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‘‘(B) PERCENTAGE
POINTS
OF
REDUC-
TION.—
The number of
‘‘For calendar year:
percentage points is:
2003 .............................................................................
1.0
2004 .............................................................................
2.0
2005 .............................................................................
3.0
2006 .............................................................................
4.0
2007 .............................................................................
5.5
2008 .............................................................................
7.5.
‘‘(C) COORDINATION
WITH
INCOME
TAX
RATES.—The reductions under subparagraph
(A)—
‘‘(i) shall not reduce any rate under
paragraph (1) below the lowest rate in sec-
tion 1(c); and
‘‘(ii) shall not reduce the highest rate
under paragraph (1) below the highest rate
in section 1(c).
‘‘(D) COORDINATION
WITH
CREDIT
FOR
STATE
DEATH
TAXES.—Rules similar to the
rules of subparagraph (A) shall apply to the
table contained in section 2011(b) except that
the Secretary shall prescribe percentage point
reductions which maintain the proportionate re-
lationship (as in effect before any reduction
under this paragraph) between the credit under
section 2011 and the tax rates under subsection
(c).’’.
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(d) EFFECTIVE DATES.—
(1) SUBSECTIONS
(a)
AND
(b).—The amend-
ments made by subsections (a) and (b) shall apply
to estates of decedents dying, and gifts made, after
December 31, 2000.
(2) SUBSECTION (c).—The amendment made by
subsection (c) shall apply to estates of decedents
dying, and gifts made, after December 31, 2004.
Page 278, strike line 1 and all that follows through
page 282, line 6.
Page 334, strike line 6 and all that follows through
page 336, line 13.
Page 345, strike line 10 and all that follows through
page 349, line 15.
Page 358, after line 2, insert the following new sec-
tion:
SEC. 1264. TREATMENT OF MULTIEMPLOYER PLANS UNDER
SECTION 415.
(a) IN GENERAL.—Paragraph (11) of section 415(b)
(relating to limitation for defined benefit plans) is amend-
ed to read as follows:
‘‘(11) SPECIAL LIMITATION RULE FOR GOVERN-
MENTAL AND MULTIEMPLOYER PLANS.—In the case
of a governmental plan (as defined in section
•HRES 256 EH
414(d)) or a multiemployer plan (as defined in sec-
tion 414(f)), subparagraph (B) of paragraph (1)
shall not apply.’’.
(b) EFFECTIVE DATE.—The amendment made by
this section shall apply to years beginning after December
31, 2000.
At the end of the bill insert the following new titles:
TITLE XVII—COMMITMENT TO
DEBT REDUCTION
SEC. 1701. COMMITMENT TO DEBT REDUCTION.
(a) FINDINGS.—The Congress finds that—
(1) the national debt of the United States held
by the public is $3.619 trillion as of fiscal year
1999;
(2) the Federal budget is projected to produce
a surplus each year in the next 10 fiscal years; and
(3) refunding taxes and reducing the national
debt held by the public will assure continued eco-
nomic growth and financial freedom for future gen-
erations.
(b) SENSE OF THE CONGRESS.—It is the sense of
the Congress that the national debt held by the public
shall be reduced from $3.619 trillion to a level below $1.61
trillion by fiscal year 2009.
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TITLE XVIII—BUDGETARY
TREATMENT
SEC. 1801. EXCLUSION OF EFFECTS OF THIS ACT FROM
PAYGO SCORECARD.
Upon the enactment of this Act, the Director of the
Office of Management and Budget shall not make any es-
timate of changes in direct spending outlays and receipts
under section 252(d) of the Balanced Budget and Emer-
gency Deficit Control Act of 1985 resulting from the en-
actment of this Act.
Conform the section numbering and the table of con-
tents accordingly.
Attest:
Clerk.