In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.

Input: Consider Input: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Tuition Assistance for Families 
Act''.

SEC. 2. EXPANSION OF TUITION TAX DEDUCTION.

    (a) In General.--Subparagraphs (A) and (B) of section 222(b)(2) of 
the Internal Revenue Code of 1986 (relating to dollar limitation) are 
amended to read as follows:
                    ``(A) In general.--The applicable dollar limit 
                shall be equal to--
                            ``(i) in the case of a taxpayer whose 
                        adjusted gross income for the taxable year does 
                        not exceed $65,000 ($130,000 in the case of a 
                        joint return), $12,000,
                            ``(ii) with respect to any taxable year 
                        beginning in 2004 or 2005, in the case of a 
                        taxpayer not described in clause (i) whose 
                        adjusted gross income for the taxable year does 
                        not exceed $80,000 ($160,000 in the case of a 
                        joint return), $2,000, and
                            ``(iii) in the case of any other taxpayer, 
                        zero.
                    ``(B) Inflation adjustment.--
                            ``(i) In general.--In the case of any 
                        taxable year beginning after 2003, each dollar 
                        amount referred to in subparagraph (A)(i) shall 
                        be increased by an amount equal to--
                                    ``(I) such dollar amount, 
                                multiplied by
                                    ``(II) the cost-of-living 
                                adjustment determined under section 
                                (1)(f)(3) for the calendar year in 
                                which the taxable year begins, by 
                                substituting `2002' for `1992'.
                            ``(ii) Rounding.--If any amount as adjusted 
                        under clause (i) is not a multiple of $100, 
                        such amount shall be rounded to the next lowest 
                        multiple of $100.''.
    (b) Permanent Deduction.--Section 222 of the Internal Revenue Code 
of 1986 (relating to qualified tuition and related expenses) is amended 
by striking subsection (e).
    (c) Effective Date.--The amendments made by this section shall 
apply to payments made in taxable years beginning after December 31, 
2002.

SEC. 3. EXPANSION OF LIFETIME LEARNING CREDIT.

    (a) In General.--Section 25A(c)(1) of the Internal Revenue Code of 
1986 (relating to per taxpayer credit) is amended--
            (1) by striking ``20 percent'' and inserting ``25 
        percent'', and
            (2) by striking ``$10,000 ($5,000 in the case of taxable 
        years beginning before January 1, 2003)'' and inserting 
        ``$12,000''.
    (b) Inflation Adjustment.--Section 25A(h) of the Internal Revenue 
Code of 1986 (relating to inflation adjustments) is amended by adding 
at the end the following new paragraph:
            ``(3) Dollar limitation on amount of lifetime learning 
        credit.--
                    ``(A) In general.--In the case of any taxable year 
                beginning after 2003, the dollar amount referred to in 
                subsection (c)(1) shall be increased by an amount equal 
                to--
                            ``(i) such dollar amount, multiplied by
                            ``(ii) the cost-of-living adjustment 
                        determined under section (1)(f)(3) for the 
                        calendar year in which the taxable year begins, 
                        by substituting `2002' for `1992'.
                    ``(B) Rounding.--If any amount as adjusted under 
                subparagraph (A) is not a multiple of $100, such amount 
                shall be rounded to the next lowest multiple of 
                $100.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to payments made in taxable years beginning after December 31, 
2002.

SEC. 4. INCREASE IN INCOME LIMITS FOR HOPE AND LIFETIME LEARNING 
              CREDITS.

    (a) In General.--Section 25A(d)(2)(A)(ii) of the Internal Revenue 
Code of 1986 (relating to limitation based on modified adjusted gross 
income) is amended by striking ``$40,000 ($80,000'' and inserting 
``$55,000 ($110,000''.
    (b) Conforming Amendments.--Section 25A(h)(2)(A) of the Internal 
Revenue Code of 1986 is amended--
            (1) by striking ``2001'' in the matter preceding clause (i) 
        and inserting ``2003'',
            (2) by striking ``the $40,000 and $80,000 amounts'' in such 
        matter and inserting ``the $55,000 and $110,000 amounts'', and
            (3) by striking ``2000'' in clause (ii) and inserting 
        ``2002''.
    (c) Effective Date.--The amendments made by this section shall 
apply to payments made in taxable years beginning after December 31, 
2002.

SEC. 5. MAXIMUM PELL GRANT AWARDS.

    The Department of Education Appropriations Act, 2002 (Public Law 
107-116) is amended under the heading ``Student Financial Assistance'' 
by striking ``$4,000'' and inserting ``$4,500''.

SEC. 6. ACADEMIC ACHIEVEMENT SCHOLARSHIPS.

    (a) Scholarships.--The Secretary of Education is authorized to 
award a scholarship for academic year 2003-2004 and succeeding academic 
years to each student in a State who graduated in the top 5 percent of 
such student's graduating class from secondary school in academic year 
2002-2003 or a succeeding academic year to enable such student to pay 
the cost of attendance at an institution of higher education.
    (b) Amount.--Each scholarship awarded under this section shall be 
in the amount of $1,000.
    (c) Use.--Each student awarded a scholarship under this section 
shall use the funds to pay the cost of attendance at an institution of 
higher education.
    (d) Construction of Needs Provision.--
            (1) In general.--Except as provided in paragraph (2), 
        nothing in this section, or any other Act, shall be construed 
        to permit the receipt of a scholarship under this section to be 
        counted for any needs test in connection with the awarding of 
        any grant or the making of any loan under the Higher Education 
        Act of 1965 (20 U.S.C. 1001 et seq.) or any other provision of 
        Federal law relating to educational assistance.
            (2) Exception.--In determining the need of a student for 
        Federal financial assistance, an institution of higher 
        education may take into consideration the amount of scholarship 
        assistance received under this section if the total amount of 
        scholarship assistance received under this section plus the 
        amount of other financial assistance available to a student 
        exceeds the student's cost of attendance at the institution.
    (e) Regulations.--The Secretary of Education shall promulgate 
regulations regarding how scholarships awarded under this section will 
be allocated to both public and private school students.
    (f) Definitions.--In this section:
            (1) Cost of attendance.--The term `cost of attendance' has 
        the meaning given the term in section 472 of the Higher 
        Education Act of 1965 (20 U.S.C. 1087ll).
            (2) Institution of higher education.--The term `institution 
        of higher education' has the meaning given the term in section 
        101 of the Higher Education Act of 1965 (20 U.S.C. 1001).

Output: Tuition Assistance for Families Act - Amends the Internal Revenue Code to expand the tax deduction for qualified higher education tuition and related expenses. Sets such deduction at: (1) $12,000 for those with incomes up to $65,000 single or $130,000 joint; and (2) $2,000 for those whose incomes are above that level, but not more than $80,000 single or $160,000 joint. Provides inflation adjustment. Makes such tuition deduction permanent.Increases the amount of the Lifetime Learning tax credit percentage from 20 to 25 percent. Increases the amount of education expenses subject to such credit from $10,000 to $12,000 (thus making the maximum allowable credit $3,000, rather than the current $2,000). Provides inflation adjustment.Raises annual income limits for the Hope and Lifetime Learning tax credits to $55,000 single and $110,000 joint.Amends the Department of Education Appropriations Act, 2002 (Public Law 107-116) to increase the maximum Pell Grant award from $4,000 to $4,500.Establishes an academic achievement scholarship program. Authorizes the Secretary of Education to award a $1,000 college scholarship to each student in a State who graduates in the top five percent of his or her secondary school's graduating class.


Input: Consider Input: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Secret Service Protective Privilege 
Act of 1999''.

SEC. 2. FINDINGS AND PURPOSES.

    (a) Findings.--Congress makes the following findings:
            (1) The physical safety of the Nation's top elected 
        officials is a public good of transcendent importance.
            (2) By virtue of the critical importance of the Office of 
        the President, the President and those in direct line of the 
        Presidency are subject to unique and mortal jeopardy--jeopardy 
        that in turn threatens profound disruption to our system of 
        representative government and to the security and future of the 
        Nation.
            (3) The physical safety of visiting heads of foreign states 
        and foreign governments is also a matter of paramount 
        importance. The assassination of such a person while on 
        American soil could have calamitous consequences for our 
        foreign relations and national security.
            (4) Given these grave concerns, Congress has provided for 
        the Secret Service to protect the President and those in direct 
        line of the Presidency, and has directed that these officials 
        may not waive such protection. Congress has also provided for 
        the Secret Service to protect visiting heads of foreign states 
        and foreign governments.
            (5) The protective strategy of the Secret Service depends 
        critically on the ability of its personnel to maintain close 
        and unremitting physical proximity to the protectee.
            (6) Secret Service personnel must remain at the side of the 
        protectee on occasions of confidential conversations and, as a 
        result, may overhear top secret discussions, diplomatic 
        exchanges, sensitive conversations, and matters of personal 
        privacy.
            (7) The necessary level of proximity can be maintained only 
        in an atmosphere of complete trust and confidence between the 
        protectee and his or her protectors.
            (8) If a protectee has reason to doubt the confidentiality 
        of actions or conversations taken in sight or hearing of Secret 
        Service personnel, the protectee may seek to push the 
        protective envelope away or undermine it to the point at which 
        it could no longer be fully effective.
            (9) The possibility that Secret Service personnel might be 
        compelled to testify against their protectees could induce 
        foreign nations to refuse Secret Service protection in future 
        state visits, making it impossible for the Secret Service to 
        fulfill its important statutory mission of protecting the life 
        and safety of foreign dignitaries.
            (10) A privilege protecting information acquired by Secret 
        Service personnel while performing their protective function in 
        physical proximity to a protectee will preserve the security of 
        the protectee by lessening the incentive of the protectee to 
        distance Secret Service personnel in situations in which there 
        is some risk to the safety of the protectee.
            (11) Recognition of a protective function privilege for the 
        President and those in direct line of the Presidency, and for 
        visiting heads of foreign states and foreign governments, will 
        promote sufficiently important interests to outweigh the need 
        for probative evidence.
            (12) Because Secret Service personnel retain law 
        enforcement responsibility even while engaged in their 
        protective function, the privilege must be subject to a crime/
        treason exception.
    (b) Purposes.--The purposes of this Act are--
            (1) to facilitate the relationship of trust and confidence 
        between Secret Service personnel and certain protected 
        officials that is essential to the ability of the Secret 
        Service to protect these officials, and the Nation, from the 
        risk of assassination; and
            (2) to ensure that Secret Service personnel are not 
        precluded from testifying in a criminal investigation or 
        prosecution about unlawful activity committed within their view 
        or hearing.

SEC. 3. ESTABLISHMENT OF PROTECTIVE FUNCTION PRIVILEGE.

    (a) Admissibility of Information Acquired by Secret Service 
Personnel While Performing Their Protective Function.--Chapter 203 of 
title 18, United States Code, is amended by inserting after section 
3056 the following:
``Sec. 3056A. Testimony by Secret Service personnel; protective 
              function privilege
    ``(a) Definitions.--In this section:
            ``(1) Protectee.--The term `protectee' means--
                    ``(A) the President;
                    ``(B) the Vice President (or other officer next in 
                the order of succession to the Office of President);
                    ``(C) the President-elect;
                    ``(D) the Vice President-elect; and
                    ``(E) visiting heads of foreign states or foreign 
                governments who, at the time and place concerned, are 
                being provided protection by the United States Secret 
                Service.
            ``(2) Secret service personnel.--The term `Secret Service 
        personnel' means any officer or agent of the United States 
        Secret Service.
    ``(b) General Rule of Privilege.--Subject to subsection (c), 
testimony by Secret Service personnel or former Secret Service 
personnel regarding information affecting a protectee that was acquired 
during the performance of a protective function in physical proximity 
to the protectee shall not be received in evidence or otherwise 
disclosed in any trial, hearing, or other proceeding in or before any 
court, grand jury, department, officer, agency, regulatory body, or 
other authority of the United States, a State, or a political 
subdivision thereof.
    ``(c) Exceptions.--There is no privilege under this section--
            ``(1) with respect to information that, at the time the 
        information was acquired by Secret Service personnel, was 
        sufficient to provide reasonable grounds to believe that a 
        crime had been, was being, or would be committed; or
            ``(2) if the privilege is waived by the protectee or the 
        legal representative of a protectee or deceased protectee.
    ``(d) Concurrent Privileges.--The proximity of Secret Service 
personnel to a protectee engaged in a privileged communication with 
another shall not, by itself, defeat an otherwise valid claim of 
privilege.''.
    (b) Technical and Conforming Amendment.--The analysis for chapter 
203 of title 18, United States Code, is amended by inserting after the 
item relating to section 3056 the following:

``3056A. Testimony by Secret Service personnel; protective function 
                            privilege.''.

SEC. 4. APPLICATION.

    This Act and the amendments made by this Act shall apply to any 
proceeding commenced on or after the date of enactment of this Act.

Output: Secret Service Protective Privilege Act of 1999 - Amends the Federal criminal code to prohibit testimony by Secret Service personnel or former personnel regarding information affecting a protectee (defined as the President, Vice President, and specified other officials) that was acquired during the performance of a protective function in physical proximity to the protectee from being received in evidence or otherwise disclosed in any proceeding in or before any court, grand jury, department, officer, agency, regulatory body, or other authority of the United States, a State, or a political subdivision thereof. 
Makes exceptions: (1) with respect to information that, at the time it was acquired by Secret Service personnel, was sufficient to provide reasonable grounds to believe that a crime had been, was being, or would be committed; or (2) if the privilege is waived by the protectee or the legal representative of a protectee or deceased protectee. 
Specifies that the proximity of Secret Service personnel to a protectee engaged in a privileged communication with another shall not, by itself, defeat an otherwise valid claim of privilege.


Input: Consider Input: SECTION 1. SHORT TITLE; AMENDMENT OF 1986 CODE.

    (a) Short Title.--This Act may be cited as the ``Capital Gains Tax 
Simplification Act of 1998''.
    (b) Amendment of 1986 Code.--Except as otherwise expressly 
provided, whenever in this Act an amendment or repeal is expressed in 
terms of an amendment to, or repeal of, a section or other provision, 
the reference shall be considered to be made to a section or other 
provision of the Internal Revenue Code of 1986.

SEC. 2. REDUCTION AND SIMPLIFICATION OF CAPITAL GAINS TAX.

    (a) In General.--Part I of subchapter P of chapter 1 (relating to 
treatment of capital gains) is amended by adding at the end the 
following new section:

``SEC. 1203. CAPITAL GAINS DEDUCTION.

    ``If for any taxable year a taxpayer other than a corporation has a 
net capital gain, 38 percent of such gain shall be a deduction from 
gross income.''
    (b) Deduction Allowable Whether or Not Taxpayer Itemizes Other 
Deductions.--
            (1) Subsection (b) of section 63 is amended by striking 
        ``and'' at the end of paragraph (1), by striking the period at 
        the end of paragraph (2) and inserting ``, and'', and by adding 
        at the end the following new paragraph:
            ``(3) the deduction allowed by section 1203.''
            (2) Subsection (d) of section 63 is amended by striking 
        ``and'' at the end of paragraph (1), by striking the period at 
        the end of paragraph (2) and inserting ``, and'', and by adding 
        at the end the following new paragraph:
            ``(3) the deduction allowed by section 1203.''
    (c) Minimum Tax Treatment.--
            (1) Paragraph (1) of section 56(b) is amended by adding at 
        the end the following new subparagraph:
                    ``(G) Capital gain deduction not applicable.--
                Section 1203 shall not apply.''
            (2) Subsection (b) of section 55 is amended by striking 
        paragraph (3) and inserting the following new paragraphs:
            ``(3) Maximum tax on net capital gain.--The amount of tax 
        determined under the first sentence of paragraph (1)(A)(i) 
        shall not exceed the sum of--
                    ``(A) the amount determined under such first 
                sentence computed at the rates and in the same manner 
                as if this paragraph had not been enacted on the 
                taxable excess reduced by the net capital gain, plus
                    ``(B) a tax on the net capital gain determined by 
                using the regular tax capital gains tax rates.
            ``(4) Regular tax on net capital gain.--For purposes of 
        paragraph (3), the tax on the net capital gain determined by 
        using the regular tax capital gains tax rates is the excess 
        of--
                    ``(A) the tax that would be computed under section 
                1 if net capital gain were determined with the 
                adjustments under this part, over
                    ``(B) the tax that would be so computed under 
                section 1 if the taxable income were reduced by 62 
                percent of the net capital gain as so determined.''
    (d) Repeal of Tax Preference for Exclusion on Small Business 
Stock.--
            (1) Subsection (a) of section 57 is amended by striking 
        paragraph (7).
            (2) Subclause (II) of section 53(d)(1)(B)(ii) is amended by 
        striking ``, (5), and (7)'' and inserting ``and (5)''.
    (e) Treatment of Collectibles.--
            (1) In general.--Section 1222 is amended by inserting after 
        paragraph (11) the following new paragraph:
            ``(12) Special rule for collectibles.--
                    ``(A) In general.--Any gain or loss from the sale 
                or exchange of a collectible shall be treated as a 
                short-term capital gain or loss (as the case may be), 
                without regard to the period such asset was held. The 
                preceding sentence shall apply only to the extent the 
                gain or loss is taken into account in computing taxable 
                income.
                    ``(B) Treatment of certain sales of interests in 
                partnerships, etc.--For purposes of subparagraph (A), 
                any gain from the sale or exchange of an interest in a 
                partnership, S corporation, or trust which is 
                attributable to unrealized appreciation in the value of 
                collectibles held by such entity shall be treated as 
                gain from the sale or exchange of a collectible. Rules 
                similar to the rules of section 751(f) shall apply for 
                purposes of the preceding sentence.
                    ``(C) Collectible.--For purposes of this paragraph, 
                the term `collectible' means any capital asset which is 
                a collectible (as defined in section 408(m) without 
                regard to paragraph (3) thereof).''
            (2) Charitable deduction not affected.--
                    (A) Paragraph (1) of section 170(e) is amended by 
                adding at the end thereof the following new sentence: 
                ``For purposes of this paragraph, section 1222 shall be 
                applied without regard to paragraph (12) thereof 
                (relating to special rule for collectibles).''
                    (B) Clause (iv) of section 170(b)(1)(C) is amended 
                by inserting before the period at the end thereof the 
                following: ``and section 1222 shall be applied without 
                regard to paragraph (12) thereof (relating to special 
                rule for collectibles)''.
    (f) Technical and Conforming Changes.--
            (1) Section 1 is amended by striking subsection (h).
            (2) Subparagraph (E) of section 163(d)(4) is amended to 
        read as follows:
                    ``(E) Coordination with capital gains deduction.--
                The net capital gain taken into account under section 
                1203 for any taxable year shall be reduced (but not 
                below zero) by the amount which the taxpayer takes into 
                account as investment income under subparagraph 
                (B)(iii) for such year.''
            (3) Paragraph (1) of section 170(e) is amended by striking 
        ``the amount of gain'' in the material following subparagraph 
        (B)(ii) and inserting ``62 percent (100 percent in the case of 
        a corporation) of the amount of gain''.
            (4) Subparagraph (B) of section 172(d)(2) is amended to 
        read as follows:
                    ``(B) the exclusion under section 1202 and the 
                deduction under section 1203 shall not be allowed.''
            (5) The last sentence of section 453A(c)(3) is amended by 
        striking all that follows ``long-term capital gain,'' and 
        inserting ``the maximum rate on net capital gain under section 
        1201 or the deduction under section 1203 (whichever is 
        appropriate) shall be taken into account.''
            (6)(A) Section 641(d)(2)(A) is amended by striking ``Except 
        as provided in section 1(h), the'' and inserting ``The''.
            (B) Section 641(d)(2)(C) is amended by inserting after 
        clause (iii) the following new clause:
                            ``(iv) The deduction under section 1203.''
            (7) Paragraph (4) of section 642(c) is amended to read as 
        follows:
            ``(4) Adjustments.--To the extent that the amount otherwise 
        allowable as a deduction under this subsection consists of gain 
        from the sale or exchange of capital assets held for more than 
        1 year, proper adjustment shall be made for any exclusion 
        allowable under section 1202 and any deduction allowable under 
        section 1203 to the estate or trust. In the case of a trust, 
        the deduction allowed by this subsection shall be subject to 
        section 681 (relating to unrelated business income).''
            (8) Section 642 is amended by adding at the end the 
        following new subsection:
    ``(j) Capital Gains Deduction.--The deduction under section 1203 to 
an estate or trust shall be computed by excluding the portion (if any) 
of the gains for the taxable year which is includible by the income 
beneficiaries under sections 652 and 662 (relating to inclusions of 
amounts in gross income of beneficiaries of trusts) as gain derived 
from the sale or exchange of capital assets.''
            (9) The last sentence of section 643(a)(3) is amended to 
        read as follows: ``The exclusion under section 1202 and the 
        deduction under section 1203 shall not be taken into account.''
            (10) Subparagraph (C) of section 643(a)(6) is amended by 
        inserting ``(i)'' before ``there shall'' and by inserting 
before the period ``, and (ii) the deduction under section 1203 
(relating to capital gains deduction) shall not be taken into 
account''.
            (11) Paragraph (4) of section 691(c) is amended by striking 
        ``1(h),'' and by inserting ``1203,'' after ``1202,''.
            (12) The second sentence of paragraph (2) of section 871(a) 
        is amended by striking ``section 1202'' and inserting 
        ``sections 1202 and 1203''.
            (13)(A) Paragraph (2) of section 904(b) is amended by 
        striking subparagraphs (A) and (C), by redesignating 
        subparagraph (B) as subparagraph (A), and by inserting after 
        subparagraph (A) (as so redesignated) the following new 
        subparagraph:
                    ``(B) Other taxpayers.--In the case of a taxpayer 
                other than a corporation, taxable income from sources 
                outside the United States shall include gain from the 
                sale or exchange of capital assets only to the extent 
                of foreign source capital gain net income.''
            (B) Subparagraph (A) of section 904(b)(2), as so 
        redesignated, is amended--
                    (i) by striking all that precedes clause (i) and 
                inserting the following:
                    ``(A) Corporations.--In the case of a corporation--
                '', and
                    (ii) by striking in clause (i) ``in lieu of 
                applying subparagraph (A),''.
            (C) Paragraph (3) of section 904(b) is amended by striking 
        subparagraphs (D) and (E) and inserting the following new 
        subparagraph:
                    ``(D) Rate differential portion.--The rate 
                differential portion of foreign source net capital 
                gain, net capital gain, or the excess of net capital 
                gain from sources within the United States over net 
                capital gain, as the case may be, is the same 
                proportion of such amount as the excess of the highest 
                rate of tax specified in section 11(b) over the 
                alternative rate of tax under section 1201(a) bears to 
                the highest rate of tax specified in section 11(b).''
            (14) Paragraph (1) of section 1402(i) is amended by 
        inserting ``, and the deduction provided by section 1203 shall 
        not apply'' before the period at the end thereof.
            (15) Paragraph (1) of section 1445(e) is amended by 
        striking ``20 percent'' and inserting ``24.5 percent''.
            (16)(A) The second sentence of section 7518(g)(6)(A) is 
        amended--
                    (i) by striking ``during a taxable year to which 
                section 1(h) or 1201(a) applies'', and
                    (ii) by striking ``20 percent'' and inserting 
                ``24.5 percent''.
            (B) The second sentence of section 607(h)(6)(A) of the 
        Merchant Marine Act, 1936, is amended--
                    (i) by striking ``during a taxable year to which 
                section 1(h) or 1201(a) of such Code applies'', and
                    (ii) by striking ``20 percent'' and inserting 
                ``24.5 percent''.
    (g) Clerical Amendment.--The table of sections for part I of 
subchapter P of chapter 1 is amended by adding at the end the following 
new item:

                              ``Sec. 1203. Capital gains deduction.''
    (h) Effective Dates.--
            (1) In general.--Except as otherwise provided in this 
        subsection, the amendments made by this section shall apply to 
        taxable years beginning after December 31, 1998.
            (2) Withholding.--The amendments made by subsection (f)(15) 
        shall apply only to amounts paid after December 31, 1998.
            (3) Repeal of election.--Section 311 of the Taxpayer Relief 
        Act of 1997 is amended by striking subsection (e).
            (4) Coordination with prior transition rule.--Any amount 
        treated as long-term capital gain by reason of paragraph (3) of 
        section 1122(h) of the Tax Reform Act of 1986 shall not be 
        taken into account for purposes of applying section 1203 of the 
        Internal Revenue Code of 1986 (as added by this section).


Output: Capital Gains Tax Simplification Act of 1998 - Amends the Internal Revenue Code to provide that, if for any taxable year a non-corporate taxpayer has a net capital gain, 38 percent of such gain shall be a deduction from gross income regardless of whether or not the taxpayer itemizes other deductions.  Makes such deduction inapplicable to the alternative minimum tax.  Revises provisions concerning the maximum and the regular tax on net capital gain for purposes of the alternative minimum tax. 
Repeals the tax preference for exclusion for gains on the sale of certain small business stock. 
Treats, as a general rule, any gain or loss from the sale or exchange of a collectible as a short-term gain or loss without regard to the period the asset was held. 
Amends the Taxpayer Relief Act of 1997, with respect to maximum capital gains rates for individuals, to repeal the allowance of an election to recognize gain on assets held on January 1, 2001.