Page:United States Statutes at Large Volume 115 Part 1.djvu/116

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115 STAT. 94 PUBLIC LAW 107-16^JUNE 7, 2001 2032A(c)(7)(E) of the Internal Revenue Code of 1986 is barred by any law or rule of law, the refund or credit of such overpayment shall, nevertheless, be made or allowed if claim therefor is filed before the date 1 year after the date of the enactment of this Act. TITLE VI—PENSION AND INDIVIDUAL RETIREMENT ARRANGEMENT PROVI- SIONS Subtitle A—Individual Retirement Accounts SEC. 601. MODIFICATION OF IRA CONTRIBUTION LIMITS. (a) INCREASE IN CONTRIBUTION LIMIT.— 26 USC 219. (1) IN GENERAL. — Paragraph (1)(A) of section 219(b) (relating to maximum amount of deduction) is amended by striking "$2,000" and inserting "the deductible amount". (2) DEDUCTIBLE AMOUNT.— Section 219(b) is amended by adding at the end the following new paragraph: "(5) DEDUCTIBLE AMOUNT.— For purposes of paragraph (1)(A)— "(A) IN GENERAL.— The deductible amount shall be determined in accordance with the following table: "For taxable years The deductible beginning in: amount is: 2002 through 2004 $3,000 2005 through 2007 $4,000 2008 and thereafter $5,000. "(B) CATCH-UP CONTRIBUTIONS FOR INDIVIDUALS SO OR OLDER.— "(i) IN GENERAL.—In the case of an individual who has attained the age of 50 before the close of the taxable year, the deductible amount for such taxable year shall be increased by the applicable amount. "(ii) APPLICABLE AMOUNT.—For purposes of clause (i), the applicable amount shall be the amount determined in accordance with the following table: "For taxable years The applicable beginning in: amount is: 2002 through 2005 $500 2006 and thereafter $1,000. "(C) COST-OF-LIVING ADJUSTMENT.— "(i) IN GENERAL.— In the case of any taxable year beginning in a calendar year after 2008, the $5,000 amount under subparagraph (A) 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, determined by substituting 'calendar year 2007' for 'calendar year 1992' in subparagraph (B) thereof. "(ii) ROUNDING RULES.—I f any amount after adjustment under clause (i) is not a multiple of $500, such