Growth and Tax Relief Reconciliation Act of 2001
I--INDIVIDUAL INCOME TAX RATE REDUCTIONS
101. Reduction in income tax rates for individuals.
Sec. 102. Repeal of phaseout of personal
Sec. 103. Phaseout of overall limitation
on itemized deductions.
II--TAX BENEFITS RELATING TO CHILDREN
201. Modifications to child tax credit.
Sec. 202. Expansion of adoption credit
and adoption assistance programs.
Sec. 203. Refunds disregarded in the
administration of Federal programs and federally assisted programs.
Sec. 204. Dependent care credit.
Sec. 205. Allowance of credit for employer
expenses for child care assistance.
TITLE III--MARRIAGE PENALTY RELIEF
301. Elimination of marriage penalty in standard deduction.
Sec. 302. Phaseout of marriage penalty
in 15-percent bracket.
Sec. 303. Marriage penalty relief for
earned income credit; earned income to include only amounts includible
in gross income; simplification of earned income credit
TITLE IV--AFFORDABLE EDUCATION PROVISIONS
401. Modifications to education individual retirement accounts.
Sec. 402. Modifications to qualified
411. Extension of exclusion for employer-provided educational assistance.
Sec. 412. Elimination of 60-month limit
and increase in income limitation on student loan interest deduction.
Sec. 413. Exclusion of certain amounts
received under the National Health Service Corps Scholarship Program
and the F. Edward Hebert Armed Forces Health Professions Scholarship
and Financial Assistance Program.
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of Tax-Exempt Financing Rules for Public School Construction
421. Additional increase in arbitrage rebate exception for governmental
bonds used to finance educational facilities.
Sec. 422. Treatment of qualified public
educational facility bonds as exempt facility bonds.
431. Deduction for higher education expenses.
V--ESTATE, GIFT, AND GENERATION-SKIPPING TRANSFER TAX PROVISIONS
of Estate and Generation-Skipping Transfer Taxes
501. Repeal of estate and generation-skipping transfer taxes.
of Estate and Gift Tax Rates
511. Additional reductions of estate and gift tax rates.
C--Increase in Exemption Amounts
521. Increase in exemption equivalent of unified credit, lifetime
gifts exemption, and GST exemption amounts.
D--Credit for State Death Taxes
531. Reduction of credit for State death taxes.
Sec. 532. Credit for State death taxes
replaced with deduction for such taxes.
E--Carryover Basis at Death; Other Changes Taking Effect With
541. Termination of step-up in basis at death.
Sec. 542. Treatment of property acquired
from a decedent dying after December 31, 2009.
551. Expansion of estate tax rule for conservation easements.
G--Modifications of Generation-Skipping Transfer Tax
561. Deemed allocation of GST exemption to lifetime transfers to
trusts; retroactive allocations.
Sec. 562. Severing of trusts.
Sec. 563. Modification of certain valuation
Sec. 564. Relief provisions.
of Time for Payment of Estate Tax
571. Increase in number of allowable partners and shareholders in
closely held businesses.
Sec. 572. Expansion of availability
of installment payment for estates with interests qualifying lending
and finance businesses.
Sec. 573. Clarification of availability
of installment payment.
VI--PENSION AND INDIVIDUAL RETIREMENT ARRANGEMENT PROVISIONS
A--Individual Retirement Accounts
601. Modification of IRA contribution limits.
Sec. 602. Deemed IRAs under employer
611. Increase in benefit and contribution limits.
Sec. 612. Plan loans for subchapter
S owners, partners, and sole proprietors.
Sec. 613. Modification of top-heavy
Sec. 614. Elective deferrals not taken
into account for purposes of deduction limits.
Sec. 615. Repeal of coordination requirements
for deferred compensation plans of State and local governments and
Sec. 616. Deduction limits.
Sec. 617. Option to treat elective deferrals
as after-tax Roth contributions.
Sec. 618. Nonrefundable credit to certain individuals for elective
deferrals and IRA contributions.
Sec. 619. Credit for pension plan startup
costs of small employers.
Sec. 620. Elimination of user fee for
requests to IRS regarding pension plans.
Sec. 621. Treatment of nonresident aliens
engaged in international transportation services.
C--Enhancing Fairness for Women
631. Catch-up contributions for individuals age 50 or over.
Sec. 632. Equitable treatment for contributions
of employees to defined contribution plans.
Sec. 633. Faster vesting of certain
employer matching contributions.
Sec. 634. Modification to minimum distribution
Sec. 635. Clarification of tax treatment
of division of section 457 plan benefits upon divorce.
Sec. 636. Provisions relating to hardship
Sec. 637. Waiver of tax on nondeductible
contributions for domestic or similar workers.
D--Increasing Portability for Participants
641. Rollovers allowed among various types of plans.
Sec. 642. Rollovers of IRAs into workplace
Sec. 643. Rollovers of after-tax contributions.
Sec. 644. Hardship exception to 60-day
Sec. 645. Treatment of forms of distribution.
Sec. 646. Rationalization of restrictions
Sec. 647. Purchase of service credit
in governmental defined benefit plans.
Sec. 648. Employers may disregard rollovers
for purposes of cash-out amounts.
Sec. 649. Minimum distribution and inclusion
requirements for section 457 plans.
Pension Security and Enforcement
651. Repeal of 160 percent of current liability funding limit.
Sec. 652. Maximum contribution deduction
rules modified and applied to all defined benefit plans.
Sec. 653. Excise tax relief for sound
Sec. 654. Treatment of multiemployer
plans under section 415.
Sec. 655. Protection of investment of
employee contributions to 401(k) plans.
Sec. 656. Prohibited allocations of
stock in S corporation ESOP.
Sec. 657. Automatic rollovers of certain
Sec. 658. Clarification of treatment
of contributions to multiemployer plan.
of Plan Amendments Reducing Future Benefit Accruals
Sec. 659. Excise tax on failure to provide
notice by defined benefit plans significantly reducing future benefit
661. Modification of timing of plan valuations.
Sec. 662. ESOP dividends may be reinvested
without loss of dividend deduction.
Sec. 663. Repeal of transition rule
relating to certain highly compensated employees.
Sec. 664. Employees of tax-exempt entities.
Sec. 665. Clarification of treatment
of employer-provided retirement advice.
Sec. 666. Repeal of the multiple use
671. Tax treatment and information requirements of Alaska Native
VII--ALTERNATIVE MINIMUM TAX
701. Increase in alternative minimum tax exemption.
801. Time for payment of corporate estimated taxes.
Sec. 802. Expansion of authority
to postpone certain tax-related deadlines by reason of Presidentially
Sec. 803. No Federal income tax
on restitution received by victims of the Nazi regime or their heirs
IX--COMPLIANCE WITH CONGRESSIONAL BUDGET ACT
901. Sunset of provisions of Act.