Page:United States Statutes at Large Volume 98 Part 1.djvu/825

 PUBLIC LAW 98-369—JULY 18, 1984





98 STAT. 777

insurance products and the taxation thereof. Such study shall also include an analysis of whether part I of such subchapter L operates as a disincentive to growing companies. (2) ITEMS TO BE INCLUDED.—The study conducted under paragraph (1) shall include— (A) an analysis of the portion of the taxes paid by mutual life insurance companies and stock life insurance companies, and (B) any other data considered relevant by either stock life insurance companies or mutual life insurance companies in determining appropriate segment balance, such as the respective amounts of the following items held by each segment of the industry— (i) equity, (ii) life insurance reserves, (iii) other types of reserves, (iv) dividends paid to policyholders and shareholders, (v) pension business, (vi) total assets, and (vii) gross receipts. Such report shall also include an analysis of the extent to which taxes paid by stockholders of life insurance companies shall be included in analyzing segment balance. (3) REPORTS.—

(A) INTERIM REPORTS.—The Secretary of the Treasury

shall submit interim reports on the study conducted under this subsection to the Committee on Ways and Means of the House of Representatives and the Committee on Finance of the Senate not later than July 1, 1986, 1987, and 1988. (B) FINAL REPORT.—Not later than January 1, 1989, the Secretary of the Treasury shall submit a final report on the study conducted under this subsection to the Committee on Ways and Means of the House of Representatives and the Committee on Finance of the Senate. (c) AUTHORITY TO REQUIRE DATA.—The Secretary of the Treasury shall have authority to require reporting of such data with respect to life insurance companies and their products as may be necessary to carry out the purposes of this section.

TITLE III—REVISION OF PRIVATE FOUNDATION PROVISIONS SEC. 301. LIMITATIONS ON DEDUCTION FOR CONTRIBUTIONS TO PRIVATE FOUNDATIONS. (a) INCREASE IN PERCENTAGE LIMITATION FOR INDIVIDUALS.—

(1) IN GENERAL.—Clause (i) of section 170(b)(l)(B) (relating to percentage limitations for individuals) is amended by striking out "20 percent" and inserting in lieu thereof "30 percent'. (2) CARRYOVER OF EXCESS CONTRIBUTIONS.—Subparagraph (B)

of section 170(b)(1) is amended by adding at the end thereof the following new sentence: "If the aggregate of such contributions exceeds the limitation of the preceding sentence, such excess shall be treated (in a manner consistent with the rules of subsection (d)(l)) as a charitable contribution (to which subparagraph (A)

26 USC 170.

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