26 USC 68 - Overall limitation on itemized deductions
(a) General rule
In the case of an individual whose adjusted gross income exceeds the applicable amount, the amount of the itemized deductions otherwise allowable for the taxable year shall be reduced by the lesser of
In the case of an individual whose adjusted gross income exceeds the applicable amount, the amount of the itemized deductions otherwise allowable for the taxable year shall be reduced by the lesser of
(1) 3 percent of the excess of adjusted gross income over the applicable amount, or
(2) 80 percent of the amount of the itemized deductions otherwise allowable for such taxable year.
(b) Applicable amount
(1) In general
For purposes of this section, the term applicable amount means $100,000 ($50,000 in the case of a separate return by a married individual within the meaning of section 7703).
For purposes of this section, the term applicable amount means $100,000 ($50,000 in the case of a separate return by a married individual within the meaning of section 7703).
(2) Inflation adjustments
In the case of any taxable year beginning in a calendar year after 1991, each dollar amount contained in paragraph (1) shall be increased by an amount equal to
In the case of any taxable year beginning in a calendar year after 1991, each dollar amount contained in paragraph (1) shall be increased by an amount equal to
(A) such dollar amount, multiplied by
(c) Exception for certain itemized deductions
For purposes of this section, the term itemized deductions does not include
For purposes of this section, the term itemized deductions does not include
(1) the deduction under section 213 (relating to medical, etc. expenses),
(d) Coordination with other limitations
This section shall be applied after the application of any other limitation on the allowance of any itemized deduction.
This section shall be applied after the application of any other limitation on the allowance of any itemized deduction.
(e) Exception for estates and trusts
This section shall not apply to any estate or trust.
This section shall not apply to any estate or trust.
(f) Phaseout of limitation
(1) In general
In the case of taxable years beginning after December 31, 2005, and before January 1, 2010, the reduction under subsection (a) shall be equal to the applicable fraction of the amount which would (but for this subsection) be the amount of such reduction.
In the case of taxable years beginning after December 31, 2005, and before January 1, 2010, the reduction under subsection (a) shall be equal to the applicable fraction of the amount which would (but for this subsection) be the amount of such reduction.
(2) Applicable fraction
For purposes of paragraph (1), the applicable fraction shall be determined in accordance with the following table:
For purposes of paragraph (1), the applicable fraction shall be determined in accordance with the following table:
(g) Termination
This section shall not apply to any taxable year beginning after December 31, 2009.
This section shall not apply to any taxable year beginning after December 31, 2009.