Page:United States Statutes at Large Volume 98 Part 1.djvu/542

 98 STAT. 494

PUBLIC LAW 98-369—JULY 18, 1984

Public Law 98-369 98th Congress An Act July 18, 1984 [H.R. 4170] Deficit Reduction Act of 1984. 26 USC 1 note.

To provide for tax reform, and for deficit reduction.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE.

(a) SHORT TITLE.—This Act may be cited as the "Deficit Reduction Act of 1984". (b) ACT DIVIDED INTO 2 DIVISIONS.—This Act consists of 2 divisions

as follows: (1) DIVISION A.—Tax Reform Act of 1984. (2) DIVISION B.—Spending Reduction Act of 1984.

DIVISION A—TAX REFORM ACT OF 1984

Tax Reform Act of 1984. 26 USC 1 note.

SEC. 5. SHORT TITLE; ETC.

26 USC 1 et seq.

(a) SHORT TITLE.—This division may be cited as the "Tax Reform Act of 1984". (b) AMENDMENT OF 1954 CODE.—Except as otherwise expressly provided, whenever in this division an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1954. SEC. 10. TABLE OF CONTENTS. Section 1. Short title. DIVISION A—TAX REFORM ACT OF 1984 Sec. 5. Short title, etc. TITLE I—TAX FREEZE; TAX REFORMS GENERALLY Sec. 10. Table of contents. Subtitle A—Deferral of Certain Tax Reductions PART I—INCOME TAX PROVISIONS

Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec.

11. 12. 13. 14. 15. 16. 17. 18.

Amount of used property eligible for investment tax credit. Finance lease provisions. Election to expense certain depreciable business assets. Employee stock ownership credit. Cost-of-living adjustments in pension plan limitations. Repeal of partial interest exclusion. Foreign earned income of individuals. Effective date. PART II—ESTATE AND GIFT TAX RATES

Sec. 21. Maximum rate. PART III—EXCISE TAXES

Sec. 25. Tax rate on newly discovered oil. Sec. 26. Excise tax on communications services. Sec. 27. Excise tax on distilled spirits.

�