Page:United States Statutes at Large Volume 98 Part 1.djvu/553

 PUBLIC LAW 98-369—JULY 18, 1984

98 STAT. 505

(B) for which an application for a construction permit was filed with a State environmental protection agency on February 20, 1984, and (C) which is placed in service before January 1, 1988. SEC. 13. ELECTION TO EXPENSE CERTAIN DEPRECIABLE BUSINESS ASSETS. Paragraph (1) of section 1790)) (relating to dollar limitation) is amended by striking out the table contained therein and inserting in lieu thereof the following: "If the taxable year begins in: 1983, 1984, 1985, 1986, or 1987 1988 or 1989 1990 or thereafter

,.,,,

26 USC 179.

The applicable amount is: $5,000 7,500 10,000."

SEC. 14. EMPLOYEE STOCK OWNERSHIP CREDIT.

Subparagraph (B) of section 44GKaX2) (relating to employee stock ownership credit), as in effect before the amendments made by title rV of this Act, is amended by striking out the table contained therein and inserting in lieu thereof the following: "For aggregate compensation paid or accrued during a portion of the taxable year occurring in calendar yean 1983, 1984, 1985, 1986, or 1987 1988 or thereafter

The applicable percentage is: 0.5 " 0."

26 USC 44G. Post, p. 788.

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SEC. 15. COST-OF-LIVING ADJUSTMENTS IN PENSION PLAN LIMITATIONS. (a) GENERAL RULE.—Paragraph (3) of section 415(d) (relating to 26 USC 415.

freeze on adjustment to defined contribution and benefit plan limits) is amended by striking out "January 1, 1986" and inserting in lieu, thereof "January 1, 1988". (b) TECHNICAL AMENDMENT.—Subparagraph (A) of section 415(d)(2) (defining base periods), as amended by section 235(b)(2)(B) of the Tax Equity and Fiscal Responsibility Act of 1982, is amended by striking 96 Stat. 505. out "October 1, 1984" and inserting in lieu thereof "October 1, 1986". SEC. 16. REPEAL OF PARTIAL INTEREST EXCLUSION. (a) GENERAL RULE.—Subsections (a) and (c) of section 302 of the

26 USC 46, loi.

Economic Recovery Tax Act of 1981 are hereby repealed, and the 128 and note, ^ Internal Revenue Code of 1954 shall be applied and administered as ^^^^^21'^' if such subsections (and the amendments made by such subsections) 26 USC 1 etseq. had not been enacted. (b) CONFORMING AMENDMENT.—Paragraph (1) of section 57(a) is 26 USC 57. amended to read as follows: "(1) EXCLUSION OF DIVIDENDS.—Any amount excluded from gross income for the taxable year under section 116." SEC. 17. FOREIGN EARNED INCOME OF INDIVIDUALS. Subparagraph (A) of section 911(b)(2) (relating to limitation on 26 USC 911. foreign earned income) is amended by striking out the table contained therein and inserting in lieu thereof the following: "In the case of taxable years beginning in: 1983, 1984, 1985, 1986, or 1987 1988 1989 1990 and thereafter

The annual rate is: $80,000 85,000 90,000 95,000."

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