§ 1. Tax imposed

Pub. L. 105–34, title XVI, § 1600, Aug. 5, 1997, 111 Stat. 1086, provided that: “For purposes of applying the amendments made by any title of this Act other than this title, the provisions of this title [see Tables for classification] shall be treated as having been enacted immediately before the provisions of such other titles.”

Pub. L. 104–188, title I, § 1701, Aug. 20, 1996, 110 Stat. 1868, provided that: “For purposes of applying the amendments made by any subtitle [subtitle A to F (§§ 1111–1621) and H to J (§§ 1801–1954) of title I of Pub. L. 104–188, see Tables for classification] of this title other than this subtitle [subtitle G (§§ 1701–1704) of title I of Pub. L. 104–188, see Tables for classification], the provisions of this subtitle shall be treated as having been enacted immediately before the provisions of such other subtitles.”

Pub. L. 101–508, title XI, § 11700, Nov. 5, 1990, 104 Stat. 1388–505, provided that: “For purposes of applying the amendments made by any subtitle [subtitles A to F (§§ 11101–11622) and H and I (§§ 11801–11901) of title XI of Pub. L. 101–508, see Tables for classification] of this title other than this subtitle [subtitle G (§§ 11700–11704) of title XI of Pub. L. 101–508, see Tables for classification], the provisions of this subtitle shall be treated as having been enacted immediately before the provisions of such other subtitles.”

Pub. L. 101–239, title VII, § 7801(b), Dec. 19, 1989, 103 Stat. 2406, provided that: “For purposes of applying the amendments made by any subtitle [subtitles A to G (§§ 7101–7743) of title VII of Pub. L. 101–239, see Tables for classification] of this title other than this subtitle [subtitle H (§§ 7801–7894) of title VII of Pub. L. 101–239, see Tables for classification], the provisions of this subtitle shall be treated as having been enacted immediately before the provisions of such other subtitles.”

Pub. L. 99–514, title XVIII, § 1800, Oct. 22, 1986, 100 Stat. 2784, provided that: “For purposes of applying the amendments made by any title of this Act other than this title, the provisions of this title [see Tables for classification] shall be treated as having been enacted immediately before the provisions of such other titles.”

Adjustments for Consumer Price Index Error

Pub. L. 106–554, § 1(a)(7) [title III, § 308], Dec. 21, 2000, 114 Stat. 2763, 2763A–636, provided that: “(a) Determinations by OMB.—As soon as practicable after the date of the enactment of this Act [Dec. 21, 2000], the Director of the Office of Management and Budget shall determine with respect to each applicable Federal benefit program whether the CPI computation error for 1999 has or will result in a shortfall in payments to beneficiaries under such program (as compared to payments that would have been made if the error had not occurred). As soon as practicable after the date of the enactment of this Act, but not later than 60 days after such date, the Director shall direct the head of the Federal agency which administers such program to make a payment or payments that, insofar as the Director finds practicable and feasible—“(1) are targeted to the amount of the shortfall experienced by individual beneficiaries, and “(2) compensate for the shortfall. “(b) Coordination with Federal Agencies.—As soon as practicable after the date of the enactment of this Act [Dec. 21, 2000], each Federal agency that administers an applicable Federal benefit program shall, in accordance with such guidelines as are issued by the Director pursuant to this section, make an initial determination of whether, and the extent to which, the CPI computation error for 1999 has or will result in a shortfall in payments to beneficiaries of an applicable Federal benefit program administered by such agency. Not later than 30 days after such date, the head of such agency shall submit a report to the Director and to each House of the Congress of such determination, together with a complete description of the nature of the shortfall. “(c) Implementation Pursuant to Agency Reports.—Upon receipt of the report submitted by a Federal agency pursuant to subsection (b), the Director shall review the initial determination of the agency, the agency’s description of the nature of the shortfall, and the compensation payments proposed by the agency. Prior to directing payment of such payments pursuant to subsection (a), the Director shall make appropriate adjustments (if any) in the compensation payments proposed by the agency that the Director determines are necessary to comply with the requirements of subsection (a) and transmit to the agency a summary report of the review, indicating any adjustments made by the Director. The agency shall make the compensation payments as directed by the Director pursuant to subsection (a) in accordance with the Director’s summary report. “(d) Income Disregard Under Federal Means-Tested Benefit Programs.—A payment made under this section to compensate for a shortfall in benefits shall, in accordance with guidelines issued by the Director pursuant to this section, be disregarded in determining income under title VIII of the Social Security Act [42 U.S.C. 1001 et seq.] or any applicable Federal benefit program that is means-tested. “(e) Funding.—Funds otherwise available under each applicable Federal benefit program for making benefit payments under such program are hereby made available for making compensation payments under this section in connection with such program. “(f) No Judicial Review.—No action taken pursuant to this section shall be subject to judicial review. “(g) Director’s Report.—Not later than April 1, 2001, the Director shall submit to each House of the Congress a report on the activities performed by the Director pursuant to this section. “(h) Definitions.—For purposes of this section:“(1) Applicable federal benefit program.—The term ‘applicable Federal benefit program’ means any program of the Government of the United States providing for regular or periodic payments or cash assistance paid directly to individual beneficiaries, as determined by the Director of the Office of Management and Budget. “(2) Federal agency.—The term ‘Federal agency’ means a department, agency, or instrumentality of the Government of the United States. “(3) CPI computation error for 1999.—The term ‘CPI computation error for 1999’ means the error in the computation of the Consumer Price Index announced by the Bureau of Labor Statistics on September 28, 2000. “(i) Tax Provisions.—In the case of taxable years (and other periods) beginning after December 31, 2000, if any Consumer Price Index (as defined in section 1(f)(5) of the Internal Revenue Code of 1986) reflects the CPI computation error for 1999—“(1) the correct amount of such Index shall (in such manner and to such extent as the Secretary of the Treasury determines to be appropriate) be taken into account for purposes of such Code, and “(2) tables prescribed under section 1(f) of such Code to reflect such correct amount shall apply in lieu of any tables that were prescribed based on the erroneous amount.”

Application of Special Rules for Maximum Capital Gains Rate

Pub. L. 105–277, div. J, title IV, § 4002(i)(2), Oct. 21, 1998, 112 Stat. 2681–907, provided that: “(2)(A) Subparagraphs (A)(i)(II), (A)(ii)(II), and (B)(ii) of section 1(h)(13) of the 1986 Code shall not apply to any distribution after December 31, 1997, by a regulated investment company or a real estate investment trust with respect to—“(i) gains and losses recognized directly by such company or trust, and “(ii) amounts properly taken into account by such company or trust by reason of holding (directly or indirectly) an interest in another such company or trust to the extent that such subparagraphs did not apply to such other company or trust with respect to such amounts. “(B) Subparagraph (A) shall not apply to any distribution which is treated under section 852(b)(7) or 857(b)(8) of the 1986 Code as received on December 31, 1997. “(C) For purposes of subparagraph (A), any amount which is includible in gross income of its shareholders under section 852(b)(3)(D) or 857(b)(3)(D) of the 1986 Code after December 31, 1997, shall be treated as distributed after such date. “(D)(i) For purposes of subparagraph (A), in the case of a qualified partnership with respect to which a regulated investment company meets the holding requirement of clause (iii)—“(I) the subparagraphs referred to in subparagraph (A) shall not apply to gains and losses recognized directly by such partnership for purposes of determining such company’s distributive share of such gains and losses, and “(II) such company’s distributive share of such gains and losses (as so determined) shall be treated as recognized directly by such company. The preceding sentence shall apply only if the qualified partnership provides the company with written documentation of such distributive share as so determined. “(ii) For purposes of clause (i), the term ‘qualified partnership’ means, with respect to a regulated investment company, any partnership if—“(I) the partnership is an investment company registered under the Investment Company Act of 1940 [15 U.S.C. 80a–1 et seq.], “(II) the regulated investment company is permitted to invest in such partnership by reason of section 12(d)(1)(E) of such Act [15 U.S.C. 80a–12(d)(1)(E)] or an exemptive order of the Securities and Exchange Commission under such section, and “(III) the regulated investment company and the partnership have the same taxable year. “(iii) A regulated investment company meets the holding requirement of this clause with respect to a qualified partnership if (as of January 1, 1998)—“(I) the value of the interests of the regulated investment company in such partnership is 35 percent or more of the value of such company’s total assets, or “(II) the value of the interests of the regulated investment company in such partnership and all other qualified partnerships is 90 percent or more of the value of such company’s total assets.”

Capital Gain Distribution by Trust

Pub. L. 105–277, div. J, title IV, § 4003(b), Oct. 21, 1998, 112 Stat. 2681–909, as amended by Pub. L. 106–554, § 1(a)(7) [title III, § 312(b)], Dec. 21, 2000, 114 Stat. 2763, 2763A–640, provided that: “In the case of any capital gain distribution made after 1997 by a trust to which section 664 of the 1986 Code applies with respect to amounts properly taken into account by such trust during 1997, paragraphs (5)(A)(i)(I), (5)(A)(ii)(I), (7)(A)(i)(II), and (13)(A) of section 1(h) of the 1986 Code (as in effect for taxable years ending on December 31, 1997) shall not apply.”

Election To Recognize Gain on Assets Held on January 1, 2001

Pub. L. 105–34, title III, § 311(e), Aug. 5, 1997, 111 Stat. 835, as amended by Pub. L. 106–554, § 1(a)(7) [title III, § 314(c)], Dec. 21, 2000, 114 Stat. 2763, 2763A–643; Pub. L. 107–147, title IV, § 414(a), Mar. 9, 2002, 116 Stat. 54, provided that: “For purposes of the Internal Revenue Code of 1986— “(1) In general.—A taxpayer other than a corporation may elect to treat—“(A) any readily tradable stock (which is a capital asset) held by such taxpayer on January 1, 2001, and not sold before the next business day after such date, as having been sold on such next business day for an amount equal to its closing market price on such next business day (and as having been reacquired on such next business day for an amount equal to such closing market price), and “(B) any other capital asset or property used in the trade or business (as defined in section 1231(b) of the Internal Revenue Code of 1986) held by the taxpayer on January 1, 2001, as having been sold on such date for an amount equal to its fair market value on such date (and as having been reacquired on such date for an amount equal to such fair market value). “(2) Treatment of gain or loss.—“(A) Any gain resulting from an election under paragraph (1) shall be treated as received or accrued on the date the asset is treated as sold under paragraph (1) and shall be included in gross income notwithstanding any provision of the Internal Revenue Code of 1986. “(B) Any loss resulting from an election under paragraph (1) shall not be allowed for any taxable year. “(3) Election.—An election under paragraph (1) shall be made in such manner as the Secretary of the Treasury or his delegate may prescribe and shall specify the assets for which such election is made. Such an election, once made with respect to any asset, shall be irrevocable. Such an election shall not apply to any asset which is disposed of (in a transaction in which gain or loss is recognized in whole or in part) before the close of the 1-year period beginning on the date that the asset would have been treated as sold under such election. “(4) Readily tradable stock.—For purposes of this subsection, the term ‘readily tradable stock’ means any stock which, as of January 1, 2001, is readily tradable on an established securities market or otherwise. “(5) Disposition of interest in passive activity.—Section 469(g)(1)(A) of the Internal Revenue Code of 1986 shall not apply by reason of an election made under paragraph (1).”

[Pub. L. 107–147, title IV, § 414(b), Mar. 9, 2002, 116 Stat. 54, provided that: “The amendments made by this section [amending section 311(e) of Pub. L. 105–34, set out above] shall take effect as if included in section 311 of the Taxpayer Relief Act of 1997 [Pub. L. 105–34].” ]

Election To Pay Additional 1993 Taxes in Installments

Pub. L. 103–66, title XIII, § 13201(d), Aug. 10, 1993, 107 Stat. 459, provided that: “(1) In general.—At the election of the taxpayer, the additional 1993 taxes may be paid in 3 equal installments. “(2) Dates for paying installments.—In the case of any tax payable in installments by reason of paragraph (1)—“(A) the first installment shall be paid on or before the due date for the taxpayer’s taxable year beginning in calendar year 1993, “(B) the second installment shall be paid on or before the date 1 year after the date determined under subparagraph (A), and “(C) the third installment shall be paid on or before the date 2 years after the date determined under subparagraph (A). For purposes of the preceding sentence, the term ‘due date’ means the date prescribed for filing the taxpayer’s return determined without regard to extensions. “(3) Extension without interest.—For purposes of section 6601 of the Internal Revenue Code of 1986, the date prescribed for the payment of any tax payable in installments under paragraph (1) shall be determined with regard to the extension under paragraph (1). “(4) Additional 1993 taxes.—“(A) In general.—For purposes of this subsection, the term ‘additional 1993 taxes’ means the excess of—“(i) the taxpayer’s net chapter 1 liability as shown on the taxpayer’s return for the taxpayer’s taxable year beginning in calendar year 1993, over “(ii) the amount which would have been the taxpayer’s net chapter 1 liability for such taxable year if such liability had been determined using the rates which would have been in effect under section 1 of the Internal Revenue Code of 1986 for taxable years beginning in calendar year 1993 but for the amendments made by this section [amending this section and sections 41, 63, 68, 132, 151, 453A, 513, 531, and 541 of this title] and section 13202 [amending this section and sections 531 and 541 of this title] and such liability had otherwise been determined on the basis of the amounts shown on the taxpayer’s return. “(B) Net chapter 1 liability.—For purposes of subparagraph (A), the term ‘net chapter 1 liability’ means the liability for tax under chapter 1 of the Internal Revenue Code of 1986 determined—“(i) after the application of any credit against such tax other than the credits under sections 31 and 34, and “(ii) before crediting any payment of estimated tax for the taxable year. “(5) Acceleration of payments.—If the taxpayer does not pay any installment under this section on or before the date prescribed for its payment or if the Secretary of the Treasury or his delegate believes that the collection of any amount payable in installments under this section is in jeopardy, the Secretary shall immediately terminate the extension under paragraph (1) and the whole of the unpaid tax shall be paid on notice and demand from the Secretary. “(6) Election on return.—An election under paragraph (1) shall be made on the taxpayer’s return for the taxpayer’s taxable year beginning in calendar year 1993. “(7) Exception for estates and trusts.—This subsection shall not apply in the case of an estate or trust.”

Transitional Rule for Maximum Capital Gains Rate

Pub. L. 99–514, title III, § 302(c), Oct. 22, 1986, 100 Stat. 2218, which related to long-term capital gain on rights to royalties paid under particular leases and assignments, was repealed by Pub. L. 100–647, title I, § 1003(b)(1), Nov. 10, 1988, 102 Stat. 3382.

Coordination With Other Provisions

Pub. L. 99–509, title VIII, § 8081, Oct. 21, 1986, 100 Stat. 1965, provided that: “Nothing in any provision of this Act [see Tables for classifications] (other than this title) shall be construed as— “(1) imposing any tax (or exempting any person or property from any tax), “(2) establishing any trust fund, or “(3) authorizing amounts to be expended from any trust fund.”

[S.Con.Res. 174, agreed to Oct. 18, 1986, provided: “That, in the enrollment of the bill (H.R. 5300) to provide for reconciliation pursuant to section 2 of the concurrent resolution on the budget for fiscal year 1987, the Clerk of the House of Representatives shall insert at the end of section 8081 of the bill the following: Paragraph (3) shall not apply to any authorization made by title IX of this Act.” As a result of clerical error, the sentence was inserted at the end of section 8101 of the bill, and appears at the end of section 8101 of Pub. L. 99–509, 100 Stat. 1967.]

Pub. L. 99–499, title V, § 531, Oct. 17, 1986, 100 Stat. 1782, provided that: “Notwithstanding any provision of this Act [see Tables for classifications] not contained in this title [see Short Title of 1986 Amendment note above], any provision of this Act (not contained in this title) which—“(1) imposes any tax, premium, or fee, “(2) establishes any trust fund, or “(3) authorizes amounts to be expended from any trust fund, shall have no force or effect.”

Elimination of 50-Cent Rounding Errors

Pub. L. 97–448, title I, § 101(a)(3), Jan. 12, 1983, 96 Stat. 2366, as amended by Pub. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. 2095, provided that: “If any figure in any table—“(A) which is set forth in section 1 of the Internal Revenue Code of 1986 [formerly I.R.C. 1954] (as amended by section 101 of the Economic Recovery Tax Act of 1981 [Pub. L. 97–34, title I, § 101, Aug. 13, 1981, 95 Stat. 176], and “(B) which applies to married individuals filing separately or to estates and trusts, differs by not more than 50 cents from the correct amount under the formula used in constructing such table, such figure is hereby corrected to the correct amount.” [See 1982 Amendment note above.]

Policy With Respect to Additional Tax Reductions

Pub. L. 95–600, § 3, Nov. 6, 1978, 92 Stat. 2767, provided that: “As a matter of national policy the rate of growth in Federal outlays, adjusted for inflation, should not exceed 1 percent per year between fiscal year 1979 and fiscal year 1983; Federal outlays as a percentage of gross national product should decline to below 21 percent in fiscal year 1980, 20.5 percent in fiscal year 1981, 20 percent in fiscal year 1982 and 19.5 percent in fiscal year 1983; and the Federal budget should be balanced in fiscal years 1982 and 1983. If these conditions are met, it is the intention that the tax-writing committees of Congress will report legislation providing significant tax reductions for individuals to the extent that these tax reductions are justified in the light of prevailing and expected economic conditions.”

Effective Date of Certain Definitions and Designations

Pub. L. 94–455, title XIX, § 1908, Oct. 4, 1976, 90 Stat. 1836, provided that: “For purposes of any amendment made by any provision of this Act [see Tables for classification] (other than this title)—“(1) which contains a term the meaning of which is defined in or modified by any provision of this title, and “(2) which has an effective date earlier than the effective date of the provision of this title defining or modifying such term, that definition or modification shall be considered to take effect as of such earlier effective date.”

Congressional Declaration Relating to 1975 Amendment

Pub. L. 94–164, § 1A, Dec. 23, 1975, 89 Stat. 970, provided that: “(a) Congress is determined to continue the tax reduction for the first 6 months of 1976 in order to assure continued economic recovery. “(b) Congress is also determined to continue to control spending levels in order to reduce the national deficit. “(c) Congress reaffirms its commitments to the procedures established by the Congressional Budget and Impoundment Control Act of 1974 [see Tables for classification of Pub. L. 93–344, July 12, 1974, 88 Stat. 297] under which it has already established a binding spending ceiling for the fiscal year 1976. “(d) If the Congress adopts a continuation of the tax reduction provided by this Act [see Short Title of 1975 Amendment note above] beyond June 30, 1976, and if economic conditions warrant doing so, Congress shall provide, through the procedures in the Budget Act [Pub. L. 93–344], for reductions in the level of spending in the fiscal year 1977 below what would otherwise occur, equal to any additional reduction in taxes (from the 1974 tax rate levels) provided for the fiscal year 1977: Provided, however, That nothing shall preclude the right of the Congress to pass a budget resolution containing a higher or lower expenditure figure if the Congress concludes that this is warranted by economic conditions or unforeseen circumstances.”

Congressional Declaration Relating to 1964 Amendment

Pub. L. 88–272, § 1, Feb. 26, 1964, 78 Stat. 19, provided that: “It is the sense of Congress that the tax reduction provided by this Act [see Short Title of 1964 Amendment note above] through stimulation of the economy, will, after a brief transitional period, raise (rather than lower) revenues and that such revenue increases should first be used to eliminate the deficits in the administrative budgets and then to reduce the public debt. To further the objective of obtaining balanced budgets in the near future, Congress by this action, recognizes the importance of taking all reasonable means to restrain Government spending and urges the President to declare his accord with this objective.”

Definitions

Pub. L. 105–277, div. J, title IV, § 4001(a), Oct. 21, 1998, 112 Stat. 2681–906, provided that: “For purposes of this title [amending this section, sections 51, 56, 67, 68, 86, 135, 137, 163, 172, 219, 221, 264, 351, 368, 408A, 469, 873, 954, 2001, 2031, 6015, 6103, 6159, 6311, 6404, 6693, 7421, 7443A, 7491, 9503, and 9510 of this title, and sections 401 and 407 of Title 42, The Public Health and Welfare, enacting provisions set out as notes under this section, sections 51, 67, 68, 86, 172, 833, 6103, and 9503 of this title, and section 401 of Title 42, and amending provisions set out as notes under sections 6601 and 7508A of this title]— “(1) 1986 code.—The term ‘1986 Code’ means the Internal Revenue Code of 1986. “(2) 1998 act.—The term ‘1998 Act’ means the Internal Revenue Service Restructuring and Reform Act of 1998 (Public Law 105–206) [see Tables for classification]. “(3) 1997 act.—The term ‘1997 Act’ means the Taxpayer Relief Act of 1997 (Public Law 105–34) [see Tables for classification].”

Executive Documents

Inflation Adjusted Items for Certain Years

Provisions relating to inflation adjustment of items in sections 1, 23, 24, 25A, 25B, 32, 36B, 42, 45R, 55, 59, 62, 63, 68, 125, 132, 135, 137, 146, 147, 148, 151, 152, 179, 179D, 199A, 213, 219, 220, 221, 223, 408A, 448, 461, 512, 513, 642, 685, 831, 877, 877A, 911, 1274A, 2010, 2032A, 2503, 2523, 2631, 4001, 4003, 4161, 4261, 4611, 5000A, 6012, 6013, 6033, 6039F, 6323, 6334, 6601, 6651, 6652, 6695, 6698, 6699, 6721, 6722, 7345, 7430, 7702B, and 9831 of this title for certain years were contained in the following:

2025—Revenue Procedure 2024–40.

2024—Revenue Procedure 2023–34.

2023—Revenue Procedure 2022–38.

2022—Revenue Procedure 2021–45.

2021—Revenue Procedure 2020–45.

2020—Revenue Procedure 2019–44.

2019—Revenue Procedure 2018–57.

2018—Revenue Procedure 2017–58.

2017—Revenue Procedure 2016–55.

2016—Revenue Procedure 2015–53, as modified by Revenue Procedure 2016–11.

2015—Revenue Procedures 2014–61 and 2016–11.

2014—Revenue Procedure 2013–35.

2013—Revenue Procedures 2012–41 and 2013–15.

2012—Revenue Procedure 2011–52, as modified by Revenue Procedure 2013–15.

2011—Revenue Procedures 2010–40 and 2011–12.

2010—Revenue Procedures 2009–50, 2010–24, and 2010–35.

2009—Revenue Procedure 2008–66.

2008—Revenue Procedure 2007–66.

2007—Revenue Procedures 2006–53 and 2007–36.

2006—Revenue Procedure 2005–70.

2005—Revenue Procedure 2004–71.

2004—Revenue Procedure 2003–85.

2003—Revenue Procedure 2002–70.

2002—Revenue Procedure 2001–59.

2001—Revenue Procedure 2001–13.

2000—Revenue Procedure 99–42.

1999—Revenue Procedure 98–61.

1998—Revenue Procedure 97–57.

1997—Revenue Procedure 96–59.

1996—Revenue Procedure 95–53.

1995—Revenue Procedure 94–72.

1994—Revenue Procedure 93–49.

1993—Revenue Procedure 92–102.

1992—Revenue Procedure 91–65.

1991—Revenue Procedure 90–64.

1990—Revenue Procedure 90–7.

1989—Revenue Procedure 88–56.

1986—Revenue Procedure 85–55.

1985—Revenue Procedure 84–79.

Executive Order No. 14082

Ex. Ord. No. 14082, Sept. 12, 2022, 87 F.R. 56861, which related to implementation of the energy and infrastructure provisions of the Inflation Reduction Act of 2022 (Pub. L. 117–269, see Tables for classification), was revoked by Ex. Ord. No. 14148, § 2(xx), Jan. 20, 2025, 90 F.R. 8239, and Ex. Ord. No. 14154, § 4(a)(xi), Jan. 20, 2025, 90 F.R. 8355.