110 STAT. 1758 PUBLIC LAW 104-188—AUG. 20, 1996 Sec. 1902. Comparable penalties for failure to file return relating to transfers to foreign entities. Sec. 1903. Modifications of rules relating to foreign trusts having one or more United States beneficiaries. Sec. 1904. Foreign persons not to be treated as owners under grantor trust rules. Sec. 1905. Information reporting regarding foreign gifts. Sec. 1906. Modification of rules relating to foreign trusts which are not grantor trusts. Sec. 1907. Residence of trusts, etc. Subtitle J—Generalized System of Preferences Sec. 1951. Short title. Sec. 1952. Generalized System of Preferences. Sec. 1953. Effective date. Sec. 1954. Conforming amendments. TITLE II—PAYMENT OF WAGES Sec. 2101. Short title. Sec. 2102. Proper compensation for use of employer vehicles. Sec. 2103. Effective date. Sec. 2104. Minimum wage increase. Sec. 2105. Fair Labor Standards Act Amendments. TITLE I—SMALL BUSBVESS AND OTHER TAX PROVISIONS SEC. 1101. AMENDMENT OF 1986 CODE. Except as otherwise expressly provided, whenever in this title 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. 26 USC 6654 SEC. 1102. UNDERPAYMENTS OF ESTIMATED TAX. No addition to the tax shall be made under section 6654 or 6655 of the Internal Revenue Code of 1986 (relating to failure to pay estimated tax) with respect to any underpayment of an installment required to be paid before the date of the enactment of this Act to the extent such underpayment was created or increased by any provision of this title. Subtitle A—Expensing; Etc. SEC. 1111. INCREASE IN EXPENSE TREATMENT FOR SMALL BUSINESSES. 26 USC 179. (a) GENERAL RULE.—Paragraph (1) of section 179(b) (relating to dollar limitation) is amended to read as follows: "(1) DOLLAR LIMITATION.—The aggregate cost which may be taken into account under subsection (a) for any taxable year shall not exceed the following applicable amount: "If the taxable year The applicable begins in: amount is: 1997 18,000 1998 18,500 1999 19,000 2000 20,000 2001 or 2002 24,000 2003 or thereafter 25,000. ". 26 USC 179 note. (b) EFFECTIVE DATE. —The amendment made by subsection (a) shall apply to taxable years beginning after December 31, 1996.
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