[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[S. 506 Introduced in Senate (IS)]







106th CONGRESS
  1st Session
                                 S. 506

 To amend the Internal Revenue Code of 1986 to permanently extend the 
   provisions which allow nonrefundable personal credits to be fully 
                 allowed against regular tax liability.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 2, 1999

 Mrs. Lincoln (for herself, Mr. Moynihan, Mr. Breaux, Mr. Kerrey, Ms. 
  Landrieu, and Mr. Cochran) introduced the following bill; which was 
          read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to permanently extend the 
   provisions which allow nonrefundable personal credits to be fully 
                 allowed against regular tax liability.

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

SECTION 1. NONREFUNDABLE PERSONAL CREDITS FULLY ALLOWED AGAINST REGULAR 
              TAX LIABILITY.

    (a) In General.--Section 26(a) of the Internal Revenue Code of 1986 
(relating to limitation based on amount of tax) is amended to read as 
follows:
    ``(a) Limitation Based on Amount of Tax.--The aggregate amount of 
credits allowed by this subpart for the taxable year shall not exceed 
the taxpayer's regular tax liability for the taxable year.''
    (b) Conforming Amendment.--Section 24(d) of the Internal Revenue 
Code of 1986 is amended by striking paragraph (2) and by redesignating 
paragraph (3) as paragraph (2).
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 1998.
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