Page:United States Statutes at Large Volume 115 Part 1.djvu/75

 PUBLIC LAW 107-16^JUNE 7, 2001 115 STAT. 53 subparagraph (A), the basis of such property (immediately before the event resulting in such recapture) shall be increased by an amount equal to such recapture amount. For purposes of the preceding sentence, the term 'recapture amount' means any increase in tax (or adjustment in carrybacks or carryovers) determined under subsection (d). "(2) OTHER DEDUCTIONS AND CREDITS.—No deduction or credit shall be allowed under any other provision of this chapter with respect to the amount of the credit determined under this section.". (b) CONFORMING AMENDMENTS.— (1) Section 38(b), as amended by section 619, is amended 26 USC 38. by striking "plus" at the end of paragraph (13), by striking the period at the end of paragraph (14) and inserting ", plus", and by adding at the end the following: "(15) the employer-provided child care credit determined under section 45F.". (2) The table of sections for subpart D of part IV of subchapter A of chapter 1 is amended by adding at the end the following: "Sec. 45F. Employer-provided child care credit.". (3) Section 1016(a) is amended by striking "and" at the end of paragraph (26), by striking the period at the end of paragraph (27) and inserting ", and", and by adding at the end the following: "(28) in the case of a facility with respect to which a credit was allowed under section 45F, to the extent provided in section 45F(f)(l).". (c) EFFECTIVE DATE. —The amendments made by this section Applicability, shall apply to taxable years beginning after December 31, 2001. 26 USC 38 note. TITLE III—MARRIAGE PENALTY RELIEF SEC. 301. ELIMINATION OF MARRIAGE PENALTY IN STANDARD DEDUC- TION. (a) IN GENERAL.— Paragraph (2) of section 63(c) (relating to standard deduction) is amended— (1) by striking "$5,000" in subparagraph (A) and inserting "the applicable percentage of the dollar amount in effect under subparagraph (C) for the taxable year"; (2) by adding "or" at the end of subparagraph (B); (3) by striking "in the case of and all that follows in subparagraph (C) and inserting "in any other case."; and (4) by striking subparagraph (D). (b) APPLICABLE PERCENTAGE.— Section 63(c) (relating to standard deduction) is amended by adding at the end the following new paragraph: "(7) APPLICABLE PERCENTAGE.—For purposes of paragraph (2), the applicable percentage shall be determined in accordance with the following table: "For taxable years beginning The applicable in calendar year— percentage is— 2005 174 2006 184 2007 187 2008 190 2009 and thereafter 200.".

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