United States · United States Congress · 10 June 1988
College Savings Bond Act of 1988 - Authorizes the Secretary of the Treasury to issue college savings bonds in the interest of encouraging long-term savings for postsecondary education. Amends the Internal Revenue Code to exclude from the gross income of an individual any interest on college savings bonds to the extent these proceeds are used to pay the qualified educational expenses (tuition, fees, books, supplies, reasonable living expenses) of the taxpayer, spouse, child, or dependent at an institution of higher education, including a postsecondary vocational school. Decreases the permissible exclusion for taxpayers having adjusted gross income above $60,000, allowing no exclusion if income exceeds $80,000.
United States · United States Congress · 25 May 1988
Manassas National Battlefield Park Amendments of 1988 - Provides for the acquisition of additional lands for the Manassas National Battlefield Park in Virginia. Requires the Secretary of the Interior to cooperate with the Commonwealth of Virginia to promote the scenic preservation of views from within the park. Authorizes appropriations for the construction of a highway in the vicinity of the park. Limits to 50 percent the Federal share of the cost of construction of such highway.
United States · United States Congress · 31 March 1988
Technical Corrections Act of 1988 - Title I: Technical Corrections to Tax Reform Act of 1986 - Makes a technical adjustment to an assessment rule applicable when the owner of a large amount of cash is not identified. Revises the rate of the accumulated earnings tax on corporations from a variable rate based on income below and in excess of $100,000 to a flat 28 percent of accumulated taxable income. Makes a technical amendment relating to the exemption of certain individuals from the requirement to file an income tax return. States that reimbursement by a third party (rather than by an employer) shall not affect the permissibility of the tax deduction for reimbursed employee expenses. Revises the definition of "exempt function" in the context of taxation of political organizations. Amends Internal Revenue Code (IRC) and Social Security Act provisions relating to nonresident aliens temporarily in the United States for the purpose of studying at vocational or other recognized nonacademic institutions. Deletes provisions describing the treatment of Social Security benefits for purposes of defining earned income. Amends provisions relating to the two percent floor on miscellaneous itemized deductions to: (1) add provisions concerning the coordination of such limitation with the limitation on the tax deduction for trade and business expenses; and (2) revise the determination of adjusted gross income of estates and trusts with respect to such limitation. Adds provisions relating to the deductibility of meal and entertainment expenses incurred during a move reimbursed by an employer. Limits the tax deduction of expenses in connection with portions of dwelling units allocated to business uses. Amends provisions governing the computation of the earnings and profits of certain foreign corporations for purposes of determining the effect of depreciation on such earnings and profits. Amends the IRC with regard to the application of the accelerated cost recovery system (ACRS) in cases of: (1) certain property placed in service in churning transactions; (2) certain transfers; and (3) certain property subject to U.S. tax and used by a foreign person or entity. Permits greater taxpayer discretion in using the 150 percent declining balance method of depreciation for ACRS purposes and specifies the applicable recovery period to be used in such cases. Terminates special rules for the tax treatment of sound recordings for property placed in service after 1985. Makes other technical amendments and corrections relating to provisions: (1) modifying the ACRS; and (2) limiting expensing of depreciable assets. Revises Tax Reform Act (TRA) provisions that specify effective dates of new law. Makes technical amendments and corrections to a number of transitional rules provided in the TRA with respect to urban renovation projects. Makes technical amendments and corrections to the Tax Reform Acts of both 1986 and 1984 concerning property treated under prior tax Acts. Adds a number of projects to those covered under special transitional rules. Amends the TRA concerning the applicability of modifications of the ACRS to a number of specific properties. Makes technical amendments and corrections to IRC and TRA provisions relating to transition property with respect to the former regular investment tax credit. Adds: (1) an exception to the application of certain adjustment rules relating to such credit; and (2) a number of properties to be considered as transition property. Makes technical revisions of the ordering rules in connection with components of the investment credit and certain credits no longer extant for purposes of the general business credit. Makes technical amendments to TRA provisions relating to the effective 15-year carryback of existing carryforwards of steel companies. Establishes rule criteria to apply to overpayments under this section. Amends the IRC special rule governing a pass-through of the income tax research credit. Amends the IRC to disallow use of any depreciation deduction with respect to: (1) any trademark or trade name expenditure; or (2) any railroad grading or tunnel bore. Makes technical amendments and corrections to TRA provisions relating to the modification of the investment tax credit for certain rehabilitation expenditures. Makes technical amendments to the IRC with respect to the low-income housing credit, including: (1) amendments of special rules for nontaxable transfers; (2) the addition of an exception to rules governing basis reduction for certain residential rental units; (3) the exclusion from the eligible basis of a building of amounts deducted for depreciation; (4) the addition of provisions applicable to rent-restricted units in cases when Federal rental assistance is reduced as a tenant's income increases; (5) provisions relating to limitations on the aggregate credit allowable with respect to projects located in a State; (6) a prohibition of any carryback of the credit before 1987; and (7) a revision of the definition of "qualified low-income housing project" to include, under certain circumstances, residential rental property having units occupied by persons making de minimis equity contributions. Corrects a reference in the Merchant Marine Act, 1936. Makes technical amendments and corrections to IRC and TRA provisions relating to capital gains. Revises: (1) the description of taxable income from foreign sources for capital gains purposes; (2) the definition of a "capital gains rate differential" and its applicability to the calculation of the bad debt reserves of certain financial institutions; (3) a special rule relating to the withholding of tax on dispositions of U.S. real property interests by domestic partnerships, trusts, or estates; and (4) provisions dealing with incentive stock options. Makes technical amendments to the TRA and the IRC to revise and limit the tax exclusion for the discharge of qualified farm indebtedness and to provide for its coordination with other tax exclusions. Makes a technical amendment relating to the taxation of capital gains from dispositions of interests in oil, gas, geothermal, or other mineral properties. Makes technical amendments and corrections to the IRC and the TRA with respect to tax shelter and interest limitations, revising provisions relating to: (1) methods of accounting, including revisions of the phase-in of the disallowance of passive activity losses or credits held before the date of enactment of the Tax Reform Act of 1986 (October 22, 1986); (2) the definition of a "qualified investor" for purposes of the transitional rule for interests in low-income housing projects; (3) the phase-in of the limitation on investment interest; and (4) determinations of indebtedness for purposes of the personal interest disallowance, including provisions related to qualified residence interest. Makes technical amendments and corrections to TRA and IRC corporate tax provisions. Revises the percentage to be used in computing the deduction for dividends received from certain foreign sales corporations. Includes amendments relating to: (1) the reduction of corporate shareholders' basis in stock by the nontaxed portion of extraordinary dividends; (2) the limitation on net operating loss carryforwards and certain built-in losses following a change in corporate ownership, including provisions relating to built-in gains and gains attributable to stock acquisitions (section 338 gains), rules relating to constructive stock ownership, and provisions applicable when the old loss corporation is in a title 11 or similar proceeding; and (3) recognition of gain and loss on distributions of property in corporate liquidations. Restructures IRC provisions dealing with transfers of partnership and trust interests by corporations. Makes technical amendments relating to: (1) transfers of property from the United States to foreign corporations; (2) sales or exchanges of stock in certain foreign corporations; (3) accounting provisions in connection with distributions of installment obligations by an S corporation in complete liquidation; and (4) the taxation of C corporations that elect subchapter S status, including revisions of provisions dealing with the tax imposed when passive investment income exceeds 25 percent of the gross receipts of certain S corporations. Adds to the IRC provisions dealing with special allocation rules for certain partnership transactions. Makes technical amendments and corrections concerning: (1) the definition of "related persons" with respect to the installment method of accounting; (2) the treatment of amortizable bond premium as interest; (3) certain entities not to be treated as corporations, including a special rule for persons holding income interests; and (4) the taxation generally of regulated investment companies and their shareholders, including changes of definitions and revisions of the excise tax on undistributed income of such companies. Makes technical amendments to TRA and IRC provisions with respect to real estate investment trusts, including: (1) provisions specifying asset and income requirements; (2) certain definitions; (3) distribution requirements; and (4) the excise tax on undistributed income of such trusts. Makes technical amendments to IRC provisions dealing with the taxation of real estate mortgage investment conduits (REMICs). Imposes a 34 percent tax on a REMIC's net income from foreclosure property. Reduces the amount of taxable income of a REMIC by the amount of such tax. Imposes a tax on contributions to a REMIC after the startup day in an amount equal to the amount of the contribution. Permits specified exceptions. Imposes a 15 percent tax on: (1) any transfer of a residual interest in a REMIC to a disqualified organization (certain political entities, tax-exempt organizations, and rural utility cooperatives); and (2) a pass-through entity if a disqualified organization is the record holder of an interest in the entity at any time during the year. Makes corrections to TRA and IRC rules for accruing the original discount on regular interests and similar debt instruments. Amends the TRA to direct the Secretary of the Treasury (Secretary) to: (1) study the operation of these REMIC-related amendments and their impact on the competitiveness of savings and loan and similar institutions; and (2) report the results to specified congressional committees by January 1, 1990. Makes technical amendments and corrections to IRC provisions with respect to the alternative minimum tax, including provisions relating to: (1) the phase-out of the exemption amount with respect to married individuals filing separate returns; (2) the treatment of taxes on dividends from Puerto Rico and U.S. possession corporations; (3) adjustments applicable to taxpayers in computing alternative minimum taxable income, including disallowance of the standard deduction and the deduction for personal exemptions in calculations to determine the taxable income of noncorporate taxpayers; (4) tax preference items; (5) the denial of certain losses and the determination of their amount; and (6) transitional provisions. Revises provisions limiting the amount of the general business tax credit. Amends accounting provisions of the TRA and the IRC. Directs the Secretary to prescribe regulations as necessary to prevent the use of related parties, pass-through entities, or intermediaries to evade certain limitations on the use of the cash method of accounting. Includes technical amendments of provisions relating to: (1) the special rule for the spudding of oil or gas wells; (2) capitalization and inclusion in inventory costs of certain expenses; (3) accounting methods for long-term contracts, including the addition of provisions permitting the Secretary to prescribe a simplified procedure for allocation of costs in certain cases and a prohibition against applying the look-back method to certain contracts; (4) the taxable years of certain entities, such as partnerships and common trust funds; (5) allocation of installment indebtedness, including provisions dealing with dispositions of personal property under revolving credit plans and installment obligations arising out of certain stock or securities sales; (6) disallowance of the use of the installment method of accounting for certain obligations; and (7) income attributable to utility services. Makes technical amendments and corrections to TRA and IRC provisions concerning financial institutions. Includes amendments with respect to: (1) the credit for investment in certain depreciable property in cases when the mutual savings bank or other financial institution is a lessee; (2) the tax deduction for bad debt reserves of banks; (3) the pro rata allocation of interest expense to tax-exempt interest; and (4) the treatment of losses on deposits or accounts in insolvent financial institutions, including provisions allowing an institution whose deposits are not insured under Federal law to elect to treat losses on account of its bankruptcy or insolvency as ordinary losses. Amends the IRC to state that charitable gift annuities (those owned by an individual who made a tax-deductible charitable contribution to the annuities' issuer) are not commercial-type insurance for purposes of determining the tax-exempt status of organization. Directs the Secretary of the Treasury to revise the tables used to determine the amount of a charitable contribution to reflect interest rates and recent mortality experience. Makes technical amendments to the TRA and IRC with respect to insurance products and companies. Includes amendments relating to: (1) phase-in provisions for insurance companies whose income is now taxable but was not previously subject to taxation; (2) the treatment of certain dividends and interest; (3) the discounting of unpaid losses and certain unpaid expenses; (4) the alternative tax for certain small companies; and (5) adjustments of the shareholders surplus account when alternative minimum tax is imposed. Amends provisions of the Tax Reform Act of 1984 that permit a mutual life insurance company to elect to treat individual noncancellable accident and health policies as cancellable. Amends IRC and TRA provisions dealing with limitation and nondiscrimination requirements applicable to pensions and deferred compensation plans. Includes amendments relating to: (1) the treatment of married individuals filing separate returns and living apart for purposes of the limitation on the deduction for qualified retirement contributions; (2) nondeductible contributions to individual retirement plans, including the institution of a $50 penalty for failure to report designated nondeductible contributions; (3) distributions on deferrals in excess of the $7,000 limitation on the exclusion from gross income; (4) adjustments to limitations on contributions and benefits under qualified plans; (5) modifications of provisions governing tax-deferred compensation plans of State and local governments and of tax-exempt organizations; (6) special rules for simplified employee pensions (SEPs), including a technical amendment to the Social Security Act and a new provision prohibiting employee election of a salary reduction arrangement in cases when the SEP does not meet the requirements necessary to ensure the distribution of excess contributions; (7) the application of nondiscrimination rules to integrated plans; (8) minimum employee coverage requirements for qualified plans, including new provisions to address employers having only highly compensated employees; (9) minimum vesting requirements, including technical amendments of the Employee Retirement Income Security Act of 1974 (ERISA); (10) certain definitions; (11) cash or deferred arrangements, including new provisions to govern distributions upon the termination of a plan or the disposition of either a corporation's assets or its interest in a subsidiary; and (12) nondiscrimination requirements for employer matching contributions, employee contributions, and tax-sheltered annuities. Amends TRA and IRC provisions dealing with the treatment of distributions and various other aspects of pensions and deferred compensation plans. Includes technical amendments and corrections with respect to: (1) the taxation of distributions, including revisions of special rules for partial distributions; (2) the additional tax on early distributions from qualified retirement plans, including the repeal of provisions triggering additional tax when an employee receives certain distributions before reaching age 59 1/2; (3) the class of taxpayers permitted to elect to treat certain lump-sum distributions received in 1987 as if they were received in 1986; (4) the tax on nondeductible contributions to qualified employer plans; (5) the excise tax on the reversion of qualified plan assets to an employer, including revisions relating to employee stock ownership plans; (6) the excise tax on excess distributions from qualified retirement plans, including an addition to the rules for computing excess retirement accumulation; and (7) the tax treatment of the Federal Thrift Savings Fund. Makes technical amendments to the Retirement Equity Act of 1984 and to ERISA. Makes technical amendments and corrections to TRA and IRC provisions relating to employee benefits and employee stock ownership plans (ESOPs). Includes amendments with respect to: (1) the loss of the tax-exempt status of any organization that is part of a plan failing to meet certain requirements; (2) cafeteria plans; (3) technical amendments of the Social Security Act; (4) the definition of the terms "wages" and "compensation" for certain purposes; (5) taxes relating to funded welfare benefit plans, including the imposition of a new excise tax on funds that include discriminatory employee benefit plans; (6) additional requirements for certain tax-exempt organizations; (7) the deductibility of the health insurance costs of self-employed individuals; (8) the employee tax exclusion of amounts paid by an employer for dependent care assistance; (9) the estate tax deduction for proceeds from sales of employer securities; (10) loans used to acquire employer securities, including provisions relating to the period of applicability of the exclusion of interest on such securities acquisitions loans; and (11) qualification requirements for ESOPs. Makes technical amendments and corrections to foreign tax provisions of the TRA and the IRC. Includes amendments relating to: (1) limitations on the foreign tax credit, including a definition of "financial services income" for purposes of such limitations; (2) source rules for personal property sales, including the addition of a special rule for certain stock sales by residents of Puerto Rico; (3) the treatment of gain from the sale of stock of a foreign corporation when the gain would ordinarily be sourced in the United States but, pursuant to a treaty obligation of the United States, the taxpayer chooses to treat the gain as foreign source income; (4) the tax exemption of certain transportation-related income of foreign corporations; (5) income from U.S. sources with respect to companies meeting foreign business requirements; (6) rules for allocating interest to foreign source income, including revisions to phase-in rules; (7) the taxation of income earned through foreign corporations, including special rules for certain captive insurance companies and for determining the earnings and profits of a controlled foreign corporation for purposes of computing amounts to be included in the gross income of U.S. shareholders; (8) a new provision requiring certain shareholders in foreign corporations to file information returns; (9) subpart F income generally (types of income particularly suited to tax haven activity); (10) deductions for dividends received from certain foreign corporations; (11) the disposition of investment in U.S. real property; (12) certain passive foreign investment companies, including the interest charge on tax deferrals, the treatment of qualified electing funds, and a special rule for the treatment of certain foreign corporations owning at least 25 percent stock in a domestic corporation; (13) the branch profits tax on foreign corporations; (14) exemptions from the excise tax on policies issued by foreign insurers; (15) the treatment of deferred payments and appreciation arising out of business conducted by foreign corporations or by nonresident aliens within the United States; (16) withholding tax on foreign partners' share of a partnership's "effectively connected taxable income"; (17) income of foreign governments, including the addition of limitations on the tax exclusion from gross income of certain employees; (18) the treatment of losses of separate business units of dual residence corporations; (19) foreign currency transactions, including provisions for determining foreign taxes and the earnings and profits of foreign corporations; (20) tax treatment of the Virgin Islands (V.I.), including provisions for the coordination of U.S. and V.I. income taxes; (21) the addition of provisions relating to the coordination of U.S. treaty obligations, amendments made by the TRA, and technical corrections effected by this Act; (22) taxation of domestic international sales corporation (DISC) income to tax-exempt shareholders; and (23) treatment of shared foreign sales corporations. Makes technical amendments and corrections to TRA and IRC provisions with respect to tax-exempt bonds. Includes amendments relating to: (1) various types of State and local bonds, including qualified small issue bonds, qualified student loan bonds; and qualified 501(c)(3) bonds; (2) requirements applicable to certain private bonds, such as issues of scholarship funding bonds and volunteer fire department bonds; (3) arbitrage rebate requirements and refunding bond provisions with respect to governmental units issuing $5,000,000 or less of bonds; (4) the definition of "investment property" for arbitrage bond purposes; (5) provisions, including transitional rules, relating to refundings and to the volume cap; (6) termination of the mortgage bond policy statement requirement; (7) provisions relating to certain established State programs, including a technical amendment of the Mortgage Subsidy Bond Tax Act of 1980; and (8) transitional rules for specific facilities. Enacts into positive law a specified Treasury Regulation governing amounts held in a sinking fund for a bond issue. Makes technical amendments and corrections to IRC and TRA provisions dealing with the income taxation of trusts and estates, including provisions relating to: (1) reversionary interests; (2) charitable remainder trust beneficiaries; and (3) an exception for charitable trusts, private foundations, and certain estates and trusts from the penalty tax for failure to pay estimated income tax. Makes technical amendments and corrections of the IRC and TRA relating to the unearned income of minor children, including new provisions addressing the alternative minimum tax. Makes technical amendments and corrections to IRC and TRA provisions with respect to the generation-skipping transfer tax, including provisions concerning: (1) special rules for determining the inclusion ratio for charitable lead annuity trusts, certain inter vivos transfers, and certain direct skips that are nontaxable gifts; (2) disregard of certain support obligations arising under State law when determining a person's interest in a trust; and (3) special rules governing certain transfers to grandchildren. Makes technical amendments and corrections to compliance and tax administration sections of the TRA and the IRC, including amendments relating to: (1) the penalty for tax underpayment due to negligence and fraud; and (2) reporting requirements applicable to real estate transactions, including provisions excluding certain farm managers from the definition of "broker" and prohibiting a real estate reporting person from separately charging a customer for making certain required filings. Creates an exception from information reporting requirements for certain classified and confidential contracts between a Federal executive agency and another person. Declares that certain salary recommendations submitted by the President for special trial judges shall not be effective to the extent such salaries are not equal to 90 percent of the rate for Tax Court judges and are not paid in the same installments as Tax Court judges' salaries. Makes technical amendments and corrections to TRA and IRC provisions with respect to retirement pay for U.S. Tax Court judges. Amends provisions of the IRC relating to tax administration. Revises levy exemptions related to service-connected disability payments to: (1) remove the exemption for certain veterans' life insurance benefits; and (2) add exemptions for wartime and peacetime death compensation, burial benefits, and dependency and indemnity compensation for service-connected deaths. Includes the refundable earned income credit in deficiency assessments. Makes technical amendments and corrections to TRA and IRC provisions with respect to the tax-exempt status of certain title holding corporations or trusts (an exception initiated by the TRA). Makes other technical amendments and corrections to TRA and IRC provisions, including amendments relating to the excise tax on gasoline. Increases the rate of the gasoline tax on gasoline used to produce gasohol. Makes technical amendments and corrections to the IRC and to the Tax Reform Acts of both 1984 and 1986 relating to: (1) tax-exempt entity leasing provisions as applicable to tax-exempt controlled entities; (2) the nonrecognition of gain or loss with respect to certain transfers in connection with corporate reorganizations and the treatment of distributions in such cases; (3) the deductibility of excess golden parachute payments; (4) accounting changes with respect to designated settlement funds; (5) the exclusion from gross investment income of dividends from certain subsidiaries of life insurance companies; (6) special rules for stripped bonds of tax-exempt organizations; (7) technical amendments related to the Medicare program; (8) the status of certain loans of artwork for purposes of gift tax liability; and (9) pension plans, including technical amendments to the Employee Retirement Income Security Act of 1974 and the Public Health Service Act with respect to Medicare eligibility and continuation coverage requirements of group health plans. Title II: Amendments Related to Tax Provisions in Other Legislation - Makes technical amendments and corrections to IRC provisions relating to: (1) directions to the Secretary to provide regulatory guidance to govern circumstances when a refund of the excise tax on certain chemicals shall be made directly to an exporter; (2) the addition of an exemption of regulated investment companies and real estate investment trusts from the environmental tax; (3) the tax on certain fuels to fund the Leaking Underground Storage Tank Trust Fund; (4) taxation of qualified methanol and ethanol fuel; (5) the Leaking Underground Storage Tank Trust Fund tax as applied to gasoline used in aviation and in trains; (6) the floor stocks tax on gasoline; (7) the excise tax on fuel used in commercial transportation on inland waterways; and (8) exemption from the port use excise tax for cargo transported between Alaska, Hawaii, and any U.S. possession for ultimate use or consumption at the relevant destination. Amends the Harbor Maintenance Revenue Act of 1986 to delay the due date for the Secretary of the Treasury's study of cargo diversion. Makes technical amendments related to the Omnibus Budget Reconciliation Act of 1986 with respect to tax-exempt mutual or cooperative telephone or electric companies. Makes technical amendments to the IRC and ERISA, including a repeal of the 133-1/3 percent rule relating to accrued benefit requirements applied to defined benefit pension plans. Makes technical corrections and amendments related to the Revenue Act of 1987, including amendments of IRC provisions dealing with: (1) regulatory authority with respect to the installment method of accounting; (2) election by various entities of a taxable year other than the required one and the required payments for such entities; (3) publicly traded partnerships; (4) effective dates of various corporate tax provisions; (5) limitations on the use of preacquisition losses to offset built-in gains following corporate ownership changes; (6) the excise tax on the receipt of greenmail; and (7) estate tax implications of certain transfers with a retained life estate. Makes a number of technical amendments to provisions of the IRC and of ERISA (including amendments of the Pension Protection Act) dealing with: (1) modifications of the minimum funding standard for pension plans; (2) the time for making plan contributions; (3) funding waivers; (4) plan terminations; and (5) reporting requirements. Amends IRC provisions relating to the manufacturers excise tax on certain vaccines. Amends the Social Security Act to exclude certain housing assistance payments from determinations of income and resources for purposes of the Supplemental Security Income program. Amends Federal law to make technical corrections relating to the Old Age, Survivors and Disability Insurance program.
United States · United States Congress · 17 March 1988
Amends the Internal Revenue Code with respect to the excise tax on diesel and aviation fuels. Prohibits imposition of the tax on the sale of these fuels by a producer or importer for use by the purchaser in a nontaxable use (defined to include, among other uses, any off-highway business use, use as supplies for vessels or aircraft, State or local governmental use, and use by a nonprofit educational organization). Permits the exemption only if both the seller and purchaser have registered with the Secretary of the Treasury. Requires producers, importers, and purchasers taking part in reduced-tax sales to file with the Secretary information returns containing specified data. Requires producers and importers, in addition, to furnish corresponding statements to their purchasers. Establishes penalties for failure to file required returns.
United States · United States Congress · 17 March 1988
Directs the Secretary of the military department concerned to pay an annuity under the Survivor Benefit Plan (SBP) to each individual who is the surviving spouse of a reserve member of the uniformed services who: (1) died after September 20, 1972, and before October 2, 1978; and (2) at the time of death would have been entitled to military retired pay but for the fact that he or she was under 60 years of age. Provides conditions for the receipt of such annuity. Sets forth procedures for computing such annuity. Provides that if an individual entitled to an annuity under this Act is also entitled to an SBP annuity based upon a subsequent marriage, the individual may not receive both annuities, but must choose one.
United States · United States Congress · 15 March 1988
Postal Reorganization Act of 1988 - Declares that the receipts and disbursements of the Postal Service Fund: (1) shall not be included in the totals of the Federal budget or the congressional budget; (2) shall be exempt from Federal budget limitations on expenditures and net lending; and (3) shall not be counted for purposes of calculating the Federal deficit. Repeals certain limitations on postal borrowing authority. Increases the limitations on postal borrowing authority.
United States · United States Congress · 9 March 1988
Declares that the President should: (1) posthumously award the Presidential Medal of Freedom to Charles E. Thornton, Lee Shapiro, and Jim Lindelof in honor of their efforts to document the Afghan struggle for freedom; and (2) present the award to those individuals' families on March 21, 1988, the start of the new year in Afghanistan.
United States · United States Congress · 3 March 1988
Amends the Internal Revenue Code to authorize the Secretary of the Treasury to waive interest on income tax underpayments created or increased as a result of retroactive legislation when: (1) requiring the interest payment would be against equity and good conscience; and (2) the interest has accrued within 30 days after the enactment date of the relevant legislation.
United States · United States Congress · 3 March 1988
Designates the week of June 26 through July 2, 1988, as National Safety Belt Use Week. Authorizes and requests the President to: (1) urge the people to wear safety belts and use child safety seats; and (2) encourage State and local governments and concerned organizations and officials to promote greater use of these safety devices.
United States · United States Congress · 24 February 1988
Small Business Investment Incentive Act - Amends the Internal Revenue Code to permit an individual income tax deduction not exceeding $25,000 per year ($50,000 for joint returns) of amounts paid or incurred to purchase stock under the qualified stock purchase plan of a small business corporation (excluding S corporations and personal service corporations) actively engaged in a trade or business. Prescribes criteria to be met by a qualified stock purchase plan, including: (1) an aggregate $300,000 limit on stock to be sold; (2) requirements that all stock be purchased with cash and that all proceeds from stock purchases be used in conducting the business of the corporation; (3) limitations as to who may purchase stock; and (4) a three-year prohibition on both distributions by the corporation and shareholder transfers of stock. Establishes special rules with respect to the stock, including rules to govern the taxation of capital gains and relevant basis adjustments. Allows the exclusion from adjusted gross income of the amount permitted as an income tax deduction for these small business stock purchases.
United States · United States Congress · 9 February 1988
Repeals title III (Congressional Budget Process) of the Congressional Budget Act of 1974. (Retains a specified section regarding reports, summaries, and projection of congressional budget actions.) Requires all legislation considered by the House of Representatives and the Senate to be in compliance with the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act). States that such requirement shall not apply in time of war. Makes conforming amendments to the Congressional Budget Act of 1974 and the Gramm-Rudman-Hollings Act. Amends the Gramm-Rudman-Hollings Act to repeal a specified provision prohibiting the President from taking actions under such Act which may result in a domestic military base closure or realignment.
United States · United States Congress · 9 February 1988
Amends rule X of the Rules of the House of Representatives to abolish the Committee on the Budget. Repeals the authority of the Committee on Rules over emergency waivers (under the Congressional Budget Act of 1974) of the required reporting date for bills and resolutions authorizing new budget authority. Places under the jurisdiction of the Committee on Government Operations the conduct by the Congressional Budget Office of its duties and functions. Amends rule XXII to repeal the clause regarding House procedure at the conclusion of debate on any concurrent resolution on the budget. Repeals rule XLIX, which provides for establishing the statutory limit on the public debt.
United States · United States Congress · 3 February 1988
Authorizes expenditures by the House Committee on Ways and Means for the second session of the 100th Congress, including the procurement of consultant services.
United States · United States Congress · 2 February 1988
Amends the Internal Revenue Code to exempt from the gasoline excise tax any sale of gasoline to a State or local government (or to a purchaser for resale to such government) for its exclusive use.
United States · United States Congress · 25 January 1988
Farmer Fuel Tax Relief Act - Amends the Internal Revenue Code to prohibit imposition of the excise tax on the sale of diesel or aviation fuel to any purchaser (or purchaser for resale to a second purchaser) for use on a farm for farming purposes. (Although fuel sold for these purposes is tax-exempt under current law, provisions of the Revenue Act of 1987 require purchasers to pay the tax and subsequently apply for a refund based on nontaxable uses of the fuel.) Permits wholesale distributors of gasoline who have registered with the Secretary of the Treasury and posted the required bond to pay the gasoline tax (in lieu of the person otherwise liable for the tax.) Prohibits imposition of the gasoline tax on the sale or removal of gasoline by any person (or for resale to a second person) for use on a farm for farming purposes. Requires that the reduced gasoline tax rate (3.4 cents instead of 9.1 cents) be applied with respect to gasoline used to produce gasohol after the time of the relevant removal or sale.
United States · United States Congress · 25 January 1988
Amends the Departments of Commerce, Justice, and State, the Judiciary, and Related Agencies Appropriation Act, 1988 with respect to funds appropriated to the Federal Communications Commission (FCC). Repeals a prohibition against using such funds to repeal, modify, review, or extend waivers in connection with FCC rules governing the common ownership of a daily newspaper and a television station whose primary field strength contour encompasses the same community.
United States · United States Congress · 25 January 1988
Prohibits the assessment of any pre-1987 income tax deficiency against a qualified group self-insured workers' compensation fund to the extent the deficiency is attributable to the timing of the policyholder dividend or return premium deductions. Delays until 1989 the application to qualified group self-insurers' funds of the amendments made by the Tax Reform Act of 1986 with respect to property and casualty insurance companies and products.
United States · United States Congress · 18 December 1987
Worker's Option Act of 1988 - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to phase out, by 1993, the limitation on the amount of outside income which beneficiaries who have attained retirement age may earn without incurring a reduction in benefits. Increases the delayed retirement credit rate for individuals who work beyond retirement age. Phases out the recomputation of an individual's primary insurance amount when such individual has wages or self-employment income after entitlement to old-age or disability insurance benefits. Charges off an individual's excess earnings by eliminating such individual's entitlement to retroactive OASDI benefits for months preceding such individual's attainment of retirement age. Authorizes the appropriation of revenues received by reason of this Act's amendments to the Federal Old-Age and Survivors Insurance Trust Fund from 1989 through 1993.
United States · United States Congress · 17 December 1987
Amends the Internal Revenue Code to eliminate the limitation on the deductibility of policyholder loan interest incurred with respect to one or more life insurance policies when loan proceeds are used to fund post-retirement medical benefits under a nondiscriminatory employee benefit plan. (Under current law, an employer may not deduct such interest when the aggregate amount of loans per employee exceeds $50,000.)
United States · United States Congress · 8 December 1987
Amends the Internal Revenue Code with respect to the targeted jobs income tax credit. Extends the credit to employees who begin work in 1989 through 1991. (Current law terminates the credit for employees who begin work after December 31, 1988.) Includes as a targeted group individuals aged 65 or older who are members of economically disadvantaged families. Revises the minimum employment period requirement for purposes of this credit.
United States · United States Congress · 10 November 1987
Authorizes the Vietnam Women's Memorial Project, Inc., to establish a commemorative statue within the Vietnam Veterans Memorial to recognize and honor the women of the U.S. armed forces who served in the Vietnam war. Expresses the sense of the Congress that after the addition of such statue, no further commemorative works should be added to the Memorial. Directs the Secretary of the Interior to select a site for the statue within the Memorial. Makes the design proposal subject to the approval of the Secretary and the National Capital Planning Commission. Prohibits the United States and the District of Columbia from paying any expense of establishing the statue.
United States · United States Congress · 27 October 1987
Amends the Internal Revenue Code to extend the ten percent energy investment tax credit for geothermal property from December 31, 1988, until July 31, 1991.
United States · United States Congress · 26 October 1987
National Childhood Vaccine Injury Amendments of 1987 - Title I: National Vaccine Injury Compensation Program - Amends title XXI (Vaccines) of the Public Health Service Act to repeal provisions relating to court jurisdiction over proceedings regarding compensation under the National Vaccine Injury Compensation Program. Requires each manufacturer of certain vaccines, as a condition of obtaining or retaining its licensure under specified provisions of the Federal Food, Drug, and Cosmetic Act, to secure the payment of compensation: (1) with any person or fund, while that person or fund is authorized to insure vaccine-injury compensation and authorized by the Vaccine Compensation Board (Board) (established by this Act) to insure payment; or (2) by receiving authorization from the Board to self-insure. Authorizes the Board to require self-insurers to deposit an indemnity bond or securities. Requires the Board to: (1) authorize an insurer to provide vaccine-injury insurance upon the Board's determination that the insurer has the capacity to provide the compensation required; and (2) carry out its responsibilities regarding authorization of insurers in a manner consistent with the administration by the Secretary of Labor of the Longshore and Harbor Workers' Compensation Act. Prohibits the insurance from excluding compensation for injuries arising during the policy period, regardless of whether the claim is filed during the policy period. Removes a provision which states that the National Vaccine Injury Compensation Program is to be administered by the Secretary of Health and Human Services. Revises general rules for petitions for compensation. Repeals a provision allowing a court to find that the first indications of a condition occurred during a specified time period even though the record of the occurrence was made after the time period expired. Requires an insurer to render its decision on a petition for compensation within 90 days of filing. Substitutes the insurer for the court in provisions relating to determination of eligibility and compensation. Revises provisions relating to qualifications and aids to interpretation of the Vaccine Injury Table. Changes the time period required for public comment on proposed revisions to the Table. Revises provisions relating to the compensation awarded, including: (1) changing the limit on awards for actual and projected pain and suffering and emotional distress; (2) setting forth provisions regarding whether projected expenses are paid periodically or in a lump sum; (3) providing a formula for calculation of lost earnings; and (4) setting forth provisions relating to awards of attorneys' fees and other costs, and calculation of the amount of attorneys' fees. Repeals provisions relating to: (1) prohibition of certain types of compensation; (2) compensation to be included in awards regarding vaccines administered before the effective date; (3) payment of compensation; and (4) a declaration that the Program is not primarily liable. Provides for settlement of claims between the petitioner and the insurer in accordance with the law of the petitioner's State of residence, to be approved by a court if so required by State law. Authorizes the Vaccine Compensation Board to review and modify compensation awards, except settlements providing for lump sum payments. Provides that, when the manufacturer of the vaccine administered cannot be identified, any compensation which the petitioner is awarded shall be paid by the insurer of the manufacturer with whom the petition was filed. Requires the insurers of each vaccine periodically to undertake an accounting to assure an equitable distribution among the insurers of the cost of compensation awards for which the manufacturer could not be identified. Exempts Federal or federally-assisted programs from provisions regarding the liability of health insurance carriers, prepaid health plans, and benefit providers. Allows filing of petitions when the right to do so is created by a revision of the Vaccine Injury Table, except when the vaccine-related injury or death occurred more than 2 years before the revision of the Table. (Current law allows such filing, except when the injury or death occurred more than eight years before revision.) Revises provisions relating to subrogation to: (1) subrogate the petitioner's rights to the insurer instead of to the trust fund; (2) remove provisions allowing a court to refer the record of a proceeding to the Secretary and the Attorney General with respect to a civil action; and (3) remove provisions requiring amounts recovered under certain provisions to be deposited in the trust fund. Modifies the composition of and quorum requirements for the Advisory Commission on Childhood Vaccines. Establishes in the executive branch a Vaccine Compensation Board to hear disputed claims arising from decisions with respect to petitions for compensation and requests for modifications. Authorizes the Board to conduct de novo reviews of the petition. Prohibits staying of payment of amounts required by an award, unless ordered by the Board on the ground of irreparable injury. Provides that any person aggrieved by a decision of the Board may obtain judicial review in the U.S. Court of Appeals for the Federal Circuit, subject to exception. Provides for enforcement of a compensation order which has become final upon application to a U.S. District Court. Authorizes appropriations for the administration of the Board's activities. Replaces provisions allowing the person who filed a petition to elect to file a civil action for damages rather than to accept a court judgement on the petition with provisions allowing a person to bring a civil action against the entity responsible for administration of the vaccine. States prohibited and permissible basis for the action. Allows, in the event of recovery by the claimant in a civil action, for subrogation to the insurer under the vaccine-injury compensation program. Repeals provisions relating to standards of responsibility to be imposed on manufacturers and relating to the conduct of trials in civil actions against manufacturers. Amends provisions relating to citizen's actions to: (1) require that the party bringing an action against the Secretary for alleged failure to perform an act or duty under specified provisions must be an aggrieved party; and (2) change the grounds for awarding costs of litigation so as to allow recovery only by a party which substantially prevails, in accordance with the Equal Access to Justice Act. (Current law allows awarding of costs to any party whenever the court determines such award is appropriate.) Sets compensation for members of the Vaccine Compensation Board at Level V of the Executive Schedule. Revises provisions relating to the information required to be included in materials distributed to the legal representatives of any child receiving a vaccine set forth in the Vaccine Injury Table. Makes manufacturer recordkeeping and reporting requirements applicable to components used in the preparation of a previously released product as well as to quantities of released products. Title II: National Vaccine Program - Amends title XXI (Vaccines) of the Public Health Service Act to revise the responsibilities of the Director of the National Vaccine Program. Delays for one year the due date for: (1) a plan required by current law regarding the implementation of the responsibilities of the Director; and (2) a report to the Committee on Energy and Commerce of the House of Representatives and the Committee on Labor and Human Resources of the Senate regarding the implementation of the Program and the plan. Title III: Miscellaneous - Amends the National Childhood Vaccine Injury Act of 1986 to remove requirements that the Secretary of Health and Human Services request the Institute of Medicine of the National Academy of Sciences to conduct specified studies. Revises the wording of provisions relating to review by the Secretary of warnings, use instructions, and precautionary information issued by manufacturers of vaccines. Amends the Public Health Service Act to: (1) repeal a provision requiring recalls of licensed biological products to be issued in accordance with provisions of Federal law relating to administrative procedure adjudications; and (2) revise the wording of provisions regarding penalties for violation with reference to recalls.
United States · United States Congress · 20 October 1987
Amends the Tariff Schedules of the United States to suspend the duty on N.N'-Bis (2,3-dihydroxypropyl)-5-(N-(2,3-dihydroxypropyl) -acetamido)-2,4,6-triiodoisophthalamide (known as iohexol) through December 31, 1990.
United States · United States Congress · 14 October 1987
Prohibits the Administrator of the Environmental Protection Agency from cancelling or suspending a pesticide registration or finding a pesticide misbranded on the basis of noncompliance with the Endangered Species Act for a period ending after January 1989. Requires the Administrator and the Secretary of the Interior to jointly study the economic impact of any change in pesticide regulations which may be proposed in compliance with such Act and report to the chairmen of specified congressional committees on the results. Directs the Administrator and Secretary to jointly inform affected persons of requirements which may be imposed under such Act.
United States · United States Congress · 13 October 1987
Omnibus Taxpayers' Bill of Rights Act - Requires the Secretary of the Treasury (Secretary) to prepare a statement setting forth in nontechnical terms: (1) the rights and obligations of a taxpayer and of the Internal Revenue Service (IRS) during a tax audit; (2) the procedures by which a taxpayer may appeal adverse decisions, prosecute refund claims, and file complaints; and (3) the procedures that the IRS may use in enforcing revenue laws. Directs the Secretary to transmit drafts of such statement to specified congressional committees and to distribute the final statement to all taxpayers receiving annual tax filing forms from the IRS. Requires the IRS, upon taxpayer request, to conduct any interview regarding the determination or collection of any tax at a reasonable time and place convenient to the taxpayer and to the IRS, and to permit the taxpayer, at his or her own expense, to record the interview. Authorizes the IRS interviewer to record such interview if the taxpayer has been given prior notice and is provided, upon request and payment of reproduction costs, with a transcript of the recording. Requires the interviewer to explain to the taxpayer the audit process, including the taxpayer's rights with respect to the process. Requires the Secretary to abate any penalty or interest imposed on any deficiency attributable to erroneous advice in writing given to a taxpayer by an IRS officer or employee in response to such taxpayer's specific inquiry. Authorizes the IRS Ombudsman, upon application filed by a taxpayer, to issue a Taxpayer Assistance Order if, in the determination of the Ombudsman: (1) the taxpayer is suffering or is about to suffer from an unusual or irreparable loss as a result of the manner in which the internal revenue laws are being administered by the Secretary; and (2) the Secretary has failed to carry out any of his or her duties or has violated any provision of law. Allows the terms of a Taxpayer Assistance Order to require the Secretary to release property of the taxpayer levied upon or to cease or refrain from certain actions. Requires the Secretary to obey any Taxpayer Assistance Order issued by the Ombudsman. Directs the Secretary, within 90 days of this Act's enactment, to issue regulations with respect to Taxpayer Assistance Orders, including provisions to assure full, fair, and impartial due process for affected taxpayers. Amends the Inspector General Act of 1978 and other Federal law to establish within the Department of the Treasury an Office of Inspector General. Transfers to such Office the existing audit and investigation units of the Department. Sets forth criteria with respect to: (1) the authority of the Inspector General to conduct an investigation; and (2) the authority of the Secretary in cases of audits or investigations requiring access to information of a sensitive or confidential nature. Allows the Secretary to prohibit investigations under specified circumstances. Restricts disclosure by the Inspector General of tax returns and return information. Prohibits records of tax enforcement results from being used to evaluate certain IRS personnel or to impose or suggest production quotas. Requires district directors to certify compliance with this mandate on a monthly basis. Requires the Secretary to certify that a rule proposed by the IRS is substantially the only alternative that meets the mandate of the relevant statute in order for the rule to be considered an interpretative rule (and thereby not subject to analyses under the Regulatory Flexibility Act). Amends the Regulatory Flexibility Act to require regulatory flexibility analyses to include consideration of both the direct and indirect beneficial and negative effects of a proposed or final rule. Amends the Internal Revenue Code to direct the Secretary, with limited exceptions, to send a preliminary letter of deficiency to a taxpayer prior to the mailing of a deficiency notice. Specifies required contents for tax due notices and deficiency notices, including the basis of the deficiency and a breakdown of the total amount into tax, interest, and penalty. Directs the Secretary, within 90 days of this Act's enactment, to issue regulations requiring all IRS personnel to explain and support their position in assessing any penalties or additions to tax. Requires the Comptroller General to study IRS procedures with respect to such assessments and to present findings to specified congressional committees no later than December 31, 1988. Authorizes the Secretary to enter into a binding agreement with a taxpayer under which the taxpayer may pay tax liability in installments if the Secretary determines that such an agreement will facilitate collection of the liability. Permits the Secretary, after proper notice and a hearing, to modify or annul the agreement upon the finding that the financial condition of the affected taxpayer has significantly changed. Renders such an agreement nonbinding if the taxpayer fails to pay any installment or any other tax liability when due. Extends from ten to 30 days the period between the required notice to a person who neglects or refuses to pay tax liability and a levy on such person's salary, wages, or other property. Specifies information that must be incorporated in such notice, including possible alternative actions and the appropriate appeals procedures. Adds to the circumstances triggering termination of such a levy: (1) an agreement between the taxpayer and the Secretary for payment of the liability; and (2) the Secretary's determination that the taxpayer's financial condition precludes enforceability of the liability. Revises the list of property exempt from levy to: (1) increase the exempt amount permitted for certain personal effects, the property of a business, and wages; (2) add an exemption for certain deposits in qualified institutions; and (3) provide an express exemption, except under limited circumstances specified in this Act, for the taxpayer's principal residence, a motor vehicle used by the taxpayer as the primary means of transportation to work, and any tangible personal property essential to the operation of the taxpayer's business in cases when a levy would prevent the taxpayer from carrying on such business. Prohibits a levy on any property when levy and sales expenses would exceed either the liability for which the levy is made or the fair market value of the levied property. Permits the Secretary to demand surrender of bank accounts only after 21 days in escrow have passed since service of the notice of levy on the accounts. Sets forth situations in which the Secretary must release a levy. Applies to jeopardy levies the administrative and judicial review procedures currently applicable to jeopardy assessments. Permits a taxpayer to bring a civil action against the United States in the Tax Court for judicial review of jeopardy levies and assessments. (Under current law an action for judicial review of jeopardy assessments may be filed only in district court.) Increases the time during which a taxpayer may petition for such review. Describes the jurisdictional requirements to be applied to such actions. Allows an administrative appeal of tax liens. Grants to the Tax Court exclusive jurisdiction to enjoin premature assessments if the taxpayer has filed a timely petition for review. Provides for review of such injunctive orders by the U.S. Court of Appeals. Grants to the Tax Court jurisdiction to enforce payment by the Secretary of refunds of overpayment and interest to taxpayers. Places on the Secretary the burden of proof of justifying any failure to refund, credit, or offset relevant amounts with respect to a taxpayer. Entitles a prevailing taxpayer to: (1) an interest rate of 120 percent of the overpayment rate with respect to refunds; and (2) reasonable litigation costs. Grants to the Tax Court jurisdiction to: (1) review jeopardy assessment sales of assets; and (2) redetermine interest under certain circumstances when a taxpayer claims an overpayment of the interest. Vests in the Tax Court original jurisdiction over any civil action against the Secretary for the recovery of any tax, additions to tax, and penalties with respect to income, estate, gift, and certain excise taxes. Authorizes an award of reasonable litigation costs to the prevailing party in proceedings by taxpayers before the Internal Revenue Service. Permits a taxpayer to bring a civil action in district court for actual damages resulting from the failure of any Federal officer or employee to release a tax lien on the taxpayer's property. Permits a civil cause of action in district court for damages resulting from the careless, reckless, or intentional disregard of internal revenue laws by any Federal officer or employee. Denies damage awards in cases of contributory negligence. Authorizes a damage award, to a $10,000 maximum, to the United States in cases of frivolous or groundless claims by a taxpayer. Amends the Internal Revenue Code to prescribe criminal penalties for: (1) any investigation or surveillance authorized or conducted by an officer or employee of the United States in connection with Federal tax laws that inquires into the beliefs, associations, or activities of any individual or organization; or (2) the maintenance of any records containing information derived from such an investigation. Establishes in the Internal Revenue Service the Office for Taxpayers Services, under the supervision of an Assistant Commissioner of Internal Revenue. Directs this Assistant Commissioner to: (1) be responsible for telephone, walk-in, and educational services, and for the design and production of tax and information forms; and (2) prepare annually, for presentation to specified congressional committees, a joint report (with the Chief Problem Resolution Officer for the IRS) on the quality of taxpayer services.
United States · United States Congress · 13 October 1987
Department of Veterans Affairs Act - Redesignates the Veterans Administration (VA) as the Department of Veterans Affairs (the Department), an executive department within the executive branch of the Government. Provides that the Department shall be headed by the Secretary of Veterans Affairs, to be appointed by the President, by and with the advice and consent of the Senate. Designates as other principal officers of the Department the Deputy Secretary, the Chief Medical Director, and the Chief Benefits Director. Provides for the temporary continuation of service of the current Administrator, Deputy Administrator, Chief Medical Director, and Chief Benefits Director of Veterans Affairs. Establishes within the Department eight Assistant Secretaries, each of whom shall be appointed by the President, by and with the advice and consent of the Senate, to perform such functions as the Secretary may prescribe. Directs the Secretary to assign to one such Assistant Secretary all functions regarding the National Cemetery System and the State cemetery grant program. Outlines functions which the Secretary shall assign to the Assistant Secretaries. Provides for the temporary continuation of the performance of such functions by present personnel until such functions are assigned to an individual appointed as Assistant Secretary under this Act. Redesignates the current VA's Department of Medicine and Surgery as the Veterans Health Services Administration of the Department. Redesignates the VA's current Department of Veterans Benefits as the Veterans Benefits Administration of the Department, whose primary function shall be to administer nonmedical programs which provide assistance to veterans, their dependents, and their survivors. Establishes within the Department the Office of the General Counsel. Redesignates the current Office of Inspector General of the VA as the Office of Inspector General of the Department. Provides that any references to departments or positions under the current VA system shall be considered to be references to such departments and positions of the Department as modified under this Act. Provides continuing effect of all legal documents, suits, actions, and property and resources of the current VA. Directs the Secretary of Veterans Affairs, after appropriate congressional consultation, to prepare and submit to the Congress proposed legislation containing technical and conforming amendments to reflect the changes made under this Act. Requires such legislation to be submitted no later than six months after the enactment of this Act. Provides that any spending authority of the Department is subject to available amounts as provided in appropriation Acts.
United States · United States Congress · 1 October 1987
Prohibits the importation of products from Iran. Requires the Commissioner of Customs to take actions to implement such import prohibition, including actions to prevent its circumvention through indirect shipment. Permits the President to delay imposition of such import prohibition for up to 180 days if it is in the national interest. Requires the President to submit to the Congress a report that explains the reason for any such delay and specifies how the national interest would be jeopardized if import prohibitions were implemented immediately. Permits the Congress to extend such delay by joint resolution. Permits the President to terminate such import prohibition if he determines and reports to the Congress that Iran: (1) has ceased belligerent activities against non-belligerent parties in the Persian Gulf; and (2) has given satisfactory assurances that it will not resume such activities. Permits the President to reinstate such prohibition if Iran violates such assurance.
United States · United States Congress · 30 September 1987
Amends the Internal Revenue Code to provide that the prohibition against indirect income tax deductions through pass-through entities shall not apply to any regulated investment company whose shares are: (1) continuously offered pursuant to a public offering; (2) regularly traded on an established securities market; or (3) held by or for at least 500 persons at all times during the taxable year.
United States · United States Congress · 29 September 1987
Title I: Airport and Airway Improvement Act Amendments - Airport and Airway Improvement Amendments of 1987 - Amends the Airport and Airway Improvement Act of 1982 to authorize appropriations for FY 1987 through FY 1992 for air navigation facilities. Sets forth minimum obligation levels for certain fiscal years for the purchase and installation of instrument landing systems at primary, reliever, and other airports. Authorizes appropriations for FY 1988 and 1989 for specified research, engineering and development, and demonstration projects. Authorizes the Secretary of Transportation to transfer funds among such projects according to prescribed guidelines. Requires the Secretary to submit a written explanation to specified congressional committees regarding certain proposed transfers. Sets forth minimum expenditure guidelines for airport capacity enhancement. Requires the Administrator of the Federal Aviation Administration to transmit to specified congressional committees a report demonstrating compliance with such minimum expenditure guidelines. Sets forth funding limitations. Requires that a minimum of ten percent of funds authorized for airport development be expended with small businesses owned and controlled by socially and economically disadvantaged individuals. Mandates that each State annually survey and compile a list of such business concerns. Outlines the minimum criteria to be established by the Secretary of Transportation for use by State governments in certifying whether a concern qualifies under this Act. Prescribes formulas for the apportionment of funds (including funding levels for airport capacity enhancement, safety, and security). Revises the definition of "primary airport" to encompass those airports having more than 18,000 passengers enplaned annually (thus increasing the number of airports eligible for Federal assistance). Revises the limitations on the use of funds earmarked for: (1) noise compatibility planning and programs; and (2) integrated airport system planning. Cites circumstances under which a State may submit, as sole sponsor, an application for certain airport development projects. Authorizes the Secretary to increase certain terminal development project costs if such increases are in the public interest. Precludes the cost of decorative landscaping or the installation of sculpture or art works as allowable project costs. Authorizes the Secretary to provide reimbursement through letters of intent for certain advance expenditures for airport development projects. Prescribes guidelines for such letters. Sets forth the assurances required of airport development project sponsors, including: (1) nondiscrimination provisions; (2) terminal airspace; (3) revenue; (4) land disposal; (5) airport layout plans; (6) contracts for engineering and design services; and (7) approval of nonaeronautical closing of airports. Permits the use of: (1) State taxes on aviation fuel to support a State aviation program; (2) airport revenue for noise mitigation purposes; and (3) land disposal funds for certain airport lands, including airport noise compatibility lands. Revises the percentage by which the maximum Federal grant obligation for airport development lands may be increased. Directs the Secretary to make available ten percent of the funds apportioned for public-use airports to local governmental units and public agencies for noise compatibility program grants if the Secretary finds that such public-use airport is not making reasonable progress towards development and implementation of a noise compatibility program. Amends the Aviation Safety and Noise Abatement Act of 1979 to authorize the Secretary to make grants to airport operators and local governmental units to soundproof public schools and hospitals which have been determined to be adversely affected by the airport noise impact area surrounding the airport. Requires the Administrator of the Federal Aviation Administration to report to the Congress the results of a study determining whether or not noise abatement proposals under consideration by airport operators and local governments should be made eligible for Federal assistance. Requires the Secretary to provide grant applicants and recipients notice and opportunity for a hearing before withholding either approval or payment due to noncompliance with the assurances required under this Act. Authorizes judicial review of such withholding action. Prohibits the Secretary from closing flight service stations or reducing their operation hours unless substitute service will be provided by an automated flight service station with specified equipment. Changes from mandatory to discretionary the Secretary's authority to provide by grant for the continuation of the Explosive Detection K-9 Team Training Program. Expresses the sense of the Congress that any regulation under which the Administrator of the Federal Aviation Administration limits the number of instrument flight rule takeoffs and landings should be phased out and eliminated at the earliest time consistent with aviation safety. Deems heliports to be airports for purposes of the Airport and Airway Improvement Act of 1982. Directs the Secretary to conduct a study, and report its results to the Congress by January 1, 1990, regarding a long-term overall airport system plan. Authorizes appropriations. Authorizes the Secretary to release: (1) the city and county of Denver, Colorado, from the terms in each deed of conveyance under which the United States conveyed property containing portions of Stapleton International Airport; and (2) such airport sponsor from any assurances made for a grant for a certain project at such airport. Cites conditions for the granting of such release. Prohibits the Secretary from making a grant for an airport development project involving the Burbank-Glendale-Pasadena Airport Authority in California unless such Authority meets specified conditions. Prohibits the Federal Aviation Administration from taking any action to: (1) compel the city of Pompano Beach, Florida, to redesignate as nonaviation use land at the Pompano Beach Airpark as of November 1, 1966; or (2) revert such land to the Federal Government. Title II: Extension of Aviation-Related Taxes and Airport and Airway Trust Fund Spending Authority - Airport and Airway Revenue Act of 1987 - Amends the Internal Revenue Code to extend from 1988 to 1993: (1) aviation excise taxes regarding transportation of persons and property; and (2) certain transfers into the Airport and Airway Trust Fund. Extends from December 31, 1987, to December 31, 1992, an excise tax imposed upon certain non-commercial aviation fuels. Extends from October 1, 1987, to October 1, 1992, certain spending authority of the Airport and Airway Trust Fund. States that no tax will be imposed on: (1) any air transportation by helicopter for the purpose of providing emergency medical services under specified circumstances; or (2) any liquid for use in such helicopters. Specifies circumstances in which certain aviation-related taxes will be reduced in proportion to appropriations which are significantly below authorizations.
United States · United States Congress · 22 September 1987
Prohibits certain disclaimers of property interests created by a gift, devise, or bequest from being treated as transfers (and thus taxable) for estate and gift tax purposes. Applies to written disclaimers made before December 9, 1980, with respect to interests created before November 15, 1958.
United States · United States Congress · 22 September 1987
Amends rule XXI of the Rules of the House of Representatives to prohibit consideration of bills or resolutions making appropriations under the jurisdiction of more than one subcommittee of the Appropriations Committee for periods after November 30 of a fiscal year, unless a 60 percent majority of the House votes to waive or suspend this provision.
United States · United States Congress · 21 September 1987
Section 457 Clarification Act of 1987 - Amends the Internal Revenue Code to state that the accounting provisions applicable to the deferred compensation plans of State and local governments and of private tax-exempt organizations shall not apply to nonelective deferred compensation. Directs the Secretary of the Treasury to promulgate regulations defining nonelective deferred compensation. Applies retroactively to tax year 1979 and thereafter.
![Official portrait of Rep. Duncan, John J. [R-TN-2]](https://www.congress.gov/img/member/d000534_200.jpg)