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H.R.134
Simplified USA Tax Act of 1999 (Introduced in the House)
TITLE V--REPEAL OF ESTATE
AND GIFT TAXES
SEC. 501. REPEAL OF GRATUITOUS
TRANSFER TAXES.
Subtitle B of the Code (relating to estate and gift taxes) is repealed.
SEC 502. EFFECTIVE DATE.
Section 501 shall apply to--
(1) gifts made after December 31, 1999;
(2) the estates of decedents dying after December 31, 1999, and
(3) generating skipping transfers (within the meaning of subchapter B of
chapter 13 as in effect before its repeal by this Act) occurring after
December 31, 1999.
TITLE VI--TECHNICAL AND ADMINISTRATIVE CHANGES: EFFECTIVE
DATES
SEC. 601. USA TAX CODE.
(a) REDESIGNATION OF THE CODE- The Internal Revenue Title enacted August
16, 1954, and as heretofore and hereby
amended may be cited as the `USA Tax Code'. The USA Tax Code, as hereinafter amended, may be
cited as the `USA Tax Code, as
amended'.
(b) REFERENCES IN LAWS, ETC- Except where inappropriate, any reference in
any law, Executive order, or other document--
(1) to the Internal Revenue Code of 1954 or the Internal Revenue Code of
1986 shall include a reference to the USA Tax Code or the USA Tax Code, as amended,
(2) to the USA Tax Code or
the USA Tax Code, as amended,
shall include a reference, with respect to periods before January 1, 2000,
to the Internal Revenue Code of 1954 or the Internal Revenue Code of
1986.
SEC. 602. REVISIONS TO THE CODE.
Not later than January 1, 2001, the Secretary shall submit to Congress
proposed changes in the USA Tax
Code that--
(1) eliminate cross-references to the Internal Revenue Code of 1986
(except with respect to transition issues) and insert provisions similar to
the cross-referenced sections of the Internal Revenue Code of 1986,
(2) revise subtitles C through J of the USA Tax Code to fully reflect the
amendments to subtitle A of the Code made by this Act and the repeal of subtitle B,
(3) include statutory definitions or rules in cases where the Secretary
concludes that the definitions or rules cannot or should not be addressed by
regulation,
(4) revise chapter 4 of the USA Tax Code (as renumbered by section
402 of this Act) (relating to the self-employment tax ) to conform to changes made by
this Act, and
(5) revise chapter 5 of the USA Tax Code (as renumbered by section
402 of this Act) (relating to withholding on nonresident aliens and foreign
corporations) to reflect changes made in this Act.
SEC. 603. APPLICATION OF SUBTITLE F.
Until such time as subtitle F of the Code is amended to reflect the
amendments made by this Act, the provisions of subtitle F shall be treated as
generally applying to the Simplified USA Tax --
(1) without regard to specific cross references,
(2) without regard to provisions relating to partnerships, and
(3) as if the business tax
under chapter 2 were the corporate income tax and all business entities were
corporations (except for purposes of collection, in which case the owners of
noncorporate entities shall be obligated for taxes owned by the entities to
the same extent as they would if the entity owed the tax prior to the amendment of the
Code).
SEC. 604. CLERICAL AMENDMENT.
The portion of the table at the beginning of the Code listing subtitles
and chapters of subtitle A is amended to read as follows:
`Subtitle A. Simplified USA Tax .
`Subtitle C. Employment taxes.
`Subtitle D. Miscellaneous excise taxes.
`Subtitle E. Alcohol, tobacco and certain other excise taxes.
`Subtitle F. Procedure and administration.
`Subtitle G. The Joint Committee on Taxation.
`Subtitle H. Financing of presidential election campaigns.
`Subtitle I. Trust Fund Code.
`Subtitle K. Group health plan requirements.
`Subtitle A--Simplified USA Tax
`Chapter 1. Simplified USA Tax for individuals.
`Chapter 2. Simplified USA Tax for businesses.
`Chapter 3. Deferred compensation plans.
`Chapter 4. Tax on
self-employment income.
`Chapter 5. Withholding of tax on nonresident aliens and
foreign corporations.'
SEC. 605. EFFECTIVE DATES.
(a) IN GENERAL- Except as otherwise provided in this Act, the amendments
made by this Act shall be effective on January 1, 2000, with respect to tax years beginning on such date.
(b) Special Rules for Businesses With 52-53 Week Year- If a business uses
a 52-53 week taxable year the amendments made by this Act shall apply to the
business with respect to its tax
year beginning in the last week in December except with respect to any
transactions occurring during 1999 that were structured to take advantage of
the application of this Act to such business at a time when this Act did not
apply to other businesses or to individuals.
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