Ill STAT. 824 PUBLIC LAW 105-34—AUG. 5, 1997 "(E) the amount of bonds issued during such year which are designated under subsection (d)(1) with respect to qualified zone academies within such State, the limitation amount for such State for the following calendar year shall be increased by the amount of such excess. "(f) OTHER DEFINITIONS.— For purposes of this section— "(1) CREDIT ALLOWANCE DATE.— The term 'credit allowance date' means, with respect to any issue, the last day of the 1-year period beginning on the date of issuance of such issue and the last day of each successive 1-year period thereafter. "(2) BOND. —The term 'bond' includes any obligation. "(3) STATE. — The term 'State' includes the District of Columbia and any possession of the United States. "(g) CREDIT INCLUDED IN GROSS INCOME. —Gross income includes the amount of the credit allowed to the taxpayer under this section.". (b) CONFORMING AMENDMENTS.— (1) The table of parts for subchapter U of chapter 1 is amended by striking the last item and inserting the following: "Part IV. Incentives for education zones. "Part V. Regulations.". (2) The table of sections for part V, as so redesignated, is amended to read as follows: "Sec. 1397F. Regulations.". 26 USC 1397E (c) EFFECTIVE DATE.— The amendments made by this section note. shall apply to obligations issued after December 31, 1997. TITLE III—SAVINGS AND INVESTMENT INCENTIVES Subtitle A—Retirement Savings SEC. 301. RESTORATION OF IRA DEDUCTION FOR CERTAIN TAX- PAYERS. (a) INCREASE IN INCOME LIMITS APPLICABLE TO ACTIVE PARTICI- PANTS.— (1) IN GENERAL. — Subparagraph (B) of section 219(g)(3) (relating to applicable dollar amount) is amended to read as follows: "(B) APPLICABLE DOLLAR AMOUNT.— The term 'applicable dollar amount' means the following: "(i) In the case of a taxpayer filing a joint return: The applicable Tor taxable years beginning in: dollar amount is: 1998 $50,000 1999 $51,000 2000 $52,000 2001 $53,000 2002 $54,000 2003 $60,000 2004 $65,000 2005 $70,000 2006 $75,000 2007 and thereafter $80,000.
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