Such election, once made for any taxable year, shall
be irrevocable for that taxable year.’’
(c) 
COORDINATION
WITH
FARM
DISASTER
LOSSES.—Clause (ii) of section 172(b)(1)(F) is amended
by adding at the end the following flush sentence:
‘‘Such term shall not include any farming
loss (as defined in subsection (i)).’’
(d) EFFECTIVE DATE.—The amendments made by
this section shall apply to net operating losses for taxable
years beginning after December 31, 1997.
SEC. 213. PRODUCTION FLEXIBILITY CONTRACT PAY-
MENTS.
The option under section 112(d)(3) of the Federal
Agriculture Improvement and Reform Act of 1996 (7
U.S.C. 7212(d)(3)) shall be disregarded in determining
the taxable year for which the payment for fiscal year
1999 under a production flexibility contract under subtitle
B of title I of such Act is properly includible in gross in-
come for purposes of the Internal Revenue Code of 1986.
Subtitle C—Increase in Volume
Cap on Private Activity Bonds
SEC. 221. INCREASE IN VOLUME CAP ON PRIVATE ACTIVITY
BONDS.
(a) IN GENERAL.—Subsection (d) of section 146 (re-
lating to volume cap) is amended by striking paragraph
(2), by redesignating paragraphs (3) and (4) as para-
graphs (2) and (3), respectively, and by striking para-
graph (1) and inserting the following new paragraph:
‘‘(1) IN GENERAL.—The State ceiling applicable
to any State for any calendar year shall be the
greater of—
‘‘(A) an amount equal to $75 multiplied by
the State population, or
‘‘(B) $225,000,000.
Subparagraph (B) shall not apply to any possession
of the United States.’’
(b) CONFORMING AMENDMENT.—Sections 25(f)(3)
and 42(h)(3)(E)(iii) are each amended by striking ‘‘sec-
tion 146(d)(3)(C)’’ and inserting ‘‘section 146(d)(2)(C)’’.
(c) EFFECTIVE DATE.—The amendments made by
this section shall apply to calendar years after 1998.
TITLE 
III—EXTENSION 
AND
MODIFICATION OF CERTAIN
EXPIRING PROVISIONS
Subtitle A—Tax Provisions
SEC. 301. RESEARCH CREDIT.
(a) TEMPORARY EXTENSION.—
(1) IN
GENERAL.—Paragraph (1) of section
41(h) (relating to termination) is amended—
(A) by striking ‘‘June 30, 1998’’ and in-
serting ‘‘February 29, 2000’’,
(B) by striking ‘‘24-month’’ and inserting
‘‘44-month’’, and
(C) by striking ‘‘24 months’’ and inserting
‘‘44 months’’.
(2) TECHNICAL
AMENDMENT.—Subparagraph
(D) of section 45C(b)(1) is amended by striking
‘‘June 30, 1998’’ and inserting ‘‘February 29,
2000’’.
(3) EFFECTIVE DATE.—The amendments made
by this subsection shall apply to amounts paid or in-
curred after June 30, 1998.
(b) INCREASE
IN PERCENTAGES UNDER ALTER-
NATIVE INCREMENTAL CREDIT.—
(1) IN GENERAL.—Subparagraph (A) of section
41(c)(4) is amended—
(A) by striking ‘‘1.65 percent’’ and insert-
ing ‘‘2.65 percent’’,
(B) by striking ‘‘2.2 percent’’ and inserting
‘‘3.2 percent’’, and
(C) by striking ‘‘2.75 percent’’ and insert-
ing ‘‘3.75 percent’’.
(2) EFFECTIVE DATE.—The amendments made
by this subsection shall apply to taxable years begin-
ning after June 30, 1998.
SEC. 302. WORK OPPORTUNITY CREDIT.
(a) TEMPORARY EXTENSION.—Subparagraph (B) of
section 51(c)(4) (relating to termination) is amended by
striking ‘‘June 30, 1998’’ and inserting ‘‘February 29,
2000’’.
(b) EFFECTIVE DATE.—The amendment made by
this section shall apply to individuals who begin work for
the employer after June 30, 1998.
SEC. 303. WELFARE-TO-WORK CREDIT.
Subsection (f) of section 51A (relating to termi-
nation) is amended by striking ‘‘April 30, 1999’’ and in-
serting ‘‘February 29, 2000’’.
SEC. 304. CONTRIBUTIONS OF STOCK TO PRIVATE FOUNDA-
TIONS; EXPANDED PUBLIC INSPECTION OF
PRIVATE FOUNDATIONS’ ANNUAL RETURNS.
(a) SPECIAL RULE FOR CONTRIBUTIONS OF STOCK
MADE PERMANENT.—
(1) IN
GENERAL.—Paragraph (5) of section
170(e) is amended by striking subparagraph (D)
(relating to termination).
(2) EFFECTIVE DATE.—The amendment made
by paragraph (1) shall apply to contributions made
after June 30, 1998.
(b) EXPANDED PUBLIC INSPECTION
OF PRIVATE
FOUNDATIONS’ ANNUAL RETURNS, ETC.—
(1) IN
GENERAL.—Section 6104 (relating to
publicity of information required from certain ex-
empt organizations and certain trusts) is amended
by striking subsections (d) and (e) and inserting
after subsection (c) the following new subsection:
‘‘(d) PUBLIC INSPECTION OF CERTAIN ANNUAL RE-
TURNS AND APPLICATIONS FOR EXEMPTION.—
‘‘(1) IN GENERAL.—In the case of an organiza-
tion described in subsection (c) or (d) of section 501
and exempt from taxation under section 501(a)—
‘‘(A) a copy of—
‘‘(i) the annual return filed under sec-
tion 6033 (relating to returns by exempt
organizations) by such organization, and
‘‘(ii) if the organization filed an appli-
cation for recognition of exemption under
section 501, the exempt status application
materials of such organization,
shall be made available by such organization for
inspection during regular business hours by any
individual at the principal office of such organi-
zation and, if such organization regularly main-
tains 1 or more regional or district offices hav-
ing 3 or more employees, at each such regional
or district office, and
‘‘(B) upon request of an individual made
at such principal office or such a regional or
district office, a copy of such annual return and
exempt status application materials shall be
provided to such individual without charge
other than a reasonable fee for any reproduc-
tion and mailing costs.
The request described in subparagraph (B) must be
made in person or in writing. If such request is
made in person, such copy shall be provided imme-
diately and, if made in writing, shall be provided
within 30 days.
‘‘(2) 3-YEAR
LIMITATION
ON
INSPECTION
OF
RETURNS.—Paragraph (1) shall apply to an annual
return filed under section 6033 only during the 3-
year period beginning on the last day prescribed for
filing such return (determined with regard to any
extension of time for filing).
‘‘(3) EXCEPTIONS FROM DISCLOSURE REQUIRE-
MENT.—