Page:United States Statutes at Large Volume 115 Part 1.djvu/130

 115 STAT. 108 PUBLIC LAW 107-16-JUNE 7, 2001 (A) for any taxable year, any distribution received by the spouse of such individual shall be treated as received by such individual if such individual and spouse file a joint return for such taxable year and for the taxable year during which the spouse receives the distribution. "(e) ADJUSTED GROSS INCOME.— For purposes of this section, adjusted gross income shall be determined without regard to sections 911, 931, and 933. "(f) INVESTMENT IN THE CONTRACT. —Notwithstanding any other provision of law, a qualified retirement savings contribution shall not fail to be included in determining the investment in the contract for purposes of section 72 by reason of the credit under this section. "(g) TERMINATION.—T his section shall not apply to taxable years beginning after December 31, 2006.". (b) CREDIT ALLOWED AGAINST REGULAR TAX AND ALTERNATIVE MINIMUM TAX.— 26 USC 25B. (1) IN GENERAL.— Section 25B, as added by subsection (a), is amended by inserting after subsection (f) the following new subsection: "(g) LIMITATION BASED ON AMOUNT OF TAX.—The credit allowed under subsection (a) for the taxable year shall not exceed the excess of— "(1) the sum of the regular tax liability (as defined in section 26(b)) plus the tax imposed by section 55, over "(2) the sum of the credits allowable under this subpart (other than this section and section 23) and section 27 for the taxable year.". (2) CONFORMING AMENDMENTS. — (A) Section 24(b)(3)(B), as amended by sections 201(b) and 203(d), is amended by striking "section 23" and inserting "sections 23 and 25B". (B) Section 25(e)(1)(C), as amended by section 201(b), is amended by inserting "25B," after "24,". (C) Section 26(a)(1), as amended by sections 201(b) and 203, is amended by striking "and 24" and inserting ", 24, and 25B". (D) Section 904(h), as amended by sections 201(b) and 203, is amended by striking "and 24" and inserting ", 24, and 25B". (E) Section 1400C(d), as amended by sections 201(b) and 203, is amended by striking "and 24" and inserting ", 24, and 25B". (c) CONFORMING AMENDMENT.— The table of sections for subpart A of part IV of subchapter A of chapter 1, as amended by section 432, is amended by inserting after the item relating to section 25A the following new item: "Sec. 25B. Elective deferrals and IRA contributions by certain individuals.". Applicability. (d) EFFECTIVE DATE. —The amendments made by this section 26 USC 24 note. shall apply to taxable years beginning after December 31, 2001. SEC. 619. CREDIT FOR PENSION PLAN STARTUP COSTS OF SMALL EMPLOYERS. (a) IN GENERAL.— Subpart D of part IV of subchapter A of chapter 1 (relating to business related credits) is amended by adding at the end the following new section:

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