‘‘(A) the payment of compensation under
subtitle 2 of title XXI of the Public Health Serv-
ice Act (as in effect on August 5, 1997) for vac-
cine-related injury or death with respect to any
vaccine—
‘‘(i) which is administered after Sep-
tember 30, 1988, and
‘‘(ii) which is a taxable vaccine (as de-
fined in section 4132(a)(1)) at the time
compensation is paid under such subtitle 2,
or
‘‘(B) the payment of all expenses of admin-
istration (but not in excess of $9,500,000 for any
fiscal year) incurred by the Federal Government
in administering such subtitle.’’.
(2) Section 9510(b) of the 1986 Code is amended
by adding at the end the following new paragraph:
‘‘(3) LIMITATION ON TRANSFERS TO VACCINE IN-
JURY COMPENSATION TRUST FUND.—No amount may
be appropriated to the Vaccine Injury Compensation
Trust Fund on and after the date of any expenditure
from the Trust Fund which is not permitted by this
section. The determination of whether an expenditure
is so permitted shall be made without regard to—
‘‘(A) any provision of law which is not con-
tained or referenced in this title or in a revenue
Act, and
‘‘(B) whether such provision of law is a sub-
sequently enacted provision or directly or indi-
rectly seeks to waive the application of this para-
graph.’’.
(e) AMENDMENTS RELATED TO SECTION 915 OF 1997
ACT.—
(1) Section 915 of the Taxpayer Relief Act of
1997 is amended—
(A) in subsection (b), by inserting ‘‘or
1998’’ after ‘‘1997’’, and
(B) by amending subsection (d) to read as
follows:
‘‘(d) EFFECTIVE DATE.—This section shall apply to
taxable years ending with or within calendar year 1997.’’.
(2) Paragraph (2) of section 6404(h) of the 1986
Code is amended by inserting ‘‘Robert T. Stafford’’
before ‘‘Disaster’’.
(f) AMENDMENTS RELATED TO SECTION 1012 OF 1997
ACT.—
(1) Paragraph (2) of section 351(c) of the 1986
Code, as amended by section 6010(c) of the 1998 Act,
is amended by inserting ‘‘, or the fact that the cor-
poration whose stock was distributed issues additional
stock,’’ after ‘‘dispose of part or all of the distributed
stock’’.
(2) Clause (ii) of section 368(a)(2)(H) of the
1986 Code, as amended by section 6010(c) of the 1998
Act, is amended by inserting ‘‘, or the fact that the
corporation whose stock was distributed issues addi-
tional stock,’’ after ‘‘dispose of part or all of the dis-
tributed stock’’.
(g) AMENDMENT RELATED TO SECTION 1082 OF 1997
ACT.—Subparagraph (F) of section 172(b)(1) of the 1986
Code is amended by adding at the end the following new
clause:
‘‘(iv) COORDINATION WITH PARAGRAPH
(2).—For purposes of applying paragraph
(2), an eligible loss for any taxable year
shall be treated in a manner similar to the
manner in which a specified liability loss is
treated.’’
(h) AMENDMENT RELATED TO SECTION 1084 OF 1997
ACT.—Paragraph (3) of section 264(f) of the 1986 Code is
amended by adding at the end the following flush sentence:
‘‘If the amount described in subparagraph (A) with
respect to any policy or contract does not reasonably
approximate its actual value, the amount taken into
account under subparagraph (A) shall be the greater
of the amount of the insurance company liability or
the insurance company reserve with respect to such
policy or contract (as determined for purposes of the
annual statement approved by the National Associa-
tion of Insurance Commissioners) or shall be such
other amount as is determined by the Secretary.’’
(i) AMENDMENT RELATED TO SECTION 1205 OF 1997
ACT.—Paragraph (2) of section 6311(d) of the 1986 Code
is amended by striking ‘‘under such contracts’’ in the last
sentence and inserting ‘‘under any such contract for the use
of credit or debit cards for the payment of taxes imposed
by subtitle A’’.
(j) EFFECTIVE DATE.—The amendments made by this
section shall take effect as if included in the provisions of
the Taxpayer Relief Act of 1997 to which they relate.
SEC. 504. AMENDMENTS RELATED TO TAX REFORM ACT OF
1984.
(a) IN
GENERAL.—Subparagraph (C) of section
172(d)(4) of the 1986 Code is amended to read as follows:
‘‘(C) any deduction for casualty or theft
losses allowable under paragraph (2) or (3) of
section 165(c) shall be treated as attributable to
the trade or business; and’’.
(b) CONFORMING AMENDMENTS.—
(1) Paragraph (3) of section 67(b) of the 1986
Code is amended by striking ‘‘for losses described in
subsection (c)(3) or (d) of section 165’’ and inserting
‘‘for casualty or theft losses described in paragraph
(2) or (3) of section 165(c) or for losses described in
section 165(d)’’.
(2) Paragraph (3) of section 68(c) of the 1986
Code is amended by striking ‘‘for losses described in
subsection (c)(3) or (d) of section 165’’ and inserting
‘‘for casualty or theft losses described in paragraph
(2) or (3) of section 165(c) or for losses described in
section 165(d)’’.
(3) Paragraph (1) of section 873(b) is amended
to read as follows:
‘‘(1) LOSSES.—The deduction allowed by section
165 for casualty or theft losses described in paragraph
(2) or (3) of section 165(c), but only if the loss is of
property located within the United States.’’
(c) EFFECTIVE DATES.—
(1) The amendments made by subsections (a)
and (b)(3) shall apply to taxable years beginning
after December 31, 1983.
(2) The amendment made by subsection (b)(1)
shall apply to taxable years beginning after December
31, 1986.