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‘‘(A) MARRIED INDIVIDUALS FILING JOINT-
LY.—In the case of a husband and wife who file
a joint return, the $5,000 limitation under sub-
section (a) shall apply to the joint return.
‘‘(B) MARRIED INDIVIDUALS FILING SEPA-
RATELY.—In the case of a married individual
filing a separate return, subsection (a) shall be
applied by substituting ‘$2,500’ for ‘$5,000’.
‘‘(C) OTHER TAXPAYERS.—If 2 or more in-
dividuals who are not married purchase a prin-
cipal residence, the amount of the credit allowed
under subsection (a) shall be allocated among
such individuals in such manner as the Sec-
retary may prescribe, except that the total
amount of the credits allowed to all such individ-
uals shall not exceed $5,000.
‘‘(2) PURCHASE.—The term ‘purchase’ means
any acquisition, but only if—
‘‘(A) the property is not acquired from a
person whose relationship to the person acquir-
ing it would result in the disallowance of losses
under section 267 or 707(b) (but, in applying
section 267 (b) and (c) for purposes of this sec-
tion, paragraph (4) of section 267(c) shall be
treated as providing that the family of an indi-
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vidual shall include only his spouse, ancestors,
and lineal descendants), and
‘‘(B) the basis of the property in the hands
of the person acquiring it is not determined—
‘‘(i) in whole or in part by reference to
the adjusted basis of such property in the
hands of the person from whom acquired, or
‘‘(ii) under section 1014(a) (relating to
property acquired from a decedent).
‘‘(3) PURCHASE
PRICE.—The term ‘purchase
price’ means the adjusted basis of the principal resi-
dence on the date of acquisition.
‘‘(d) REPORTING.—If the Secretary requires informa-
tion reporting under section 6045 to verify the eligibility
of taxpayers for the credit allowable by this section, the ex-
ception provided by section 6045(e)(5) shall not apply.
‘‘(e) CREDIT TREATED
AS NONREFUNDABLE PER-
SONAL CREDIT.—For purposes of this title, the credit al-
lowed by this section shall be treated as a credit allowable
under subpart A of part IV of subchapter A of this chapter.
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‘‘SEC. 1400A. CREDIT FOR EQUITY INVESTMENTS IN AND
LOANS TO DISTRICT OF COLUMBIA BUSI-
NESSES.
‘‘(a) GENERAL RULE.—For purposes of section 38, the
DC investment credit determined under this section for any
taxable year is—
‘‘(1) the qualified lender credit for such year,
and
‘‘(2) the qualified equity investment credit for
such year.
‘‘(b) QUALIFIED LENDER CREDIT.—For purposes of
this section—
‘‘(1) IN GENERAL.—The qualified lender credit
for any taxable year is the amount of credit specified
for such year by the Economic Development Corpora-
tion with respect to qualified District loans made by
the taxpayer.
‘‘(2) LIMITATION.—In no event may the quali-
fied lender credit with respect to any loan exceed 25
percent of the cost of the property purchased with the
proceeds of the loan.
‘‘(3) QUALIFIED DISTRICT LOAN.—For purposes
of paragraph (1), the term ‘qualified district loan’
means any loan for the purchase (as defined in sec-
tion 179(d)(2)) of property to which section 168 ap-
plies (or would apply but for section 179) (or land
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which is functionally related and subordinate to such
property) and substantially all of the use of which is
in the District of Columbia and is in the active con-
duct of a trade or business in the District of Colum-
bia. A rule similar to the rule of section 1397C(a)(2)
shall apply for purposes of the preceding sentence.
‘‘(c) QUALIFIED EQUITY INVESTMENT CREDIT.—
‘‘(1) IN GENERAL.—For purposes of this section,
the qualified equity investment credit determined
under this section for any taxable year is an amount
equal to the percentage specified by the Economic De-
velopment Corporation (but not greater than 25 per-
cent) of the aggregate amount paid in cash by the
taxpayer during the taxable year for the purchase of
District business investments.
‘‘(2) DISTRICT
BUSINESS
INVESTMENT.—For
purposes of this subsection, the term ‘District business
investment’ means—
‘‘(A) any District business stock, and
‘‘(B) any District partnership interest.
‘‘(3) DISTRICT BUSINESS STOCK.—For purposes
of this subsection—
‘‘(A) IN GENERAL.—Except as provided in
subparagraph (B), the term ‘District business
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stock’ means any stock in a domestic corporation
if—
‘‘(i) such stock is acquired by the tax-
payer at its original issue (directly or
through an underwriter) solely in exchange
for cash, and
‘‘(ii) as of the time such stock was is-
sued, such corporation was engaged in a
trade or business in the District of Colum-
bia (or, in the case of a new corporation,
such corporation was being organized for
purposes of engaging in such a trade or
business).
‘‘(B) REDEMPTIONS.—A rule similar to the
rule of section 1202(c)(3) shall apply for pur-
poses of this paragraph.
‘‘(4) QUALIFIED DISTRICT PARTNERSHIP INTER-
EST.—For purposes of this subsection, the term
‘qualified District partnership interest’ means any
interest in a partnership if—
‘‘(A) such interest is acquired by the tax-
payer from the partnership solely in exchange
for cash, and
‘‘(B) as of the time such interest was ac-
quired, such partnership was engaging in a
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trade or business in the District of Columbia (or,
in the case of a new partnership, such partner-
ship was being organized for purposes of engag-
ing in such a trade or business).
A rule similar to the rule of paragraph (3)(B) shall
apply for purposes of this paragraph.
‘‘(5) RECAPTURE OF CREDIT UPON CERTAIN DIS-
POSITIONS OF DISTRICT BUSINESS INVESTMENTS.—
‘‘(A) IN GENERAL.—If a taxpayer disposes
of any District business investment (or any other
property the basis of which is determined in
whole or in part by reference to the adjusted
basis of such investment) before the end of the 5-
year period beginning on the date such invest-
ment was acquired by the taxpayer, the tax-
payer’s tax imposed by this chapter for the tax-
able year in which such distribution occurs shall
be increased by the aggregate decrease in the
credits allowed under section 38 for all prior
taxable years which would have resulted solely
from reducing to zero any credit determined
under this section with respect to such invest-
ment.
‘‘(B) 
EXCEPTIONS.—Subparagraph 
(A)
shall not apply to any gift, transfer, or trans-
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action described in paragraph (1), (2), or (3) of
section 1245(b).
‘‘(C) SPECIAL RULE.—Any increase in tax
under subparagraph (A) shall not be treated as
a tax imposed by this chapter for purposes of—
‘‘(i) determining the amount of any
credit allowable under this chapter, and
‘‘(ii) determining the amount of the
tax imposed by section 55.
‘‘(6) BASIS REDUCTION.—For purposes of this
title, the basis of any District business investment
shall be reduced by the amount of the credit deter-
mined under this section with respect to such invest-
ment.
‘‘(d) LIMITATION ON AMOUNT OF CREDIT.—
‘‘(1) IN GENERAL.—The amount of the DC in-
vestment credit determined under this section with re-
spect to any taxpayer for any taxable year shall not
exceed the credit amount allocated to such taxpayer
for such taxable year by the Economic Development
Corporation.
‘‘(2) OVERALL LIMITATION.—The aggregate cred-
it amount which may be allocated by the Economic
Development Corporation under this section shall not
exceed $60,000,000.
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‘‘(3) 
CRITERIA
FOR
ALLOCATING
CREDIT
AMOUNTS.—The allocation of credit amounts under
this section shall be made in accordance with criteria
established by the Economic Development Corpora-
tion. In establishing such criteria, such Corporation
shall take into account—
‘‘(A) the degree to which the business receiv-
ing the loan or investment will provide job op-
portunities for low and moderate income resi-
dents of a targeted area, and
‘‘(B) whether such business is within a tar-
geted area.
‘‘(4) TARGETED AREA.—For purposes of para-
graph (3), the term ‘targeted area’ means—
‘‘(A) any census tract located in the District
of Columbia which is part of an enterprise com-
munity designated under subchapter U before the
date of the enactment of this subchapter, and
‘‘(B) any other census tract which is located
in the District of Columbia and which has a
poverty rate of not less than 35 percent.
‘‘(e) ECONOMIC DEVELOPMENT CORPORATION.—For
purposes of this section, the term ‘Economic Development
Corporation’ has the meaning given such term by section
1400A(b).
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‘‘(f) REGULATIONS.—The Secretary shall prescribe
such regulations as may be appropriate to carry out this
section.
‘‘(g) APPLICATION OF SECTION.—This section shall
apply to any credit amount allocated for taxable years be-
ginning after December 31, 1997, and before January 1,
2003.
‘‘SEC. 1400B. ZERO PERCENT CAPITAL GAINS RATE.
‘‘(a) EXCLUSION.—
‘‘(1) IN GENERAL.—Gross income shall not in-
clude qualified capital gain from the sale or exchange
of any DC asset held for more than 5 years.
‘‘(2) SPECIAL 10 PERCENT RATE FOR DC ASSETS
ACQUIRED IN 1998.—
‘‘(A) IN GENERAL.—In the case of any DC
asset acquired during calendar year 1998—
‘‘(i) paragraph (1) shall not apply to
any qualified capital gain from the sale or
exchange of such asset, and
‘‘(ii) the qualified capital gain de-
scribed in clause (i) shall be treated as ad-
justed net capital gain described in section
1(h)(1)(D) for the taxable year of the sale or
exchange (and the amount under section
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1(h)(1)(D)(i) for such taxable year shall be
increased by the amount of such gain).
‘‘(B) SPECIAL RULE.—For purposes of sub-
paragraph (A), any DC asset the basis of which
is determined in whole or in part by reference to
the basis of an asset to which subparagraph (A)
applies shall be treated as a DC asset acquired
during calendar year 1998.
‘‘(b) DC ASSET.—For purposes of this section—
‘‘(1) 
IN
GENERAL.—The 
term 
‘DC 
asset’
means—
‘‘(A) any DC business stock,
‘‘(B) any DC partnership interest, and
‘‘(C) any DC business property.
‘‘(2) DC BUSINESS STOCK.—
‘‘(A) IN GENERAL.—The term ‘DC business
stock’ means any stock in a domestic corporation
which is originally issued after December 31,
1997, if—
‘‘(i) such stock is acquired by the tax-
payer, before January 1, 2003, at its origi-
nal issue (directly or through an under-
writer) solely in exchange for cash,
‘‘(ii) as of the time such stock was is-
sued, such corporation was a DC business
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(or, in the case of a new corporation, such
corporation was being organized for pur-
poses of being a DC business), and
‘‘(iii) during substantially all of the
taxpayer’s holding period for such stock,
such corporation qualified as a DC busi-
ness.
‘‘(B) REDEMPTIONS.—A rule similar to the
rule of section 1202(c)(3) shall apply for pur-
poses of this paragraph.
‘‘(3) DC PARTNERSHIP
INTEREST.—The term
‘DC partnership interest’ means any capital or prof-
its interest in a domestic partnership which is origi-
nally issued after December 31, 1997, if—
‘‘(A) such interest is acquired by the tax-
payer, before January 1, 2003, from the partner-
ship solely in exchange for cash,
‘‘(B) as of the time such interest was ac-
quired, such partnership was a DC business (or,
in the case of a new partnership, such partner-
ship was being organized for purposes of being a
DC business), and
‘‘(C) during substantially all of the tax-
payer’s holding period for such interest, such
partnership qualified as a DC business.
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A rule similar to the rule of paragraph (2)(B) shall
apply for purposes of this paragraph.
‘‘(4) DC BUSINESS PROPERTY.—
‘‘(A) IN GENERAL.—The term ‘DC business
property’ means tangible property if—
‘‘(i) such property was acquired by the
taxpayer by purchase (as defined in section
179(d)(2)) after December 31, 1997, and be-
fore January 1, 2003,
‘‘(ii) the original use of such property
in the District of Columbia commences with
the taxpayer, and
‘‘(iii) during substantially all of the
taxpayer’s holding period for such property,
substantially all of the use of such property
was in a DC business of the taxpayer.
‘‘(B) SPECIAL RULE FOR BUILDINGS WHICH
ARE SUBSTANTIALLY IMPROVED.—
‘‘(i) IN
GENERAL.—The requirements
of clauses (i) and (ii) of subparagraph (A)
shall be treated as met with respect to—
‘‘(I) property which is substan-
tially improved by the taxpayer before
January 1, 2003, and
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‘‘(II) any land on which such
property is located.
‘‘(ii) SUBSTANTIAL
IMPROVEMENT.—
For purposes of clause (i), property shall be
treated as substantially improved by the
taxpayer only if, during any 24-month pe-
riod beginning after December 31, 1997, ad-
ditions to basis with respect to such prop-
erty in the hands of the taxpayer exceed the
greater of—
‘‘(I) an amount equal to the ad-
justed basis of such property at the be-
ginning of such 24-month period in the
hands of the taxpayer, or
‘‘(II) $5,000.
‘‘(6) TREATMENT OF SUBSEQUENT PURCHASERS,
ETC.—The term ‘DC asset’ includes any property
which would be a DC asset but for paragraph
(2)(A)(i), (3)(A), or (4)(A)(ii) in the hands of the tax-
payer if such property was a DC asset in the hands
of a prior holder.
‘‘(7) 5-YEAR
SAFE
HARBOR.—If any property
ceases to be a DC asset by reason of paragraph
(2)(A)(iii), (3)(C), or (4)(A)(iii) after the 5-year pe-
riod beginning on the date the taxpayer acquired such
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property, such property shall continue to be treated as
meeting the requirements of such paragraph; except
that the amount of gain to which subsection (a) ap-
plies on any sale or exchange of such property shall
not exceed the amount which would be qualified cap-
ital gain had such property been sold on the date of
such cessation.
‘‘(c) DC BUSINESS.—For purposes of this section, the
term ‘DC business’ means any entity which is an enterprise
zone business (as defined in section 1397B), determined—
‘‘(1) by treating the District of Columbia as an
empowerment zone and as if no other area is an
empowerment zone or enterprise community, and
‘‘(2) without regard to subsections (b)(6) and
(c)(5) of section 1397B.
‘‘(d) OTHER DEFINITIONS AND SPECIAL RULES.—For
purposes of this section—
‘‘(1) QUALIFIED CAPITAL GAIN.—Except as oth-
erwise provided in this subsection, the term ‘qualified
capital gain’ means any gain recognized on the sale
or exchange of—
‘‘(A) a capital asset, or
‘‘(B) property used in the trade or business
(as defined in section 1231(b)).
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‘‘(2) GAIN BEFORE 1998 NOT QUALIFIED.—The
term ‘qualified capital gain’ shall not include any
gain attributable to periods before January 1, 1998.
‘‘(3) CERTAIN
GAIN
ON
REAL
PROPERTY
NOT
QUALIFIED.—The term ‘qualified capital gain’ shall
not include any gain which would be treated as ordi-
nary income under section 1250 if section 1250 ap-
plied to all depreciation rather than the additional
depreciation.
‘‘(4) INTANGIBLES
AND
LAND
NOT
INTEGRAL
PART OF DC BUSINESS.—The term ‘qualified capital
gain’ shall not include any gain which is attributable
to real property, or an intangible asset, which is not
an integral part of a DC business.
‘‘(5) RELATED PARTY TRANSACTIONS.—The term
‘qualified capital gain’ shall not include any gain at-
tributable, directly or indirectly, in whole or in part,
to a transaction with a related person. For purposes
of this paragraph, persons are related to each other if
such persons are described in section 267(b) or
707(b)(1).
‘‘(e) CERTAIN OTHER RULES TO APPLY.—Rules simi-
lar to the rules of subsections (g), (h), (i)(2), and (j) of sec-
tion 1202 shall apply for purposes of this section.
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‘‘(f) SALES AND EXCHANGES OF INTERESTS IN PART-
NERSHIPS AND S CORPORATIONS WHICH ARE DC BUSI-
NESSES.—In the case of the sale or exchange of an interest
in a partnership, or of stock in an S corporation, which
was a DC business during substantially all of the period
the taxpayer held such interest or stock, the amount of
qualified capital gain shall be determined without regard
to—
‘‘(1) any gain which is attributable to real prop-
erty, or an intangible asset, which is not an integral
part of a DC business, and
‘‘(2) any gain attributable to periods before Jan-
uary 1, 1998.
‘‘SEC. 1400C. TRUST FUND FOR DC SCHOOLS.
‘‘(a) CREATION OF FUND.—There is established in the
Treasury of the United States a trust fund to be known
as the ‘Trust Fund for DC Schools’, consisting of such
amounts as may be appropriated or credited to the Fund
as provided in this section.
‘‘(b) TRANSFER TO TRUST FUND OF AMOUNTS EQUIV-
ALENT TO CERTAIN TAXES.—
‘‘(1) IN
GENERAL.—There are hereby appro-
priated to the Trust Fund for DC Schools amounts
equivalent to the applicable percentage of revenues re-
ceived in the Treasury from income taxes imposed by
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this chapter for any taxable year beginning after De-
cember 31, 1997, and before January 1, 2008, on in-
dividual taxpayers who are residents of the District
of Columbia as of the last day of such taxable year.
‘‘(2) APPLICABLE
PERCENTAGE.—For purposes
of paragraph (1), the term ‘applicable percentage’
means the percentage which the Secretary determines
necessary to result in $5,000,000 being appropriated
to the Trust Fund under paragraph (1) for each of
the calendar years 1998 through 2007.
‘‘(3) TRANSFER OF AMOUNTS.—The amounts ap-
propriated by paragraph (1) shall be transferred at
least monthly from the general fund of the Treasury
to the Trust Fund for DC Schools on the basis of esti-
mates made by the Secretary of the amounts referred
to in such paragraph. Proper adjustments shall be
made in the amounts subsequently transferred to the
extent prior estimates were in excess of or less than
the amounts required to be transferred.
‘‘(c) EXPENDITURES FROM FUND.—
‘‘(1) IN GENERAL.—Amounts in the Trust Fund
for DC Schools are hereby appropriated, and shall be
available without fiscal year limitation, for payment
by the Secretary of debt service on qualified DC school
bonds.
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‘‘(2) QUALIFIED DC SCHOOL BONDS.—The term
‘qualified DC school bonds’ means bonds which—
‘‘(A) are issued after March 31, 1998, by the
District of Columbia to finance the construction,
rehabilitation, and repair of schools under the
jurisdiction of the government of the District of
Columbia, and
‘‘(B) are certified by the District of Colum-
bia Control Board as meeting the requirements
of subparagraph (A) after giving 60 days notice
of any proposed certification to the Subcommit-
tees on the District of Columbia of the Commit-
tees on Appropriations of the House of Rep-
resentatives and the Senate.
‘‘(d) REPORT.—It shall be the duty of the Secretary
to hold the Trust Fund for DC Schools and to report to
the Congress each year on the financial condition and the
results of the operations of such Fund during the preceding
fiscal year and on its expected condition and operations
during the next fiscal year. Such report shall be printed
as a House document of the session of the Congress to which
the report is made.
‘‘(e) INVESTMENT.—
‘‘(1) IN GENERAL.—It shall be the duty of the
Secretary to invest such portion of the Trust Fund for
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DC Schools as is not, in the Secretary’s judgment, re-
quired to meet current withdrawals. Such investments
may be made only in interest-bearing obligations of
the United States. For such purpose, such obligations
may be acquired—
‘‘(A) on original issue at the issue price, or
‘‘(B) by purchase of outstanding obligations
at the market price.
‘‘(2) SALE OF OBLIGATIONS.—Any obligation ac-
quired by the Trust Fund for DC Schools may be sold
by the Secretary at the market price.
‘‘(3) INTEREST ON CERTAIN PROCEEDS.—The in-
terest on, and the proceeds from the sale or redemp-
tion of, any obligations held in the Trust Fund for
DC Schools shall be credited to and form a part of
the Trust Fund for DC Schools.’’.
(b) CREDITS MADE PART
OF GENERAL BUSINESS
CREDIT.—
(1) Subsection (b) of section 38 is amended by
striking ‘‘plus’’ at the end of paragraph (11), by
striking the period at the end of paragraph (12) and
inserting ‘‘, plus’’, and by adding at the end the fol-
lowing new paragraph:
‘‘(13) the DC investment credit determined under
section 1400A(a).’’.
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(2) Subsection (d) of section 39 is amended by
adding at the end the following new paragraph:
‘‘(8) NO CARRYBACK OF DC CREDITS BEFORE EF-
FECTIVE DATE.—No portion of the unused business
credit for any taxable year which is attributable to
the credit under section 1400A, or to the credits under
subchapter U by reason of section 1400, may be car-
ried back to a taxable year ending before the date of
the enactment of sections 1400A and 1400.’’.
(3) Subsection (c) of section 196 is amended by
striking ‘‘and’’ at the end of paragraph (6), by strik-
ing the period at the end of paragraph (7) and insert-
ing ‘‘, and’’, and by adding at the end the following
new paragraph:
‘‘(8) the DC investment credit determined under
section 1400A(a).’’.
(c) CLERICAL AMENDMENT.—The table of subchapters
for chapter 1 is amended by adding at the end the following
new item:
‘‘Subchapter W. Incentives for the Revitalization of the District of
Columbia.’’.
(d) EFFECTIVE DATE.—This section shall take effect
on the date of the enactment of this Act.
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TITLE VII—MISCELLANEOUS
PROVISIONS
Subtitle A—Provisions Relating to
Excise Taxes
SEC. 701. REPEAL OF TAX ON DIESEL FUEL USED IN REC-
REATIONAL BOATS.
(a) IN
GENERAL.—Subparagraph (B) of section
6421(e)(2) (defining off-highway business use) is amended
by striking clauses (iii) and (iv).
(b) CONFORMING AMENDMENTS.—
(1) Subparagraph (A) of section 4041(a)(1) is
amended—
(A) by striking ‘‘, a diesel-powered train, or
a diesel-powered boat’’ each place it appears and
inserting ‘‘or a diesel-powered train’’, and
(B) by striking ‘‘vehicle, train, or boat’’ and
inserting ‘‘vehicle or train’’.
(2) Paragraph (1) of section 4041(a) is amended
by striking subparagraph (D).
(c) EFFECTIVE DATE.—The amendments made by this
section shall take effect on January 1, 1998.
SEC. 702. INTERCITY PASSENGER RAIL FUND.
(a) ESTABLISHMENT OF FUND.—The Internal Reve-
nue Code of 1986 is amended by adding at the end the fol-
lowing new subtitle:
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‘‘Subtitle L—Intercity Passenger
Rail Fund
‘‘Sec. 9901. Intercity passenger rail fund.
‘‘SEC. 9901. INTERCITY PASSENGER RAIL FUND.
‘‘(a) CREATION OF FUND.—There is established in the
Treasury of the United States a fund to be known as the
‘Intercity Passenger Rail Fund’, consisting of such amounts
as may be appropriated to the Fund as provided in this
section.
‘‘(b) TRANSFER TO INTERCITY PASSENGER RAIL FUND
OF AMOUNTS EQUIVALENT TO CERTAIN TAXES.—
‘‘(1) IN
GENERAL.—There are hereby appro-
priated to the Intercity Passenger Rail Fund amounts
equivalent to the net revenues received in the Treas-
ury from the applicable portion of the taxes imposed
by sections 4041, 4042, 4081, and 4091 after Septem-
ber 30, 1997, and before April 16, 2001.
‘‘(2) APPLICABLE
PORTION.—For purposes of
paragraph (1), the term ‘applicable portion’ means
the lesser of—
‘‘(A) 0.5 cent multiplied by the number of
gallons on which the taxes described in para-
graph (1) are imposed, or
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‘‘(B) the portion of such taxes not otherwise
appropriated to a trust fund under subchapter A
of chapter 98.
‘‘(3) NET
REVENUES.—For purposes of para-
graph (1), the term ‘net revenues’ means the amount
estimated by the Secretary based on the excess of—
‘‘(A) the applicable portion of the taxes re-
ceived in the Treasury under sections 4041,
4042, 4081, and 4091, over
‘‘(B) the decrease in the tax imposed by
chapter 1 resulting from the applicable portion
of the taxes imposed by sections 4041, 4042,
4081, and 4091.
‘‘(4) TRANSFER OF AMOUNTS.—The amounts ap-
propriated by paragraph (1) shall be transferred at
least monthly from the general fund of the Treasury
to the Intercity Passenger Rail Fund on the basis of
estimates made by the Secretary of the amounts re-
ferred to in such paragraph. Proper adjustments shall
be made in the amounts subsequently transferred to
the extent prior estimates were in excess of or less
than the amounts required to be transferred.
‘‘(c) EXPENDITURES FROM FUND.—
‘‘(1) IN GENERAL.—In addition to any amounts
appropriated from the general fund of the Treasury