Source: https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section68&num=0&edition=prelim
Timestamp: 2019-08-22 12:08:00
Document Index: 87110060

Matched Legal Cases: ['§ 68', '§11103', '§13201', '§4004', '§103', '§101', '§11002', '§401', '§11002', '§101', '§13201', '§11046', '§103', '§4004']

[USC02] 26 USC 68: Overall limitation on itemized deductions
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26 USC 68: Overall limitation on itemized deductions Text contains those laws in effect on August 21, 2019
In the case of an individual whose adjusted gross income exceeds the applicable amount, the amount of the itemized deductions otherwise allowable for the taxable year shall be reduced by the lesser of-
For purposes of this section, the term "applicable amount" means-
In the case of any taxable year beginning in calendar years after 2013, each of the dollar amounts under subparagraphs (A), (B), and (C) of paragraph (1) shall be increased by an amount equal to-
For purposes of this section, the term "itemized deductions" does not include-
(Added Pub. L. 101–508, title XI, §11103(a), Nov. 5, 1990, 104 Stat. 1388–406 ; amended Pub. L. 103–66, title XIII, §§13201(b)(3)(E), 13204, Aug. 10, 1993, 107 Stat. 459 , 462; Pub. L. 105–277, div. J, title IV, §4004(b)(2), Oct. 21, 1998, 112 Stat. 2681–911 ; Pub. L. 107–16, title I, §103(a), June 7, 2001, 115 Stat. 44 ; Pub. L. 112–240, title I, §101(b)(2)(A), Jan. 2, 2013, 126 Stat. 2316 ; Pub. L. 115–97, title I, §§11002(d)(2), 11046(a), Dec. 22, 2017, 131 Stat. 2061 , 2088; Pub. L. 115–141, div. U, title IV, §401(a)(33), Mar. 23, 2018, 132 Stat. 1186 .)
2018-Subsec. (b)(2). Pub. L. 115–141 substituted "shall be" for "shall be shall be" in introductory provisions.
2017-Subsec. (b)(2)(B). Pub. L. 115–97, §11002(d)(2), substituted "1(f)(3)(A)(ii)" for "1(f)(3)(B)" and "2016" for "1992".
2013-Subsec. (b). Pub. L. 112–240, §101(b)(2)(A)(i), added subsec. (b) and struck out former subsec. (b). Prior to amendment, text read as follows:
"(1) In general.-For purposes of this section, the term 'applicable amount' means $100,000 ($50,000 in the case of a separate return by a married individual within the meaning of section 7703).
"(2) Inflation adjustments.-In the case of any taxable year beginning in a calendar year after 1991, each dollar amount contained in paragraph (1) shall be increased by an amount equal to-
2001-Subsecs. (f), (g). Pub. L. 107-16 added subsecs. (f) and (g).
1998-Subsec. (c)(3). Pub. L. 105–277 substituted "for casualty or theft losses described in paragraph (2) or (3) of section 165(c) or for losses described in section 165(d)" for "for losses described in subsection (c)(3) or (d) of section 165".
1993-Subsec. (b)(2)(B). Pub. L. 103–66, §13201(b)(3)(E), substituted "1992" for "1989".
Pub. L. 115–97, title I, §11046(b), Dec. 22, 2017, 131 Stat. 2088 , provided that: "The amendments made by this section [amending this section] shall apply to taxable years beginning after December 31, 2017."
Pub. L. 107–16, title I, §103(b), June 7, 2001, 115 Stat. 45 , provided that: "The amendment made by this section [amending this section] shall apply to taxable years beginning after December 31, 2005."
Pub. L. 105–277, div. J, title IV, §4004(c)(3), Oct. 21, 1998, 112 Stat. 2681–911 , provided that: "The amendment made by subsection (b)(2) [amending this section] shall apply to taxable years beginning after December 31, 1990."