Working Americans Affordability Tax Credit Act

(a) Short title. This Act may be cited as the Working Americans Affordability Tax Credit Act.

(b) Amendment of 1986 Code. Except as otherwise expressly provided, whenever in this Act 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.

(c) Table of contents. The table of contents of this Act is as follows: Sec. 1. Short title; amendment of 1986 Code; table of contents.Title I—Affordability tax creditSec. 101. Affordability tax credit.Title II—Elimination of deferral for applicable taxpayersSec. 201. Elimination of deferral of tax.Sec. 202. Carryback of capital losses attributable to mark-to-market rules.Title III—Application of other provisions to applicable taxpayers and entitiesSubtitle A—IndividualsSec. 301. Applicable taxpayers not eligible for adjusted gross income limitation on net investment tax.Sec. 302. Treatment of covered expatriates.Subtitle B—Rules for applicable entities and trustsSec. 311. Treatment of like-kind exchanges by applicable entities.Sec. 312. Treatment of transfers by applicable entities in exchange for stock.Sec. 313. Special rules for applicable trusts.Subtitle C—Treatment of deferred compensation and certain life insurance and annuity contractsSec. 321. Elimination of deferral of tax on certain compensation.Sec. 322. Rules relating to certain life insurance and annuity contracts of applicable taxpayers.Subtitle D—Repeal of special treatment for certain investmentsSec. 331. Treatment of exclusion for certain small business stock.Sec. 332. Modifications for investments in qualified opportunity funds.