[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1557 Introduced in House (IH)]







105th CONGRESS
  1st Session
                                H. R. 1557

   To amend the Internal Revenue Code of 1986 to increase the dollar 
 limitation on the exclusion under section 911 of such Code to reflect 
          inflation since the current limitation was imposed.


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                    IN THE HOUSE OF REPRESENTATIVES

                              May 8, 1997

  Mr. Archer introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
   To amend the Internal Revenue Code of 1986 to increase the dollar 
 limitation on the exclusion under section 911 of such Code to reflect 
          inflation since the current limitation was imposed.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. INFLATION ADJUSTMENT OF DOLLAR LIMITATION ON SECTION 911 
              EXCLUSION.

    (a) General Rule.--Paragraph (2) of section 911(b) of the Internal 
Revenue Code of 1986 is amended by adding at the end the following new 
subparagraph:
                    ``(D) Inflation adjustment.--In the case of any 
                taxable year beginning in a calendar year after 1996, 
                the dollar amount contained in subparagraph (A) shall 
                be increased by an amount equal to--
                            ``(i) such dollar amount, multiplied by
                            ``(ii) the cost-of-living adjustment 
                        determined under section 1(f)(3) for the 
                        calendar year in which the taxable year begins 
                        by substituting `calendar year 1986' for 
                        `calendar year 1992' in subparagraph (B) 
                        thereof.
                Any increase determined under the preceding sentence 
                shall be rounded to the nearest multiple of $50.''
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after December 31, 1996.
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