[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[S. 2613 Introduced in Senate (IS)]







105th CONGRESS
  2d Session
                                 S. 2613

 To accelerate the percentage of health insurance costs deductible by 
self-employed individuals through the use of revenues resulting from an 
                    estate tax technical correction.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

              October 9 (legislative day, October 2), 1998

  Mr. Kerrey introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
 To accelerate the percentage of health insurance costs deductible by 
self-employed individuals through the use of revenues resulting from an 
                    estate tax technical correction.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``____ Act of 1998''.

SEC. 2. ACCELERATION OF PERCENTAGE OF HEALTH INSURANCE COSTS DEDUCTIBLE 
              BY SELF-EMPLOYED INDIVIDUALS.

    (a) In General.--Section 162(l)(1) of the Internal Revenue Code of 
1986 (relating to allowance of deduction) is amended by adding at the 
end the following:
                    ``(C) Adjustment in applicable percentages.--Not 
                later than December 15 of 1998, and each subsequent 
                calendar year through 2005, the Secretary--
                            ``(i) shall estimate the additional 
                        revenues to be received in the Treasury with 
                        respect to taxable years beginning in the 
                        succeeding calendar year resulting from the 
                        amendment made by section 2(b)(1) of the ____ 
                        Act of 1998, and
                            ``(ii) shall take into account such 
                        revenues in prescribing an applicable 
                        percentage (not exceeding 100 percent) which 
                        shall apply in lieu of the applicable 
                        percentage contained in the table under 
                        subparagraph (B) with respect to such taxable 
                        years.''.
    (b) Estate Tax Technical Correction.--
            (1) In general.--Paragraph (2) of section 2001(c) of the 
        Internal Revenue Code of 1986 is amended by striking 
        ``$10,000,000'' and all that follows and inserting 
        ``$10,000,000. The amount of the increase under the preceding 
        sentence shall not exceed the sum of the applicable credit 
        amount under section 2010(c) (determined without regard to 
        section 2057(a)(3)) and $359,200.''.
            (2) Effective date.--The amendment made by paragraph (1) 
        shall take effect as if included in the amendments made by 
        section 501 of the Taxpayer Relief Act of 1997.
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