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General Explanation of Tax Legislation Enacted in 1997

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General Explanation of Tax Legislation Enacted in 1997 [JOINT COMMITTEE PRINT] GENERAL EXPLANATION OF TAX LEGISLATION ENACTED IN 1997 PREPARED BY THE STAFF OF THE JOINT COMMITTEE ON TAXATION DECEMBER 17, 1997 JCS±23±97 GENERAL EXPLANATION OF TAX LEGISLATION ENACTED IN 1997 1 [JOINT COMMITTEE PRINT] GENERAL EXPLANATION OF TAX LEGISLATION ENACTED IN 1997 PREPARED BY THE STAFF OF THE JOINT COMMITTEE ON TAXATION DECEMBER 17, 1997 U.S. GOVERNMENT PRINTING OFFICE 45±107 WASHINGTON : 1997 JCS±23±97 JOINT COMMITTEE ON TAXATION 105TH CONGRESS, 1ST SESSION HOUSE SENATE BILL ARCHER, Texas, WILLIAM V. ROTH, Jr., Delaware, Chairman Vice Chairman PHILIP M. CRANE, Illinois JOHN H. CHAFEE, Rhode Island WILLIAM M. THOMAS, California CHARLES GRASSLEY, Iowa CHARLES B. RANGEL, New York DANIEL PATRICK MOYNIHAN, New York FORTNEY PETE STARK, California MAX BAUCUS, Montana KENNETH J. KIES, Chief of Staff MARY M. SCHMITT, Deputy Chief of Staff (Law) BERNARD A. SCHMITT, Deputy Chief of Staff (Revenue Analysis) (II) SUMMARY CONTENTS Page Introduction .............................................................................. 1 Part One: Airport and Airway Trust Fund Extension Act of 1997 (H.R. 668) ......................................... 2 Part Two: Taxpayer Relief Act of 1997 (H.R. 2014) ........ 6 Part Three: Revenue Provisions of the Balanced Budget Act of 1997 (H.R. 2015) ................... 493 Part Four: Taxpayer Browsing Protection Act (H.R. 1226) ..................................................................... 506 Part Five: Highway Trust Fund Extension (sec. 9 of S. 1519) .................................................................. 508 Appendix: Estimated Budget Effects of Tax Legisla- tion Enacted in 1997 .......................................... 511 (III) C O N T E N T S Page Introduction .............................................................................. 1 Part One: Airport and Airway Trust Fund Extension Act of 1997 (H.R. 668) ......................................... 2 Part Two: Taxpayer Relief Act of 1997 (H.R. 2014) ......... 6 TITLE I. CHILD TAX CREDIT ................................................. 6 A. Child Tax Credit for Children Under Age 17 (sec. 101(a), (c), and (d)) ................................................ 6 B. Expand Definition of High-Risk Individuals With Respect to Tax-Exempt State-Sponsored Organi- zations Providing Health Coverage (sec. 101(c)) . 10 TITLE II. EDUCATION TAX INCENTIVES ................................ 11 A. Tax Benefits Relating to Education Expenses ...... 11 1. HOPE tax credit and Lifetime Learning tax credit for higher education tuition expenses (sec. 201) ......................................................... 11 2. Deduction for student loan interest (sec. 202) .................................................................. 20 3. Penalty-free withdrawals from IRAs for high- er education expenses (sec. 203) ................... 23 4. Tax treatment of qualified State tuition pro- grams and education IRAs; exclusion for certain distributions from education IRAs used to pay qualified higher education ex- penses (secs. 211 and 213) ............................. 24 B. Other Education-Related Tax Provisions .............. 33 1. Extension of exclusion for employer-provided educational assistance (sec. 221) ................... 33 2. Modification of $150 million limit on quali- fied 501(c)(3) bonds other than hospital bonds (sec. 222) ............................................... 34 3. Expansion of arbitrage rebate exception for certain bonds (sec. 223) .................................. 35 4. Enhanced deduction for corporate contribu- tions of computer technology and equipment (sec. 224) ......................................................... 36 (V) VI Page 5. Treatment of cancellation of certain student loans (sec. 225) ................................................ 39 6. Tax credit for holders of qualified zone acad- emy bonds (sec. 226) ...................................... 40 TITLE III. SAVINGS AND INVESTMENT TAX INCENTIVES ..... 42 A. Individual Retirement Arrangements (secs. 301± 304) ......................................................................... 42 B. Capital Gains Provisions ........................................ 48 1. Maximum rate of tax on net capital gains of individuals (sec. 311) ................................. 48 2. Exclusion of gain on sale of principal resi- dence (sec. 312) ............................................... 54 3. Exception from real estate reporting require- ments for certain sales of principal resi- dences (secs. 312(c) and 701) ......................... 57 4. Rollover of gain from sale of certain small business stock (sec. 313) ................................ 58 5. Computation of alternative capital gains tax for corporations (sec. 314) .............................. 59 TITLE IV. ALTERNATIVE MINIMUM TAX PROVISIONS .......... 60 A. Repeal Alternative Minimum Tax for Small Businesses and Modify the Depreciation Ad- justment (secs. 401±402) ................................ 60 B. Repeal AMT Installment Method Adjustment for Farmers (sec. 403) .................................... 61 TITLE V. ESTATE, GIFT, AND GENERATION-SKIPPING TAX PROVISIONS ........................................................... 63 A. Estate and Gift Tax Provisions .............................. 63 1. Increase in estate and gift tax unified credit indexing of certain other estate and gift tax provisions (sec. 501) ....................................... 63 2. Estate tax exclusion for qualified family- owned businesses (sec. 502) ........................... 65 3. Installment payments of estate tax attrib- utable to closely held businesses (sec. 503) .. 71 4. Estate tax recapture from cash leases of spe- cially-valued property (sec. 504) .................... 72 5. Clarify eligibility for extension of time for payment of estate tax (sec. 505) .................... 73 6. Gifts may not be revalued for estate tax pur- poses after expiration of statute of limita- tions (sec. 506) ................................................ 74 7. Repeal of throwback rules applicable to do- mestic trusts (sec. 507) .................................. 76 VII Page 8. Reduction in estate tax for certain land sub- ject to permanent conservation easement (sec. 508) ......................................................... 78 B. Generation-Skipping Tax Provision ....................... 81 1. Modification of generation-skipping transfer tax for transfer to individuals with deceased parents (sec. 511) ............................................ 81 TITLE VI. EXTENSION OF CERTAIN EXPIRING TAX PROVI- SIONS .................................................................... 83 A Research Tax Credit (sec. 601) ................................ 83 B. Contributions of Stock to Private Foundations (sec. 602) ................................................................. 86 C. Work Opportunity Tax Credit (sec. 603) ............... 88 D. Orphan Drug Tax Credit (sec. 604) ....................... 91 TITLE VII. DISTRICT OF COLUMBIA TAX INCENTIVES (sec. 701) .................................................................... 93 TITLE VIII. WELFARE-TO-WORK TAX CREDIT (sec. 801) .... 107 TITLE IX. MISCELLANEOUS PROVISIONS .............................. 109 A. Excise Tax Provisions ............................................. 109 1. Transfer of General Fund highway fuels tax revenues to the Highway Trust Fund (sec. 901) .................................................................. 109 2. Repeal excise tax on diesel fuel used in rec- reational motorboats (sec. 902) ..................... 110 3. Continued application of tax on imported re- cycled Halon-1211 (sec. 903) .......................... 111 4. Uniform rate of excise tax on vaccines (sec. 904) .................................................................. 112 5. Treat certain gasoline ``chain retailers'' as wholesale distributors under the gasoline excise tax refund rules (sec. 905) .................. 113 6. Exemption of electric and other clean-fuel motor vehicles from luxury automobile clas- sification (sec. 906) ......................................... 114 7. Tax certain alternative fuels based on energy equivalency to gasoline (sec. 907) ................. 116 8. Reduce rate of alcohol excise tax on certain hard ciders (sec. 908) ..................................... 117 9. Study feasibility of moving collection point for distilled spirits excise tax (sec. 909) ........ 118 10. Codify Treasury Department regulations regulating wine labels (sec. 910) ................... 119 B. Disaster Relief Provisions ....................................... 120 VIII Page 1. Authority to postpone certain tax-related deadlines by reason of Presidentially de- clared disaster (sec. 911) ................................ 120 2. Use of certain appraisals to establish amount of disaster loss (sec. 912) ............................... 121 3. Treatment of livestock sold on account of weather-related conditions (sec. 913) ............ 121 4. Mortgage bond financing for residence lo- cated in Presidentially declared disaster areas (sec. 914) ............................................... 122 5. Requirement to abate interest by reason of Presidentially declared disaster (sec. 915) ... 123 C. Provisions Relating to Employment Taxes ........... 124 1. Clarification of standard to be used in deter- mining tax status of retail securities bro- kers (sec. 921) ................................................. 124 2. Clarification of exemption from self-employ- ment tax for certain termination payments
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