Page:United States Statutes at Large Volume 112 Part 1.djvu/813

 PUBLIC LAW 105-206-^JULY 22, 1998 112 STAT. 787 "7. It shall not be in order to consider the report of a committee of conference which contains any provision amending the Internal Revenue Code of 1986 unless— "(a) the accompanying joint explanatory statement contains a Tax Complexity Analysis prepared by the Joint Committee on Taxation in accordance with section 4022(b) of the Internal Revenue Service Restructuring and Reform Act of 1998; or "(b) such Analysis is printed in the Congressional Record prior to the consideration of the report.". (C) RULES OF HOUSE OF REPRESENTATivES.This paragraph is enacted by the House of Representatives— (i) as an exercise of the rulemaking power of the House of Representatives, and as such it is deemed a part of the Rules of the House, and it supersedes other rules only to the extent that it is inconsistent therewith; and (ii) with full recognition of the constitutional right of the House to change its rules at any time, in the same manner and to the same extent as in the case of any other rule of the House. (4) EFFECTIVE DATE.—This subsection shall apply to legisla- Applicability, tion considered on and after January 1, 1999. TITLE V—ADDITIONAL PROVISIONS SEC. 5001. LOWER CAPITAL GAINS RATES TO APPLY TO PROPERTY HELD MORE THAN 1 YEAR. (a) GENERAL RULE. — (1) Paragraph (5) of section 1(h) is amended to read as follows: " (5) 28-PERCENT RATE GAIN.— For purposes of this subsection, the term '28-percent rate gain' means the excess (if any) of— "(A) the sum of— "(i) collectibles gain; and "(ii) section 1202 gain, over "(B) the sum of— "(i) collectibles loss; "(ii) the net short-term capital loss; and "(iii) the amount of long-term capital loss carried under section 1212(b)(1)(B) to the taxable year.". (2) Subparagraph (A) of section 1(h)(6) is amended by striking "18 months" and inserting "1 year". (3) Clauses (i) and (ii) of section 1(h)(7)(A) are amended to read as follows: "(i) the amount of long-term capital gain (not otherwise treated as ordinary income) which would be treated as ordinary income if section 1250(b)(1) included all depreciation and the applicable percentage under section 1250(a) were 100 percent, over "(ii) the excess (if any) of— "(I) the amount described in paragraph (5)(B); over "(II) the amount described in paragraph (5)(A).".

�