PUBLIC LAW 99-514—OCT. 22, 1986
100 STAT. 2085
Public Law 99-514 99th Congress An Act To reform the internal revenue laws of the United States.
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Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, Tax Reform Act
of 1986. 26 USC 1 et seq.
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) SHORT TITLE.—This Act may be cited as the "Tax Reform Act of
1986". (b) TABLE OF CONTENTS.— "
Sec. Sec. Sec. Sec.
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TITLE I-INDIVIDUAL INCOME TAX PROVISIONS
Subtitle A—Rate Reductions; Increase in Standard Deduction and Personal Exemptions 101. Rate reductions. 102. Increase in standard deduction. 103. Increase in personal exemptions. 104. Technical amendments.
Subtitle B—Provisions Related to Tax Credits Sec. 111. Increase in earned income credit. Sec. 112. Repeal of credit for contributions to candidates for public office. Subtitle C—Provisions Related to Exclusions Sec. 121. Taxation of unemployment compensation. Sec. 122. Prizes and awards. Sec. 123. Scholarships. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec. Sec.
Subtitle D—Provisions Related to Deductions 131. Repeal of deduction for 2-earner married couples. 132. 2-percent floor on miscellaneous itemized deductions. 133. Medical expense deduction limitation increased. 134. Repeal of deduction for State and local sales tax. 135. Repeal of deduction for adoption expenses.
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Subtitle E—Miscellaneous Provisions 141. Repeal of income averaging. 142. Limitations on deductions for meals, travel, and entertainment. 143. Changes in treatment of hobby loss, etc. 144. Deduction for mortgage interest and real property taxes allowable where parsonage allowance or military housing allowance received. Subtitle F—Effective Dates
Sec. 151. Effective dates. TITLE II-PROVISIONS RELATING TO CAPITAL COST Subtitle A—Depreciation Provisions Sec. 201. Modification of accelerated cost recovery system. Sec. 202. Expensing of depreciable assets. Sec. 203. Effective dates; general transitional rules.
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Subtitle B—Repeal of Regular Investment Tax Credit Sec. 211. Repeal of regular investment tax credit. Sec. 212. Effective 15-year carryback of existing carryforwards of steel companies. Sec. 213. Effective 15-year carryback of existing carryforwards of qualified farmers.
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