United States · United States Congress · 22 April 1986
Amends the Consolidated Omnibus Budget Reconciliation Act of 1985 to allow an extension of time for the filing of claims for credit or refund of Federal income taxes for insolvent farmers who were exempted by such Act from the alternative minimum tax on capital gains realized on the transfer or sale of farmland under threat of foreclosure or in cancellation of indebtedness.
United States · United States Congress · 17 April 1986
Farm Credit Assistance Act of 1986 - Title I: Agricultural Loan Interest Subsidy Program - Directs the Secretary of Agriculture to establish a Federal-State-Lender cooperative agricultural loan interest subsidy program to run through September 30, 1987. Sets forth borrower eligibility criteria, including a prohibition on borrowers who produce commodities on highly erodible land or converted wetland. Provides that, with regard to such program, the interest rate shall be written down as follows: (1) two percentage points shall be paid by the Federal Government; (2) between one and two percentage points may be paid by a State; and (3) one percent of interest or at least 15 percent of the principal shall be canceled by the lender. Sets maximum aggregate loan principal at $400,000 for an individual and $600,000 for a family corporation or partnership. Authorizes FY 1986 through 1989 program appropriations. Limits maximum aggregate fiscal year payments to $600,000,000. Requires States to submit a program plan to the Secretary of Agriculture for approval. Sets forth plan requirements, including the designation of a State administering agency. Title II: Farm Credit System Institution Borrowers - Subtitle A: Farm Credit System Loan Restructuring Program - Requires a Farm Credit System (System) institution to restructure, rather than foreclose, a loan to an eligible borrower if foreclosure costs equal or exceed restructuring costs. Sets forth borrower eligibility criteria and related appeal procedures. Requires the Capital Corporation to reimburse an institution for the amount of principal due on loans reduced by the institution if necessary to avoid insolvency or liquidation. Requires the Chairman of the Farm Credit Administration Board to submit a program report to the Congress within 270 days. Subtitle B: Farm Credit System Reform - Amends the Farm Credit Act of 1971 to require System institutions to provide borrowers with access to appraisals. Encourages System institutions to permit foreclosed borrowers to retain possession of their principal residences and a reasonable amount of adjoining land. Prohibits a System institution from raising the interest rate on a loan that has been reclassified as a risk or problem loan. Directs the Farm Credit Administration to make periodic determinations of System financial assistance needs. Limits System institution operating expenses to one percent above the average cost of System-issued bonds. Directs the Farm Credit Administration to issue regulations regarding the disposition and leasing of acquired farmland. Directs System institutions to give sale or lease priority to family-sized farms and to original owners or operators. Requires a borrower to buy System stock in order to be eligible to obtain a loan or to purchase by installment System-held farmland. Title III: Farmers Home Administration Borrowers - Requires the Secretary of Agriculture to restructure, rather than foreclose, a loan made under the Consolidated Farm and Rural Development Act if foreclosure costs equal or exceed restructuring costs. Sets forth borrower eligibility criteria and related appeal procedures. Prohibits the Secretary from requiring additional loan collateral if the borrower is current in the payment of principal or interest. Directs the Secretary to submit a program report to the Congress within 270 days. Amends the Consolidated Farm and Rural Development Act to authorize loans to farmers and ranchers for alternate crop production (as defined by this Act). Title IV: Miscellaneous Provisions - Provides for the establishment of an Inter-Agency Agricultural Task Force to assist commercial agricultural banks and borrowers to resolve present economic problems and to facilitate commercial bank lending to agriculture in the future. Requires semiannual reports to the appropriate congressional committees. Authorizes appropriations. Requires that no less than $30,000,000 nor more than $35,000,000 of specified funds appropriated for the interest rate reduction program be used to fund the interest-rate buy-down program authorized under this Act for FY 1986.
United States · United States Congress · 17 April 1986
Expresses the sense of the Congress that: (1) the administration should continue to oppose actions by the European Community to impose quotas on oilseeds in Portugal, to impose a grain purchase requirement quota on Portugal, and to place variable levies on corn and grain sorghum entering Spain before negotiating compensation; and (2) unless the European Community rescinds such trade restrictions or the United States receives compensation for resulting trade losses, the administration should impose trade restrictions on a sufficient value of exports of the European Community to the United States to reestablish the balance of concessions under the General Agreement on Tariffs and Trade and other trade agreements.
United States · United States Congress · 17 April 1986
Expresses the sense of the Congress that, in view of specified international human rights agreements, the Soviet Union should approve the exit visa applications of Doctor Naum Meiman and his wife, Inna Kitrosskaya-Meiman, and arrange for them to go to the country of their choice. Urges the President to: (1) protest the Soviet Government's refusal to consider the exit visa applications of Dr. Meiman and his wife; (2) call upon all other signatory nations of the Helsinki Accords to join in such protests; and (3) instruct the U.S. delegation to the meeting of experts on human contacts organized under the auspices of the Conference on Security and Cooperation in Europe in Bern, Switzerland, to pursue this matter.
United States · United States Congress · 16 April 1986
Designates May 21, 1986, as Andrei Sakharov Honor and Freedom Day. Requests the President to mark such day with an appeal to the Soviet leader for Doctor Sakharov's release. Provides for the relocation of the "Andrei Sakharov Plaza" street sign to an area adjacent to the Soviet Embassy in the District of Columbia.
United States · United States Congress · 15 April 1986
Authorizes and requests the President to present, on behalf of the Congress, gold medals to Anatoly and Avital Shcharansky in recognition of their supreme dedication and total commitment to human rights and freedoms. Requires the Secretary of the Treasury to determine the design of the medals. Authorizes appropriations. Authorizes the Secretary to sell bronze duplicates of the medals.
United States · United States Congress · 15 April 1986
Designates May 21, 1986, as National Andrei Sakharov Day. Authorizes and requests the President to urge the Soviet Union to permit Andrei Sakharov and Elena Bonner to freely choose their place of residence.
United States · United States Congress · 15 April 1986
Expresses the Senate's respect and gratitude to Warren Magnuson for his tireless and successful efforts to promote the conservation and management of our marine fisheries and provide our commercial and recreational fishing industry with the benefits of those resources.
United States · United States Congress · 10 April 1986
Amends the Food Security Act of 1985 to direct the Secretary of Agriculture to make required red meat purchases in proportion to the number of dairy cattle slaughtered in each disposal period under the milk production termination program (program). Provides that if such purchases are inadequate to offset the amount of meat being marketed under the program, the Secretary shall decrease meat imports, or increase purchases and exports. Directs the Secretary to ensure the orderly marketing of such dairy cattle consistent with historical beef and dairy marketing patterns.
United States · United States Congress · 10 April 1986
Amends the Food Security Act of 1985 to direct the Secretary of Agriculture to make required red meat purchases in proportion to the number of dairy cattle slaughtered in each disposal period under the milk production termination program (program). Provides that if such purchases are inadequate to offset the amount of meat being marketed under the program, the Secretary shall decrease meat imports, or increase purchases and exports. Directs the Secretary to ensure the orderly marketing of such dairy cattle consistent with historical beef and dairy marketing patterns.
United States · United States Congress · 9 April 1986
Amends the Internal Revenue Code to deny the tax exclusion for interest on industrial development bonds used to finance the acquisition of farm property by foreign persons. Defines a "foreign person" as: (1) any individual who is not a citizen or national of the United States; (2) any foreign corporation, foreign partnership, foreign trust, or foreign estate; (3) any domestic corporation more than ten percent of the value of the stock of which is held by one or more foreign persons; (4) any domestic partnership more than ten percent of the capital or profits interest in which is held by one or more foreign persons; or (5) any domestic trust more than ten percent of the beneficial interests in which is held by one or more foreign persons.
United States · United States Congress · 9 April 1986
Prohibits the issuance of a letter of offer with respect to specified proposed sales of Sidewinder, Stinger, and Harpoon missiles and services to Saudi Arabia, as described in the April 8, 1986, certifications from the President to the Congress under the Arms Export Control Act.
United States · United States Congress · 8 April 1986
Amends the Immigration and Nationality Act to establish a one-year conditional permanent resident status for certain alien spouses and their sons and daughters. Subjects such aliens to exclusion if the Attorney General determines that within such one-year period: (1) the marriage was entered into to procure the alien's admission into the United States, or such marriage has been terminated; (2) consideration was paid to secure such marriage; or (3) the parties have not maintained a bona fide marital relationship. Establishes a criminal penalty for marriage fraud. Prohibits status adjustment during such conditional permanent resident period. Requires a couple to have previously met in person in order to receive a "K" (ifance) visa.
United States · United States Congress · 8 April 1986
Amends the Federal law concerning military uniforms to authorize the wearing of an item of religious apparel as part of the military uniform if: (1) the item is part of the religious faith of the member; and (2) it is neat and unobtrusive. Authorizes the Secretary of the military department concerned to prohibit the wearing of an item of religious apparel if it is found to significantly interfere with the performance of duty.
United States · United States Congress · 12 March 1986
Urges the President with respect to the Ethiopian Government's resettlement program to consider: (1) prohibiting the importation of Ethiopian goods and services; (2) removing Ethiopia's generalized system of preferences and most-favored-nation trade status; (3) forbidding U.S. businesses from extending loans to or making investments in the Ethiopian Government; and (4) instructing U.S. representatives to international lending institutions to vote against furnishing assistance to Ethiopia. Expresses the sense of the Congress that the President should: (1) call upon the United Nations and other donors to monitor all resettlement efforts in Ethiopia to ensure that coercion is not used; (2) request the Ethiopian Government to place a moratorium on relocations that may cause suffering or death and on relocations of persons who are sympathetic to anti-Government rebels; (3) request that the Ethiopian Government commit sufficient resources to existing resettlement camps; (4) insist that international observers be given access to all resettlement camps; and (5) ensure that the United States continues to raise this issue in every appropriate international forum, including the United Nations. Requests the Assistant Secretary of State for Human Rights and Humanitarian Affairs to transmit, within 30 days, to the Congress a report indicating the number of Ethiopians who have died as a result of the resettlement program and to transmit a copy of this Act to specified individuals.
United States · United States Congress · 12 March 1986
Declares that the Congress reaffirms its support for the effort of Radio in the American Sector of Berlin to serve the cause of freedom through communication of information to Berlin and the German Democratic Republic and as a symbol of U.S. commitment to the freedom of Berlin.
United States · United States Congress · 10 March 1986
Tax-Exempt Bond Reform Act of 1986 - Amends the Internal Revenue Code to replace the term "industrial development bonds" with the new term "quasi-governmental bonds." Defines "quasi-governmental bond" as any obligation: (1) which is issued as part of an issue more than 25 percent of the net proceeds of which are to be used directly or indirectly in any trade or business carried on by any person other than a governmental unit; and (2) the payment of the principal or interest on which is, to the extent of more than 25 percent, secured by an interest in property used or to be used in a trade or business or in payments with respect of property, or to be derived from payments in respect of property, or borrowed money, used or to be used in trade or business. Sets forth rules concerning the use of proceeds in ways which will not be considered to be used in a trade or business carried on by other than a governmental unit. Provides that an issue of obligations will not be treated as quasi-governmental bonds if 95 percent or more of the proceeds are to be used to provide projects for residential rental or limited-equity cooperative property if certain conditions are satisfied. Provides that certain issues will not be treated as quasi-governmental bonds if 95 percent or more of the net proceeds of the issue are used for certain specified activities. Provides that when 95 percent or more of the net proceeds of an industrial park or small issue are used for such purposes, then the bonds are tax-exempt. Repeals the termination date for the small issue industrial development bond exemption. Sets forth the definition of "principal user" for purposes of certain facilities. Provides that obligations where 95 percent of the proceeds are to be used by nonprofit organizations in activities which do not constitute unrelated trade or businesses shall not be treated as quasi-governmental bonds. Provides that qualified mortgage bonds, qualified veterans' mortgage bonds, qualified student loan bonds, and qualified tax-increment bonds will not be treated as quasi-governmental bonds. Modifies the requirements with respect to tax-exempt bonds used for low-income housing involving residential or limited-equity cooperative property. Makes other modifications with respect to quasi-governmental bonds. Modifies the definition of "arbitrage bond" for purposes of determining the tax-exemption for such bonds. Repeals the exception for obligations used for educational institutions. Makes modifications in certain special rules relating to arbitrage bonds. Provides that certain irrigation dams shall be treated as air or water pollution control facilities if certain conditions are met for purposes of quasi-governmental bonds. Makes modifications with respect to qualified scholarship funding bonds, federally guaranteed obligations, and qualified steam generating or alcohol producing facilities. Provides that an obligation is federally guaranteed if more than five percent of the net proceeds of such issue is used to make loans guaranteed by the Federal Government or invested in federally insured deposits. Requires public approval for quasi-governmental bonds. Requires certain informational reporting to the Secretary of the Treasury with respect to quasi-governmental bonds. Substitutes the term "quasi-governmental" for the term "private activity". Increases the dollar amount of the State ceiling on quasi-governmental bonds to $225 multiplied by the State's population or $260,000,000. Provides special rules for allocating the volume cap with respect to States with constitutional home rule cities. Modifies the refunding rules with respect to student loan bonds, qualified mortgage bonds, and qualified veterans' mortgage bonds. Substitutes the term "private loan bonds" for the term "consumer loan bonds." Requires that more than five percent of the net proceeds of the issue must be used for certain purposes in order to be classified as private loan bonds. Makes various modifications in the definition and requirements for qualified student loan bonds and tax-increment bonds. Provides that the tax-exempt status of an obligation issued for the purpose of the advance refunding of a tax-exempt obligation or quasi-governmental bonds will not be allowed unless certain conditions are satisfied. Provides rules for the change in use or ownership of facilities financed by certain tax-exempt obligations. Defines "net proceeds" to mean the proceeds of an issue reduced by insurance costs and a reasonably required reserve and replacement fund. Makes certain changes in the provisions concerning the mortgage credit certificate program. Directs the Secretary of the Treasury to amend the regulations relating to the arbitrage requirements to eliminate the provision which permits a higher yield on purpose obligations if the issuer elects to waive the benefits of the temporary period provisions. Provides a penalty for failure to file certain reports on compliance with the qualified residential project rules. Makes certain technical and conforming amendments to the Internal Revenue Code and to the securities laws. Provides that, generally, the effective date for these provisions will apply to obligations issued after the date of enactment of this Act. Sets forth other effective dates for specific provisions. Provides that tax-exempt financing of low income housing, or of water, sewer, and solid waste facilities will not effect the depreciation of such property. Prohibits the deduction of interest expenses of financial institutions allocable to tax-exempt securities. Sets forth the formula for making such allocation. Provides that a certain percentage of tax-exempt interest received by an insurance company shall be subtracted from the amount of losses incurred by the company in calculating taxable income. Provides that an individual is not required to report on tax returns either the tax-exempt interest received or the receipt of State and local tax payments.
United States · United States Congress · 5 March 1986
Landowner Protection Act of 1986 - Amends the Farm Credit Act of 1971 to require a Farm Credit System institution to restructure, rather than foreclose, a loan to an eligible borrower if foreclosure costs equal or exceed restructuring costs. Sets forth borrower appeals procedures. Requires a program report to the Congress within 270 days. Terminates such program one year after enactment of this Act, or 90 days after submission of such report, whichever is later.
United States · United States Congress · 28 February 1986
National Park System Resources Preservation and Revitalization Act of 1986 - Directs the Secretary of the Interior to establish a comprehensive program to preserve and revitalize resources in the National Park System. Requires the Secretary to prepare and regularly update resource management plans for each unit of the System. Requires such plans to address both natural and cultural resources. Directs the Secretary to develop criteria for establishing priorities for addressing resource problems and prepare a priority list which determines how funds are allocated. Requires the Secretary to establish priorities for monitoring and research and establish model uniform methods of conducting baseline inventories and data collection, based upon a ten-unit pilot program. Requires the National Park Service to report to the Congress within three years on the effectiveness of such pilot program. Directs the Secretary to establish a national natural and cultural resources training center within the Service and to offer a comprehensive training course for resource management specialists and other training opportunities. Directs the Secretary to report biennially to the Congress on the condition and needs of the System, including a per unit analysis of resource issues. Allocates funds for matching grants for resource protection projects. Authorizes appropriations for FY 1987 through 1996. Amends the Land and Water Conservation Fund Act of 1965 to charge new and increase certain existing fees for admission into units of the System. Exempts urban, outdoor recreation areas. Allocates all admission fees for ten years to resource protection within the System.
United States · United States Congress · 25 February 1986
Federal Tax Amnesty and Improved Tax Compliance Act of 1986 - Title I: Amnesty From Criminal and Civil Penalties - Provides for a one-time amnesty from criminal and civil tax penalties for a taxpayer who: (1) files a written statement with specified information concerning any underpayment of tax; and (2) pays the amount of such underpayment when filing the statement, together with the interest due thereon. Permits installment payments in certain cases. Provides that where the taxpayer fails to pay any installment payment when due, the balance in the account shall be due immediately. Defines the amnesty period as the six-month period which ends on September 30, 1987. Disallows such amnesty where: (1) there has been an underpayment assessed and a notice of deficiency with respect to the underpayment was mailed or the taxpayer was put on notice of a substantive question of the taxpayer's tax liability; (2) there was fraud in seeking amnesty; or (3) a criminal investigation is pending. Provides that the amnesty provisions apply only to underpayments of Federal tax for taxable periods ending before January 1, 1985. Authorizes appropriations to inform the general public about the operation of the amnesty provisions. Title II: Compliance Provisions - Subtitle A: Increase in Compliance Personnel - Expresses the sense of the Congress that, in addition to other appropriated funds, there be appropriated to the Secretary of the Treasury, for revenue enforcement and compliance programs, such an amount as may be cost effective of the revenue attributable to the amnesty program. Authorizes appropriations for an additional 2,500 compliance personnel for the Internal Revenue Service through FY 1989. Subtitle B: Denial of Federal Contracts, Licenses, etc., to Taxpayers with Tax Delinquent Accounts - Prohibits the award of any Federal contract to any person who has a tax delinquent account. Provides that no Federal business license may be issued with respect to any person who has a tax delinquent account. Provides an exception for public health business licenses or business licenses specified in regulations issued by the Secretary of the Treasury. Subtitle C: Inflation Adjustment of Criminal and Civil Monetary Penalties - Provides for an annual cost-of-living adjustment in the criminal and civil tax monetary penalties beginning in 1987. Specifies the method for calculating the annual adjustment. Subtitle D: Revision of Certain Penalties - Provides penalties for: (1) failure to file certain information returns; (2) failure to furnish certain payee statements; and (3) failure to include certain information on certain returns and statements. Establishes certain waiver provisions, definitions, and special rules relating to the filing of information returns and statements. Increases the penalty for failure to pay tax in certain cases from 0.5 percent per month to one percent per month. Modifies the provisions relating to the tax penalty in instances involving negligence and fraud.
![Official portrait of Sen. Boschwitz, Rudy [R-MN]](https://www.congress.gov/img/member/b000647_200.jpg)