273 
† HR 1 EAS 
qualified stock (as defined in section 83(i)(2)) shall 
not be treated as a nonqualified deferred compensa-
tion plan solely because of an employee’s election, or 
ability to make an election, to defer recognition of in-
come under section 83(i).’’. 
(d) INFORMATION REPORTING.—Section 6051(a) is 
amended by striking ‘‘and’’ at the end of paragraph 
(14)(B), by striking the period at the end of paragraph (15) 
and inserting a comma, and by inserting after paragraph 
(15) the following new paragraphs: 
‘‘(16) the amount includible in gross income 
under subparagraph (A) of section 83(i)(1) with re-
spect to an event described in subparagraph (B) of 
such section which occurs in such calendar year, and 
‘‘(17) the aggregate amount of income which is 
being deferred pursuant to elections under section 
83(i), determined as of the close of the calendar 
year.’’. 
(e) PENALTY FOR FAILURE OF EMPLOYER TO PRO-
VIDE NOTICE OF TAX CONSEQUENCES.—Section 6652 is 
amended by adding at the end the following new subsection: 
‘‘(p) FAILURE TO PROVIDE NOTICE UNDER SECTION 
83(i).—In the case of each failure to provide a notice as 
required by section 83(i)(6), at the time prescribed therefor, 
unless it is shown that such failure is due to reasonable
274 
† HR 1 EAS 
cause and not to willful neglect, there shall be paid, on no-
tice and demand of the Secretary and in the same manner 
as tax, by the person failing to provide such notice, an 
amount equal to $100 for each such failure, but the total 
amount imposed on such person for all such failures during 
any calendar year shall not exceed $50,000.’’. 
(f) EFFECTIVE DATES.— 
(1) IN GENERAL.—Except as provided in para-
graph (2), the amendments made by this section shall 
apply to stock attributable to options exercised, or re-
stricted stock units settled, after December 31, 2017. 
(2) REQUIREMENT
TO
PROVIDE
NOTICE.—The 
amendments made by subsection (e) shall apply to 
failures after December 31, 2017. 
(g) TRANSITION RULE.—Until such time as the Sec-
retary (or the Secretary’s delegate) issues regulations or 
other guidance for purposes of implementing the require-
ments of paragraph (2)(C)(i)(II) of section 83(i) of the In-
ternal Revenue Code of 1986 (as added by this section), or 
the requirements of paragraph (6) of such section, a cor-
poration shall be treated as being in compliance with such 
requirements (respectively) if such corporation complies 
with a reasonable good faith interpretation of such require-
ments.
275 
† HR 1 EAS 
SEC. 13604. INCREASE IN EXCISE TAX RATE FOR STOCK 
COMPENSATION OF INSIDERS IN EXPATRI-
ATED CORPORATIONS. 
(a) IN GENERAL.—Section 4985(a)(1) is amended by 
striking ‘‘section 1(h)(1)(C)’’ and inserting ‘‘section 
1(h)(1)(D)’’. 
(b) EFFECTIVE DATE.—The amendment made by this 
section shall apply to corporations first becoming expatri-
ated corporations (as defined in section 4985 of the Internal 
Revenue Code of 1986) after the date of enactment of this 
Act. 
Subpart B—Retirement Plans 
SEC. 13611. REPEAL OF SPECIAL RULE PERMITTING RE-
CHARACTERIZATION 
OF 
ROTH 
IRA 
CON-
TRIBUTIONS AS TRADITIONAL IRA CONTRIBU-
TIONS. 
(a) IN GENERAL.—Section 408A(d) is amended by 
striking paragraph (6) and by redesignating paragraph (7) 
as paragraph (6). 
(b) EFFECTIVE DATE.—The amendments made by this 
section shall apply to taxable years beginning after Decem-
ber 31, 2017.
276 
† HR 1 EAS 
SEC. 13612. MODIFICATION OF RULES APPLICABLE TO 
LENGTH OF SERVICE AWARD PLANS. 
(a) MAXIMUM DEFERRAL AMOUNT.—Clause (ii) of sec-
tion 457(e)(11)(B) is amended by striking ‘‘$3,000’’ and in-
serting ‘‘$6,000’’. 
(b) COST
OF LIVING ADJUSTMENT.—Subparagraph 
(B) of section 457(e)(11) is amended by adding at the end 
the following: 
‘‘(iii) COST OF LIVING ADJUSTMENT.— 
In the case of taxable years beginning after 
December 31, 2017, the Secretary shall ad-
just the $6,000 amount under clause (ii) at 
the same time and in the same manner as 
under section 415(d), except that the base 
period shall be the calendar quarter begin-
ning July 1, 2016, and any increase under 
this paragraph that is not a multiple of 
$500 shall be rounded to the next lowest 
multiple of $500.’’. 
(c) APPLICATION OF LIMITATION ON ACCRUALS.—Sub-
paragraph (B) of section 457(e)(11), as amended by sub-
section (b), is amended by adding at the end the following: 
‘‘(iv) SPECIAL RULE FOR APPLICATION 
OF LIMITATION ON ACCRUALS FOR CERTAIN 
PLANS.—In the case of a plan described in 
subparagraph (A)(ii) which is a defined
277 
† HR 1 EAS 
benefit plan (as defined in section 414(j)), 
the limitation under clause (ii) shall apply 
to the actuarial present value of the aggre-
gate amount of length of service awards ac-
cruing with respect to any year of service. 
Such actuarial present value with respect to 
any year shall be calculated using reason-
able actuarial assumptions and methods, 
assuming payment will be made under the 
most valuable form of payment under the 
plan with payment commencing at the later 
of the earliest age at which unreduced bene-
fits are payable under the plan or the par-
ticipant’s age at the time of the calcula-
tion.’’. 
(d) EFFECTIVE DATE.—The amendments made by this 
section shall apply to taxable years beginning after Decem-
ber 31, 2017. 
SEC. 13613. EXTENDED ROLLOVER PERIOD FOR PLAN LOAN 
OFFSET AMOUNTS. 
(a) IN GENERAL.—Paragraph (3) of section 402(c) is 
amended by redesignating subparagraph (B) as subpara-
graph (C) and by inserting after subparagraph (A) the fol-
lowing new subparagraph:
278 
† HR 1 EAS 
‘‘(B) ROLLOVER
OF
CERTAIN
PLAN
LOAN 
OFFSET AMOUNTS.— 
‘‘(i) IN GENERAL.—In the case of an 
eligible rollover distribution of a qualified 
plan loan offset amount, the requirements of 
subparagraph (A) shall be treated as met if 
such transfer occurs on or before the due 
date (including extensions) for filing the re-
turn of tax for the taxable year in which 
such amount is treated as distributed from 
a qualified employer plan. 
‘‘(ii) QUALIFIED
PLAN
LOAN
OFFSET 
AMOUNT.—For purposes of this subpara-
graph, the term ‘qualified plan loan offset 
amount’ means a plan loan offset amount 
which is treated as distributed from a 
qualified employer plan to a participant or 
beneficiary solely by reason of— 
‘‘(I) the termination of the quali-
fied employer plan, or 
‘‘(II) the failure to meet the re-
payment terms of the loan from such 
plan because of the severance from em-
ployment of the participant.
279 
† HR 1 EAS 
‘‘(iii) PLAN LOAN OFFSET AMOUNT.— 
For purposes of clause (ii), the term ‘plan 
loan offset amount’ means the amount by 
which the participant’s accrued benefit 
under the plan is reduced in order to repay 
a loan from the plan. 
‘‘(iv) LIMITATION.—This subparagraph 
shall not apply to any plan loan offset 
amount unless such plan loan offset amount 
relates to a loan to which section 72(p)(1) 
does not apply by reason of section 
72(p)(2). 
‘‘(v) QUALIFIED
EMPLOYER
PLAN.— 
For purposes of this subsection, the term 
‘qualified employer plan’ has the meaning 
given such term by section 72(p)(4).’’. 
(b) CONFORMING AMENDMENT.—Subparagraph (A) of 
section 402(c)(3) is amended by striking ‘‘subparagraph 
(B)’’ and inserting ‘‘subparagraphs (B) and (C)’’. 
(c) EFFECTIVE DATE.—The amendments made by this 
section shall apply to plan loan offset amounts which are 
treated as distributed in taxable years beginning after De-
cember 31, 2017.
280 
† HR 1 EAS 
PART VIII—EXEMPT ORGANIZATIONS 
SEC. 13701. EXCISE TAX BASED ON INVESTMENT INCOME OF 
PRIVATE COLLEGES AND UNIVERSITIES. 
(a) IN GENERAL.—Chapter 42 is amended by adding 
at the end the following new subchapter: 
‘‘Subchapter H—Excise Tax Based on Invest-
ment Income of Private Colleges and Uni-
versities 
‘‘Sec. 4968. Excise tax based on investment income of private colleges and univer-
sities. 
‘‘SEC. 4968. EXCISE TAX BASED ON INVESTMENT INCOME OF 
PRIVATE COLLEGES AND UNIVERSITIES. 
‘‘(a) TAX IMPOSED.—There is hereby imposed on each 
applicable educational institution for the taxable year a tax 
equal to 1.4 percent of the net investment income of such 
institution for the taxable year. 
‘‘(b) APPLICABLE EDUCATIONAL INSTITUTION.—For 
purposes of this subchapter— 
‘‘(1) IN GENERAL.—The term ‘applicable edu-
cational institution’ means an eligible educational in-
stitution (as defined in section 25A(f)(2))— 
‘‘(A) which had at least 500 tuition-paying 
students during the preceding taxable year, 
‘‘(B) which is not described in the first sen-
tence of section 511(a)(2)(B) (relating to State 
colleges and universities), and
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† HR 1 EAS 
‘‘(C) the aggregate fair market value of the 
assets of which at the end of the preceding tax-
able year (other than those assets which are used 
directly in carrying out the institution’s exempt 
purpose) is at least $500,000 per student of the 
institution. 
‘‘(2) STUDENTS.—For purposes of paragraph 
(1), the number of students of an institution shall be 
based on the daily average number of full-time stu-
dents attending such institution (with part-time stu-
dents taken into account on a full-time student equiv-
alent basis). 
‘‘(c) NET INVESTMENT INCOME.—For purposes of this 
section, net investment income shall be determined under 
rules similar to the rules of section 4940(c). 
‘‘(d) ASSETS AND NET INVESTMENT INCOME OF RE-
LATED ORGANIZATIONS.— 
‘‘(1) IN GENERAL.—For purposes of subsections 
(b)(1)(C) and (c), assets and net investment income 
of any related organization with respect to an edu-
cational institution shall be treated as assets and net 
investment income, respectively, of the educational in-
stitution, except that—
282 
† HR 1 EAS 
‘‘(A) no such amount shall be taken into ac-
count with respect to more than 1 educational 
institution, and 
‘‘(B) unless such organization is controlled 
by such institution or is described in section 
509(a)(3) with respect to such institution for the 
taxable year, assets and net investment income 
which are not intended or available for the use 
or benefit of the educational institution shall not 
be taken into account. 
‘‘(2) RELATED ORGANIZATION.—For purposes of 
this subsection, the term ‘related organization’ means, 
with respect to an educational institution, any orga-
nization which— 
‘‘(A) controls, or is controlled by, such insti-
tution, 
‘‘(B) is controlled by 1 or more persons 
which also control such institution, or 
‘‘(C) is a supported organization (as de-
fined in section 509(f)(3)), or an organization 
described in section 509(a)(3), during the taxable 
year with respect to such institution.’’. 
(b) CLERICAL AMENDMENT.—The table of subchapters 
for chapter 42 is amended by adding at the end the fol-
lowing new item:
283 
† HR 1 EAS 
‘‘SUBCHAPTER H—EXCISE TAX BASED ON INVESTMENT INCOME OF PRIVATE 
COLLEGES AND UNIVERSITIES’’. 
(c) EFFECTIVE DATE.—The amendments made by this 
section shall apply to taxable years beginning after Decem-
ber 31, 2017. 
SEC. 13702. UNRELATED BUSINESS TAXABLE INCOME SEPA-
RATELY COMPUTED FOR EACH TRADE OR 
BUSINESS ACTIVITY. 
(a) IN GENERAL.—Subsection (a) of section 512 is 
amended by adding at the end the following new paragraph: 
‘‘(6) SPECIAL
RULE
FOR
ORGANIZATION
WITH 
MORE THAN 1 UNRELATED TRADE OR BUSINESS.—In 
the case of any organization with more than 1 unre-
lated trade or business— 
‘‘(A) unrelated business taxable income, in-
cluding for purposes of determining any net op-
erating loss deduction, shall be computed sepa-
rately with respect to each such trade or business 
and without regard to subsection (b)(12), 
‘‘(B) the unrelated business taxable income 
of such organization shall be the sum of the unre-
lated business taxable income so computed with 
respect to each such trade or business, less a spe-
cific deduction under subsection (b)(12), and 
‘‘(C) for purposes of subparagraph (B), un-
related business taxable income with respect to
284 
† HR 1 EAS 
any such trade or business shall not be less than 
zero.’’. 
(b) EFFECTIVE DATE.— 
(1) IN GENERAL.—Except to the extent provided 
in paragraph (2), the amendment made by this sec-
tion shall apply to taxable years beginning after De-
cember 31, 2017. 
(2) CARRYOVERS OF NET OPERATING LOSSES.— 
If any net operating loss arising in a taxable year be-
ginning before January 1, 2018, is carried over to a 
taxable year beginning on or after such date— 
(A) subparagraph (A) of section 512(a)(6) 
of the Internal Revenue Code of 1986, as added 
by this Act, shall not apply to such net operating 
loss, and 
(B) the unrelated business taxable income of 
the organization, after the application of sub-
paragraph (B) of such section, shall be reduced 
by the amount of such net operating loss. 
SEC. 13703. REPEAL OF DEDUCTION FOR AMOUNTS PAID IN 
EXCHANGE FOR COLLEGE ATHLETIC EVENT 
SEATING RIGHTS. 
(a) IN GENERAL.—Section 170(l) is amended— 
(1) by striking paragraph (1) and inserting the 
following:
286 
† HR 1 EAS 
(1) by redesignating paragraph (4) as para-
graph (5), and 
(2) by inserting after paragraph (3) the fol-
lowing new paragraph: 
‘‘(4) EXEMPTION FOR AGING PROCESS OF BEER, 
WINE, AND DISTILLED SPIRITS.— 
‘‘(A) IN
GENERAL.—For purposes of this 
subsection, the production period shall not in-
clude the aging period for— 
‘‘(i) 
beer 
(as 
defined 
in 
section 
5052(a)), 
‘‘(ii) wine (as described in section 
5041(a)), or 
‘‘(iii) distilled spirits (as defined in 
section 5002(a)(8)), except such spirits that 
are unfit for use for beverage purposes. 
‘‘(B) TERMINATION.—This paragraph shall 
not apply to interest costs paid or accrued after 
December 31, 2019.’’. 
(b) CONFORMING AMENDMENT.—Paragraph (5)(B)(ii) 
of section 263A(f), as redesignated by this section, is amend-
ed by inserting ‘‘except as provided in paragraph (4),’’ be-
fore ‘‘ending on the date’’.
287 
† HR 1 EAS 
(c) EFFECTIVE DATE.—The amendments made by this 
section shall apply to interest costs paid or accrued in cal-
endar years beginning after December 31, 2017. 
SEC. 13802. REDUCED RATE OF EXCISE TAX ON BEER. 
(a) IN GENERAL.—Paragraph (1) of section 5051(a) 
is amended to read as follows: 
‘‘(1) IN GENERAL.— 
‘‘(A) IMPOSITION OF TAX.—A tax is hereby 
imposed on all beer brewed or produced, and re-
moved for consumption or sale, within the 
United States, or imported into the United 
States. Except as provided in paragraph (2), the 
rate of such tax shall be the amount determined 
under this paragraph. 
‘‘(B) RATE.—Except as provided in sub-
paragraph (C), the rate of tax shall be $18 for 
per barrel. 
‘‘(C) SPECIAL RULE.—In the case of beer re-
moved after December 31, 2017, and before Jan-
uary 1, 2020, the rate of tax shall be— 
‘‘(i) $16 on the first 6,000,000 barrels 
of beer— 
‘‘(I) brewed by the brewer and re-
moved during the calendar year for 
consumption or sale, or
288 
† HR 1 EAS 
‘‘(II) imported by the importer 
into the United States during the cal-
endar year, and 
‘‘(ii) $18 on any barrels of beer to 
which clause (i) does not apply. 
‘‘(D) BARREL.—For purposes of this sec-
tion, a barrel shall contain not more than 31 
gallons of beer, and any tax imposed under this 
section shall be applied at a like rate for any 
other quantity or for fractional parts of a bar-
rel.’’. 
(b) REDUCED RATE FOR CERTAIN DOMESTIC PRODUC-
TION.—Subparagraph (A) of section 5051(a)(2) is amend-
ed— 
(1) in the heading, by striking ‘‘$7 A BARREL’’, 
and 
(2) by inserting ‘‘($3.50 in the case of beer re-
moved after December 31, 2017, and before January 
1, 2020)’’ after ‘‘$7’’. 
(c) APPLICATION OF REDUCED TAX RATE FOR FOR-
EIGN MANUFACTURERS AND IMPORTERS.—Subsection (a) 
of section 5051 is amended— 
(1) in subparagraph (C)(i)(II) of paragraph (1), 
as amended by subsection (a), by inserting ‘‘but only 
if the importer is an electing importer under para-
289 
† HR 1 EAS 
graph (4) and the barrels have been assigned to the 
importer pursuant to such paragraph’’ after ‘‘during 
the calendar year’’, and 
(2) by adding at the end the following new para-
graph: 
‘‘(4) REDUCED TAX RATE FOR FOREIGN MANU-
FACTURERS AND IMPORTERS.— 
‘‘(A) IN GENERAL.—In the case of any bar-
rels of beer which have been brewed or produced 
outside of the United States and imported into 
the United States, the rate of tax applicable 
under clause (i) of paragraph (1)(C) (referred to 
in this paragraph as the ‘reduced tax rate’) may 
be assigned by the brewer (provided that the 
brewer makes an election described in subpara-
graph (B)(ii)) to any electing importer of such 
barrels pursuant to the requirements established 
by the Secretary under subparagraph (B). 
‘‘(B) ASSIGNMENT.—The Secretary shall, 
through such rules, regulations, and procedures 
as are determined appropriate, establish proce-
dures for assignment of the reduced tax rate pro-
vided under this paragraph, which shall in-
clude—
290 
† HR 1 EAS 
‘‘(i) a limitation to ensure that the 
number of barrels of beer for which the re-
duced tax rate has been assigned by a brew-
er— 
‘‘(I) to any importer does not ex-
ceed the number of barrels of beer 
brewed or produced by such brewer 
during the calendar year which were 
imported into the United States by 
such importer, and 
‘‘(II) to all importers does not ex-
ceed the 6,000,000 barrels to which the 
reduced tax rate applies, 
‘‘(ii) procedures that allow the election 
of a brewer to assign and an importer to re-
ceive the reduced tax rate provided under 
this paragraph, 
‘‘(iii) requirements that the brewer 
provide any information as the Secretary 
determines necessary and appropriate for 
purposes of carrying out this paragraph, 
and 
‘‘(iv) procedures that allow for revoca-
tion of eligibility of the brewer and the im-
porter for the reduced tax rate provided
291 
† HR 1 EAS 
under this paragraph in the case of any er-
roneous or fraudulent information provided 
under clause (iii) which the Secretary 
deems to be material to qualifying for such 
reduced rate. 
‘‘(C) CONTROLLED
GROUP.—For purposes 
of this section, any importer making an election 
described in subparagraph (B)(ii) shall be 
deemed to be a member of the controlled group 
of the brewer, as described under paragraph 
(5).’’. 
(d) CONTROLLED GROUP
AND SINGLE TAXPAYER 
RULES.—Subsection (a) of section 5051, as amended by this 
section, is amended— 
(1) in paragraph (2)— 
(A) by striking subparagraph (B), and 
(B) by redesignating subparagraph (C) as 
subparagraph (B), and 
(2) by adding at the end the following new para-
graph: 
‘‘(5) CONTROLLED GROUP AND SINGLE TAXPAYER 
RULES.— 
‘‘(A) IN GENERAL.—Except as provided in 
subparagraph (B), in the case of a controlled 
group, the 6,000,000 barrel quantity specified in
292 
† HR 1 EAS 
paragraph (1)(C)(i) and the 2,000,000 barrel 
quantity specified in paragraph (2)(A) shall be 
applied to the controlled group, and the 
6,000,000 barrel quantity specified in paragraph 
(1)(C)(i) and the 60,000 barrel quantity speci-
fied in paragraph (2)(A) shall be apportioned 
among the brewers who are members of such 
group in such manner as the Secretary or their 
delegate shall by regulations prescribe. For pur-
poses of the preceding sentence, the term ‘con-
trolled group’ has the meaning assigned to it by 
subsection (a) of section 1563, except that for 
such purposes the phrase ‘more than 50 percent’ 
shall be substituted for the phrase ‘at least 80 
percent’ in each place it appears in such sub-
section. Under regulations prescribed by the Sec-
retary, principles similar to the principles of the 
preceding two sentences shall be applied to a 
group of brewers under common control where 
one or more of the brewers is not a corporation. 
‘‘(B) FOREIGN
MANUFACTURERS
AND
IM-
PORTERS.—For purposes of paragraph (4), in 
the case of a controlled group, the 6,000,000 bar-
rel quantity specified in paragraph (1)(C)(i) 
shall be applied to the controlled group and ap-
293 
† HR 1 EAS 
portioned among the members of such group in 
such manner as the Secretary shall by regula-
tions prescribe. For purposes of the preceding 
sentence, the term ‘controlled group’ has the 
meaning given such term under subparagraph 
(A). Under regulations prescribed by the Sec-
retary, principles similar to the principles of the 
preceding two sentences shall be applied to a 
group of brewers under common control where 
one or more of the brewers is not a corporation. 
‘‘(C) SINGLE TAXPAYER.—Pursuant to rules 
issued by the Secretary, two or more entities 
(whether or not under common control) that 
produce beer marketed under a similar brand, li-
cense, franchise, or other arrangement shall be 
treated as a single taxpayer for purposes of the 
application of this subsection.’’. 
(e) EFFECTIVE DATE.—The amendments made by this 
section shall apply to beer removed after December 31, 2017. 
SEC. 13803. TRANSFER OF BEER BETWEEN BONDED FACILI-
TIES. 
(a) IN GENERAL.—Section 5414 is amended— 
(1) by striking ‘‘Beer may be removed’’ and in-
serting ‘‘(a) IN GENERAL.—Beer may be removed’’, 
and
294 
† HR 1 EAS 
(2) by adding at the end the following: 
‘‘(b) TRANSFER OF BEER BETWEEN BONDED FACILI-
TIES.— 
‘‘(1) IN GENERAL.—Beer may be removed from 
one bonded brewery to another bonded brewery, with-
out payment of tax, and may be mingled with beer 
at the receiving brewery, subject to such conditions, 
including payment of the tax, and in such containers, 
as the Secretary by regulations shall prescribe, which 
shall include— 
‘‘(A) any removal from one brewery to an-
other brewery belonging to the same brewer, 
‘‘(B) any removal from a brewery owned by 
one corporation to a brewery owned by another 
corporation when— 
‘‘(i) one such corporation owns the con-
trolling interest in the other such corpora-
tion, or 
‘‘(ii) the controlling interest in each 
such corporation is owned by the same per-
son or persons, and 
‘‘(C) any removal from one brewery to an-
other brewery when— 
‘‘(i) the proprietors of transferring and 
receiving premises are independent of each
295 
† HR 1 EAS 
other and neither has a proprietary interest, 
directly or indirectly, in the business of the 
other, and 
‘‘(ii) the transferor has divested itself 
of all interest in the beer so transferred and 
the transferee has accepted responsibility for 
payment of the tax. 
‘‘(2) TRANSFER
OF
LIABILITY
FOR
TAX.—For 
purposes of paragraph (1)(C), such relief from liabil-
ity shall be effective from the time of removal from the 
transferor’s bonded premises, or from the time of di-
vestment of interest, whichever is later. 
‘‘(3) TERMINATION.—This subsection shall not 
apply to any calendar quarter beginning after Decem-
ber 31, 2019.’’. 
(b) REMOVAL FROM BREWERY BY PIPELINE.—Section 
5412 is amended by inserting ‘‘pursuant to section 5414 
or’’ before ‘‘by pipeline’’. 
(c) EFFECTIVE DATE.—The amendments made by this 
section shall apply to any calendar quarters beginning after 
December 31, 2017. 
SEC. 13804. REDUCED RATE OF EXCISE TAX ON CERTAIN 
WINE. 
(a) IN GENERAL.—Section 5041(c) is amended by add-
ing at the end the following new paragraph:
317 
† HR 1 EAS 
(2) CONFORMING AMENDMENT.—The table of sec-
tions for part VIII of subchapter B of chapter 1 is 
amended by inserting before the item relating to sec-
tion 248 the following new item: 
‘‘Sec. 247. Contributions to Alaska Native Settlement Trusts.’’. 
(3) EFFECTIVE DATE.— 
(A) IN GENERAL.—The amendments made 
by this subsection shall apply to taxable years 
for which the period of limitation on refund or 
credit under section 6511 of the Internal Rev-
enue Code of 1986 has not expired. 
(B) ONE-YEAR WAIVER OF STATUTE OF LIM-
ITATIONS.—If the period of limitation on a cred-
it or refund resulting from the amendments 
made by paragraph (1) expires before the end of 
the 1-year period beginning on the date of the 
enactment of this Act, refund or credit of such 
overpayment (to the extent attributable to such 
amendments) may, nevertheless, be made or al-
lowed if claim therefor is filed before the close of 
such 1-year period. 
(c) INFORMATION REPORTING FOR DEDUCTIBLE CON-
TRIBUTIONS TO ALASKA NATIVE SETTLEMENT TRUSTS.— 
(1) IN GENERAL.—Section 6039H is amended— 
(A) in the heading, by striking ‘‘SPON-
SORING’’, and