PUBLIC LAW 104^7—APR. 11, 1995 109 STAT. 93 Public Law 104-7 104th Congress An Act To amend the Internal Revenue Code of 1986 to permanently extend the deduction for the health insurance costs of self-employed individuals, to repeal the provision Apr. 11, 1995 permitting nonrecognition of gain on sales and exchanges effectuating policies [HR 831] of the Federal Communications Commission, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. PERMANENT EXTENSION AND INCREASE OF DEDUCTION FOR HEALTH INSURANCE COSTS OF SELF-EMPLOYED INDIVIDUALS. (a) PERMANENT EXTENSION.—Subsection (1) of section 162 of the Internal Revenue Code of 1986 (relating to special rules for health insurance costs of self-employed individuals) is amended by striking paragraph (6). (b) INCREASE IN DEDUCTION. —Paragraph (1) of section 162(1) of the Internal Revenue Code of 1986 is amended by striking "25 percent" and inserting "30 percent". (c) EFFECTIVE DATES. — 26 USC i62 note. (1) EXTENSION. — The amendment made by subsection (a) shall apply to taxable years beginning after December 31, 1993. (2) INCREASE.— The amendment made by subsection (b) shall apply to taxable years beginning after December 31, 1994. SEC. 2. REPEAL OF NONRECOGNITION ON FCC CERTIFIED SALES AND EXCHANGES. (a) IN GENERAL. — Subchapter O of chapter 1 of the Internal Revenue Code of 1986 is amended by striking part V (relating 26 USC 1071. to changes to effectuate FCC policy). (b) CONFORMING AMENDMENTS.— Sections 1245(b)(5) and 1250(d)(5) of the Internal Revenue Code of 1986 are each amended— (1) by striking "section 1071 (relating to gain from sale or exchange to effectuate polices of FCC) or", and (2) by striking "i07i AND" in the heading thereof (c) CLERICAL AMENDMENT. — The table of parts for such sub- 26 USC prec. chapter O is amended by striking the item relating to part V. lOOl. (d) EFFECTIVE DATE.— 26 USC io7i (1) IN GENERAL. — The amendments made by this section note, shall apply to— (A) sales and exchanges on or after January 17, 1995, and (B) sales and exchanges before such date if the FCC tax certificate with respect to such sale or exchange is issued on or after such date. (2) BINDING CONTRACTS. —
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