tier controlled foreign corporations. Subtitle C: Treatment of Passive Foreign Investment Companies - Provides generally that certain U.S. shareholders of controlled foreign corporations will not be subject to passive foreign investment company inclusion. (Sec. 1122) Allows, as specified, a mark-to-market election by a shareholder of a passive foreign investment company. Subtitle D: Repeal of Excise Tax on Transfers to Foreign Entities - Repeals Chapter 5 (Tax on Transfers to Avoid Income Tax) of the IRC. Provides for the recognition of gain on certain transfers to foreign trusts and estates. Subtitle E: Information Reporting - Revises provisions concerning: (1) the return requirement for foreign partnership income; (2) information reporting for controlled foreign corporations; (3) returns as to interests in foreign partnerships; (4) notice of certain transfers to foreign corporations; (5) the statute of limitations applicable in the case of failure to notify the Secretary of certain transactions; and (6) increasing the filing threshold for returns as to organization or reorganization of foreign corporations and acquisitions of stock in such corporations. Subtitle F: Determination of Foreign or Domestic Status of partnerships - Revises the definition of "domestic" when applied to a corporation or partnership to permit the Secretary, by regulation, to provide an exception to such definition for a partnership when the partnership would more properly be treated as a foreign partnership under such regulations. Subtitle G: Other Simplification Provisions - Amends the Small Business Job Protection Act of 1996 to permit a trust in existence on August 20, 1996, and which was treated as a U.S. person on the day before enactment of such Act to elect to continue to be treated as a U.S. person notwithstanding the IRC definition of a U.S. person. (Sec. 1162) Eliminates the stock and securities safe harbor requirement that an entity's principal office be outside the United States. Subtitle H: Other Provisions - Treats as foreign personal holding company income: (1) income from notional principal contracts; and (2) payments in lieu of dividends. Provides, for dealers, for an exception from certain foreign personal holding company income provisions. (Sec. 1172) Provides, for purposes of like-kind exchanges, that personal property used predominantly within the United States and personal property used predominantly outside the United States are not property of a like kind. (Sec. 1173) Establishes minimum holding periods for stock dividends in order to qualify for foreign tax credits. (Sec. 1174) Provides for penalties for the failure to disclose that certain international transportation income is not includible in gross income. (Sec. 1176) Prohibits the reduction of interest on underpayments by foreign tax credit carrybacks. (Sec. 1177) Sets forth provisions concerning the period of limitations on a claim for a credit or refund attributable to a foreign tax carryforward. Title XII: Simplification Provisions Relating to Individuals and Businesses - Subtitle A: Provisions Relating to Individuals - Increases the: (1) standard deduction for a taxpayer with respect to whom a dependency exemption is allowed on another taxpayer's return; (2) the alternative minimum tax exemption for minors under the age of 14; and (3) estimated de minimis tax threshold. (Sec. 1204) Revises the treatment of: (1) reimbursed expenses of rural mail carriers; (2) traveling expenses of certain Federal employees engaged in criminal investigations; and (3) the payment of taxes so as to permit payment by any commercially acceptable means (currently, only internal revenue stamps, checks, or money orders are accepted.). Subtitle B: Provisions Relating to Businesses Generally - Permits a taxpayer to elect not to apply the look-back method for a long-term contract for de minimis (below 10 percent of taxable income or loss) amounts. Subtitle C: Simplification Relating to Electing Large Partnerships - Establishes special rules for large partnerships (100 or more partners) which: (1) take into account separately a partner's distributive share of specified items for purposes of determining the income tax of a partner; (2) compute the taxable income of a large partnership in the same manner as in the case of an individual, subject to stated exceptions; and (3) provide for the treatment of partnerships holding oil and gas properties. (Sec. 1222) Creates an audit system for electing large partnerships which provides as a general rule that a partner of any electing large partnership shall, on the partner's return, treat each partnership item attributable to such partnership in a manner which is consistent with the treatment of such partnership item on the partnership return. Sets forth provisions concerning partnership adjustments which generally will flow through to partners for the year in which the adjustment takes effect. (Sec. 1231) Authorizes the Secretary, with respect to an oversheltered return (a return which shows no taxable income and shows a net loss from partnership items), to send a notice of adjustment in specified situations. (Sec. 1232) Provides, on the basis of a decision of the Secretary, that the partnership return shall determine the audit procedures to be followed. (Sec. 1233) Sets forth provisions, with respect to partnerships, concerning: (1) the statute of limitations and untimely petition filing; (2) the exception for small partnerships (under the definition of partnership); (3) the period for assessing tax where a partner and the Secretary enter a settlement agreement but other partnership items remain in dispute; (4) the time for filing a request for administrative adjustment; (5) the innocent spouse defense in court proceedings; (6) partnership level penalties; (7) court jurisdiction; (8) premature petitions; (9) bonds in appeals from Tax Court decisions; and (10) closing the taxable partnership year with respect to a deceased partner. Subtitle D: Provisions Relating to Real Estate Investment Trusts - Modifies provisions relating to qualification as, and the taxation of, a real estate investment trust, including: (1) rules relating to ownership determination; (2) tenant service income and tenant ownership; (3) repeal of the 30 percent gross income requirement; (4) earnings and profit rules; (5) income from hedges; (6) excess noncash income; and (7) shared appreciation mortgages. Subtitle E: Provisions Relating to Regulated Investment Companies - Repeals, with respect to regulated investment companies, the 30 percent test. Subtitle F: Taxpayer Protections - Provides for the waiver of certain penalties if a failure is shown to be due to reasonable cause and not willful neglect. (Sec. 1282) Permits a taxpayer who was due a refund, but who initially failed to file a return and who received a deficiency notice during the third year after the return's due date, to obtain a refund. (Sec. 1283) Repeals the requirement of the Secretary to disclose, upon request, if a prospective juror has been audited. (Sec. 1284) Specifies, for purposes of the statute of limitations, that the term "return" means the taxpayer's return and not the return of any person form whom the taxpayer has received an item of income, gain, loss, deduction, or credit. (Sec. 1286) Establishes penalties for the unauthorized inspection of returns and return information. Title XIII: Simplification Provisions Relating to Estate and Gift Taxes - Provides that, under specified conditions, gifts to charities are not subject to gift tax filing requirements. (Sec. 1302) Waives the right of recovery with respect to qualified terminable interest property only to the extent that the language in the decedent's will specifically indicates. (Sec. 1303) Treats any trust created before enactment of the Revenue Reconciliation Act of 1990 as satisfying the withholding requirement if it requires all trustees to be U.S. citizens or corporations. (Sec. 1304) Sets forth provisions concerning, among other things: (1) disclaimers (2) the treatment for estate tax purposes of short- term obligations held by nonresident aliens; (3) treating certain revocable trusts as part of the estate; (4) distributions during the first 65 days of the taxable year of the estate; (5) application of the separate share rules to estates; (6) treatment of an estate and a beneficiary as related for purposes of disallowance of losses; (7) treatment of a qualified funeral trust; (8) adjustments for certain gifts within three years of a decedent's death; and (9) the authority to waive the requirement that a qualified domestic trust have a U.S. trustee. Title XIV: Simplification Provisions Relating to Excise Taxes, Tax-Exempt Bonds, and Other Matters - Subtitle A: Excise Tax Simplification - Increases the de minimis limit for aftermarket alterations for heavy trucks and luxury cars. (Sec. 1411) Makes refunds available for imported bottled distilled spirits returned to distilled spirits plants. (Sec. 1412) Permits records of exportation to be maintained by the exporter for purposes of cancelling or crediting bonds furnished when distilled spirits are removed from bonded premises. (Sec. 1413) Permits distilled spirits plants to maintain records of their activities at locations other than the premises where the operations covered by the records are performed. (Sec. 1414) Allows beer to be transferred without payment of tax to a distilled spirits plant to be used in the production of distilled spirits regardless of whether the brewery is contiguous to the distilled spirits plant. (Sec. 1415) Repeals the requirement that wholesale liquor dealers post a sign outside their place of business indicating that they are wholesale liquor dealers. (Sec. 1416) Repeals the requirement that wine returned to bonded premises be unmerchantable in order for the tax to be refunded to the proprietor of the bonded wine cellar to which the wine is delivered. (Sec. 1417) Allows the use of ameliorating material (not in excess of 60 percent) in certain wines made exclusively from a fruit or berry with a natural fixed acid of 20 parts per thousand or more. (Sec. 1418) Allows domestically-produced beer to be withdrawn from the place of production without payment of tax for the official or family use of representatives of foreign governments or public international organizations. (Sec. 1419) Allows beer to be removed from a brewery without payment of tax for purposes of destruction. (Sec. 1420) Permits a domestic exporter to recover the tax paid on the exported beer with specified proof. (Sec. 1421) Provides for imported beer to be withdrawn from customs custody for transfer to a brewery without payment of tax. (Sec. 1431) Expands the authority of the Secretary to waive the excise tax registration requirement. (Sec. 1432) Repeals certain provisions concerning the: (1) tax on heavy trucks and trailers sold at retail; (2) tax on the removal of hard minerals from the deep seabed; and (3) excise tax on the sale or use by a manufacturer or importer of certain ozone depleting chemicals. Subtitle B: Tax-Exempt Bond Provisions - Repeals the $100,000 limitation on unspent proceeds under the one-year exception from arbitrage rebate requirements. (Sec. 1442) Exempts earnings on bond proceeds invested in bona fide debt service funds from the arbitrage rebate requirements and the penalty requirement of the 24-month exception, if the spending requirements of that exception are otherwise satisfied. (Sec. 1443) Repeals: (1) the debt service-based limitation on investment in certain nonpurpose investments; and (2) certain expired provisions. Subtitle C: Tax Court Procedures - Provides that an order to refund an overpayment is appealable in the same manner as a decision of the Tax Court. Declares that the Tax Court shall not have jurisdiction over the validity or merits of the credits or offsets that reduce or eliminate the refund to which the taxpayer was otherwise entitled. (Sec. 1452) Provides for a taxpayer to file a motion, rather than a petition, to seek, in the Tax Court, a redemption of interest. (Sec. 1453) Applies to estates and trusts the net worth limitations currently applicable to individuals. (Sec. 1454) Permits the Tax Court to have jurisdiction over certain employment status disputes. Subtitle D: Other Provisions - Extends the due date of the first quarter estimated tax payment of a private foundation. (Sec. 1462) Permits any Commonwealth to enter into an agreement with the Secretary providing for income tax withholding. (Sec. 1463) Revises provisions concerning the notice to a large corporation of a tax underpayment. Title XV: Technical Amendments Related to Small Business Job Protection Act of 1996 and Other Legislation - Sets forth, with respect to sections of the Small Business Job Protection Act of 1996 which amend the IRC, provisions concerning, among other things: (1) informational returns for those engaged in selling fish; (2) the definition of an electing small business trust; (3) the treatment of a wholly owned S corporation subsidiary; (4) SIMPLE retirement plans; and (5) the treatment of an employee participating in an Indian tribal government annuity. (Sec. 1502) Sets forth, with respect to sections of the Health Insurance Portability and Accountability Act of 1996 which amend the IRC, provisions concerning, among other things: (1) the tax on nonmedical withdrawals from a medical savings account; (2) the definition of a chronically ill individual for purposes of a long-term care insurance contract; (3) deductions for the health insurance costs of self-employed individuals; (4) reporting requirements concerning long-term care contracts; (5) consumer protection provisions for long- term care insurance contracts; and (6) rules concerning expatriation to avoid tax. (Sec. 1503) Sets forth, with respect to sections of the Taxpayer Bill of Rights Act 2 which amend the IRC, provisions concerning, among other things: (1) abatement of first-tier taxes in certain cases; and (2) returns of exempt organizations. (Sec. 1504) Sets forth other provisions which amend the IRC which are related to the: (1) Energy Policy Act of 1992; (2) Uruguay Round Agreements Act; (3) Omnibus Budget Reconciliation Act of 1993; (4) Tax Reform Act of 1986; and (5) Tax Reform Act of 1984.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 24 June 1997

   Calendars

   Placed on the Union Calendar, Calendar No. 88.

   Source: Calendars

2. 24 June 1997

   Reported

   The House Committee on The Budget reported an original measure, H. Rept. 105-148, by Mr. Kasich.

   Source: Committee

3. 24 June 1997

   Reported

   The House Committee on The Budget reported an original measure, H. Rept. 105-148, by Mr. Kasich.

   Source: Committee

4. 24 June 1997

   Introduced

   Introduced in House

   Source: IntroReferral

5. 25 June 1997

   Passed

   Rule H. Res. 174 passed House.

   Source: Floor

6. 25 June 1997

   Reported

   Rules Committee Resolution H. Res. 174 Reported to House. Rule provides for consideration of H.R. 2015 and H.R. 2014 with 3 hours of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit. Resolution provides for consideration of H.R. 2015 in the House with 3 hours of general debate, and consideration of H.R. 2014 in the Committee of the Whole with 3 hours of general debate. Measure will be considered read. A specified amendment is in order. The amendment amending H.R. 2015 printed in the Congressional Record as amendment #1 shall be considered as adopted. The amendment amending H.R. 2014 printed in the Congressional Record as amendment #2 shall be considered as adopted in the Committee of the Whole and in the House and considered as the original bill for the purpose of further amendment. No other amendment to H.R. 2014 shall be in order except the amendment printed in the Congressional Record as amen...

   Source: Floor

7. 26 June 1997

   Introduced

   Received in the Senate.

   Source: IntroReferral

8. 26 June 1997

   Passed

   Motion to reconsider laid on the table Agreed to without objection.

   Source: Floor

9. 26 June 1997

   Vote

   On passage Passed by recorded vote: 253 - 179 (Roll no. 245).

   Source: Floor

10. 26 June 1997

    Vote

    Passed/agreed to in House: On passage Passed by recorded vote: 253 - 179 (Roll no. 245).

    Source: Floor

11. 26 June 1997

    Vote

    On motion to recommit with instructions Failed by recorded vote: 164 - 268 (Roll no. 244). (consideration: CR H4813-4815)

    Source: Floor

12. 26 June 1997

    Floor

    The previous question on the motion to recommit with instructions was ordered without objection.

    Source: Floor

13. 26 June 1997

    Floor

    Mr. Peterson (MN) moved to recommit with instructions to The Budget.

    Source: Floor

14. 26 June 1997

    Passed

    The House adopted the amendment as agreed to by the Committee of the Whole House on the state of the Union pursuant to the provisions of H. Res. 174.

    Source: Floor

15. 26 June 1997

    Floor

    The previous question was ordered pursuant to the rule.

    Source: Floor

16. 26 June 1997

    Floor

    The House rose from the Committee of the Whole House on the state of the Union to report H.R. 2014.

    Source: Floor

17. 26 June 1997

    Floor

    Rule provides for consideration of H.R. 2015 and H.R. 2014 with 3 hours of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit. Resolution provides for consideration of H.R. 2015 in the House with 3 hours of general debate, and consideration of H.R. 2014 in the Committee of the Whole with 3 hours of general debate. Measure will be considered read. A specified amendment is in order. The amendment amending H.R. 2015 printed in the Congressional Record as amendment #1 shall be considered as adopted. The amendment amending H.R. 2014 printed in the Congressional Record as amendment #2 shall be considered as adopted in the Committee of the Whole and in the House and considered as the original bill for the purpose of further amendment. No other amendment to H.R. 2014 shall be in order except the amendment printed in the Congressional Record as amen...

    Source: Floor

18. 26 June 1997

    Floor

    The Speaker designated the Honorable Bob Goodlatte to act as Chairman of the Committee.

    Source: Floor

19. 26 June 1997

    Floor

    House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 174 and Rule XXIII.

    Source: Floor

20. 26 June 1997

    Floor

    Considered under the provisions of rule H. Res. 174. (consideration: CR H4668-4816)

    Source: Floor

21. 27 June 1997

    ResolvingDifferences

    Senate insists on its amendment asks for a conference, appoints conferees Roth; Lott; Moynihan. (consideration: CR S6786)

    Source: ResolvingDifferences

22. 27 June 1997

    Floor

    Measure laid before Senate by unanimous consent. (consideration: CR S6718-6719)

    Source: Floor

23. 27 June 1997

    Vote

    Passed/agreed to in Senate: Passed Senate in lieu of S. 949 with an amendment by Yea-Nay Vote. 80-18. Record Vote No: 160.

    Source: Floor

24. 8 July 1997

    Floor

    Message on Senate action sent to the House.

    Source: Floor

25. 10 July 1997

    ResolvingDifferences

    The Speaker appointed conferees for consideration of the House bill, and the Senate amendment, and modifications committed to conference: Kasich, Archer, Crane, Thomas, Armey, DeLay, McDermott, Rangel, Stark, and Matsui.

    Source: ResolvingDifferences

26. 10 July 1997

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: ResolvingDifferences

27. 10 July 1997

    ResolvingDifferences

    The previous question was ordered without objection.

    Source: ResolvingDifferences

28. 10 July 1997

    Floor

    DEBATE - The House proceeded with one hour of debate on the motion to instruct conferees on the part of the House to recede from the House provisions to index capital gains assets; support the $500-per-child tax credit to working families who pay Federal taxes; support tax provisions designed to assist families with college education costs that (A) Include a HOPE scholarship credit for the first 2 years, (B) include tax benefits for families paying tuition costs for the second 2 years of postsecondary education; (C) recede from the House provisions that would impose new taxes on graduate students who receive tuition waivers.

    Source: Floor

29. 10 July 1997

    ResolvingDifferences

    Mr. Rangel moved that the House instruct conferees.

    Source: ResolvingDifferences

30. 10 July 1997

    Passed

    On motion that the House disagree to the Senate amendment, and agree to a conference Agreed to without objection. (consideration: CR H5040)

    Source: ResolvingDifferences

31. 10 July 1997

    ResolvingDifferences

    Mr. Kasich asked unanimous consent that the House disagree to the Senate amendment, and agree to a conference.

    Source: ResolvingDifferences

32. 11 July 1997

    ResolvingDifferences

    Conference held.

    Source: ResolvingDifferences

33. 11 July 1997

    ResolvingDifferences

    Conference committee actions: Conference held.

    Source: ResolvingDifferences

34. 28 July 1997

    Passed

    Conferees agreed to file conference report.

    Source: ResolvingDifferences

35. 28 July 1997

    Passed

    Conference committee actions: Conferees agreed to file conference report.

    Source: ResolvingDifferences

36. 30 July 1997

    ResolvingDifferences

    Conference papers: Senate report and managers' statement held at the desk in Senate.

    Source: ResolvingDifferences

37. 30 July 1997

    ResolvingDifferences

    Conference report H. Rept. 105-220 filed. (text of conference report: CR H6409-6617)

    Source: ResolvingDifferences

38. 30 July 1997

    ResolvingDifferences

    Conference report filed: Conference report H. Rept. 105-220 filed.(text of conference report: CR H6409-6617)

    Source: ResolvingDifferences

39. 31 July 1997

    Vote

    Passed/agreed to in Senate: Passed Senate without amendment by Yea-Nay Vote. 92-8. Record Vote No: 211.(consideration: CR S8410, S8415-8460, S8465-8480)

    Source: Floor

40. 31 July 1997

    Floor

    Point of order against the measure raised in Senate.

    Source: Floor

41. 31 July 1997

    ResolvingDifferences

    Conference report considered in Senate. By Unanimous Consent.

    Source: ResolvingDifferences

42. 31 July 1997

    Vote

    On agreeing to the conference report Agreed to by the Yeas and Nays: 389 - 43 (Roll no. 350). (consideration: CR H6665)

    Source: ResolvingDifferences

43. 31 July 1997

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: ResolvingDifferences

44. 31 July 1997

    Vote

    Conference report agreed to in House: On agreeing to the conference report Agreed to by the Yeas and Nays: 389 - 43 (Roll no. 350).(consideration: CR H6665)

    Source: ResolvingDifferences

45. 31 July 1997

    ResolvingDifferences

    The previous question was ordered without objection.

    Source: ResolvingDifferences

46. 31 July 1997

    Floor

    DEBATE - Pursuant to the provisions of H. Res. 206, as amended, the House proceeded with 3 hours of debate on the conference report.

    Source: Floor

47. 31 July 1997

    ResolvingDifferences

    Mr. Archer brought up conference report H. Rept. 105-220 for consideration under the provisions of H. Res. 206.

    Source: ResolvingDifferences

48. 31 July 1997

    Passed

    Rule H. Res. 206 passed House.

    Source: Floor

49. 31 July 1997

    Reported

    Rules Committee Resolution H. Res. 206 Reported to House. Rule provides for consideration of the conference report to H.R. 2014 with 2 hours and 30 minutes of general debate. All points of order against the conference report and against its consideration shall be waived.

    Source: Floor

50. 1 August 1997

    Floor

    Presented to President.

    Source: Floor

51. 1 August 1997

    President

    Presented to President.

    Source: President

52. 5 August 1997

    Became law

    Became Public Law No: 105-34.

    Source: President

53. 5 August 1997

    Became law

    Signed by President.

    Source: BecameLaw

54. 5 August 1997

    President

    Signed by President.

    Source: President

55. 3 September 1997

    Veto

    For actions pursuant to the Line Item Veto Act (P.L. 104-130), see House Document 105-116. (consideration: CR H6718)

    Source: Veto

56. 3 September 1997

    NotUsed

    Line item veto by President

    Source: NotUsed

57. 3 September 1997

    Veto

    The Chair laid before the House the veto message from the President.

    Source: Veto

58. 9 September 1997

    Veto

    Disapproval bills introduced: S. 1157 and H.R. 2444.

    Source: Veto

Votes

Versions

• Public Law · 5 August 1997 · Download file
• Enrolled Bill · 31 July 1997 · Download file
• Public Print · 27 June 1997 · Download file
• Engrossed Amendment Senate · 27 June 1997 · Download file
• Received in Senate · 26 June 1997 · Download file
• Engrossed in House · 26 June 1997 · Download file
• Reported in House · 24 June 1997 · Download file

Documents

17 official files

• Line item veto by President

  summary · EN · 11 August 1997

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• Public Law (text)

  Public Law · EN · 5 August 1997

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• Public Law (PDF)

  Public Law · EN · 5 August 1997

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• Enrolled Bill (text)

  Enrolled Bill · EN · 31 July 1997

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• Enrolled Bill (PDF)

  Enrolled Bill · EN · 31 July 1997

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• Conference report filed in House

  summary · EN · 30 July 1997

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• Engrossed Amendment Senate (text)

  Engrossed Amendment Senate · EN · 27 June 1997

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• Engrossed Amendment Senate (PDF)

  Engrossed Amendment Senate · EN · 27 June 1997

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• Public Print (text)

  Public Print · EN · 27 June 1997

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• Public Print (PDF)

  Public Print · EN · 27 June 1997

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• Engrossed in House (text)

  Engrossed in House · EN · 26 June 1997

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• Engrossed in House (PDF)

  Engrossed in House · EN · 26 June 1997

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• Received in Senate (text)

  Received in Senate · EN · 26 June 1997

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• Received in Senate (PDF)

  Received in Senate · EN · 26 June 1997

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• Reported in House (text)

  Reported in House · EN · 24 June 1997

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• Reported in House (PDF)

  Reported in House · EN · 24 June 1997

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• Introduced in House

  summary · EN · 24 June 1997

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Sponsors

• Rep. Kasich, John R. [R-OH-12] · R · Sponsor
• · hsbu00 · Standing

Related records

• related to → To correct technical errors in the enrollment of the bill H.R. 2014.
• related to → Family Affordable College Tuition Act of 1997
• related to → Homeowners Relief Act of 1997
• related to → To amend the Internal Revenue Code of 1986 to eliminate the marriage penalty under the one-time exclusion of gain on the sale of a principal residence by an individual who has attained age 55.
• related to → Child Care Tax Credit Reform Act of 1997
• related to → To amend the Internal Revenue Code of 1986 to increase the unified estate and gift tax credit to an exemption equivalent of $1,200,000, and to provide a cost-of-living adjustment for such amount.
• related to → To amend the Internal Revenue Code of 1986 to increase the unified credit against estate and gift taxes to an amount equivalent to a $1,000,000 exclusion.
• related to → To amend the Internal Revenue Code of 1986 to allow a deduction for the payment of postsecondary education expenses.
• related to ← Revenue Reconciliation Act of 1997
• amends ← An amendment in the nature of a substitute, printed as amendment No. 2 in the Congressional record of June 24, 1997. The amendment would target 71% of the tax cuts to families earning less than $100,000 and limit the $500 child credit to families earning less that $75,000. The amendment would provide $1,500 HOPE scholarships for the first two year of post-secondary education and provide a credit of 20% of tuition costs after the first two years. Capitol gains and estate taxes would be reduced for small businesses and family farms, and homeowners would be allowed to exclude up to $500,000 of capital gains on the sale of a home.
• amends ← An amendment, printed as amendment No. 2 in the Congressional Record of June 24, 1997 and considered as having been adopted pursuant to the provisions of H. Res. 174. The amendment reduces the amount for Dependet Care Credit.

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