Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE; REFERENCES; TABLE OF CONTENTS.
(a) Short Title.—
This Act may be cited as the ``Economic Growth and Tax Relief Reconciliation Act of 2001''.
(b) Amendment of 1986 Code.—
Except as otherwise expressly provided, whenever in this Act an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1986.
(c) Table of Contents.—
The table of contents of this Act is as follows:
Sec. 1. Short title; references; table of contents.
TITLE I—INDIVIDUAL INCOME TAX RATE REDUCTIONS
Sec. 101. Reduction in income tax rates for individuals. Sec. 102. Repeal of phaseout of personal exemptions. Sec. 103. Phaseout of overall limitation on itemized deductions.
TITLE II—TAX BENEFITS RELATING TO CHILDREN
Sec. 201. Modifications to child tax credit. Sec. 202. Expansion of adoption credit and adoption assistance programs. Sec. 203. Refunds disregarded in the administration of Federal programs and federally assisted programs. Sec. 204. Dependent care credit. Sec. 205. Allowance of credit for employer expenses for child care assistance.
TITLE III—MARRIAGE PENALTY RELIEF
Sec. 301. Elimination of marriage penalty in standard deduction. Sec. 302. Phaseout of marriage penalty in 15-percent bracket. Sec. 303. Marriage penalty relief for earned income credit; earned income to include only amounts includible in gross income; simplification of earned income credit.
TITLE IV—AFFORDABLE EDUCATION PROVISIONS
Subtitle A—Education Savings Incentives
Sec. 401. Modifications to education individual retirement accounts. Sec. 402. Modifications to qualified tuition programs.
Subtitle B—Educational Assistance
Sec. 411. Extension of exclusion for employer-provided educational assistance. Sec. 412. Elimination of 60-month limit and increase in income limitation on student loan interest deduction. Sec. 413. Exclusion of certain amounts received under the National Health Service Corps Scholarship Program and the F. Edward Hebert Armed Forces Health Professions Scholarship and Financial Assistance Program.
Subtitle C—Liberalization of Tax-Exempt Financing Rules for Public School Construction
Sec. 421. Additional increase in arbitrage rebate exception for governmental bonds used to finance educational facilities. Sec. 422. Treatment of qualified public educational facility bonds as exempt facility bonds.
Subtitle D—Other Provisions
Sec. 431. Deduction for higher education expenses.
TITLE V—ESTATE, GIFT, AND GENERATION-SKIPPING TRANSFER TAX PROVISIONS
Subtitle A—Repeal of Estate and Generation-Skipping Transfer Taxes
Sec. 501. Repeal of estate and generation-skipping transfer taxes.
Subtitle B—Reductions of Estate and Gift Tax Rates
Sec. 511. Additional reductions of estate and gift tax rates.
Subtitle C—Increase in Exemption Amounts
Sec. 521. Increase in exemption equivalent of unified credit, lifetime gifts exemption, and GST exemption amounts.
Subtitle D—Credit for State Death Taxes
Sec. 531. Reduction of credit for State death taxes. Sec. 532. Credit for State death taxes replaced with deduction for such taxes.
Subtitle E—Carryover Basis at Death; Other Changes Taking Effect With Repeal
Sec. 541. Termination of step-up in basis at death. Sec. 542. Treatment of property acquired from a decedent dying after December 31, 2009.
Subtitle F—Conservation Easements
Sec. 551. Expansion of estate tax rule for conservation easements.
Subtitle G—Modifications of Generation-Skipping Transfer Tax
Sec. 561. Deemed allocation of GST exemption to lifetime transfers to trusts; retroactive allocations. Sec. 562. Severing of trusts. Sec. 563. Modification of certain valuation rules. Sec. 564. Relief provisions.
Subtitle H—Extension of Time for Payment of Estate Tax
Sec. 571. Increase in number of allowable partners and shareholders in closely held businesses. Sec. 572. Expansion of availability of installment payment for estates with interests qualifying lending and finance businesses. Sec. 573. Clarification of availability of installment payment.
Subtitle I—Other Provisions
Sec. 581. Waiver of statute of limitation for taxes on certain farm valuations.