United States · United States Congress · 13 November 1987
Authorizes the convening of a National Silver Haired Congress in Washington, District of Columbia, in 1989. Directs the Speaker of the House of Representatives and the President pro tempore of the Senate to facilitate and coordinate the convening of such a Congress. (Describes such Congress as one with representatives from each State which would serve as a national grassroots forum to determine on a nonpartisan basis the recommendations for solutions to older American concerns without regard to race, creed, national origin, or social status.)
United States · United States Congress · 10 November 1987
Authorizes the Vietnam Women's Memorial Project, Inc., to establish a statue of a woman Vietnam veteran within the Vietnam Veterans Memorial, to honor and recognize 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 additions to the site should be authorized or undertaken. 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 or the District of Columbia from paying any expense of establishing the statue. Provides that authorization for the statue shall lapse unless: (1) the establishment of such statue is commenced within five years of the date of approval of this resolution; and (2) the Secretary certifies that sufficient funds to complete the statue are available prior to groundbreaking. Makes the Secretary responsible for the statue's maintenance and care. Exempts the Secretary from the requirement of seeking the approval of the Commission of Fine Arts in implementing this resolution.
United States · United States Congress · 5 November 1987
Genocide Convention Implementation Act of 1987 - Amends the Federal criminal code to establish the criminal offense of genocide. Sets forth penalties to be imposed upon anyone who commits or attempts to commit any of the acts which constitute genocide (a fine of $1,000,000 and/or imprisonment for up to 20 years, and life imprisonment if group members are killed). Sets forth criminal penalties (a fine of $500,000 and/or imprisonment for up to five years) for directly and publicly inciting an act of genocide.
United States · United States Congress · 5 November 1987
Expresses the sense of the Congress that before November 18, 1987, the Secretary of State should inform the Soviet Government that the United States supports the right of the Latvian people to peacefully assemble to commemorate important dates in their history and should urge the Soviet Government to: (1) allow the Latvian people to publicly commemorate November 18, the anniversary of the founding of the independent Republic of Latvia, without reprisal; (2) allow the Western media access to Riga, Latvia, to report on that day's events; (3) halt harassment of Latvian human rights groups; and (4) release all Latvian prisoners of conscience, including human rights activists Linards Grantins and Gunars Astra, before such date. Urges the President to direct U.S. Government agencies to closely monitor the events of November 18, and to send an appropriate representative to observe that day's events. Urges the President and the Secretary to raise the issue of human rights and self-determination in the Baltic states during the next U.S.-Soviet summit.
United States · United States Congress · 30 October 1987
Individual Appropriations Act - Requires the committee of conference to report a separate conference report for each title of a bill or joint resolution making continuing appropriations for a period of 30 days or more, together with any amendments in disagreement for each title. Requires each title to be assigned a bill number and considered separately. Makes it out of order in the House of Representatives and the Senate: (1) to consider such bill or joint resolution unless each title corresponds to a regular appropriations bill; and (2) for any general provisions of such bill or joint resolution not to be contained in the appropriate title. Excludes any bill or joint resolution making supplemental appropriations from provisions of this Act. Makes such Act applicable to FY 1988, 1989, and 1990.
United States · United States Congress · 29 October 1987
Social Security Notch Adjustment Act - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to establish a new alternative formula for computing the primary insurance amount (used in calculating the amount of OASDI benefits to which an individual is entitled) of workers born after 1916 and before 1930. Makes the new formula effective beginning January 1987, but provides retroactive benefits of up to $1,000 for months prior to January 1987. Excludes the earnings an individual who was born before 1917 earns in or after the year he or she reaches age 70 from the calculation of benefits payable to such individual after 1985.
United States · United States Congress · 23 October 1987
Education Savings Act of 1987 - Amends the Internal Revenue Code to permit an income tax exclusion to a taxpayer who transfers a qualified U.S. savings bond to an eligible institution of higher education or vocational school to pay the higher education expenses (tuition, fees, books, supplies, and equipment) of the taxpayer, spouse, or dependent. Excludes from gross income the lesser of: (1) the otherwise taxable amount involved in the transfer; or (2) the amount of the relevant higher education expenses. Phases out the permissible exclusion in the case of taxpayers having adjusted gross income of $75,000 or more, disallowing it entirely when income exceeds $150,000. Directs the Secretary of the Treasury to advise the general public of the program established by this Act. Amends Federal law to permit: (1) the type of transfer of U.S. savings bonds that would be necessary to effect the tax exclusions described in this Act; and (2) redemption of such bonds by recipient institutions.
United States · United States Congress · 23 October 1987
Expresses the Senate's: (1) support for democratic political institutions for the people of Fiji based upon free, fair, and openly contested elections; (2) opposition to the usurpation of democracy in Fiji; and (3) support for reconsideration of the Fijian sugar import quota by the U.S. Government as an expression of opposition to the violation of democratic principles and processes in Fiji.
United States · United States Congress · 20 October 1987
Amends the Federal Unemployment Tax Act to exempt from State unemployment tax law coverage (providing for payments in lieu of unemployment fund contributions) any service performed in the employ of a tax-exempt private elementary or secondary school that is operated primarily for religious purposes. Applies this exemption retroactively to services performed after 1977.
United States · United States Congress · 14 October 1987
Veterans' Agent Orange Disabilities Act of 1987 - Creates a non-rebuttable presumption that, for the purposes of wartime disability compensation for Vietnam veterans, the following diseases shall be considered to have been incurred in, or aggravated by, active military, naval, or air service in Vietnam during the Vietnam era: (1) non-Hodgkin's lymphoma; (2) lung cancer becoming manifest within 25 years of service; and (3) a disease that, in accordance with this Act, is determined to be reasonably associated with damage to or suppression of the immune system resulting from exposure to dioxin or any other toxic herbicide used in Vietnam and that is listed in regulations prescribed by the Administrator of Veterans Affairs. Requires the Administrator to enter into an agreement with an appropriate nonprofit private scientific organization to: (1) conduct a survey of all scientific studies of the effects of dioxin and other toxic herbicides used by the United States in Vietnam on humans or animals; and (2) determine what (if any) diseases are reasonably associated with damage to or suppression of the human immune system as a result of exposure to such herbicides. Designates the National Academy of Sciences (NAS) as the appropriate nonprofit organization, unless: (1) the NAS does not enter into such an agreement with the Administrator; (2) the Administrator has notified the veterans' committees of an alternative organization; and (3) 90 days have elapsed since such notification. Requires that the scientific organization report to the Administrator and the veterans' committees on the name of each disease determined to be reasonably associated with human immune system damage or suppression within one year after enactment of this Act. Directs the Administrator to prescribe regulations listing each such disease within 90 days of receipt of such report, unless a disease is specifically excluded by law. Directs the Administrator to periodically (but not less than annually) survey additional completed studies to determine whether any diseases should be added to the list. Requires that the Administrator: (1) compile and analyze, on a continuing basis, all clinical data obtained by the VA in connection with physical examinations and treatment furnished after November 3, 1981, to veterans who were exposed to dioxin or any other such toxic substance; and (2) submit to the Senate and House of Representatives' Committees on Veterans' Affairs a semiannual report containing such compilation and analysis, along with a discussion of the disabilities identified or treated by the VA, the Administrator's explanation for the incidence of such disabilities, and other reasonable explanations for the incidence of such disabilities.
United States · United States Congress · 13 October 1987
Designates January 28, 1988, as National Challenger Center Day. (The Challenger Center is an institution offering children and teachers activities and information derived from American space research.)
United States · United States Congress · 8 October 1987
Requires U.S. coins to be redesigned, at the discretion of the Secretary of the Treasury, over the next six years. Requires the reverse side of the first coin redesigned to commemorate the bicentennial of the U.S. Constitution for a two-year period. Requires that any profits from the sale of uncirculated and proof sets of U.S. coins be deposited in the Treasury and used solely to reduce the national debt.
United States · United States Congress · 8 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 carrrying 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 · 7 October 1987
Authorizes the Indian American Forum for Political Education to establish a memorial to Mahatma Gandhi in the District of Columbia and its environs. Prohibits the United States from paying any expense of establishing the memorial.
United States · United States Congress · 2 October 1987
Establishes the Commission on the Effects of Deregulation on Air Travel to study and make recommendations concerning the impact of a deregulated airline industry on the Federal Government's goal of promoting development of an air transportation industry that provides quality service to all regions of the country. Requires study in particular of the effectiveness of the essential air service program and rural service alternatives. Requires the Commission to submit a detailed final report to the Congress and the President. Terminates the Commission following its submission of such report. Authorizes appropriations.
United States · United States Congress · 17 September 1987
Expresses the sense of the Congress that: (1) the administration should oppose the implementation of the European Community directive which will limit U.S. access to such Community's agricultural markets; (2) if the European Community denies U.S. meat imports based on unsubstantiated standards or standards not applied to all Community members, the administration should adopt countermeasures; and (3) the administration should communicate to the Community that the United States views the directive as inconsistent with such Community's obligations under the General Agreement on Tariffs and Trade.
United States · United States Congress · 15 September 1987
Amends the Internal Revenue Code with respect to income taxation of generic commodity certificates (PIK certificates) used to repay Commodity Credit Corporation (CCC) loans. Taxes the certificates based on the earlier of: (1) the date on which the commodity used as collateral for the loan is sold; or (2) the date nine months after the loan was originally received. Disallows this treatment if the taxpayer chose to consider the CCC loan as income for the taxable year in which it was received. Applies to loans made after 1985.
United States · United States Congress · 9 September 1987
Congressional Campaign Reform Act of 1987 - Title I: Federal Election Campaign Reform - Amends the Federal Election Campaign Act of 1971 to: (1) increase from $1,000 to $1,500 the amount a person may contribute to a candidate and his authorized political committees for an election for Federal office; and (2) decrease from $5,000 to $3,000 the amount a multicandidate political committee may contribute to a candidate and the candidate's political committees. Requires corporations, labor organizations, and each national committee of a political party to file a report with the Commission if such entities have engaged in any otherwise exempt activity during the period for which the report is filed. Describes "otherwise exempt activities" as those activities which are exempt from disclosure requirements and which include any act of furnishing or making available services, payments, or other benefits excluded from the definition of contribution or expenditure. Declares that any nonprofit corporation receiving reduced postal rates which uses the mails to engage in any otherwise exempt activity during the 90-day period prior to a general or special election shall be subject to a civil penalty. Establishes reporting requirements for persons making independent expenditures in Senate elections totaling more than $10,000, and thereafter each time such persons make independent expenditures totaling more than $5,000. Subjects to such reporting requirements the exempt activities of corporations and labor organizations. Sets forth disclosure requirements for independent expenditures through broadcast communications on any radio or television station. Provides that an expenditure is not an independent expenditure where the person making an expenditure is in coordination, consultation, or concert with a candidate. Requires a candidate, within 15 days of qualifying for a primary election ballot, to file with the Commission and each other qualifying candidate a declaration stating whether or not such candidate intends to expend funds and incur personal loans for the primary and general election in the aggregate of $250,000 or more from the following sources: (1) personal funds; (2) family funds; and (3) personal loans incurred in connection with the campaign for office. Allows the opponents of such candidate to accept larger contribution amounts from individuals. Requires a candidate who files a declaration of intent not to expend more than $250,000 and who subsequently does exceed such amount, to file an amended declaration within 24 hours after exceeding such amount. Allows a candidate to repay a personal loan in connection with the candidate's campaign from contributions made to such candidate or any authorized committee of such candidate. Prohibits the repayment of any interest on the principal amount of such loan. Prohibits a candidate from making expenditures from personal funds or family funds, or from incurring personal loans in connection with the election campaign at any time within 60 days before such election. Requires semiannual reports by a party political committee with respect to payments to such committee to defray establishment, administration, and solicitation costs. Requires the national committee of a political party to include in specified reports all funds received and disbursements made for purposes other than to influence a Federal election (soft money). Provides for the accountability of contributions made by intermediaries or conduits to political action committees. Title II: Bipartisan Commission on Congressional Campaign Financing - Bipartisan Commission and Congressional Campaign Financing Act - Establishes the Bipartisan Commission on Congressional Campaign Financing to develop a means of campaign financing which: (1) promotes the availability of qualified candidates for congressional office; (2) permits candidates, irrespective of their personal financial resources, the opportunity to communicate effectively with the electorate; (3) protects the integrity of the legislative process; (4) promotes participation of political parties in the electoral and legislative processes; and (5) promotes public confidence in both the electoral and legislative processes. Declares that such Commission shall consider and study Federal laws and regulations and public commentary relating to financing congressional election campaigns. Requires the Commission to consider specified aspects of congressional campaign financing and candidates' financial disclosure. Requires the Commission, on the basis of its consideration and study, to make findings and recommendations to promote the congressional policy on campaign financing. Directs the Director of the Congressional Research Service and the Chairman of the Federal Election Commission to provide the Commission with pertinent briefing papers within two months of enactment of this title. Authorizes appropriations.
United States · United States Congress · 7 August 1987
Amends Federal law to authorize the Secretary of the Treasury, with the approval of the President, to issue educational savings bonds, a form of non-transferable savings bond that: (1) pays interest only if redeemed after 12 months of issuance; and (2) ceases to bear interest at the end of the tenth year after issuance. Amends the Internal Revenue Code to exclude from the gross income of an individual any interest on educational savings bonds redeemed within 300 months of issuance to the extent: (1) the aggregate face amount of the bonds is $1,000; and (2) the interest is used to pay the higher education expenses (tuition, fees, books, supplies, meals, and lodging) of a dependent at either an institution of higher education or a vocational school.
United States · United States Congress · 7 August 1987
Amends the Internal Revenue Code to allow an individual a 15 percent nonrefundable income tax credit for contributions made to a savings account established to pay the educational expenses (tuition, supplies, meals, and lodging) of an individual at an institution of higher education or a vocational school. Limits the credit to $150 per year per account. Adjusts this limit annually for inflation. Provides that no account may have more than one beneficiary and that no individual may be a beneficiary of more than one account. Disallows the credit for contributions to an account maintained for any individual who, during the relevant taxable year, either attains age 21 or begins attending an eligible educational institution. Identifies the criteria and requirements applicable to an education savings account. Permits the exclusion from the gross income of the taxpayer-contributor of payments and distributions from an education savings account as long as such amounts: (1) are used exclusively for the educational expenses of the eligible beneficiary; (2) are rolled over into another education savings account; or (3) are distributions of excess contributions before the due date of the tax return. Provides that for the ten tax years beginning when the beneficiary attains age 25, ten percent of the amount paid or distributed from an education savings account to pay the educational expenses of that individual shall be included in his or her gross income each year. Exempts the education savings accounts themselves from taxation unless they cease to be proper education savings accounts because either the contributor-taxpayer engages in prohibited transactions or the account's beneficiary pledges the account as security. Establishes penalties in the form of additional tax when account funds or distributions are used for other than educational purposes. Requires that the trustee of an education savings account report to the Secretary of the Treasury and to the account's beneficiary on the maintenance of the account. Establishes a six percent excise tax on excess contributions to an educational savings account. Provides that contributions to an education savings account shall not be subject to gift tax. Establishes a five percent excise tax on amounts connected with any prohibited transaction with respect to an education savings account. Establishes a penalty for failure to file required reports concerning the education savings account. Excludes from the gross income of an individual any distributions from an education savings account used exclusively for that individual's educational expenses (deferring taxation of these amounts until the beneficiary attains age 25).
United States · United States Congress · 7 August 1987
Amends the Internal Revenue Code to provide for the establishment of education savings accounts as tax-exempt entities (except with respect to the tax on unrelated business income of charitable organizations). Identifies the criteria applicable to such accounts, which must be established exclusively for the purpose of paying the educational expenses (tuition, supplies, meals, and lodging) of an individual at an institution of higher education or a vocational school. Limits the amount of contributions to such an account to $1,000 per calendar year. Adjusts this limit annually for inflation. Provides that no account may have more than one beneficiary and that no individual may be a beneficiary of more than one account. Requires any balance in an education savings account to be distributed after the beneficiary attains age 25. Permits the exclusion from the gross income of the taxpayer-contributor of payments and distributions from an education savings account as long as such amounts: (1) are used exclusively for the educational expenses of the eligible beneficiary; (2) are rolled over into another education savings account; or (3) are distributions of excess contributions before the due date of the tax return. Provides that for the ten tax years beginning when the beneficiary attains age 25, ten percent of the amount paid or distributed from an education savings account to pay the educational expenses of that individual shall be included in his or her gross income each year. Retains the tax-exempt status of the accounts themselves unless they cease to be proper education savings accounts because either the contributor-taxpayer engages in prohibited transactions or the account's beneficiary pledges the account as security. Establishes penalties in the form of additional tax when account funds or distributions are used for other than educational purposes. Requires that the trustee of an education savings account report to the Secretary of the Treasury and to the account's beneficiary on the maintenance of the account. Establishes a six percent excise tax on excess contributions to an education savings account. Provides that contributions to an education savings account shall not be subject to gift tax. Establishes a five percent excise tax on amounts connected with any prohibited transaction with respect to an education savings account. Establishes a penalty for failure to file required reports concerning the education savings account. Excludes from the gross income of an individual any distributions from an education savings account used exclusively for that individual's educational expenses (deferring taxation of these amounts until the beneficiary attains age 25).
United States · United States Congress · 7 August 1987
Amends the Internal Revenue Code to allow an individual a 15 percent nonrefundable income tax credit for contributions made to a savings account established to pay the educational expenses (tuition, supplies, meals, and lodging) of an individual at an institution of higher education or a vocational school. Limits the credit to $150 per year per account. Adjusts this limit annually for inflation. Provides that no account may have more than one beneficiary and that no individual may be a beneficiary of more than one account. Disallows the credit for contributions to an account maintained for any individual who, during the relevant taxable year, either attains age 21 or begins attending an eligible educational institution. Identifies the criteria and requirements applicable to an education savings account. Permits the exclusion from the gross income of the taxpayer-contributor of payments and distributions from an education savings account as long as such amounts: (1) are used exclusively for the educational expenses of the eligible beneficiary; (2) are rolled over into another education savings account; or (3) are distributions of excess contributions before the due date of the tax return. Provides that for the ten tax years beginning when the beneficiary attains age 25, ten percent of the amount paid or distributed from an education savings account to pay the educational expenses of that individual shall be included in his or her gross income each year. Establishes a 15 percent tax on the investment income of an education savings account unless it ceases to be a proper education savings account because either the contributor-taxpayer engages in prohibited transactions or the account's beneficiary pledges the account as security. (In such cases, regular capital gains tax rates would apply.) Establishes penalties in the form of additional tax when account funds or distributions are used for other than educational purposes. Requires that the trustee of an education savings account report to the Secretary of the Treasury and to the account's beneficiary on the maintenance of the account. Establishes a six percent excise tax on excess contributions to an educational savings account. Provides that contributions to an education savings account shall not be subject to gift tax. Establishes a five percent excise tax on amounts connected with any prohibited transaction with respect to an education savings account. Establishes a penalty for failure to file required reports concerning the education savings account. Excludes from the gross income of an individual any distributions from an education savings account used exclusively for that individual's educational expenses (deferring taxation of these amounts until the beneficiary attains age 25).
United States · United States Congress · 7 August 1987
Farm Credit Act of 1987 - Title I: Farm Credit Revolving Fund; Franchise Taxes; Purchase of Stock - Amends the Farm Credit Act of 1971 to repeal provisions governing: (1) the central reserve maintained by the Farm Credit Administration (FCA) for the Farm Credit System (FCS); (2) mergers of similar FCS banks; (3) the authority of the Secretary to purchase obligations issued by the Farm Credit System Capital Corporation (Capital Corporation); (4) the initial capitalization of the Capital Corporation; (5) the tax status of obligations issued jointly by the Capital Corporation and FCS banks; and (6) certain limitations on sales by FCS institutions of tracts of real estate. Directs the FCA to purchase stock to: (1) prevent impairment of FCS institution stock; (2) restore any impairment to such stock; or (3) provide collateral for obligations issued by an FCS bank to finance its lending operations. Identifies the resulting resource as the Farm Credit Revolving Fund. Requires the FCA, beginning in 1993, to mandate the retirement of such stock when the need for Government-owned stock is reduced or nonexistent. Mandates the availability of revolving fund monies to purchase obligations of the Farm Credit Banks Insurance Corporation and to make loans to the Loan Restructuring Corporation. Directs the FCA to make payments to holders of certain FCS associations placed in liquidation to ensure that they receive par value for the stock. Empowers the FCA, through the FCA Board, to make and issue non interest-bearing notes to the Secretary of the Treasury (Secretary) to obtain funds for the revolving fund as necessary to permit the FCA to carry out required stock purchases, as well as loan and payment obligations. Requires the Secretary to purchase these notes, up to a maximum total of $6,000,000,000. Prohibits the issue of obligations to obtain funds to purchase stock of FCS institutions after 1992. Imposes a franchise tax, earmarked for the revolving fund, on each FCS bank and production credit association. Forgives such tax to the extent it would result in an impairment of the institution's stock. Imposes an additional franchise tax, effective in 1993, on FCS banks or associations in which the FCA holds stock. Reduces this tax to the extent of any amount the institution either paid to the United States for the retirement of any of its FCA-held stock or contributed to another FCS bank or association to permit it to retire FCA-held stock. Directs the FCA, after notice and an opportunity for a hearing, to suspend the charter of any institution that fails to comply with franchise tax obligations. Permits the issuance of nonvoting Federal land bank stock to the FCA for this Act's purposes. Prohibits: (1) the payment of dividends on such FCA-held stock; and (2) patronage refunds in a year during which the FCA holds stock in the land bank. Applies corresponding prohibitions to Federal land bank associations. Fixes minimum funding requirements for reserves maintained by Federal land banks and Federal land bank associations. Establishes obligation contribution percentages with respect to these reserves. Grants to the FCA the first lien on stock and participation certificates it holds in Federal land banks and land bank associations. Permits the issuance of nonvoting Federal intermediate credit bank stock to the FCA for this Act's purposes. Prohibits: (1) the payment of dividends, unless authorized by the FCA Board, in any year when the FCA holds stock in the bank; and (2) the retirement of stock or of participation certificates if the FCA holds stock in the bank. Establishes a framework and procedures to govern: (1) the annual application of the net earnings of an intermediate credit bank in which the FCA holds stock; and (2) the absorption of its net losses. Includes provisions for the establishment of a reserve account. Exempts allocations to such an account from Federal income taxes. Prohibits a Federal intermediate credit bank from paying patronage refunds in a year when the FCA holds stock in the bank. Grants priority to FCA-owner stock (after liabilities are paid) for purposes of distribution of assets on liquidation. Permits the issuance to the FCA of nonvoting stock of a production credit association (PCA) for this Act's purposes. Prohibits: (1) the payment of dividends (other than preferred stock) in any year when the FCA holds stock in the PCA; and (2) patronage refunds in a year during which the FCA holds stock in the PCA. Grants to the FCA the first lien on stock and participation certificates it holds in a PCA. Grants a limited tax exemption to PCAs and their property, funds, and income. Permits the issuance to the FCA of nonvoting stock of banks for cooperatives for this Act's purposes. Grants to the FCA first lien on stock it holds in the bank. Establishes a framework and procedures to govern the annual application of the net earnings of a bank for cooperatives in which the FCA holds stock. Includes provision for the creation of a surplus account. Grants a limited tax exemption to banks for cooperatives, their property, funds, and income Empowers the FCA expressly to invest in the stock of FCS banks and associations out of the pertinent revolving fund and to require the stocks' retirement. Title II: Loan Restructuring - Amends the Farm Credit Act of 1971 to repeal the December 31, 1987, sunset review of the Farm Credit System Capital Corporation. Changes the name of the Capital Corporation to the Loan Restructuring Corporation (LRC). Requires the FCA board to revoke the charter of the LRC on December 31, 1990, unless it unanimously adopts a one-year extension. Directs the LRC to: (1) hold, restructure, collect, sell, and otherwise administer nonperforming assets participated in or acquired from other FCS institutions; and (2) provide technical assistance to FCS institutions in connection with borrower loan restructing activities. Provides for an LRC Board of Directors. Transfers generally the corporate powers of the Capital Corporation to the LRC. Adds the power to: (1) carry out a loan restructuring program; and (2) grant forbearance on, restructure, or liquidate any loan participated in or acquired from an FCS institution. Repeals a number of powers relating to the issuance and sale of obligations, the administration of financial assistance, the purchase of nonaccrual loans and assets, and the purchase of certain assets from associations undergoing liquidation. Rescinds any required Capital Corporation purchase or assessment taken between July 31, 1986, and the date of this Act's enactment. Orders a refund of such funds, as well as contributions under loss-sharing agreements, to contributor institutions. Requires the LRC and each farm credit district to have in place within 60 days of this Act's enactment a policy that includes: (1) a case-by-case review of nonaccrual loans to determine whether they should be considered for forbearance, restructuring, or liquidation; and (2) a case-by-case review of all high-risk loans to determine appropriate measures to prevent them from becoming nonaccrual loans. Describes required policy contents, including mandatory provisions indicating that forbearance will be granted to the maximum extent possible to avoid losses to the institution, and that restructuring will be effected in ways that would enable borrower repayments without impairing the borrower's standard of living if specified conditions are met. Requires each farm credit district board to establish a Special Credit Team to help the district's banks and associations in dealing with nonaccrual and high-risk loans. Mandates that each district plan establish an appeals procedure with respect to loans determined to be ineligible for restructuring. Describes criteria to be met by the appeal process. Prohibits an FCS institution from requiring a borrower to provide additional collateral or from foreclosing certain loans as a result of the borrower's failure to do so. Permits a borrower, upon application, to retain possession and occupancy of qualified homestead property for between three and five years, in certain cases of foreclosure, bankruptcy, or involuntary liquidation. Describes the eligibility requirements to be met by affected borrowers. Grants to the borrower the right of first refusal with respect to the homestead property at the end of the prescribed occupancy period. Makes homestead provisions inapplicable in cases when appraisal indicates that the value of the acquired real estate prior to the separation of the homestead would exceed the sum of the values of each component property. Prohibits an FCS institution from: (1) selling any agricultural land acquired as a result of loan foreclosure, bankruptcy, or voluntary loan liquidation if the sale would have a substantial adverse effect on the agricultural land values in the area where the real estate in question is located; or (2) combining for sale or lease acquired real estate tracts when the size of the resulting tract substantially exceeds that of an average farming or ranching operation in the area where the tracts are located. Requires FCS institutions to subdivide tracts that are larger than the average family farming or ranching operation before offering them for sale or lease. Mandates that: (1) offers to sell or lease property acquired by an FCS institution (other than offers to another FCS institution) be public offers; and (2) the sale or lease of such property be based on competitive bidding. Directs the FCA to issue regulations to govern such bidding, including provisions to ensure: (1) actual notice to the previous owner of the availability of the property; and (2) sale or lease to the highest bidder, subject to the previous owner's right of first refusal. Sets forth similar but distinct provisions to govern leases of property for terms of between five and ten years to family farmers or ranchers. Requires that each of these leases contain an option to buy the property when the lease term expires. Requires persons (beginning in 1990) who enter into installment sales agreements or similar financing arrangements, to purchase FCS acquired property to buy stock or participation certificates in the pertinent institution. Requires each FCS institution holding acquired property on the date of this Act's enactment to sell or lease the property within four years. Applies the same four-year requirement to subsequently acquired property, with the reference date being that on which the institution acquires the property. Transfers the functions and role of the Federal Farm Credit Capital Corporation to the Loan Restructuring Corporation. Lists documents and information that FCS institutions must provide to borrowers, including interest rate data and corporate materials. States that any person who suffers legal wrong or who is aggrieved or adversely affected by the violation in question has the right to sue: (1) an FCS institution for violations of duty, standard, or limitation or of corollary FCA orders; or (2) the FCA for failure to perform duties. Grants jurisdiction in such cases to Federal district courts, without regard to the amount in controversy. Title III: Insurance of Obligations of Farm Credit Banks; Liability of Banks on Obligations - Amends the Farm Credit Act of 1971 to create a Farm Credit Banks Insurance Corporation, under the direction of the FCA Board, having as its duty to insure the notes, bonds, and similar obligations of eligible FCS banks. Enumerates corporate powers. Requires each FCS bank to apply for insurance within 90 days of this Act's enactment. Describes required contents for such applications. Directs the Corporation to reject the application of any bank having unsafe financial policies or management. Prescribes: (1) the extent of insurance to be provided; (2) the assessment of premiums to be paid (not to exceed two-tenths of one percent of the proceeds of the obligation); (3) the establishment of a reserve; (4) procedures for terminating insurance; and (5) actions to be taken against banks that violate duties or engage in unsafe or unsound practices. Mandates that, beginning in 1993, any minimum capital adequacy requirement in connection with the aggregate obligations of a bank or banks be established at a level to reduce, to the extent practicable, the risk of loss to the Corporation. Prohibits a bank from participating in a joint issuance of obligations due and payable after 1992 unless it is insured by the Corporation. Sets forth the order of liability of affected banks with respect to certain consolidated or system-wide obligations issued between January 1, 1988, and December 31, 1992. Title IV: Real Estate Lending; Interest Rates - Amends the Farm Credit Act of 1971 to prohibit Federal land banks from making agricultural real estate mortgage loans to persons who are not bona fide farmers or ranchers, an defined by this Act. Requires each Federal land bank to make available to eligible borrowers long-term real estate mortgage loans having terms of at least 15 years at a fixed interest rate. Caps the permissible interest rate on such loans at two percent above the average interest rate on the bank's obligations of comparable maturities during the preceding 12 months. Provides for differential interest rate programs for loans of Federal land bank association members. Caps the permissible interest rate on all the agricultural loans of a bank at two percent above the average interest rate on obligations issued by the bank during the preceding 12 months. Permits the FCA to authorize a higher interest rate under certain circumstances. Restricts loans to no more than 75 percent of the appraised value to the real estate security (the current general restrictions is 85 percent). Permits an 85 percent limitation in case of young or beginning farmers or ranchers. Sets standards for determining appraised value. Directs each Federal land bank to: (1) require borrower financial statements at least triennially; (2) establish a future payment plan into which participating borrowers could pay amounts to be offset against indebtedness. Caps the permissible interest rate on short- and intermediate-term loans of production credit associations at two percent above their discount rate. Allows a differential interest rate program for member loans only upon stockholder approval. Requires FCA approval for certain loans. Title V: Service Organizations - Amends the Farm Credit Act of 1971 to direct the FCA to revoke the charter issued to the Farm Credit Corporation of America as of FY 1990, unless a majority of the members of the boards of directors of each Federal land bank association, production credit association, farm credit district, and the Central Bank for Cooperatives votes to permit its continuation. Bars from the charter of the Federal Farm Credit Banks Funding Corporation (Funding Corporation) provisions that would permit the Funding Corporation to set policy or otherwise assume responsibilities of other FCS institutions with regard to member-borrower services. Directs the FCA, within 30 days of this Act's enactment, to amend the charter of the Funding Corporation to provide for a board of directors. Requires the Funding Corporation to report annually to each FCS bank and association and to specified congressional committees detailing its bond placements, budget, costs, and expenses. Prohibits the FCA from issuing a charter to any new service corporation unless specifically authorized by an Act of Congress. Title VI: Mergers - Amends the Farm Credit Act of 1971 with respect to mergers of various FCS institutions. Provides for a mandatory 60-day cooling off period before a voluntary merger of FCS associations becomes effective. Requires association seeking voluntary merger: (1) to notify stockholders of the meeting date before any meeting at which they will vote on the merger; and (2) to provide a statement of the advantages and disadvantages associated with the merger. Conditions mergers of similar FCS banks on the unanimous approval of the FCA Board. Shifts from the FCA to the FCA Board the responsibility for assuring nondiscriminatory treatment of associations that disapprove mergers. Directs the FCA to issue regulations to provide for and govern reconsideration by stockholders of voluntary mergers of associations between January 1, 1986, and the date of this Act's enactment. Title VII: Boards of Directors - Amends the Farm Credit Act of 1971 to revise membership provisions with respect to the boards of directors of Federal land bank associations, production credit associations, the Central Bank for Cooperatives, and farm credit districts. Permits outside directors for the first two entities and requires them for the latter two. Establishes procedures by which FCS bank stockholders may establish or abolish a separate board of directors. Sets forth membership requirements applicable to such a board. Title VIII: Amendments to Title V of the Farm Credit Act of 1971; Miscellaneous - Amends the Farm Credit Act of 1971 to limit the annual compensation of a farm credit district director to $15,000. Revises membership provisions applicable to the FCA Board, as well as provisions relating to its internal operation and to the responsibilities of the Chairman. Subjects certain of the Chairman's personnel appointments and the Chairman's establishment of advisory committees to Board approval. Grants to the Board additional powers with regard to bank mergers and the salary scale or rate of compensation of certain FCS institution employees. Empowers the FCA to appoint a farm credit appraiser for each farm credit district. Shifts: (1) from the Chairman of the FCA board to the Board itself various determinations affecting examinations of FCS institutions; and (2) from the FCA to the FCA Board certain decision and appointments in connection with receiverships or conservatorships of FCS institutions. Prohibits any farm credit district board, bank board, or bank officer or employee from removing any director or officer of any production credit association or Federal land bank association. Sets forth provisions with respect to FCA examinations of Federal land bank associations, requiring them at least once every five years. Prohibits FCS institutions from contracting for an independent audit of FCS institutions or certain other financial institutions unless the agreement covers no more than two years and is entered into under competitive bidding procedures. Directs each Federal land bank financing all or part of the stock of a Federal land bank association to charge a loan origination fee, to a maximum of two percent of the loan amount, in connection with loans made by a bank to a borrower. Prohibits the financing of such a fee. Prohibits the requirement of Federal land bank association stock prior to full payment of the loan. Excepts loans in default from this prohibition. Requires that Federal land bank or production credit association loan applications clearly state specified information concerning the amount of stock required to be purchased and its retirement. Title IX: Farmers Home Administration Loan Restructuring - Amends the Consolidated Farm and Rural Development Act to direct the Secretary of Agriculture to: (1) implement within 60 days of this Act's enactment a policy under which all nonaccrual farm ownership and operating loans held by the Farmers Home Administration (FmHA) and loans made by a Federal or State chartered bank, savings and loan association, or other legally organized lending agency that have been guaranteed by the Secretary are to be reviewed on a case-by-case basis to determine whether they should be considered for forbearance, restructuring, or liquidation; and (2) provide for a case-by-case review of all high-risk loans held by the FmHA to determine appropriate measures to prevent such loans from becoming nonaccrual loans. Authorizes the Secretary to pursue to final connection all loan-related claims against third parties assigned to the Secretary. Directs the Secretary to: (1) grant forbearance on nonaccrual and high-risk loans to the maximum extent possible to avoid FmHA losses; and (2) to restructure loans in ways that would enable borrower repayments without impairing the borrower's standard of living if specified conditions are met. Requires that the Secretary establish an appeals procedure with respect to loans determined to be ineligible for restructuring. Describes criteria to be met by the appeal process. Prohibits the Secretary from requiring any borrower to provide additional collateral or from foreclosing certain loans as a result of the borrower's failure to do so. Permits a borrower, upon application, to retain possession and occupancy of qualified homestead property for between three and five years in certain cases of foreclosure, bankruptcy, or involuntary liquidation. Describes the eligibility requirements to be met by affected borrowers. Grants to the borrower the right of first refusal with respect to the homestead property at the end of the prescribed occupancy period. Directs the Secretary to permit a borrower to redeem real property acquired through legal process during the year following the date of judgment or the period prescribed under State law, whichever is longer. Applies State law to the redemption process. Fixes priorities as to borrower preference for redemption purchases. Revises farmland disposition provisions to give previous owners or operators the right of first refusal with respect to a lease of a property and preference with respect to the awarding to management contracts governing the property. Authorizes the Secretary to sign a contract to lease land to its owner before the Secretary actually acquires the property. Requires that previous owners be given written notice of the potential sale or lease of property. Applies appeals procedures to denials of applications or disputes with respect to leases or purchase agreements. Directs the Secretary to release from the sale of any loan-securing property an amount sufficient both to assure the borrower's family a reasonable standard of living and to pay all necessary farm operating expenses. Title X: State Mediation Program - Establishes guidelines for State farm loan mediation programs. Enumerates criteria to be met by a State in order to qualify for the matching grant program instituted in this title. Lists the requirements to be met by the farm loan mediation program of a State, including provisions with respect to mediator training and duties and applications for mediation. Creates a program of matching grants to the States under which the Secretary must provide financial assistance to a qualifying State for the operation and administration of its farm loan mediation program. Limits the amount of such a grant to: (1) no more than 50 percent of the costs of the operation and administration of the State's program; and (2) $1,000,000 per year per State. Directs the Secretary to prescribe rules requiring each guarantee or insurance program under the Secretary's jurisdiction to: (1) cooperate in good faith with requests for information or for analysis; and (2) present and explore debt restructuring proposals advanced during the course of any farm loan mediation program. Mandates corresponding rulemaking by the FCA with respect to FCS institutions. Authorizes FY 1988 through 1991 appropriations.
United States · United States Congress · 7 August 1987
Indoor Air Quality Act of 1987 - Directs the Administrator of the Environmental Protection Agency to establish a national research, development, and demonstration program to assure the quality of indoor air, including coordinating and accelerating efforts related to the causes, detection, and correction of contaminated air. Requires such program to include information collection and dissemination, cooperative research, grants, studies, development of techniques, facility construction, and conferences. Requires that research focus on human health effects and the identification of types and levels of contaminants likely to cause harm, including the development of methodology and techniques for detection and control. Authorizes the Administrator to assist technology demonstration activities based on a technology's potential to cost effectively control sources of contaminants which pose the greatest risk. Limits Federal funding to 75 percent of costs. Directs the Administrator to report to the Congress by the start of FY 1989 on activities conducted under this Act. Directs the Administrator to publish and biennially revise a list of contaminants known to occur in indoor air. Provides for additions to such list upon application of a State Governor. Requires the Administrator to publish advisory materials addressing the human health effects of listed contaminants which describe the properties, effects, risks, and concentrations of such contaminants. Directs the Indoor Air Panel of the EPA Science Advisory Board to assist in the listing and advisories. Requires that advisories be updated every five years. Directs the Administrator to develop and publish a national indoor air quality response plan to meet applicable clean air standards, including the dissemination of information and education and the provision of technical assistance. Requires the response plan to identify the contaminant, the basis for the action, the nature of the response, the responsible Federal authority, and the necessary financial resources. Requires such plan to include a specific response plan for Federal buildings which lists buildings and the reduction and response actions to be taken, and identifies those buildings likely to exceed applicable standards. Exempts specified buildings for national security, demolition, or special use purposes. Requires response plans to be submitted to the Congress on a biennial basis. Authorizes grants to States for the development of management strategies and indoor air quality assessment and response programs similar to those of the Federal program. Directs the Administrator to establish the Office of Indoor Air Quality within EPA's Office of Air and Radiation to implement agency responsibilities of this Act. Directs the President to establish a National Indoor Air Quality Council within the Executive Office to coordinate Federal activities and advise the President. Requires that the Council report to the Congress on a biennial basis. Directs the Administrator to conduct an indoor air contaminant reduction demonstration program in new Federal buildings, including the development of design, purchasing, and management guidelines. Requires the Administrator to establish a national indoor air quality clearinghouse. Authorizes appropriations for FY 1988 through 1992.
United States · United States Congress · 7 August 1987
Designates the week of May 2 through May 8, 1988, as National Drinking Water Week to enhance awareness of drinking water issues and recognition of the difference that drinking water makes to health, safety, and quality of life.
United States · United States Congress · 6 August 1987
Relying on Ethanol for America Program Act - Directs the Secretary of Agriculture to establish an Ethanol Development Fund within the Commodity Credit Corporation to guarantee loans made to finance eligible ethanol-related projects. Provides that such Fund shall be administered by the Assistant Secretary of Agriculture for Science and Education. Sets forth funding guidelines for the Commodity Credit Corporation to make certain funds available to the Fund for a five-year period. Requires the Assistant Secretary to report to certain congressional committees regarding the financial status of the Development Fund Program. Requires the Secretary of Agriculture to sponsor research and development of marketable commercial or industrial crops for specific use in the production of ethanol or food for export. Amends the Internal Revenue Code to extend from 1993 to the year 2000 certain excise tax treatment of ethanol as fuel, and to restrict a certain excise tax reduction to ethanol fuel.
United States · United States Congress · 6 August 1987
Impact Aid Reauthorization Act of 1987 - Reauthorizes and revises Federal law relating to impact aid payments to local educational agencies affected by Federal activity. Revises the policy declaration to use the term "reimbursement" (rather than "assistance"). Extends the authorization of specified provisions under the Act through FY 1993. Authorizes appropriations for FY 1989 through 1993. Revises formulas for determining the amount of payments to local educational agencies. Provides that certain increases in such payments shall be sufficient to allow the school district to have an operating cost no greater than: (1) the average of comparable school districts in the State; or (2) if there are no comparable school districts, the State average operational cost. Provides that a reasonable tax effort has been made if the agency's tax effort is at least equal to 80 percent of the average taxes levied for operational purposes by not more than three comparable school districts for that year. Reduces certain payments to an agency by the percentage that the average operational tax rate of the comparable school districts (or, if none, the State average operational tax rate) exceeds the actual tax levied by the agency's school district. Provides that, for FY 1988 and for each fiscal year thereafter, the local contribution rate for agencies whose school district boundaries are coterminous with the boundaries of a military installation shall be not less than 70 percent of the average per pupil expenditure in all States during the second preceding year prior to the current fiscal year. Provides that any agency eligible for an increase under certain provisions shall receive 100 percent of the amount to which it is entitled under other specified provisions. Provides for rounding of payments to the nearest whole dollar. Revises provisions for adjustments where necessitated by appropriations to change the formulas determining how the Secretary of Education shall allocate additional amounts among various categories of local educational agencies. Revises provisions relating to State treatment of Federal impact aid payments in determining a local educational agency's eligibility for, and the amount of, State aid. Requires that the State formula ensure that the local agency will have sufficient funds available to expand at or above the State average per pupil expenditure or the average per pupil expenditure for comparable districts, whichever is greater. Provides that specified types of impact aid shall not be taken into consideration as local resources by the State. Directs the Secretary, for any fiscal year after FY 1987, to allocate to any local educational agency which received a payment under specified provisions in FY 1987 an amount which is not less than the product of 100 percent of the per pupil amount paid to such agency in FY 1987 and the number of children in average daily attendance for the fiscal year for which the determination is made. Permits a local educational agency receiving impact aid funds also to receive funds under provisions for education of children where local agencies cannot supply facilities. Directs the Secretary to establish regional panels to review proposed regulations before their publication. Provides that such panels shall be composed of Federal, State, and local education administrators, parents of elementary and secondary students, elementary and secondary teachers, and members of local educational agencies involved with implementing programs under the Act. Authorizes the Secretary to issue emergency regulations without such review, but requires the Secretary to convene regional panels immediately thereafter to review such emergency regulations prior to issuing them in final form.
United States · United States Congress · 6 August 1987
Honors the late Portuguese diplomat, Dr. Aristides de Sousa Mendes do Amaral e Abranches, for his extraordinary acts of mercy and justice during World War II.
United States · United States Congress · 3 August 1987
Recognizes the contributions of Rachel Carson to public awareness and understanding of environmental issues on the 25th anniversary of her book, "Silent Spring."
United States · United States Congress · 28 July 1987
Amends Federal armed forces provisions to require that each Army and Air Force reserve enlisted member be advanced in rank to the highest grade satisfactorily held after 30 years of combined active-duty and retired service.
United States · United States Congress · 22 July 1987
Amends the Internal Revenue Code to extend through 1992 the period during which qualified mortgage bonds and mortgage credit certificates may be issued. (Under current law, authority for these programs is due to expire as of 1989.)
United States · United States Congress · 22 July 1987
Recognizes the importance of the agricultural export enhancement program established under the Food Security Act of 1985. Expresses the sense of the Congress that the Secretary of Agriculture should assure that sufficient FY 1987 through 1990 funding be available for such program.
United States · United States Congress · 21 July 1987
Methanol and Alternative Fuels Promotion Act of 1987 - Amends the Motor Vehicle Information and Cost Savings Act to authorize the Secretary of Transportation to revise the dual fuel passenger automobile driving range for automobiles operating on certain ethanol or methanol mixtures. Provides that for any ten consecutive model years between 1993 and 2005, a dual fuel passenger automobile manufacturer shall receive an average fuel economy increase according to specified guidelines. Declares that if a manufacturer makes methanol- or ethanol-powered or dual fuel passenger automobiles, the fuel economy of an automobile shall be based on the fuel content of the methanol or ethanol mixture used to operate it. Directs the Secretary to report annually to the Congress regarding ethanol and methanol promotion. Amends the Internal Revenue Code to declare that the determination of tax to be imposed regarding methanol-, ethanol-, or natural gas-powered or dual fuel passenger automobiles shall be based on the fuel economy rating established under the Motor Vehicle Information and Cost Savings Act.
United States · United States Congress · 21 July 1987
Amends the Internal Revenue Code to permit a partnership, S corporation, or personal service corporation, unless it is part of a tiered structure, to elect to have a taxable year other than the required one, but generally only if the deferral period of the taxable year elected is three months or less. (Current law requires partnerships, S corporations, and personal service corporations, in most cases, to conform their taxable years to the calendar years used by their owners.) Subjects the principals of a partnership or S corporation electing to change taxable years to additional estimated tax requirements to offset any tax deferral resulting from such election. Imposes deduction limitations on a personal service corporation that changes taxable years. Provides that an election with respect to taxable year shall be made by the partnership, S corporation, or personal service corporation and shall be binding on all partners and shareholders. Sets forth the formula for determining the additional tax requirement when a taxpayer: (1) is a partner or shareholder in at least one such entity during any applicable election years of the entity that end within the taxpayer's taxable year; and (2) has an aggregate deferred tax exceeding $200 with respect to the entity. Describes payment procedures. Requires the inclusion of specified information on returns filed by partnerships and S corporations that elect to use a non-required taxable year. Limits the tax deduction permitted to a personal service corporation for amounts paid or incurred with respect to employee-owners when such a corporation: (1) elects to have a taxable year other than the required one; and (2) fails to meet certain minimum distribution requirements regarding non-dividend amounts paid to owners.
United States · United States Congress · 14 July 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 · 10 July 1987
Agricultural Producer and Farm Credit System Borrower Act of 1987 - Title I: Farm Credit System Liability and Insurance - Amends the Farm Credit Act of 1971 to provide that after December 31, 1992: (1) each Farm Credit System (FCS) institution shall be individually liable for its notes and other obligations; and (2) FCS institutions will no longer be jointly and severally liable. Establishes a Farm Credit System Insurance Corporation (Corporation) which shall insure the full payment of FCS institution interest and principal. States that the Farm Credit Reserve Fund Board (established by this Act) shall act as the Corporation's board of directors until its termination, upon which the Farm Credit Administration Board shall assume such duties. Sets forth Corporation powers. Prohibits an FCS institution from joining with other institutions in issuing consolidated obligations payable after December 31, 1992, unless it is insured by the Corporation. Funds the Corporation through institution insurance premiums and stock sales. Directs the Corporation to set uniform premium levels. Authorizes the Corporation, pursuant to enumerated conditions, to terminate an institution's insured status for uncorrected status or operations violations. Directs the Corporation to maintain a general reserve, and after the Reserve Board's termination, permits it to supplement such reserve through the issuance of federally-guaranteed bonds and other obligations. Caps such obligations at $1,000,000,000. Stipulates that such supplemental reserves may only be used for insurance purposes. Requires institutions to maintain adequate capital. Directs the Farm Credit Administration (FCA) to periodically consult with the Corporation regarding capitalization levels. Provides that the Corporation shall serve as a receiver for an insured institution in receivership. Sets forth related provisions. Sets forth Corporation fund provisions, including investment provisions. Authorizes the Corporation to make loans to, or purchase the assets of, an institution if the Board determines such action is necessary to reopen a closed institution or prevent the failure of an operating institution. Title II: Financial Assistance-Subtitle A: Farm Credit Reserve Fund and Financial Assistance - Amends the Farm Credit Act of 1971 to establish a Farm Credit Reserve Fund Board to temporarily administer Federal assistance to FCS institutions and oversee the loan restructuring process. Grants emergency powers through 1989 to the Board to permit it to manage financially-troubled institutions. Requires an annual report to the Congress. Establishes a Farm Credit Reserve Fund which shall be available to the Board to carry out its operations. Funds such Fund through: (1) guaranteed debt obligations; (2) assessments; (3) Capital Corporation asset transfers; (4) revolving fund transfers; (5) Farmers Home Administration (FmHA) land assets transfers; and (6) appropriated funds. (Provides initial funding through institution assessments.) Requires: (1) each FCS district to establish a special credit unit to review and make final disposition of all nonaccrual and high risk loans held by institutions within its district; and (2) each unit to develop a loan disposition plan which emphasizes the importance of keeping farmers on their land through deferrals and restructuring. Subtitle B: Termination of Capital Corporation and Reserve Fund - Directs FCA to terminate the Farm Credit System Capital Corporation: (1) 90 days after enactment of this Act; or (2) earlier, upon the recommendation of the Board of Directors of such Corporation. States that the Farm Credit Reserve Fund Board shall succeed to the Capital Corporation's rights, assets, and obligations. Title III: Stock Protection and Capitalization - Amends the Farm Credit Act of 1971 to require that through December 31, 1992, retired institution stock shall be redeemed at par value in interest-bearing notes, unless the borrower requests a cash payment. Provides for post-1992 payment only in cash. Requires institutions to adopt a capitalization plan that meets FCA minimum requirements and is based on generally accepted accounting principles. Title IV: Structural Changes in the Farm Credit System - Subtitle A: Mergers of Farm Credit System Institutions - Amends the Farm Credit Act of 1971 to make FCS structural changes regarding: (1) the merger of banks within a district; (2) the merger of like banks in different districts; (3) transfers by production credit associations to banks; (4) transfers by Federal land banks to Federal land bank associations; (5) the merger of associations into banks; (6) the merger of like and unlike associations; (7) institutional termination and dissolution; (8) the merger of service organizations; (9) prior approval of information disclosure and issuance of charters; and (10) the taxation (or exemption) of merged banks and associations. Requires the establishment of a FCS-wide finance committee. Subtitle B: General Provisions - Authorizes a Federal land bank association or production credit association to have on its board of directors a person who is not otherwise connected with FCS institutions. Authorizes such associations to borrow and lend money without the supervision or assistance of a Federal land bank. Authorizes an FCS institution to operate outside its normal service territory. Subtitle C: Effective Date - Makes this title effective 30 days after enactment of this Act. Title V: Agricultural Mortgage Secondary Market - Amends the Farm Credit Act of 1971 to establish a federally-chartered Federal Agricultural Mortgage Corporation to: (1) develop uniform underwriting, security appraisal, and repayment standards for qualified loans; (2) determine the eligibility of agricultural mortgage marketing facilities for credit enhancement of specific mortgage pools; and (3) provide credit enhancement for the repayment of qualified loan pool principal and interest. Sets forth provisions regarding: (1) the temporary and permanent boards of directors; (2) powers and duties; (3) capitalization through stock issuances; (4) agricultural mortgage marketing facilities' certification; (5) credit enhancement of qualified loans and the establishment of uniform underwriting, security appraisal, and repayment standards. Authorizes the Mortgage Corporation to charge fees to cover operating and credit enhancement expenses. Title VI: Export Financing and OFI Authorities - Amends the Farm Credit Act of 1971 to make permanent: (1) Federal intermediate credit banks' lending authority; and (2) cooperative banks' authority to finance certain import and export transactions. Authorizes Federal land banks to make loans and provide related financial assistance to other financing institutions. Title VII: Disposition of Acquired Property - Amends the Farm Credit Act of 1971 to express the sense of the Congress that FCS institutions: (1) should sell foreclosure-acquired property unless such sale would have a detrimental effect on farm land value; and (2) should try to make such sales to local people.
United States · United States Congress · 8 July 1987
Declares that the Congress encourages all Americans to read the Constitution within one year of its 200th anniversary and strongly encourages Members of Congress, Federal judges, and officials of the executive branch to set the example in studying this cornerstone of democratic government.
United States · United States Congress · 1 July 1987
Veterans' Beneficiary Travel Reimbursement Restoration Act of 1987 - Amends Federal veterans' benefits provisions relating to the payment of travel expenses for veterans traveling to a Veterans Administration (VA) health care center for treatment to direct the Administrator of Veterans Affairs, in exercising the authority to make such payments, to make such payments to the following persons: (1) a person receiving veterans' benefits for or in connection with a service-connected disability; (2) a veteran receiving veterans' pension benefits; (3) a veteran whose annual income does not exceed the annual veterans' pension rate or who is unable to defray the expenses of such travel; (4) a person whose travel to a VA facility was incident to a scheduled compensation and pension examination; and (5) a veteran whose travel to a VA facility was required to be performed by a special mode of travel which was either authorized beforehand by the Administrator, or was in connection with a medical emergency. Authorizes the Administrator to deduct from the amount otherwise payable an amount equal to $3.75 for each trip to or from a VA facility. Provides a maximum amount authorized to be so deducted from the reimbursed expenses of veterans making six or more one-way trips during the following calendar month or months. Authorizes the Administrator to increase proportionately the amount permitted to be deducted whenever the amount of the reimbursement itself is increased. Directs the Administrator, with respect to any fiscal year in which he or she exercises the authority to make such payments, to make an allocation to each VA facility, before October 1 of each year, to enable the head of such facility to make such payments to veterans using such facility and authorized to receive such payments. Directs the head of each such facility to use such funds solely for such payments. Directs the Chief Medical Director of the VA's Department of Medicine and Surgery, when it is determined that insufficient payments have been made at any such facility, to authorize payments to be made for the proper amounts, unless the Chief Medical Director determines that making such payments at such lesser level would be in the best interests of furnishing care and services to eligible veterans at such facility. Permits any funds authorized for the making of such payments, but unexpended, to be used by the head of any such facility for support of other authorized direct-health care purposes. Directs the Administrator to take all appropriate steps to facilitate the establishment and maintenance of a program under which organizations or individuals who are volunteering their services to the VA would take responsibility for the transportation of such veterans, without reimbursement from the VA, primarily those residing in those areas which are geographically accessible to such facilities, who seek services or benefits from such VA facilities. Directs the Administrator, no later than six months after the enactment of this Act, to report to the Senate and House Veterans' Affairs Committee on the implementation of this Act.
United States · United States Congress · 26 June 1987
Medicare Rural Hospital Payment Equity Act of 1987 - Amends title XVIII (Medicare) of the Social Security Act to direct the Secretary of Health and Human Services and the Prospective Payment Assessment Commission to recommend a methodology to the Congress by April 1, 1988, that provides for a graduated reduction of the differences in the prospective payment rates applicable to urban and rural hospitals during the 36-month period beginning October 1, 1988, and the complete elimination of such differences on or after October 1, 1990. Requires the Secretary to promulgate final regulations by August 30, 1988, to implement such recommendations. Provides that payment rates shall be determined in accordance with such regulations unless the Congress enacts legislation before October 1, 1988, with respect to such rates. Directs the Secretary and the Commission to each report to the Congress by April 1, 1989, on the manner in which urban and rural hospital payment rates should be adjusted to reflect legitimate differences in the operating costs of inpatient hospital services for urban and rural hospitals. Requires the Secretary to promulgate final regulations by August 30, 1990, to implement such adjustments. Provides that such adjustments shall be made in accordance with the Secretary's regulations unless the Congress enacts legislation before October 1, 1990, with respect to such adjustments. Provides for a greater increase in FY 1988 payments for inpatient hospital services furnished in rural areas than for those furnished in urban areas. Directs the Congressional Budget Office to study and report to the Congress within 180 days of this Act's enactment regarding the feasibility and effect of making certain changes in the method of calculating the amounts to be paid to hospitals to cover their wage-related costs. Requires the Secretary to conduct a survey at least once every 36 months of hospital wage-related costs for use in updating the wage index used in reimbursing hospitals for such costs. Permits sole community hospitals to choose one of two payment formulas which differ in that one considers hospital costs on a national basis while the other is more hospital-specific. Makes it clear that the payment adjustment for sole community hospitals experiencing a decline in patient volume of more than five percent over the preceding cost reporting period due to circumstances beyond their control shall be inapplicable to actions taken by a hospital to reduce capacity or case load. Directs the Secretary to: (1) issue instructions before October 1, 1987, clarifying the criteria used in granting such adjustment and simplifying the process of applying for such adjustment; and (2) report to the Congress by October 1, 1987, on the feasibility and appropriateness of making sole community hospital payment adjustments on the basis of the average increase in costs incurred by similar hospitals experiencing declines in patient volume. Requires that amounts set aside for making payments to hospitals for unusually long or costly cases (outlier payments) be based on actual outlier payments made during the second previous fiscal year. Directs the Secretary to include in the annual Medicare report to the Congress a comparison of outlier payments made to rural hospitals with those made to urban hospitals.
![Official portrait of Sen. Pressler, Larry [R-SD]](https://www.congress.gov/img/member/p000513_200.jpg)