[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 1861 Introduced in Senate (IS)]








109th CONGRESS
  1st Session
                                S. 1861

 To amend the Internal Revenue Code of 1986 to restore the phaseout of 
 personal exemptions and the overall limitation on itemized deductions.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

              October 7 (legislative day, October 6), 2005

    Mr. Harkin (for himself, Mr. Kohl, Mr. Levin, and Mr. Kennedy) 
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 restore the phaseout of 
 personal exemptions and the overall limitation on itemized deductions.

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

SECTION 1. RESTORATION OF PHASEOUT OF PERSONAL EXEMPTIONS.

    (a) In General.--Paragraph (3) of section 151(d) of the Internal 
Revenue Code of 1986 (relating to exemption amount) is amended by 
striking subparagraphs (E) and (F).
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after December 31, 2005.

SEC. 2. RESTORATION OF PHASEOUT OF OVERALL LIMITATION ON ITEMIZED 
              DEDUCTIONS.

    (a) In General.--Section 68 of the Internal Revenue Code of 1986 is 
amended by striking subsections (f) and (g).
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after December 31, 2005.
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