Page:United States Statutes at Large Volume 115 Part 1.djvu/89

 PUBLIC LAW 107-16^JUNE 7, 2001 115 STAT. 67 " (b) DOLLAR LIMITATIONS. — "(1) IN GENERAL.—The amount allowed as a deduction under subsection (a) with respect to the taxpayer for any taxable year shall not exceed the applicable dollar limit. "(2) APPLICABLE DOLLAR LIMIT.— "(A) 2002 AND 2003.— In the case of a taxable year beginning in 2002 or 2003, the applicable dollar limit shall be equal to— "(i) in the case of a taxpayer whose adjusted gross income for the taxable year does not exceed $65,000 ($130,000 in the case of a joint return), $3,000, and— "(ii) in the case of any other taxpayer, zero. "(B) 2004 AND 2005. —In the case of a taxable year beginning in 2004 or 2005, the applicable dollar amount shall be equal to— "(i) in the case of a taxpayer whose adjusted gross income for the taxable year does not exceed $65,000 ($130,000 in the case of a joint return), $4,000, "(ii) in the case of a taxpayer not described in clause (i) whose adjusted gross income for the taxable year does not exceed $80,000 ($160,000 in the case of a joint return), $2,000, and "(iii) in the case of any other taxpayer, zero. "(C) ADJUSTED GROSS INCOME.— For purposes of this paragraph, adjusted gross income shall be determined— "(i) without regard to this section and sections 911, 931, and 933, and "(ii) after application of sections 86, 135, 137, 219, 221, and 469. " (c) No DOUBLE BENEFIT. — "(1) IN GENERAL.—No deduction shall be allowed under subsection (a) for any expense for which a deduction is allowed to the taxpayer under any other provision of this chapter. " (2) COORDINATION WITH OTHER EDUCATION INCENTIVES.— "(A) DENIAL OF DEDUCTION IF CREDIT ELECTED. —No deduction shall be allowed under subsection (a) for a taxable year with respect to the qualified tuition and related expenses with respect to an individual if the taxpayer or any other person elects to have section 25A apply with respect to such individual for such year. "(B) COORDINATION WITH EXCLUSIONS.—The total amount of qualified tuition and related expenses shall be reduced by the amount of such expenses taken into account in determining any amount excluded under section 135, 529(c)(1), or 530(d)(2). For purposes of the preceding sentence, the amount taken into account in determining the amount excluded under section 529(c)(1) shall not include that portion of the distribution which represents a return of any contributions to the plan. " (3) DEPENDENTS.— No deduction shall be allowed under subsection (a) to any individual with respect to whom a deduction under section 151 is allowable to another taxpayer for a taxable year beginning in the calendar year in which such individual's taxable year begins. "(d) DEFINITIONS AND SPECIAL RULES. —For purposes of this section—

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