II 109th CONGRESS 1st Session S. 1861 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.

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.

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.