Page:United States Statutes at Large Volume 111 Part 1.djvu/820

 Ill STAT. 796 PUBLIC LAW 105-34—AUG. 5, 1997 Sec. 1502. Modification of prohibition of assignment or alienation. Sec. 1503. Elimination of paperwork burdens on plans. Sec. 1504. Modification oi 403(b) exclusion allowance to conform to 415 modifications. Sec. 1505. Extension of moratorium on application of certain nondiscrimination rules to State and local governments. Sec. 1506. Clarification of certain rules relating to employee stock ownership plans of S corporations. Sec. 1507. Modification of 10-percent tax for nondeductible contributions. Sec. 1508. Modification of funding requirements for certain plans. Sec. 1509. Clarification of disqualification rules relating to acceptance of rollover contributions. Sec. 1510. New technologies in retirement plans. Subtitle B—Other Provisions Relating to Pensions and Employee Benefits Sec. 1521. Increase in current liability funding limit. Sec. 1522. Special rules for church plans. Sec. 1523. Ptepeal of application of unrelated business income tax to ESOPs. Sec. 1524. Diversification of section 401(k) plan investments. Sec. 1525. Section 401(k) plans for certain irrigation and drainage entities. Sec. 1526. Portability of permissive service credit under governmental pension plans. Sec. 1527. Removal of dollar limitation on benefit payments from a defined benefit plan maintained for certain police and fire employees. Sec. 1528. Survivor benefits for public safety officers killed in the line of duty. Sec. 1529. Treatment of certain disability benefits received by former police officers or firefighters. Sec. 1530. Gratuitous transfers for the benefit of employees. Subtitle C—Provisions Relating to Certain Health Acts Sec. 1531. Amendments to the Internal Revenue Code of 1986 to implement the Newborns' and Mothers' Health Protection Act of 1996 and the Mental Health Parity Act of 1996. Sec. 1532. Special rules relating to church plans. Subtitle D—Provisions Relating to Plan Amendments Sec. 1541. Provisions relating to plan amendments. TITLE XVI—TECHNICAL AMENDMENTS RELATED TO SMALL BUSINESS JOB PROTECTION ACT OF 1996 AND OTHER LEGISLATION Sec. 1600. Coordination with other titles. Sec. 1601. Amendments related to Small Business Job Protection Act of 1996. Sec. 1602. Amendments related to Health Insurance Portability and Accountability Act of 1996. Sec. 1603. Amendments related to Taxpayer Bill of Rights 2. Sec. 1604. Miscellaneous provisions. TITLE XVII—IDENTIFICATION OF LIMITED TAX BENEFITS SUBJECT TO LINE ITEM VETO Sec. 1701. Identification of limited tax benefits subject to line item veto. TITLE I—CHILD TAX CREDIT SEC. 101. CHILD TAX CREDIT. (a) IN GENERAL.— Subpart A of part IV of subchapter A of chapter 1 (relating to nonrefundable personal credits) is amended by inserting after section 23 the following new section: "SEC. 24. CHILD TAX CREDIT. "(a) ALLOWANCE OF CREDIT. —There shall be allowed as a credit against the tax imposed by this chapter for the taxable year with respect to each qualifying child of the taxpayer an amount equal to $500 ($400 in the case of taxable years beginning in 1998). "(b) LIMITATION BASED ON ADJUSTED GROSS INCOME. — "(1) IN GENERAL.—The amount of the credit allowable under subsection (a) shall be reduced (but not below zero) by $50

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