Page:United States Statutes at Large Volume 118.djvu/1197

 118 STAT. 1167 PUBLIC LAW 108–311—OCT. 4, 2004 Sec. 312. Allowance of nonrefundable personal credits against regular and min imum tax liability. Sec. 313. Credit for electricity produced from certain renewable resources. Sec. 314. Taxable income limit on percentage depletion for oil and natural gas pro duced from marginal properties. Sec. 315. Indian employment tax credit. Sec. 316. Accelerated depreciation for business property on Indian reservation. Sec. 317. Disclosure of return information relating to student loans. Sec. 318. Elimination of phaseout of credit for qualified electric vehicles for 2004 and 2005. Sec. 319. Elimination of phaseout for deduction for clean fuel vehicle property for 2004 and 2005. Sec. 320. Disclosures relating to terrorist activities. Sec. 321. Joint review of strategic plans and budget for the Internal Revenue Serv ice. Sec. 322. Availability of medical savings accounts. TITLE IV—TAX TECHNICAL CORRECTIONS Sec. 401. Amendments related to Medicare Prescription Drug, Improvement, and Modernization Act of 2003. Sec. 402. Amendments related to Jobs and Growth Tax Relief Reconciliation Act of 2003. Sec. 403. Amendments related to Job Creation and Worker Assistance Act of 2002. Sec. 404. Amendments related to Economic Growth and Tax Relief Reconciliation Act of 2001. Sec. 405. Amendments related to Community Renewal Tax Relief Act of 2000. Sec. 406. Amendments related to Taxpayer Relief Act of 1997. Sec. 407. Amendments related to Small Business Job Protection Act of 1996. Sec. 408. Clerical amendments. TITLE I—EXTENSION OF FAMILY TAX PROVISIONS SEC. 101. REPEAL OF SCHEDULED REDUCTIONS IN CHILD TAX CREDIT, MARRIAGE PENALTY RELIEF, AND 10 PERCENT RATE BRACKET. (a) CHILD TAX CREDIT.—Subsection (a) of section 24 (relating to child tax credit) is amended to read as follows: ‘‘(a) ALLOWANCE OF CREDIT.—There shall be allowed as a credit against the tax imposed by this chapter for the taxable year with respect to each qualifying child of the taxpayer an amount equal to $1,000.’’. (b) MARRIAGE PENALTY RELIEF IN STANDARD DEDUCTION.— (1) IN GENERAL.—Paragraph (2) of section 63(c) (relating to basic standard deduction) is amended to read as follows: ‘‘(2) BASIC STANDARD DEDUCTION.—For purposes of para graph (1), the basic standard deduction is— ‘‘(A) 200 percent of the dollar amount in effect under subparagraph (C) for the taxable year in the case of— ‘‘(i) a joint return, or ‘‘(ii) a surviving spouse (as defined in section 2(a)), ‘‘(B) $4,400 in the case of a head of household (as defined in section 2(b)), or ‘‘(C) $3,000 in any other case.’’. (2) CONFORMING AMENDMENTS.— (A) Section 63(c)(4) is amended by striking ‘‘(2)(D)’’ each place it occurs and inserting ‘‘(2)(C)’’. (B) Section 63(c) is amended by striking paragraph (7). (c) MARRIAGE PENALTY RELIEF IN 15 PERCENT INCOME TAX BRACKET.—Paragraph (8) of section 1(f) is amended to read as follows: 26 USC 1.

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