1 spect to remuneration paid after December 31, 1963 the 2 seventh day following the date of the enactment of this Act. 3 The amendment made by subsection (c) of this section shall 4 apply with respect to payments made after December 31, 5 1963 the seventh day following the date of the enactment of 6 this Act. Passed the House of Representatives September 25, 1963. Attest: RALPH R. ROBERTS, Clerk. Section Short title, etc.-- TITLE I-REDUCTION OF INCOME TAX RATES AND RELATED AMENDMENTS PART I-INDIVIDUALS Sec. 111. Reduction of tax on individuals. (a) Individuals other than heads of households.. (b) Heads of households---. Sec. 112. Minimum standard deduction. (c) Amendments of section 144. (a) Retirement income credit_--_. (a) Tax on mutual insurance companies (other than life, etc.) ----- (b) Receipt of minimum distributions by domestic corporations___ (b) Repeal of credit for dividends received by individuals____ (c) Doubling of amount of partial exclusion from gross income of (381) TABLE OF CONTENTS Continued TITLE II-STRUCTURAL CHANGES-Continued Sec. 202. Limitation on retirement income. (a) Increase in limitation in case of certain married couples....... (b) Effective date____. Sec. 203. Repeal of requirement that basis of section 38 property be reduced by 7 percent; other provisions relating to investment credit. (a) Repeal of requirement that basis be reduced__ Page 32 33 33 (b) Basis of certain leased property to lessee_ 36 (c) Treatment of elevators and escalators for purposes of the invest- (d) Treatment of elevators and escalators for purposes of section 1245_ 37 (e) Treatment of investment credit by Federal regulatory agencies_ (f) Effective dates____. Sec. 204. Group-term life insurance purchased for employees. 38 39 Sec. 205. Amounts received under wage continuation plans. (a) Wage continuation plans- (b) Effective date. Sec. 206. Exclusion from gross income of gain on sale or exchange of Sec. 207. Denial of deduction for certain State, local, and foreign taxes. (a) Limitation on amount of casualty or theft loss deduction......--(b) Effective date----- 63 Sec. 209. Charitable, etc., contributions and gifts. (a) Certain organizations added to additional 10-percent charitable limitation___ (b) Limitation of unlimited charitable contribution deduction_____ (c) 5-year carryover of certain charitable contributions made by individuals___. (d) 5-year carryover of certain charitable contributions made by corporations--- TABLE OF CONTENTS Continued TITLE II-STRUCTURAL CHANGES-Continued Sec. 210. Losses arising from expropriation of property by governments of foreign countries. (a) Net operating loss carryover_ (b) Technical amendments.. (c) Effective date__. Sec. 211. One-percent limitation on medicine and drugs. (a) General rule_-_-. (b) Effective date--. Sec. 212. Care of dependents. Sec. 215. 100 percent dividends received deduction for members of elect ing affiliated groups. (a) 100 percent dividends received deduction__ (b) Technical amendments... (c) Effective date. Sec. 216. Interest on loans incurred to purchase certain insurance and annuity contracts. (a) Disallowance of interest deduction--- (b) Exceptions. (c) Effective date_____ Sec. 217. Interest on indebtedness incurred or continued to purchase or carry tax-exempt bonds. (a) Application with respect to certain financial institutions---- 100 101 Sec. 218. Repeal of requirement of allocation of certain traveling expenses. (a) Repeal of section 274 (c). 101 (b) Effective date____ 101 Sec. 219. Acquisition of stock in exchange for stock of corporation which is in control of acquiring corporation. Sec. 220. Retroactive qualification of certain union-negotiated multi employer pension plans. (a) Beginning of period as qualified trust (b) Effective date_____ 103 104 |