Editor's Note:
Pub. L. 115-141, Div. U, Sec. 401(d)(4), struck Sec. 1400C, effective March 23, 2018.
I.R.C. § 1400C(a) Allowance Of Credit —
In the case of an individual who is a first-time homebuyer of a principal residence
in the District of Columbia during any taxable year, there shall be allowed as a
credit against the tax imposed by this chapter for the taxable year an amount equal
to so much of the purchase price of the residence as does not exceed $5,000.
I.R.C. § 1400C(b) Limitation Based On Modified Adjusted Gross Income
I.R.C. § 1400C(b)(1) In General —
The amount allowable as a credit under subsection (a)
(determined without regard to this subsection and subsection (d))
for the taxable year shall be reduced (but not below zero) by the amount which bears
the same ratio to the credit so allowable as—
I.R.C. § 1400C(b)(1)(A) —
the excess (if any) of—
I.R.C. § 1400C(b)(1)(A)(i) —
the taxpayer's modified adjusted gross income for such taxable year, over
I.R.C. § 1400C(b)(1)(A)(ii) —
$70,000 ($110,000 in the case of a joint return), bears to
I.R.C. § 1400C(b)(1)(B) —
$20,000.
I.R.C. § 1400C(b)(2) Modified Adjusted Gross Income —
For purposes of paragraph (1), the term “modified adjusted gross income” means the
adjusted gross income of the taxpayer for the taxable year increased by any amount
excluded from gross income under section 911, 931, or 933.
I.R.C. § 1400C(c) First-Time Homebuyer —
For purposes of this section—
I.R.C. § 1400C(c)(1) In General —
The term “first-time homebuyer” means any individual if such individual (and if
married, such individual's spouse) had no present ownership interest in a principal
residence in the District of Columbia during the 1-year period ending on the date
of the purchase of the principal residence to which this section applies.
I.R.C. § 1400C(c)(2) One-Time Only —
If an individual is treated as a first-time homebuyer with respect to any principal
residence, such individual may not be treated as a first-time homebuyer with respect
to any other principal residence.
I.R.C. § 1400C(c)(3) Principal Residence —
The term “principal residence” has the same meaning as when used in section 121.
I.R.C. § 1400C(d) Carryforward Of Unused Credit —
If the credit allowable under subsection (a) exceeds the limitation imposed by section
26(a) for such taxable year reduced by the sum of the credits allowable under subpart A
of part IV of subchapter A (other than this section and section 25D), such excess shall be carried to the succeeding taxable year and added to the credit
allowable under subsection (a) for such taxable year.
I.R.C. § 1400C(e) Special Rules —
For purposes of this section—
I.R.C. § 1400C(e)(1) Allocation Of Dollar Limitation
I.R.C. § 1400C(e)(1)(A) Married Individuals Filing Separately —
In the case of a married individual filing a separate return, subsection (a) shall
be applied by substituting “$2,500”
for “$5,000”.
I.R.C. § 1400C(e)(1)(B) Other Taxpayers —
If 2 or more individuals who are not married purchase a principal residence, the
amount of the credit allowed under subsection
(a) shall be allocated among such individuals in such manner as the Secretary may
prescribe, except that the total amount of the credits allowed to all such individuals
shall not exceed $5,000.
I.R.C. § 1400C(e)(2) Purchase
I.R.C. § 1400C(e)(2)(A) In General —
The term “purchase” means any acquisition, but only if—
I.R.C. § 1400C(e)(2)(A)(i) —
the property is not acquired from a person whose relationship to the person acquiring
it would result in the disallowance of losses under section 267 or 707(b) (but, in applying section 267(b) and (c) for purposes of this section, paragraph (4) of section 267(c) shall be treated as providing
that the family of an individual shall include only his spouse, ancestors,
and lineal descendants), and
I.R.C. § 1400C(e)(2)(A)(ii) —
the basis of the property in the hands of the person acquiring it is not determined—
I.R.C. § 1400C(e)(2)(A)(ii)(I) —
in whole or in part by reference to the adjusted basis of such property in the hands
of the person from whom acquired, or
I.R.C. § 1400C(e)(2)(A)(ii)(II) —
under section 1014(a) (relating to property acquired from a decedent).
I.R.C. § 1400C(e)(2)(B) Construction —
A residence which is constructed by the taxpayer shall be treated as purchased by
the taxpayer on the date the taxpayer first occupies such residence.
I.R.C. § 1400C(e)(3) Purchase Price —
The term “purchase price” means the adjusted basis of the principal residence on
the date such residence is purchased.
I.R.C. § 1400C(e)(4) Coordination With National First-Time Homebuyers Credit —
No credit shall be allowed under this section to any taxpayer with respect to the
purchase of a residence after December 31, 2008, if a credit under section 36 is allowable to such taxpayer (or the taxpayer's spouse) with respect to such purchase.
I.R.C. § 1400C(f) Reporting —
If the Secretary requires information reporting under section 6045 by a person described in subsection (e)(2) thereof to verify the eligibility of
taxpayers for the credit allowable by this section, the exception provided by section
6045(e)(5) shall not apply.
I.R.C. § 1400C(g) Credit Treated As Nonrefundable Personal Credit —
For purposes of this title, the credit allowed by this section shall be treated
as a credit allowable under subpart A of part IV of subchapter A of this chapter.
I.R.C. § 1400C(h) Basis Adjustment —
For purposes of this subtitle, if a credit is allowed under this section with respect
to the purchase of any residence, the basis of such residence shall be reduced by
the amount of the credit so allowed.
I.R.C. § 1400C(i) Application Of Section —
This section shall apply to property purchased after August 4, 1997, and before
January 1, 2012 .
(Added by Pub. L. 105-34, title VII, Sec. 701(a), Aug. 5, 1997, 111 Stat 788; amended Pub. L. 105-206, title VI, Sec. 6008(d), July 22, 1998, 112 Stat 685; Pub. L. 106-170, title V, Sec. 510, Dec. 17, 1999, 113 Stat. 1860; Pub. L. 106-554, Sec. 163, Dec. 21, 2000, 114 Stat. 2763; Pub. L. 107-16, Sec. 201, 202, 618, June 7, 2001, 115 Stat. 38; Pub. L. 108-311, title III, Sec. 310(d), Oct. 4, 2004, 118 Stat. 1166; Pub. L. 109-58, title XIII, Sec. 1335(b)(3), Aug. 8, 2005, 119 Stat. 594; Pub. L. 109-135, title IV, Sec. 402(i)(3)(F), Dec. 21, 2005, 119 Stat. 2577; Pub. L. 109-432, div. A, title I, Sec. 110(d), Dec. 20, 2006, 120 Stat. 2922; Pub. L. 110-343, div. B, title II, Sec. 205(d)(1)(E), div. C, title III, Sec. 322(d)(1), Oct. 3,
2008, 122 Stat. 3765; Pub. L. 111-5, div. B, title I, Sec. 1004(b)(6), 1006(d)(1), 1142(b)(1)(F), 1144(b)(1)(F), Feb.
17, 2009, 123 Stat. 115; Pub. L. 111-92, Sec. 11(i), Nov. 6, 2009, 123 Stat. 2984; Pub. L. 111-148, Sec. 10909(b)(2)(M), Mar. 23, 2010, 124 Stat. 119; Pub. L. 111-312, title VII, Sec. 754(d), Dec. 17, 2010, 124 Stat. 3296; Pub. L. 112-240, title I, Sec. 104(c)(2)(L), Jan. 2, 2013, 126 Stat. 2313;
repealed by Pub. L. 115-141, Div. U, title IV, Sec. 401(d)(4)(A), Mar. 23, 2018, 132 Stat. 348.)
BACKGROUND NOTES
AMENDMENTS
2018 - Sec. 1400C. Pub. L. 115-141, Div. U, Sec. 401(d)(4)(A), struck Sec. 1400C. Before being struck, it read as follows:
“Sec. 1400C. First-Time Homebuyer Credit For District Of Columbia
“(a) Allowance Of Credit.—In the case of an individual who is a first-time homebuyer
of a principal residence in the District of Columbia during any taxable year, there
shall be allowed as a credit against the tax imposed by this chapter for the taxable
year an amount equal to so much of the purchase price of the residence as does not
exceed $5,000.
“(b) Limitation Based On Modified Adjusted Gross Income
“(1) In General.—The amount allowable as a credit under subsection (a) (determined
without regard to this subsection and subsection (d)) for the taxable year shall be
reduced
(but not below zero) by the amount which bears the same ratio to the credit so allowable
as—
“(A) the excess (if any) of—
“(i) the taxpayer's modified adjusted gross income for such taxable year, over
“(ii) $70,000 ($110,000 in the case of a joint return), bears to
“(B) $20,000.
“(2) Modified Adjusted Gross Income.—For purposes of paragraph (1), the term ‘modified
adjusted gross income' means the adjusted gross income of the taxpayer for the taxable
year increased by any amount excluded from gross income under section 911, 931, or
933.
“(c) First-Time Homebuyer.—For purposes of this section—
“(1) In General.—The term ‘first-time homebuyer' means any individual if such individual
(and if married, such individual's spouse) had no present ownership interest in a
principal residence in the District of Columbia during the 1-year period ending on
the date of the purchase of the principal residence to which this section applies.
“(2) One-Time Only.—If an individual is treated as a first-time homebuyer with respect
to any principal residence, such individual may not be treated as a first-time homebuyer
with respect to any other principal residence.
“(3) Principal Residence.—The term ‘principal residence' has the same meaning as when
used in section 121.
“(d) Carryforward Of Unused Credit.—If the credit allowable under subsection (a) exceeds
the limitation imposed by section 26(a) for such taxable year reduced by the sum of
the credits allowable under subpart A of part IV of subchapter A (other than this
section and section 25D), such excess shall be carried to the succeeding taxable year
and added to the credit allowable under subsection (a)
for such taxable year.
“(e) Special Rules.—For purposes of this section—
“(1) Allocation Of Dollar Limitation
“(A) Married Individuals Filing Separately.—In the case of a married individual filing
a separate return, subsection
(a) shall be applied by substituting ‘$2,500' for ‘$5,000'.
“(B) Other Taxpayers.—If 2 or more individuals who are not married purchase a principal
residence, the amount of the credit allowed under subsection (a) shall be allocated
among such individuals in such manner as the Secretary may prescribe, except that
the total amount of the credits allowed to all such individuals shall not exceed $5,000.
“(2) Purchase
“(A) In General.—The term ‘purchase'
means any acquisition, but only if—
“(i) the property is not acquired from a person whose relationship to the person
acquiring it would result in the disallowance of losses under section 267 or 707(b)
(but, in applying section 267(b) and (c) for purposes of this section, paragraph
(4) of section 267(c) shall be treated as providing that the family of an individual
shall include only his spouse, ancestors, and lineal descendants), and
“(ii) the basis of the property in the hands of the person acquiring it is not
determined—
“(I) in whole or in part by reference to the adjusted basis of such property in
the hands of the person from whom acquired, or
“(II) under section 1014(a) (relating to property acquired from a decedent).
“(B) Construction.—A residence which is constructed by the taxpayer shall be treated
as purchased by the taxpayer on the date the taxpayer first occupies such residence.
“(3) Purchase Price.—The term ‘purchase price' means the adjusted basis of the principal
residence on the date such residence is purchased.
“(4) Coordination With National First-Time Homebuyers Credit.—No credit shall be allowed
under this section to any taxpayer with respect to the purchase of a residence after
December 31, 2008, if a credit under section 36 is allowable to such taxpayer (or
the taxpayer's spouse) with respect to such purchase.
“(f) Reporting.—If the Secretary requires information reporting under section 6045
by a person described in subsection (e)(2) thereof to verify the eligibility of taxpayers
for the credit allowable by this section, the exception provided by section 6045(e)(5)
shall not apply.
“(g) Credit Treated As Nonrefundable Personal Credit.—For purposes of this title,
the credit allowed by this section shall be treated as a credit allowable under subpart
A of part IV of subchapter A of this chapter.
“(h) Basis Adjustment.—For purposes of this subtitle, if a credit is allowed under
this section with respect to the purchase of any residence, the basis of such residence
shall be reduced by the amount of the credit so allowed.
“(i) Application Of Section.—This section shall apply to property purchased after
August 4, 1997, and before January 1, 2012.”
2013 - Subsec. (d). Pub. L. 112-240, sec. 104(c)(2)(L), struck subsec. (d). Before being struck, it read as follows:
“(d) Carryforward Of Unused Credit
“(1) Rule For Years In Which All Personal Credits Allowed Against Regular And Alternative
Minimum Tax.—In the case of a taxable year to which section 26(a)(2) applies, if the
credit allowable under subsection (a) exceeds the limitation imposed by section 26(a)(2)
for such taxable year reduced by the sum of the credits allowable under subpart A
of part IV of subchapter A (other than this section and section 25D), such excess
shall be carried to the succeeding taxable year and added to the credit allowable
under subsection (a) for such taxable year.
“(2) Rule For Other Years.—In the case of a taxable year to which section 26(a)(2)
does not apply, if the credit allowable under subsection (a) exceeds the limitation
imposed by section 26(a)(1) for such taxable year reduced by the sum of the credits
allowable under subpart A of part IV of subchapter A (other than this section and
sections 23, 24, 25A(i), 25B, 25D, 30, and 30B, and 30D), such excess shall be carried
to the succeeding taxable year and added to the credit allowable under subsection
(a) for such taxable year.”
2010 - Subsec. (i). Pub. L. 111-312, Sec. 754(d), amended subsec. (i) by substituting “January 1, 2012” for “January 1, 2010”.
Subsec. (d). Pub. L. 111-148, Sec. 10909(b)(2)(M), amended subsec. (d) by striking “23,”.
2009 - Subsec. (e)(4). Pub. L. 111-92, Sec. 11(i), amended par. (4) by striking “and before December 1, 2009,”.
Subsec. (d)(2). Pub. L. 111-5, Div. B, Sec. 1004(b)(6), amended par. (2) by inserting “25A(i),”
after “24,”.
Subsec. (d)(2). Pub. L. 111-5, Div. B, Sec. 1142(b)(1)(F), amended par. (2) by substituting “25D, and 30” for “and
25D”.
Subsec. (d)(2). Pub. L. 111-5, Div. B, Sec. 1144(b)(1)(F), amended par. (2) by substituting “30, and 30B” for “and
30”.
Subsec. (e)(4). Pub. L. 111-5, Div. B, Sec. 1006(d)(1), amended subsec. (e) by adding par. (4).
2008 - Subsec. (d)(2). Pub. L. 110-343, Div. B, Sec. 205(d)(1)(E), amended par. (2) by substituting “25D, and 30D” for “and
25D”.
Subsec. (i). Pub. L. 110-343, Div. C, Sec. 322(d)(1), amended subsec. (i) by substituting “2010” for “2008”.
2006 - Subsec. (i). Pub. L. 109-432, Sec. 110(d)(1), amended subsec. (i) by substituting “2008” for “2006”.
2005 - Subsec. (d). Pub. L. 109-135, Sec. 402(i)(3)(F), amended subsec. (d). Before amendment, it read as follows:
“(d) Carryover of Credit.--
“If the credit allowable under subsection (a) exceeds the limitation imposed by section
26(a) for such taxable year reduced by the sum of the credits allowable under subpart
A of part IV of subchapter A (other than this section and section 25D), such excess
shall be carried to the succeeding taxable year and added to the credit allowable
under subsection (a) for such taxable year.”
Note that the amendments made to subsec. (d) by Pub. L. 107-16 never went into effect. That version of subsec. (d) never went into effect due to
its effective date), but is reproduced below:
“(d) Carryover of Credit.--
“If the credit allowable under subsection (a) exceeds the limitation imposed by section
26(a) for such taxable year reduced by the sum of the credits allowable under subpart
A of part IV of subchapter A (other than this section and sections 23, 24, and
25B and section 25D), such excess shall be carried to the succeeding taxable year
and added to the credit allowable under subsection (a)
for such taxable year.”
Subsec. (d). Pub. L. 109-58, Sec. 1335(b)(3), amended subsec. (d) by substituting
“this section and section 25D” for “this section”.
2004 - Subsec. (i). Pub. L. 108-311, Sec. 310(d), amended subsec. (i) by substituting “January 1, 2006” for “January 1, 2004”.
2001 - Subsec. (d). Pub. L. 107-16, Sec. 201(b)(2)(H), amended subsec. (d) by inserting “and section 24” after “this section”.
Subsec. (d). Pub. L. 107-16, Sec. 202(f)(2)(C), amended subsec. (d) by substituting
“sections 23 and 24” for “section 24”.
Subsec. (d). Pub. L. 107-16, Sec. 618(b)(2)(E),amended subsec. (d) by substituting
“, 24, and 25B” for “and 24”.
2000 - Subsec. (i). Pub. L. 106-554, Sec. 163, substituted
“2004” for “2002”.
1999 - Subsec. (i). Pub. L. 106-170, Sec. 510, substituted
“2002” for “2001”.
1998 - Subsec. (b)(1). Pub. L. 105-206, Sec. 6008(d)(1), amended par. (1) by inserting “and subsection (d)” after “this subsection.
Subsec. (c)(1). Pub. L. 105-206, Sec. 6008(d)(2), amended par. (1). Prior to amendment it read as follows:
“(1) In general.--
The term ‘first-time homebuyer’ has the same meaning as when used in section 72(t)(8)(D)(i),
except that ‘principal residence in the District of Columbia during the 1-year period’
shall be substituted for ‘principal residence during the 2-year period’ in subclause
(I)
thereof.”
Subsec. (e)(2)(B). Pub. L. 105-206, Sec. 6008(d)(3), amended subpar. (B) by inserting “on the date the taxpayer first occupies such residence”
before the period.
Subsec. (e)(3). Pub. L. 105-206, Sec. 6008(d)(4), amended par. (3) by substituting
“on the date such residence is purchased” for “(on the date of acquisition
(within the meaning of section 72(t)(8)(D)(iii)).”
Subsec. (i). Pub. L. 105-206, Sec. 6008(d)(5), amended subsec. (i). Prior to amendment it read as follows:
“(i) Termination.--
This section shall not apply to any property purchased after December 31, 2000.”
EFFECTIVE DATE OF REPEAL
Repeal by Pub. L. 115-141, Div. U, Sec. 401(d)(4)(A), effective March 23, 2018.
Section 401(d)(4)(C) of Pub. L. 115-141, Div. U, provided the following savings provision:
“(C) SAVINGS PROVISIONS.—The amendments made by this paragraph shall not apply to—
“(i) in the case of the repeal of section 1400A of the Internal Revenue Code of 1986, obligations described in section 1394 of such Code (as in effect before its
repeal) which were issued before January 1, 2012,
“(ii) in the case of the repeal of section 1400B of such Code, DC Zone assets (as
defined in such section, as in effect before its repeal) which were acquired by the
taxpayer before January 1, 2012, and
“(iii) in the case of the repeal of section 1400C of such Code, principal residences
acquired before January 1, 2012.”
Section 401(e) of Pub. L. 115-141, Div. U, provided the following savings provision:
“(e) GENERAL SAVINGS PROVISION WITH RESPECT TO DEADWOOD PROVISIONS.—If—
“(1) any provision amended or repealed by the amendments made by subsection (b) or
(d)
applied to—
“(A) any transaction occurring before the date of the enactment of this Act,
“(B) any property acquired before such date of enactment, or
“(C) any item of income, loss, deduction, or credit taken into account before such
date of enactment, and
“(2) the treatment of such transaction, property, or item under such provision would
(without regard to the amendments or repeals made by such subsection)
affect the liability for tax for periods ending after such date of enactment,
“nothing in the amendments or repeals made by this section shall be construed to affect
the treatment of such transaction, property, or item for purposes of determining liability
for tax for periods ending after such date of enactment.”
EFFECTIVE DATE OF 2013 AMENDMENT
Amendment by Section 104(c)(2)(L) of Pub. L. 112-240 effective for taxable years beginning after December 31, 2011.
EFFECTIVE DATE OF 2010 AMENDMENTS
Amendment by Section 754(d) of Pub. L. 111-312 effective for homes purchased after December 31, 2009.
Amendment by Section 10909(b) of Pub. L. 111-148 effective for taxable years beginning after December 31, 2009. Section 10909(c)
of Pub. L. 111-148, as amended by Pub. L. 111-312, Sec. 101(b), provided:
“(c) SUNSET PROVISION.—Each provision of law amended by this section is amended to
read as such provision would read if this section had never been enacted. The amendments
made by the preceding sentence shall apply to taxable years beginning after December
31, 2011.”
EFFECTIVE DATE OF 2009 AMENDMENTS
Amendment by Sec. 11(i) of Pub. L. 111-92 effective for residences purchased after November 30, 2009.
Amendment by Div. B, Sec. 1004(b)(6) of Pub. L. 111-5 effective for taxable years beginning after December 31, 2008.
Amendment by Div. B, Sec. 1006(d)(1) of Pub. L. 111-5 effective residences purchased after December 31, 2008.
Amendment by Div. B, Sec. 1142(b)(1)(F) of Pub. L. 111-5 effective for vehicles acquired after the date of enactment of this Act [Enacted:
Feb. 17, 2009].
Amendment by Div. B, Sec. 1144(b)(1)(F) of Pub. L. 111-5 effective for taxable years beginning after December 31, 2008.
EFFECTIVE DATE OF 2008 AMENDMENTS
Amendment by Div. B, Sec. 205(d) of Pub. L. 110-343 effective for taxable years beginning after December 31, 2008.
Amendment by Div. C, Sec. 322(d)(1) of Pub. L. 110-343 effective for property purchased after December 31, 2007.
EFFECTIVE DATE OF 2006 AMENDMENTS
Amendment by Sec. 110(d)(1) of Pub. L. 109-432 effective for property purchased after December 31, 2006.
EFFECTIVE DATE OF 2005 AMENDMENTS
Amendment by Sec. 402(i)(3)(F) of Pub. L. 109-135 effective for taxable years beginning after December 31, 2005, but see the sunset
provision of Pub. L. 107-16, Sec. 901.
Amendment by Sec. 1335(b)(3) of Pub. L. 109-58 effective for property placed in service after December 31, 2005 in taxable years
ending after such date.
EFFECTIVE DATE OF 2004 AMENDMENT
Amendment by Sec. 310(d) of Pub. L. 108-311 effective on January 1, 2004.
EFFECTIVE DATE OF 2001 AMENDMENTS
Amendment by Sec. 201(b)(2)(H) of Pub. L. 107-16 effective for taxable years beginning after December 31, 2001. However, Sec. 610(b)(2)
of Pub. L. 107-147 provided that the amendments made by Sec. 201(b), 202(f), and 618(b) of Pub. L. 107-16 shall not apply to taxable years beginning during 2002 and 2003.
Amendment by Sec. 202(f)(2)(C) of Pub. L. 107-16 effective for taxable years beginning after December 31, 2001. However, Sec. 610(b)(2)
of Pub. L. 107-147 provided that the amendments made by Sec. 201(b), 202(f), and 618(b) of Pub. L. 107-16 shall not apply to taxable years beginning during 2002 and 2003.
Amendment by Sec. 618(b)(2)(E) of Pub. L. 107-16 effective for taxable years beginning after December 31, 2001. However, Sec. 610(b)(2)
of Pub. L. 107-147 provided that the amendments made by Sec. 201(b), 202(f), and 618(b) of Pub. L. 107-16 shall not apply to taxable years beginning during 2002 and 2003, and Sec. 312(b)(2)
of Pub. L. 108-311 provided that the amendments made by Sec. 201(b), 202(f), and 618(b) of Pub. L. 107-16 shall not apply to taxable years beginning during 2004 and 2005.
Section 901 (Sunset of Provisions of Act) of Pub. L. 107-16, as amended by Pub. L. 107-358 and Pub. L. 111-312, Sec. 101(a), and struck by Pub. L. 112-240, Sec. 101(a)(1) (effective for taxable, plan, or limitation years beginning after Dec. 31, 2012,
and estates of decedents dying, gifts made, or generation skipping transfers after
Dec. 31, 2012), provided that:
“(a) IN GENERAL.--All provisions of, and amendments made by, this Act shall not apply--
“(1) to taxable, plan, or limitation years beginning after December 31, 2012, or
“(2) in the case of title V, to estates of decedents dying, gifts made, or generation
skipping transfers, after December 31, 2012.
“(b) APPLICATION OF CERTAIN LAWS.--The Internal Revenue Code of 1986 and the Employee
Retirement Income Security Act of 1974 shall be applied and administered to years,
estates, gifts, and transfers described in subsection (a) as if the provisions and
amendments described in subsection (a) had never been enacted.
“(c) EXCEPTION.-Subsection (a) shall not apply to section 803 (relating to no federal
income tax on restitution received by victims of the Nazi regime or their heirs or
estates).”
NOTE: Section 10909(c) of Pub. L. 111-148, as amended by Pub. L. 111-312, Sec. 101(b), provided:
“(c) SUNSET PROVISION.—Each provision of law amended by this section is amended to
read as such provision would read if this section had never been enacted. The amendments
made by the preceding sentence shall apply to taxable years beginning after December
31, 2011.”
PENSIONS AND INDIVIDUAL RETIREMENT ARRANGEMENT PROVISIONS OF ECONOMIC GROWTH AND
TAX RELIEF RECONCILIATION ACT OF 2001 MADE PERMANENT
Section 811 of Pub. L. 109-280 provided that:
“Title IX of the Economic Growth and Tax Relief Reconciliation Act of 2001 shall
not apply to the provisions of, and amendments made by, subtitles A through F of
title VI of such Act (relating to pension and individual retirement arrangement
provisions).”
EFFECTIVE DATE OF 1998 AMENDMENTS
Amendments by Sec. 6008(d) of Pub. L. 105-206 effective as if included in the provisions of the Taxpayer Relief Act of 1997 to
which they relate [Effective Date of Pub. L. 105-34, Title VII: Aug. 5, 1997].
EFFECTIVE DATE
Section 701(d) of Pub. L. 105-34 provided that: “except as provided in subsection (c), the amendments made by this
section shall take effect on the date of the enactment of this Act [enacted: Aug.
5, 1997].”
