DEDUCTION LIMITS FOR MULTIEMPLOYER PLANS.

SEC. 802. DEDUCTION LIMITS FOR MULTIEMPLOYER PLANS.(a) Increase in Deduction.—Section 404(a)(1)(D) of the Internal Revenue Code of 1986, as amended by this Act, is amended to read as follows:“(D) Amount determined on basis of unfunded current liability.—In the case of a defined benefit plan which is a multiemployer plan, except as provided in regulations, the maximum amount deductible under the limitations of this paragraph shall not be less than the excess (if any) of—“(i) 140 percent of the current liability of the plan determined under section 431(c)(6)(C), over120 STAT. 996“(ii) the value of the plan’s assets determined under section 431(c)(2).”.(b) Effective Date.—The amendment made by subsection (a) shall apply to years beginning after December 31, 2007.