Sec. 211. Repeal of contribution limitations
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Subsection
(b)of section 223 of the Internal Revenue Code of 1986 is amended to read as follows: No deduction shall be allowed under this section to any individual with respect to whom a deduction under section 151 is allowable to another taxpayer for a taxable year beginning in the calendar year in which such individual's taxable year begins. . Subparagraph
(A)of section 223(d)(1) of the Internal Revenue Code of 1986 is amended— by striking subsection (f)(5) and inserting subsection (f)(4) , and by striking accepted— and all that follows and inserting accepted unless it is in cash. . Subsection
(f)of section 223 of such Code is amended by striking paragraph
(3)and by redesignating paragraphs
(4)through
(8)as paragraphs
(3)through (7), respectively. Subsection
(g)of section 223 of such Code is amended— by striking subsections (b)(2) and (c)(2)(A) both places it appears and inserting subsection (c)(2)(A) , and by amending subparagraph
(B)to read as follows: the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which such taxable year begins determined by substituting calendar year 2003 for calendar year 1992 . . Section 26(b)(2) of such Code is amended— by striking , 223(b)(8)(B)(i)(II), in subparagraph (S), and by striking 223(f)(4) in subparagraph
(U)and inserting 223(f)(3) . Paragraph
(1)of section 106(d) of such Code is amended by striking under an accident or health plan and all that follows and inserting under an accident or health plan. . Subparagraph
(C)of section 106(e)(4) of such Code is amended by striking 223(f)(5) and inserting 223(f)(4) . Subparagraph
(C)of section 408(d)(9) of such Code is amended— by striking in the heading and all that follows through Limitations .—
(ii)in clause (ii), and inserting One-time transfer .— , One-time transfer .— by redesignating subclauses
(I)and
(II)as clauses
(i)and
(ii)and moving such clauses 2 ems to the left, and by striking subclause
(II)in clause (i), as so redesignated, and inserting clause
(ii). Section 4973 of such Code is amended by striking subsection
(g)and by redesignating subsection
(h)as subsection (g). The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.