Provides that income averaging for farmers and fishermen shall not increase their alternative minimum tax liability.
Permits small taxpayers (with gross annual receipts averaging $5 million or less) to use the cash accounting method without limitation.
Makes permanent the tax credit for increasing research activities.
Allows a taxpayer a deduction of up to 50 percent of any qualified timber gain, subject to a formula, for partial inflation adjustment.
Decreases from 84 to 60 months the amortization period for reforestation expenditures and the reforestation tax credit.
Allows an individual a tax credit for 20 percent (up to $2,000) of the amount paid or incurred for qualified energy efficiency improvements installed during the taxable year.
Allows a business a tax credit of up to $2,000 of the aggregate adjusted bases of all energy efficient property installed in a qualified new energy efficient home during construction.
Repeals the Federal communications excise tax.
Allows a corporation a tax credit for 50 percent of the qualified computer technology and equipment donations it made to elementary and secondary schools during the taxable year.