Page:United States Statutes at Large Volume 111 Part 1.djvu/906

 Ill STAT. 882 PUBLIC LAW 105-34—AUG. 5, 1997 "(ii) which is specified in the election under subsection (a). "(B) TREATMENT OF GAINS.— For purposes of subparagraph (A), gain from the sale or other disposition of property (other than land) regularly used by the taxpayer in such a farming business for a substantial period shall be treated as attributable to such a farming business. "(2) INDIVIDUAL.— The term 'individual' shall not include any estate or trust. "(3) FARMING BUSINESS.— The term 'farming business' has the meaning given such term by section 263A(e)(4). "(c) REGULATIONS.—The Secretary shall prescribe such regulations as may be appropriate to carry out the purposes of this section, including regulations regarding— "(1) the order and manner in which items of income, gain, deduction, or loss, or limitations on tax, shall be taken into account in computing the tax imposed by this chapter on the income of any taxpayer to whom this section applies for any taxable year, and "(2) the treatment of any short taxable year.". (b) CLERICAL AMENDMENT.— The table of parts for such subchapter Q is amended by inserting before the item relating to part II the following new item: "Part I. Income averaging.". 26 USC 1301 (c) EFFECTIVE DATE. —The amendments made by this section note. shall apply to taxable years beginning after December 31, 1997, and before January 1, 2001. SEC. 934. INCREASE IN DEDUCTION FOR HEALTH INSURANCE COSTS OF SELF-EMPLOYED INDIVIDUALS. (a) IN GENERAL. — The table contained in section 162(1)(1)(B) is amended to read as follows: "For taxable years beginning in The applicable percentage is— calendar year— 1997 40 1998 and 1999 45 2000 and 2001 50 2002 60 2003 through 2005 80 2006 90 2007 and thereafter 100.". 26 USC 162 note. (b) EFFECTIVE DATE. —The amendment made by this section shall apply to taxable years beginning after December 31, 1996. SEC. 935. MORATORIUM ON CERTAIN REGULATIONS. No temporary or final regulation with respect to the definition of a limited partner under section 1402(a)(13) of the Internal Revenue Code of 1986 may be issued or made effective before July 1, 1998. Subtitle E—Brownfields SEC. 941. EXPENSING OF ENVIRONMENTAL REMEDIATION COSTS. (a) IN GENERAL. — Part VI of subchapter B of chapter 1 is amended by adding at the end the following new section:

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