Page:United States Statutes at Large Volume 111 Part 1.djvu/921

 PUBLIC LAW 105-34—AUG. 5, 1997 111 STAT. 897 "(B) APPLICABLE PERCENTAGE.—For purposes of this paragraph, the term 'apphcable percentage' means the percentage determined under the following table: The applicable Tor taxable years beginning percentage in calendar year— is— 1998 or 1999 55 2000 or 2001 60 2002 or 2003 65 2004 or 2005 70 2006 or 2007 75 2008 or thereafter 80.". (b) EFFECTIVE DATE. —The amendment made by subsection (a) 26 USC 274 note, shall apply to taxable years beginning after December 31, 1997. SEC. 970. CLARIFICATION OF DE MINIMIS FRINGE BENEFIT RULES TO NO-CHARGE EMPLOYEE MEALS. (a) IN GENERAL. — Paragraph (2) of section 132(e) (defining de minimis fringe) is amended by adding at the end the following new sentence: "For purposes of subparagraph (B), an employee entitled under section 119 to exclude the value of a meal provided at such facility shall be treated as having paid an amount for such meal equal to the direct operating costs of the facility attributable to such meal.". (b) EFFECTIVE DATE. —The amendment made by this section 26 USC 132 note, shall apply to taxable years beginning after December 31, 1997. SEC. 971. EXEMPTION OF THE INCREMENTAL COST OF A CLEAN FUEL VEHICLE FROM THE LIMITS ON DEPRECIATION FOR VEHICLES. (a) IN GENERAL. —Section 280F(a)(l) (relating to limiting depreciation on luxury automobiles) is amended by adding at the end the following new subparagraph: " (C) SPECIAL RULE FOR CERTAIN CLEAN-FUEL PASSENGER AUTOMOBILES. — "(i) MODIFIED AUTOMOBILES.— In the case of a passenger automobile which is propelled by a fuel which is not a clean-burning fuel and to which is installed qualified clean-fuel vehicle property (as defined in section 179A(c)(l)(A)) for purposes of permitting such vehicle to be propelled by a cleein burning fuel (as defined in section 179A(e)(l)), subparagraph (A) shall not apply to the cost of the installed qualified clean burning vehicle property. " (ii) PURPOSE BUILT PASSENGER VEHICLES.—In the case of a purpose built passenger vehicle (as defined in section 4001(a)(2)(C)(ii)), each of the annual limitations specified in subparagraph (A) shall be tripled.". (b) EFFECTIVE DATE. —The amendments made by this section 26USe280F shall apply to property placed in service after the date of enactment note. of this Act and before January 1, 2005. SEC. 972. TEMPORARY SUSPENSION OF TAXABLE INCOME LIMIT ON PERCENTAGE DEPLETION FOR MARGINAL PRODUCTION. (a) IN GENERAL. — Paragraph (6) of section 613A(c) is amended by adding at the end the following new subparagraph:

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