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Bill· HRH.R. 1379 (101st)referred
United States · United States Congress · 14 March 1989
Overseas American Economic Competition Enhancement Act of 1989 - Amends Internal Revenue Code provisions relating to the taxable income of certain U.S. citizens or residents living abroad. Excludes from the gross income of qualifying individuals (thus exempting from income tax), in addition to foreign earned income, the following items: (1) U.S. earned income and certain capital gain net income during the period of a temporary stay or stays (not exceeding a total of 183 days) in the United States; (2) foreign income other than compensation for labor or personal services; (3) U.S. income not effectively connected with a U.S. trade or business; and (4) gain from the disposition of a U.S. real property interest. Revises the criteria under which an individual qualifies for these tax exclusions to make eligible a U.S. citizen or resident who, during any 18-month period (currently 12 months), is present in a foreign country or countries during at least 510 full days (currently 330).
Bill· HRH.R. 1382 (101st)referred
United States · United States Congress · 14 March 1989
Makes supplemental appropriations for veterans' health care for FY 1989.
Bill· HRH.R. 1374 (101st)referred
United States · United States Congress · 13 March 1989
Amends the Head Start Act to increase the amount authorized to be appropriated for FY 1990.
Bill· HJRESH.J.Res. 189 (101st)open
United States · United States Congress · 13 March 1989
Constitutional Amendment - Prohibits Federal fiscal year expenditures from exceeding: (1) Federal revenues for that fiscal year; and (2) 19 percent of the gross national product for the preceding calendar year. Authorizes the Congress to suspend these prohibitions during time of war or whenever three-fifths of the total membership of each House, by rollcall vote, provides for a specific excess of outlays over estimated revenues.
Bill· SS. 551 (101st)referred
United States · United States Congress · 9 March 1989
Amends the Internal Revenue Code to revise the method of calculating the deduction for capital gains of noncorporate taxpayers, allowing a deduction equal to: (1) 60 percent (100 percent for taxpayers with adjusted gross income of less than $25,000) for assets held five years or longer; (2) 30 percent for assets held for between three and five years; and (3) ten percent for assets held for between one and three years. Excludes collectibles from capital assets for purposes of this deduction. Reduces the alternative tax rate on capital gains realized by a corporation from 34 percent to: (1) 14 percent for assets held five years or longer; (2) 24 percent for assets held for between three and five years; and (3) 31 percent for assets held for between one and three years. Adds 50 percent of the noncorporate taxpayer capital gains deduction as a tax preference item for purposes of the minimum tax.
Bill· HRH.R. 1337 (101st)referred
United States · United States Congress · 9 March 1989
Prohibits the obligation of funds for the B-2 Advanced Technology Bomber Program until the Secretary of Defense reports to the Congress on the following information with respect to the program: (1) total cost, including cost estimates and budget requests for future fiscal years; (2) production schedules; (3) test programs; and (4) the Secretary's views regarding the missions and purposes of such aircraft.
Bill· HRH.R. 1363 (101st)referred
United States · United States Congress · 9 March 1989
Radon Gas Tax Relief Act of 1989 - Amends the Internal Revenue Code to permit a 40 percent nonrefundable income tax credit of up to $4,000 for expenditures made for radon testing in or below the taxpayer's principal residence and for the installation of property designed to reduce radon levels inside the residence. Permits an income tax deduction (both individual and corporate) for radon prevention expenditures in connection with real property development, building construction or enlargement, and certain relocation dwellings. Makes the tax credit and the tax deduction mutually exclusive with respect to the same expenditures. Amends Federal law to make funds available for the reimbursement of Federal employees for radon protection expenditures necessary to overcome a substantial obstacle to the salability of a principal residence being sold in conjunction with a transfer to a new location.
Bill· HRH.R. 1365 (101st)referred
United States · United States Congress · 9 March 1989
Amends the Internal Revenue Code to allow an individual nonrefundable 25 percent income tax credit of up to $250 for amounts paid or incurred for new security devices for the taxpayer's residence, including locks, alarms, and security lighting. Permits a 100 percent credit of up to $500 for taxpayers aged 65 or older. Disallows the credit if the property is eligible for the investment credit.
Bill· HRH.R. 1360 (101st)referred
United States · United States Congress · 9 March 1989
United States-Mexico Co-Production Act - Authorizes the President to negotiate an agreement with Mexico for the implementation of co-production ventures (ventures for producing products or providing services with the optimal use of labor, materials, and capital from both countries). Sets forth specific requirements for such agreement relating to trade and income tax incentives, including duty-free treatment and elimination of all non-tariff barriers on articles of the respective countries. States that such an agreement shall not enter into force until the President submits the implementing bill and other related information to the Congress and the bill is enacted into law. Provides for expedited consideration of the implementing bill. Requires the President to report periodically to the Congress, detailing progress in negotiations.
Bill· HRH.R. 1352 (101st)referred
United States · United States Congress · 9 March 1989
Truth in Transportation Trust Funds Act - Excludes the receipts and disbursements allocable to the transportation-related operations of the Highway Trust Fund, the Airport and Airway Trust Fund, and the Inland Waterways Trust Fund from totals of the Federal budget as submitted by the President and from the congressional budget. Exempts the same amounts from any general statutory budget limitation on Government outlays. Amends the Congressional Budget and Impoundment Control Act of 1974 to: (1) include these same amounts in fiscal year total revenues and outlays for deficit calculation purposes; and (2) adjust the maximum deficit amount to reflect this new treatment of the affected trust funds. Makes it out of order in both the Senate and the House of Representatives, in the context of the congressional budget process, to consider changes or recommendations with respect to these trust funds.
Bill· HRH.R. 1362 (101st)referred
United States · United States Congress · 9 March 1989
Radon Gas Tax Relief Act of 1989 - Amends the Internal Revenue Code to permit a 40 percent nonrefundable income tax credit of up to $4,000 for expenditures made for radon testing in or below the taxpayer's principal residence and for the installation of property designed to reduce radon levels inside the residence. Permits an income tax deduction (both individual and corporate) for radon prevention expenditures in connection with real property development, building construction or enlargement, and certain relocation dwellings. Makes the tax credit and the tax deduction mutually exclusive with respect to the same expenditures. Amends Federal law to make funds available for the reimbursement of Federal employees for radon protection expenditures necessary to overcome a substantial obstacle to the salability of a principal residence being sold in conjunction with a transfer to a new location.
Bill· HRH.R. 1366 (101st)referred
United States · United States Congress · 9 March 1989
Amends the Internal Revenue Code to impose a fee on any silver bullion imported into the United States. Sets the amount of such fee at the difference between $7.50 and the average monthly price for the month immediately preceding the date of the first sale within the United States of such silver bullion. Exempts: (1) any sale of silver destined for export, upon proof that it has been exported within six months of the first sale within the United States; and (2) the first 6,500,000 ounces of silver bullion sold and imported into the United States during any calendar month. Uses import fee revenue to fund any deficits in the coinage metal fund. Reserves any excess in a silver producers' loan fund. Directs the Secretary of the Treasury to make interest-free loans to producers of domestic silver in amounts determined in accordance with a specified formula.
Bill· HRH.R. 1346 (101st)referred
United States · United States Congress · 9 March 1989
Denies tax-exempt status to any governmental bond if more than $100,000 or five percent of its proceeds, whichever is less, will be used to provide off-premises office space related to sewage management activities.
Bill· SS. 538 (101st)referred
United States · United States Congress · 8 March 1989
Repeals on the enactment date of financial institution reform legislation the following special rules of the Internal Revenue Code and the Tax Reform Act of 1986 relating to troubled financial institutions: (1) the exclusion from gross income of payments by the Federal Savings and Loan Insurance Corporation and the Federal Deposit Insurance Corporation; (2) rules permitting tax-free reorganizations of troubled institutions; and (3) special rules governing loss carryovers. (The repeal will be effected on December 31, 1989, if no such reform legislation is enacted.)
Resolution· SCONRESS.Con.Res. 18 (101st)referred
United States · United States Congress · 8 March 1989
Expresses the sense of the Congress that Federal law governing the taxation of State and local government bonds should not be changed in order to increase Federal revenues.
Bill· HRH.R. 1306 (101st)open
United States · United States Congress · 8 March 1989
Authorizes the Secretary of each military department concerned to accept for original enlistment in the armed forces, the reserves, and the Coast Guard certain aliens not already admitted for permanent residence in the United States. Requires such aliens to satisfy any other enlistment qualifications prescribed by the Secretary concerned. Provides that, if within 60 days after the commencement of war or an emergency declared by the Congress, the Congress fails to increase the number of aliens authorized to serve in the armed forces and the Coast Guard, the President may set such number. Requires any alien taking an oath of enlistment to also declare an intention to become a citizen of the United States. Authorizes the chief executive officer of any State, territory, or possession of the United States to provide for the enlistment of aliens in the organized militia. Limits the number of aliens authorized to be enlisted during any fiscal year. Requires at least two-thirds of such enlisted members to be reserved for the Army National Guard. Provides the same conditions of enlistment for such aliens as stated above for aliens enlisting in the U.S. armed forces and Coast Guard. Amends the Immigration and Nationality Act to direct the Attorney General, in consultation with the Secretary concerned or other proper State, possession, or territorial official, to adjust to a temporary lawfully-admitted status any alien who: (1) is an enlisted member of the armed forces or militia; (2) establishes that he or she is otherwise admissible as an immigrant; (3) has not been convicted of any felony or three or more misdemeanors committed in the United States; and (4) has not assisted in the persecution of any person on account of race, religion, nationality, or membership in a particular social group. Requires any spouse or child of such alien to satisfy such requirements (except for the enlistment requirement) in order to have his or her status adjusted. Directs the Attorney General to adjust such status to lawfully admitted for permanent residence for an alien who: (1) serves no less than three years of honorable service in the armed forces or militia and is not released or discharged under other-than-honorable conditions; (2) applies for such adjustment within a specified time after such service if the Secretary or chief executive officer concerned approves such application; and (3) is admissible as an immigrant. Directs the Attorney General, upon petition by the Secretary or chief executive officer concerned, to waive such three-year service requirement condition for any alien who was wounded in action or held captive or with respect to a family member of an alien killed in action. Provides that certain numerical limitations on the number of aliens lawfully admitted into the United States under the Immigration and Nationality Act shall not apply to the aliens admitted under this Act. Prohibits the Attorney General from deporting, detaining, or taking any other adverse action against an alien who has submitted an application for enlistment under this Act pending determination of such enlistment.
Bill· HRH.R. 1307 (101st)reported
United States · United States Congress · 8 March 1989
General Aviation Standards Act of 1989 - Amends the Federal Aviation Act of 1958 (with respect to aviation accident investigations) to apply such Act, with specified exceptions, to any action for damages for harm arising out of a general aviation accident brought against a manufacturer, owner, or operator of a general aviation aircraft, or a person who supports or maintains such aircraft or any other person or governmental entity. Establishes guidelines for uniform standards of liability of general aviation manufacturers for such accidents. States that all actions for harm arising out of a general aviation accident shall be governed by the principles of comparative responsibility. Establishes, with specified exceptions, a limitation of actions period of 12 years from delivery of aircraft or harm-causing part to the purchaser for general aviation civil liability brought against a general aviation manufacturer. Declares admissible as evidence certain income tax and payroll tax liability for purposes of establishing financial harm arising out of a general aviation accident. Permits the award of punitive damages if a claimant establishes by clear and convincing evidence that the harm suffered was the direct result of conduct manifesting conscious, flagrant indifference to safety. Establishes a two-year limitation of actions period for actions arising out of such an accident. Confers original jurisdiction upon the Federal district courts, concurrently with State courts, for all civil actions for harm arising out of a general aviation accident. Provides procedures for removal from State to Federal district courts of such actions. Declares that this Act supersedes any State law regarding recovery of damages for harm arising out of a general aviation accident. Declares the intent of the Congress that sanctions be strictly enforced for violations of Rule 11 of the Federal Rules of Civil Procedure, including orders to pay to the other party the reasonable costs of legal fees. Requires the Secretary of Transportation to report to the Congress, within one year after the date of enactment of this Act, the results of a study determining whether persons awarded damages for general aviation accidents under this Act are unable to collect such damages, and the amount of any uncollectible damages.
Bill· HRH.R. 1326 (101st)open
United States · United States Congress · 8 March 1989
Amends the Federal Election Campaign Act of 1971 to authorize appropriations for the Federal Election Commission for FY 1990. Amends the Inspector General Act of 1978 to delete the Commission as an agency in which an Office of Inspector General shall be established.
Bill· HRH.R. 1302 (101st)referred
United States · United States Congress · 8 March 1989
Amends the Social Security Amendments of 1983 and the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to make the off-budget treatment of the Federal Hospital Insurance Trust Fund effective FY 1990, rather than FY 1992.
Bill· HRH.R. 1317 (101st)referred
United States · United States Congress · 8 March 1989
Nuclear Decommissioning Reserve Fund Act of 1989 - Amends the Internal Revenue Code to: (1) decrease from 34 percent to 15 percent the rate of the tax imposed on the income of any Nuclear Decommissioning Reserve Fund; and (2) remove restrictions on permitted investments of Fund monies.
Bill· HRH.R. 1291 (101st)referred
United States · United States Congress · 8 March 1989
Amends the Internal Revenue Code to make a technical correction to provisions governing the exclusion from gross income of certain allowances to Federal civilian officers and employees working in foreign areas to extend it to certain allowances of intelligence officers not already explicitly covered.
Bill· HRH.R. 1324 (101st)referred
United States · United States Congress · 8 March 1989
Repeals on the enactment date of financial institution reform legislation the following special rules of the Internal Revenue Code and the Tax Reform Act of 1986 relating to troubled financial institutions: (1) the exclusion from gross income of payments by the Federal Savings and Loan Insurance Corporation and the Federal Deposit Insurance Corporation; (2) rules permitting tax-free reorganizations of troubled institutions; and (3) special rules governing loss carryovers. (The repeal will be effected on December 31, 1989, if no such reform legislation is enacted.)
Law· HJRESH.J.Res. 175 (101st)enacted
United States · United States Congress · 8 March 1989
Palau Compact of Free Association Implementation Act - Authorizes the entry into force of the Compact of Free Association between the United States and Palau (the Compact), subject to its approval by referendum. Directs the President to negotiate: (1) an agreement with the Government of Palau to provide assistance for maintaining offices of public auditor and special prosecutor; (2) an agreement regarding responses to an audit by the Comptroller General of the United States or the Secretary of the Interior; and (3) an agreement providing for the Palau Government to provide current information regarding its national development plan under the Compact. Directs the National Drug Policy Board to develop a plan for an anti-drug program in Palau. Requires the President to negotiate an agreement with Palau to implement such plan. Prohibits using funds appropriated for assistance to Palau to satisfy any obligation or expense incurred by Palau prior to November 14, 1986, with respect to contracts or debts related to electrical generating plants or related facilities which have not been specifically authorized by the Congress in advance, with exceptions. Directs the Secretary to: (1) provide assistance for the development and promulgation of regulations regarding expenditures, upon Palau's request; (2) provide such sums as may be necessary for a further referendum on the Compact or other costs of approval; and (3) submit a report on the range and cost of options for upgrading the Koror hospital. States that the United States will consider requests for additional financial assistance for medical facility construction based on such report. Directs the chief officer of any agency conducting annual audits of assistance provided to the Federated States of Micronesia and the Marshall Islands to certify such audits. Declares that the Compact does not restrict the President from requesting additional funding or consenting to an extension concerning the use by the United States of privately owned lands in Palau as defense sites. Directs the Secretary to submit a report on the condition of the Palau prison. States that the United States will consider requests for additional financial assistance to meet the need for prison construction based on such report. Directs the Secretary to station at least one professional staff person in each of the offices of the U.S. in Palau, Micronesia, and the Marshall Islands to provide Federal program coordination and assistance. Authorizes appropriations. Approves specified agreements between the United States and the Marshall Islands, Micronesia, and Palau. Provides for continuing availability of unobligated balances of funds provided to Palau. Authorizes the President to negotiate an agreement with the Government of Palau which shall provide the following: (1) $28,000,000 shall be provided to Palau in FY 1989; (2) Palau shall pay to the United States, on or before the 15th anniversary of the effective date of the Compact, the net economic costs of providing such funds; and (3) automatic payment to the United States if Palau has not paid such amount by the 15th anniversary of the effective date of the Compact. Amends the Act approving the Compact to provide that the authorizations for transition purposes shall decline over the first through third fiscal years after the Compact's effective date (under current law, FY 1987 through 1989).
Bill· HRH.R. 1287 (101st)referred
United States · United States Congress · 7 March 1989
Amends the Internal Revenue Code to eliminate the age (55 or older) and dollar ($125,000) restrictions with respect to the one-time income tax exclusion of gain on the sale of a principal residence.
Bill· HRH.R. 1279 (101st)referred
United States · United States Congress · 7 March 1989
Federal Employees Fair Tax Act of 1989 - Repeals provisions of the Tax Reform Act of 1986 that eliminated the three-year basis recovery rule in computing the amount of an employee's retirement benefits includable in gross income. Repeals Internal Revenue Code provisions that require the inclusion in income of certain distributions received before an annuity starting date.
Bill· HRH.R. 1282 (101st)referred
United States · United States Congress · 7 March 1989
Amends the Internal Revenue Code to make the (nonrefundable) employment-related dependent care income tax credit a refundable credit. Permits businesses: (1) a ten percent investment tax credit in connection with certain depreciable property used to provide a child care facility for employees' dependents; and (2) a five percent credit for investments in dependent care property not eligible for any investment tax credit under current law.
Law· HRH.R. 1278 (101st)enacted
United States · United States Congress · 6 March 1989
Financial Institutions Reform, Recovery and Enforcement Act of 1989 - Title I: Purpose - Specifies the purposes of this Act, including regulatory reform, the establishment of an independent insurance agency to provide deposit insurance, and the provision of improved supervision and enhanced enforcement powers. Title II: Federal Deposit Insurance Corporation Authorities and Responsibilities - Amends the Federal Deposit Insurance Act to authorize the Federal Deposit Insurance Corporation (FDIC) to insure deposits held at savings associations as well as commercial banks. Increases the membership of the FDIC's Board of Directors from three to five members. Specifies that the additional two members shall be the Chairman of the Federal Home Loan Bank System and a citizen appointed by the President, by and with the advice and consent of the Senate. Revises certain definitions for the purposes of the Federal Deposit Insurance Act. Specifies that the term "insured deposit" shall include any liability which constituted an "insured account" within the meaning of the National Housing Act prior to the enactment of this Act, provided certain conditions are met. Specifies that the Federal Home Loan Bank System (FHLBS) shall be considered the appropriate Federal banking agency in the case of a savings association or a savings and loan holding company. Includes within the definition of "savings association" any institution that was supervised by the Federal Savings and Loan Insurance Corporation (FSLIC) prior to the enactment of this Act, a Federal savings and loan association or Federal savings bank, or a building and loan, savings and loan, homestead association, or a cooperative bank organized and operated under State law, or a corporation that the FDIC considers to be operating substantially in the same manner as a savings and loan association. Provides that every FSLIC insured savings association shall continue to be insured by the FDIC without application or approval. Provides that whenever a financial institution files an application or notice for membership with, or to commence or resume business with, the appropriate Federal banking agency, such agency must provide such application to the FDIC for comment. Requires such agency to take the FDIC's comment into account in deciding whether to grant the application. Provides that certain State financial institutions shall continue as insured institutions. Allows any Federal savings association authorized to do business by the FHLBS to become an insured financial institution upon the filing of an application with the FDIC together with a certificate issued by the FHLBS, unless insurance is denied by the FDIC. Sets forth procedures for the FDIC to evaluate such an application. Specifies the factors to be considered in granting or denying insurance coverage. Requires the FDIC to notify the FHLBS if such insurance coverage is denied, and to give specific reasons in writing for such denial. Requires every noninsured financial institution which becomes insured by the FDIC to pay any entrance fee prescribed by FDIC regulations. Requires that such fee be credited to either the Bank Insurance Fund (BIF) or the Savings Associations Insurance Fund (SAIF) depending on which fund the institution joins. Prohibits any insured financial institution from participating in any type of conversion transaction which would result in a change of membership from one such fund to the other without the approval of the FDIC. Places a five-year moratorium on the approval of such conversion transactions, except in limited circumstances. Requires financial institutions which participate in such conversion transactions to pay specified entrance and exit fees. Provides that whenever the FDIC incurs a loss in connection with the default of an insured financial institution, or in connection with providing assistance to an insured financial institution in danger of default, any other commonly-controlled insured financial institution shall be liable to the FDIC and on request shall reimburse the FDIC for any such loss. Specifies the method of calculating such liability. Sets forth procedures for imposing and collecting such liability. Limits the rights of any third parties in such proceedings. Provides that for a five-year period no BIF members shall be held liable for the default of a SAIF member and no SAIF members shall be held liable for the default of a BIF member. Defines "commonly-controlled" for purposes of determining such liability. Adds as a factor to be considered by the FDIC in evaluating applications for insurance coverage the risk presented to the Deposit Insurance Fund (DIF), the BIF, and the SAIF. Allows the FDIC, after reaching agreement with the other Federal banking agencies, to require insured financial institutions to file additional reports for insurance purposes. Requires the FDIC to set the assessment rate for insured financial institutions annually. Specifies that the annual assessment rate for BIF members shall be determined independently from the annual assessment rate for SAIF members. Prescribes the assessment rates for BIF members for 1989, 1990, and 1991 onward. Prescribes the assessment rates for SAIF members through 1990, for 1991 through 1993, and for 1994 onward. Allows the FDIC to raise or lower such assessment rates under specified circumstances. Limits any increase in the assessment rate to 50 percent over the annual assessment rate of the prior year. Specifies that such assessments shall be paid semiannually. Allows assessment credits to BIF members and SAIF members for years in which the ratio of the net worth of such funds to the value of insured deposits reaches a certain level. Specifies that such a credit shall be applied to the assessment becoming due for the next semiannual assessment period. Extends the provisions of the Change in Bank Control Act to savings associations as well as banks. Includes as an additional corporate power of the FDIC the authority to define any terms used in the Federal Deposit Insurance Act that are not specifically defined and to interpret the definitions of any terms that are not defined. Grants the FDIC the same authority to examine insured savings associations and to insure the deposits held at savings associations as it presently has with respect to insured banks. Establishes two insurance funds (the Bank Insurance Fund (BIF) and the Savings Associations Insurance Fund (SAIF)) to be used by the FDIC to carry out the insurance purposes of this Act. Specifies that such funds are both to be operated and administered by the FDIC. Requires such funds to be separately maintained and not commingled. Specifies that the BIF shall consist of the assets of the Permanent Insurance Fund and all amounts assessed of BIF members. Specifies that the SAIF shall consists of all amounts assessed of SAIF members (which are not required for the Financing Corporation or the Resolution Funding Corporation pursuant to this Act) and of funds provided by the Secretary of the Treasury according to a specific schedule for FY 1991 through 1999. Authorizes the Secretary to provide additional amounts for such fund if the minimum net worth of the fund falls below a certain level. Authorizes appropriations for such funds. Authorizes the FDIC to borrow funds for the use of the SAIF. Provides that such borrowings shall be a direct liability of the SAIF and shall be subject to certain limitations. Revises and defines the authorities and duties of the FDIC as the receiver or conservator for insured Federal financial institutions and for insured State financial institutions. Specifies that all insurance payments made on account of a closed bank or insured branch of a foreign bank shall be made only from the Bank Insurance Fund and all payments made on account of a closed savings association shall be made only from the Savings Association Insurance Fund. Provides that when the FDIC pays insurance to a depositor, the FDIC shall be subrogated to the depositor's claim against the financial institution. (Such right of subrogation now applies only to national banks.) Revises and defines the authorities and duties of the FDIC in the establishment of bridge banks in cases of failed or failing financial institutions. Authorizes the FDIC to use such bridge banks in the case of failed or failing financial institutions as well as banks. Increases from one to three the number of times a bridge bank may be granted a one-year extension of its corporate existence. Revises procedures for the termination and dissolution of bridge banks. Sets forth the method and procedures for the valuation and determination of claims by third persons against financial institutions in default. Establishes the FSLIC Resolution Fund (Fund). Specifies that such Fund shall be managed by the FDIC and shall be separately maintained and not commingled. Transfers to such Fund the reserves and assets, debts, obligations, contracts, and other liabilities of the FSLIC existing on the date of the dissolution of the FSLIC. Provides that such Fund shall be funded by: (1) income generated on the assets transferred to it; (2) proceeds of the resolution of insolvent thrift institutions which became insolvent prior to December 31, 1988 (to the extent such funds are not required by the Resolution Funding Corporation); (3) the proceeds from borrowings by the Financing Corporation; and (4) assessments on SAIF members levied prior to December 31, 1991, and not required by the Financing Corporation or the Resolution Trust Corporation. Provides for additional funding by the Secretary of the Treasury from appropriated funds in the event such other funds are insufficient. Limits any judgment resulting from a civil action against the FSLIC or the FDIC to the assets of such Fund. Dissolves such Fund upon the satisfaction of all debts and liabilities and the sale of all assets acquired in case resolutions. Requires that any funds remaining in such Fund be covered into the Treasury. Requires that any funds held in either the BIF or the SAIF must be invested in U.S. Government obligations or in obligations guaranteed by the U.S. Government. Requires that the funds from the BIF and the SAIF be invested separately and not commingled. Allows the FDIC to request a 90-day stay of any legal proceedings to which it becomes a party due to its acquisition of any asset or in the exercise of certain authorities. Requires the FDIC, in determining whether to provide assistance to financial institutions, to consider: (1) the immediate and long-term obligations of the FDIC with respect to such assistance; and (2) the Federal tax revenues which would be foregone. Provides that transfers of assets or liabilities associated with any trust business may be effected by the FDIC in connection with any asset purchase transaction without any further State or Federal approval. Revises provisions relating to certain agreements against the interests of the FDIC. Specifies that the Board of Directors of the FDIC may act by a 75 percent vote (current law requires a unanimous vote) in order to override a State's objection to an assisted interstate acquisition of an insured financial institution in default having $500,000,000 or more in assets. Revises certain rules relating to the interstate acquisitions of banks. Establishes separate rules relating to the interstate acquisitions of savings associations. Increases the borrowing authority of the FDIC from $3,000,000,000 to $5,000,000,000. Makes such borrowing authority subject to the approval of the Secretary of the Treasury. Limits any State or local tax penalties to which the FDIC may be subjected when acting as a receiver or conservator of a financial institution. Limits the borrowing of both the BIF and the SAIF to 50 percent of net worth or $10,000,000,000, whichever is less. Requires the FDIC to report to the Congress annually regarding its operations, activities, budget, receipts, and expenditures. (Current law requires an annual report regarding only the FDIC's operations.) Requires the FDIC to make quarterly reports to the Secretary of the Treasury and to the Office of Management and Budget with respect to the FDIC's financial operating plans and forecasts. Requires signs displayed by insured financial institutions to represent whether an institution is a BIF member or a SAIF member. Makes all insured financial institutions subject to the Bank Merger Act. Makes the FHLBS the responsible agency with respect to mergers where the acquiring, assuming, or resulting institution is to be a savings association. Provides that all insured State financial institutions, other than State member banks or district banks, would be subject to the requirement of prior FDIC consent to the reduction of capital. Requires any insured savings association which establishes or controls a new company or elects to conduct any new activity to notify the FDIC and the FHLBS. Requires such a savings association to deduct its investments in, and loans to, such company from its own capital for purposes of determining capital adequacy if the company is engaged in activities not permissible for a national bank. Grants the FDIC and the FHLBS certain enforcement powers with respect to any company controlled by an insured savings association. Authorizes the FDIC to determine activities which are incompatible with deposit insurance. Revises the statement of the policy of nondiscrimination against State nonmember banks under the Federal Deposit Insurance Act to include State savings associations. Eliminates the requirement of nondiscrimination on account of an institution having capital stock of less than the amount required for Federal Reserve membership. Title III: Savings Association Supervision Improvements - Amends the Home Owners' Loan Act of 1933 to specify the duties and responsibilities of the FHLBS with respect to the examination, supervision, and regulation of savings associations. States that such authorities are intended to encourage savings associations to maintain their role of providing credit for housing in a manner consistent with principles of safe and sound operation. Requires the FHLBS to prescribe accounting and disclosure standards for all savings associations. Provides that such standards shall incorporate generally accepted accounting principles to the same degree such principles are used to determine compliance with the rules and regulations of other Federal banking agencies. Requires that the rules, regulations, and policies of the FHLBS governing the operation of savings associations shall be no less stringent than those of the Comptroller of the Currency. Transfers specified provisions of the National Housing Act to the Home Owners Loan Act of 1933. Makes certain conforming name changes and certain technical amendments. Requires the FDIC to be appointed the receiver of insured State savings associations under certain circumstances. Requires insured State savings associations, as well as Federal savings associations, to abide by the rules of the FHLBS when converting from mutual to stock form or from stock to mutual form. Requires the FHLBS to establish for all savings associations capital standards that are no less stringent than those applied to national banks. Allows such capital standards to include goodwill as a component of capital. Specifies that in determining capital adequacy, any investments in, and loans to, a subsidiary engaged solely in mortgage banking activities shall not be deducted from the capital of savings associations. Requires that such capital standards must be fully implemented no later than June 1, 1991. Repeals specified provisions of the Home Owners' Loan Act of 1933 and the National Housing Act which provide capital forbearance to certain insured savings associations. Allows those savings associations operating under a capital forbearance plan previously approved pursuant to such provisions to continue to operate under such plans, provided such associations continue to adhere to such plans and continue to submit required reports. Provides that the expense of the examination of savings associations or their affiliates shall be assessed by the FHLBS upon savings associations in proportion to their assets or resources. Specifies procedures for making such assessments and remedies in cases where an affiliate refuses to pay examination costs, permit examination, or provide required information. Transfers provisions of the National Housing Act concerning the regulation of savings and loan holding companies to the Home Owners' Loan Act of 1933. Makes certain technical amendments to such provisions. Imposes certain sanctions upon savings associations that fail to achieve or maintain qualified thrift lender status. Requires such a savings association to convert its charter to a bank charter within three years unless it requalifies within one year. Prohibits such a savings association from engaging in certain activities until such conversion is complete. Treats a holding company which controls such a savings association as a bank holding company for all purposes of the Bank Holding Company Act of 1956. Charges an insurance fund exit fee upon such a conversion. Makes applicable to savings associations certain provisions of the Federal Reserve Act relating to transactions with affiliates and loans and extensions of credit to directors and controlling persons. Prohibits any savings association from carrying on any sale, plan, or practices or any advertising in violation of regulations promulgated by the FHLBS. Title IV: Dissolution and Transfer of Functions, Personnel, and Property of Federal Savings and Loan Insurance Corporation - Terminates the Federal Savings and Loan Insurance Corporation (FSLIC) 60 days after the enactment of this Act. Provides that all insurance and receivership functions previously performed by the FSLIC shall be performed by either the FDIC or the Resolution Trust Corporation. Provides for the continuation and enforcement of all rules, regulations, and orders of the FSLIC. Provides for the transfer of the personnel and property of the FSLIC to the FDIC and FHLBS. Requires the FSLIC to submit a written report of a final accounting of its finances and operations to the Secretary of the Treasury, the Office of Management and Budget, and the Congress immediately prior to its dissolution. Title V: Financing For Thrift Resolutions - Subtitle A: Resolution Trust Corporation - Establishes the Resolution Trust Corporation (RTC). Specifies the purposes of the RTC as: (1) carrying out a program to manage and resolve cases involving institutions insured by the FSLIC for which a receiver or conservator has been appointed or is appointed within three years following the enactment of this Act; (2) managing the assets of the Federal Asset Disposition Association (FADA); and (3) performing other authorized functions. Provides that the RTC shall have the same case resolution and financial assistance rights and powers as the FDIC. Specifies that the RTC shall not have the authority to obligate the FDIC or its funds and shall be subject to the same limitations as the FDIC in connection with providing assistance to, or liquidating or otherwise resolving cases involving, insured institutions. Establishes the Oversight Board of the RTC which shall consist of the Secretary of the Treasury, the Chairman of the Federal Reserve Board, and the Attorney General. Authorizes the Oversight Board to select a chief executive officer for the RTC. Specifies the corporate powers of the RTC. Specifies special powers of the RTC with respect to receiverships, conservatorships, and oversight of the institutions for which it is responsible. Requires the RTC to convert the FADA to a corporation or other business entity and to sell, wind down, or dissolve such corporation or entity within 180 days after the enactment of this Act. Authorizes the RTC to issue capital certificates to the Resolution Funding Corporation. Sets forth requirements and limitations concerning such capital certificates. Exempts the RTC from Federal, State, municipal, and local taxation, except taxes on real estate held by the RTC. Authorizes the RTC to remove any legal proceeding to which it may be a party from a State court to the U.S. District Court for the District of Columbia. Provides that any guarantees issued by the FSLIC after January 1, 1989, and before the enactment of this Act shall be converted into obligations, entitlements, and instruments of the RTC. Authorizes the RTC to borrow funds from the Treasury, on terms fixed by the Secretary of the Treasury, up to an aggregate of $5,000,000,000 outstanding at any one time. Subtitle B: Resolution Funding Corporation - Establishes the Resolution Funding Corporation (RFC). Specifies the purpose of the RFC as providing the RTC with the funds necessary to carry out the purposes of this Act. Establishes a directorate to manage the RFC which shall consist of: (1) the director of the Office of Finance of Federal Home Loan Banks; and (2) two members selected from the presidents of the Federal Home Loan Banks. Sets forth administrative provisions concerning the management of the RFC. Sets forth the powers and duties of the RFC. Provides for the capitalization of the RFC by the purchase of capital stock by Federal Home Loan Banks. Specifies the amounts each Federal Home Loan Bank shall invest in the capitalization of the RFC. Provides for additional sources of funds for the RFC. Limits the amount of bonds or similar obligations which the RFC may issue to $50,000,000,000. Provides that the RFC shall pay any interest due on such obligations from proceeds received by the RTC from the liquidation of financial institutions under its management. Provides that the proceeds of obligations issued by the RFC shall be invested in capital certificates issued by the RTC. Grants tax-exempt status to any obligations of the RFC. Terminates the RFC after the date by which all capital certificates purchased by the RFC in the RTC have been retired. Title VI: Thrift Acquisition Enhancement Provisions - Amends the Bank Holding Company Act to allow bank holding companies to acquire any savings association with the approval of the Federal Reserve Board beginning two years after the enactment of this Act. Prohibits the Federal Reserve Board from imposing any restrictions on transactions between a savings association and its holding company affiliates other than those restrictions presently imposed under the Federal Reserve Act. Amends the National Housing Act to allow a savings and loan holding company to hold up to five percent of the voting shares of an unaffiliated savings association or savings and loan holding company. Permits multiple savings and loan holding companies to acquire up to five percent of the voting shares of any non-subsidiary company. Title VII: Federal Home Loan Bank Act System Reforms - Subtitle A: Federal Home Loan Bank Act Amendments - Amends the Federal Home Loan Bank Act to abolish the Federal Home Loan Bank Board (FHLBB) and transfer all power and authority vested in the FHLBB to the Chairman of the Federal Home Loan Bank System (FHLBS). Provides that the FHLBS shall be a bureau of the Department of the Treasury. Provides that the Chairman of the FHLBS shall be appointed by the President, by and with the advice and consent of the Senate. Specifies that the Chairman of the FHLBB shall become the Chairman of the FHLBS. Sets forth administrative provisions concerning employees of the FHLBS. Provides that the FHLBS shall have and may exercise all functions which the FHLBB and the FSLIC exercised and which are not expressly transferred or consolidated into the FDIC or the RTC. Sets forth the procedures and requirements for the election of the Board of Directors of the Federal Home Loan Banks. Authorizes Federal Home Loan Banks to make loans to the Federal Deposit Insurance Corporation, subject to the concurrence of the Chairman of the FHLBS, for the use of the SAIF. Requires the senior supervisory employee of each Federal Home Loan Bank to report to the chief supervisory official of the FHLBS. Provides that such senior supervisory employee may be removed for cause by the Chairman of the FHLBS. Changes the name of the Federal Savings and Loan Advisory Council to the Thrift Advisory Council. Abolishes the Federal Savings and Loan Insurance Corporation Industry Advisory Committee. Subtitle B: Conforming Amendments - Makes specified conforming amendments to the Federal Home Loan Mortgage Corporation Act, the Deficiency Appropriation Act of 1936, the Housing Act of 1948, and the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act). Title VIII: Bank Conservation Act Amendments - Amends the Bank Conservation Act to revise provisions concerning the appointment of the FDIC as the conservator of a bank. Specifies the conditions under which the FDIC may be appointed as a conservator. Allows an affected bank to seek judicial review of the appointment of a conservator, except in cases where the bank has consented to the appointment of a conservator or the bank's deposit insurance has been terminated. Specifies that the Comptroller of the Currency shall have the exclusive power and jurisdiction to appoint a conservator for the bank. Requires the Comptroller to consult with the FDIC when examining and supervising an ongoing bank for which the FDIC has been appointed conservator, as long as the bank continues operations as an ongoing national bank. Revises provisions concerning the termination of a bank conservatorship. Revises the powers and duties of a conservator. Revises provisions concerning the liability of a conservator for acts performed pursuant to the conservatorship. Specifies that a conservator may be held liable only for acts which are found to be grossly negligent. Allows the Comptroller to indemnify the conservator. Title IX: Regulatory Authority and Criminal Enhancements - Enforcement Powers Improvement Act of 1989 - Subtitle A: Regulation of Financial Institutions - Makes technical amendments to the Federal Deposit Insurance Act with respect to a Federal banking agency's authority to impose sanctions on an "institution-related party" who participates in the affairs of an insured financial institution (both banks and savings associations.) Reduces from 120 days to 60 days the prior notice the FDIC must give of its intention to terminate a financial institution's deposit insurance. Reduces the period during which deposit insurance is continued in such cases from two years to a period of six months to two years at the discretion of the FDIC. Allows the FDIC to temporarily suspend deposit insurance upon a finding that an insured financial institution has no tangible shareholders' equity that qualifies under the capital guidelines or regulations of the appropriate Federal banking agency. Allows the appropriate Federal banking agency to issue cease and desist orders to require affirmative action to correct conditions resulting from certain violations or practices, including making restitution or reimbursement, providing indemnification, rescinding contracts, disposing of loans, or assets, restricting growth of the institution, or providing guarantees against loss. Allows such an order to limit the activities or functions of the financial institution of any institution-related party. Specifies that the FHLBS may exercise cease and desist authority with respect to savings and loan holding companies, any subsidiary of a savings and loan holding company, any service corporation of a savings association, and any subsidiary of any such service corporation. Revises the temporary cease and desist authority of the Federal banking regulatory agencies to delete the requirement that the agency must show a "substantial" dissipation of assets or a "serious" weakening of the condition of the financial institution. Provides that such a temporary order may place limitations on the activities or functions of the financial institution or prohibitions or restrictions on the growth of the institution or any institution-related party. Allows the use of such temporary cease and desist authority when a financial institution's records are so incomplete or inaccurate that the appropriate banking agency cannot determine the financial condition of the institution. Provides that such an order may require the institution to take such action necessary to restore the records to a complete and accurate state. Revises rules concerning the suspension or removal of any financial institution-related party. Deletes the requirement that the regulatory agency must show activity which results in "substantial" financial loss or other damage to the financial institution. Specifies the types of activity to be considered, including activity at any business institution or another financial institution other than the institution in question. (Current law provides for different standards depending on whether the activity took place at another institution or at the particular institution from which removal is sought.) Allows the temporary removal of an institution-related party pending a permanent removal if necessary for the protection of the institution or depositors. Provides that any institution-related party suspended or removed by such an order shall also be suspended or removed or prohibited from participation in the conduct of the affairs of any: (1) insured financial institution; (2) bank holding company or subsidiary; (3) Edge Act corporation; (4) service corporation or subsidiary; (5) savings and loan holding company or subsidiary; (6) federally-insured credit union; and (7) institution chartered under the Farm Credit Act of 1971. Exempts such a person from such industry-wide prohibitions if the appropriate Federal regulatory agency gives prior written approval. Specifies that such authority to proceed against any institution-related party shall not be affected by the resignation, termination of employment, or other separation of such person from an insured financial institution. Increases from $1,000 per day to $25,000 per day the civil penalty for the violation of a cease and desist order or an order for the suspension or removal of an institution-related party. Allows a penalty of up to $1,000,000 per day for violations made with reckless disregard for the safety and soundness of the financial institution. Imposes a $25,000 per day civil penalty (up to $1,000,000 per day in cases of reckless disregard for the safety and soundness of the financial institution) for a violation of: (1) any law or regulation relating to financial institutions; (2) any written condition imposed by the appropriate Federal banking agency in connection with the grant of any application or other request; or (3) any fiduciary duty. Imposes such penalty for any practice which results in a loss to the financial institution or pecuniary gain to the institution-related party. Imposes criminal penalties upon any person who participates in the affairs of any federally regulated financial institution, holding company, or subsidiary after having been suspended, removed from office, or prohibited from participating in the affairs of a financial institution by an order of the appropriate Federal banking regulatory agency. (Current law imposes criminal penalties only for participation in the affairs of the institution from which the person was prohibited, removed, or suspended.) Authorizes the Federal banking agencies to pay rewards for information which leads to a recovery which exceeds $50,000 in criminal fines, restitution, civil penalties, or forfeitures. Limits such a reward to the lesser of 25 percent of the recovery or $100,000. Prohibits a federally-insured financial institution from discharging or discriminating against any employee who provides information to any regulatory authority or to the Department of Justice regarding a possible violation of any law or regulation by the financial institution or its officers, directors or employees. Establishes a civil cause of action for any employee or former employee who believes he has been discharged or discriminated against in violation of such prohibition. Authorizes the FDIC to recommend that the FHLBS take any enforcement actions authorized with respect to any savings association. Requires the FDIC to take such action if the FHLBS does not take such enforcement actions. Increases from $100 per day to a maximum of $1,000,000 per day the penalty for unauthorized participation in the affairs of a financial institution by any person who has been convicted of any criminal offense involving dishonesty or a breach of trust. Makes both the depository institution and the individual involved subject to such penalty. (Current law makes only the depository institution subject to such penalty.) Imposes criminal penalties for the knowing violation of such prohibition, in addition to such civil penalty. Increases from $1,000 per day to $25,000 per day the civil penalty for specified violations of the Federal Reserve Act. Allows a penalty of up to $1,000,000 per day for any such violations made with reckless disregard for the safety and soundness of the financial institution. Amends the Bank Holding Company Act to increase the criminal and civil penalties for violations of such Act. Specifies that both criminal and civil penalties shall be cumulative. Increases the civil penalties for violations of the prohibitions against tying arrangements between subsidiaries of a bank holding company from $1,000 per day to $25,000 per day. Allows a penalty of up to $1,000,000 per day for violations made with reckless disregard for the safety and soundness of the financial institution. Makes similar increases in the civil penalty for refusal to permit examination of a national bank or affiliate and in the general civil penalty authority of the Comptroller of the Currency. Amends the Change in Bank Control Act to increase the civil penalties for violations of such Act from $10,000 per day to $25,000 per day. Allows a penalty of up to $1,000,000 per day for violations made with reckless disregard for the safety and soundness of the financial institution. Deletes the requirement that such a violation must be "willful." Sets forth procedures for the assessment and collection of such penalties. Amends the Bank Protection Act of 1968 to repeal requirements for insured financial institutions to submit reports with respect to security devices and procedures. Increases to $25,000 per day the penalty for national banks, State nonmember banks, Federal Reserve member banks, and bank holding companies which violate reporting requirements. Allows a penalty of up to $1,000,000 per day for violations made with reckless disregard for the safety and soundness of the financial institution. Revises such requirements to prohibit submission of any false, misleading, or incomplete reports or information. (Current law provides penalties only for failure to make required reports.) Subtitle B: Regulation by the Federal Home Loan Bank System - Specifies that the FHLBS shall have examination and supervision authority with respect to Federal savings associations. Requires savings associations to make reports of condition to the FHLBS. Imposes civil penalties of $25,000 per day for failure to submit such reports and for submitting false, misleading, or incomplete reports or information. Allows a penalty of up to $1,000,000 per day for violations of such reporting requirements from reckless disregard for the safety and soundness of a savings association. Increases the civil and criminal penalties for violations of the Savings and Loan Holding Company Act to conform with the penalties for Bank Holding Company Act violations. Provides that all ongoing litigation in which the FHLBB or the FSLIC are parties shall be pursued by either the FHLBS or the FDIC. Authorizes the FHLBS to continue certain pending enforcement actions initiated by the FHLBB or the FSLIC prior to the effective date of this Act. Subtitle C: Credit Unions - Amends the Federal Credit Union Act to revise the enforcement authority of the National Credit Union Administration (NCUA) to conform to the enforcement authorities of the other Federal banking regulatory agencies. Increases the penalties for violations of such Act to conform to the penalties for violations of other banking laws. Subtitle D: Right to Financial Privacy Act - Amends the Right to Financial Privacy Act to specify that the exceptions to the requirements of such Act apply to supervisory agencies of any financial institution, holding company, or any subsidiary of a financial institution or holding company. Specifies that such exceptions extend to: (1) any supervisory agency of financial records or information in the exercise of its supervisory regulatory or monetary functions, including conservatorship or receivership functions; (2) the Federal Reserve or any Federal Reserve bank in the exercise of its authority to extend credit to depository institutions and others; and (3) the RTC in the exercise of its conservatorship, receivership, or liquidation functions. Prohibits a financial institution which has been served a grand jury subpoena relating to possible crimes against financial institutions or regulatory agencies from notifying any customer whose records are sought or any other party about the existence or contents of any subpoena or any information that has been furnished to the grand jury in response to that subpoena. Impose criminal penalties for violations of such prohibition. Subtitle E: Criminal Enhancements - Amends the Federal criminal code to increase the criminal penalties and impose civil penalties for: (1) financial institution bribery; (2) financial institution misapplication and embezzlement; (3) false entries on the books of financial institutions; (4) fraud on a deposit insurer; (5) false statements or overvaluations concerning financial institutions; and (6) financial institution fraud. Sets forth procedures for the imposition of civil penalties and the collection of any such penalties. Specifies that all criminal and civil penalties shall be cumulative. Increases the statute of limitations pertaining to such crimes from five years to ten years. Provides for civil forfeiture and criminal forfeiture of any property derived from proceeds traceable to specified crimes affecting federally insured financial institutions. Amends the Federal Rules of Criminal Procedure to allow the disclosure of certain matters occurring before a grand jury to certain Government attorneys to assist in the enforcement of Federal criminal or civil law. Allows certain other disclosures when permitted by a court. Authorizes appropriations for FY 1989 to the Department of Justice for investigations and prosecutions involving financial institution crimes. Title X: Study of Federal Deposit Insurance and Banking Regulation - Requires the Secretary of the Treasury to study and report to the Congress on the Federal deposit insurance system, including an appropriate structure for the offering of competitive products and services to consumers consistent with standards of safety and soundness. Title XI: Miscellaneous Provisions - Amends the Federal Credit Union Act to delete the requirement that every credit union maintain with the National Credit Union Share Insurance Fund (NCUSIF) a deposit equal to one percent of the credit union's insured shares. Authorizes the National Credit Union Administration (NCUA) to assess an additional insurance premium if the operating level of the NCUSIF falls below a minimum level. Allows a credit union to expense the one percent deposit over an eight-year period. Requires the Comptroller of the Currency, subject to the approval of the Secretary of the Treasury, to fix the compensation of the employees of the Office of the Comptroller of the Currency. Directs the Comptroller to seek to maintain comparability with the compensation at the other Federal banking regulatory agencies.
Bill· SS. 501 (101st)referred
United States · United States Congress · 2 March 1989
Amends Internal Revenue Code provisions relating to the exclusion from gross income of amounts received under qualified group legal services plans to: (1) make the exclusion permanent (under current law it expired as of tax year 1989); and (2) increase the amount of the permissible exclusion from $70 to $90.
Bill· SS. 492 (101st)referred
United States · United States Congress · 2 March 1989
Job Enhancement for Families Act of 1989 - Amends Internal Revenue Code provisions governing the earned income tax credit to: (1) increase from $5,714 to $7,143 the amount of earned income subject to the credit; and (2) increase the credit percentage incrementally from 14 percent to 35 percent, adjusted annually for inflation, as the number of the taxpayer's dependent children increases from one to four or more.
Bill· SS. 494 (101st)referred
United States · United States Congress · 2 March 1989
Amends Internal Revenue Code provisions relating to the income tax deduction for the health insurance costs of self-employed individuals to: (1) extend the deduction through 1994 (under current law it will expire after tax year 1989); and (2) increase the allowable deduction from 25 percent to 100 percent.
Bill· HRH.R. 1262 (101st)referred
United States · United States Congress · 2 March 1989
Title I: Pay-As-You-Go-Budget - Budget Reform Act of 1989 - Prohibits the President's budget and that adopted by the Congress in a concurrent resolution on the budget from including: (1) total budget outlays that exceed those for the preceding fiscal year, unless at least equivalent revenue increases and their sources are identified; and (2) a reduction in revenues from the preceding fiscal year, unless at least equivalent reductions in outlays are identified, along with the affected programs. Authorizes the Congress to waive the prohibition with respect to its budget resolution by a two-thirds vote. Makes it out of order in both the Senate and the House of Representatives to consider a concurrent budget resolution under which fiscal year revenues exceed outlays, unless the purposes for which the excess is to be allocated are specified. Title II: Biennial Budget - Biennial Budgeting Act of 1989 - Amends the Congressional Budget Act of 1974, the Congressional Budget and Impoundment Control Act of 1974, and other Federal law to revise the Federal budget process by: (1) establishing a two-year budgeting and appropriations cycle and timetable, beginning in the 102d Congress; and (2) requiring separate consideration of authorizations, appropriations, the concurrent resolution on the budget, and the reconciliation bill or resolution. Devotes the first session of any Congress to committee work and includes the following deadlines: (1) June 30 for completion of oversight hearings and reports; (2) July 1 for beginning legislative work for the two-year budget period; (3) November 30 for the Budget Committee report of the concurrent resolution on the budget; and (4) December 1 for committee reports of legislation authorizing new budget authority and providing new spending authority. Establishes the following deadlines, among others, with respect to the second session: (1) March 10 for completion of congressional action on authorization legislation; (2) March 31 for completion of congressional action on the concurrent resolution on the budget; (3) April 15 for Appropriations Committee reports of legislation providing new budget authority; (4) the week following Labor Day for completion of congressional action on legislation involving new budget and entitlement authority; and (5) September 25 for completion of congressional action on reconciliation legislation implementing the budget resolution. Directs each standing committee of the Congress to review the laws and programs under its jurisdiction in every odd-numbered year to determine whether they should be continued, curtailed, or eliminated and whether new legislation is necessary to comply with congressional intent. Conforms provisions governing the President's budget to the biennial framework. Directs the President to transmit to the Congress during the first 15 days of the second session any budget revisions with respect to the budget transmitted in the first session. Title III: Line Item Veto - Grants the President, for the two-year period following this Act's enactment, line item veto authority with respect to appropriations legislation, except for any item of appropriation for the legislative or judicial branch of the Government.
Bill· HRH.R. 1267 (101st)referred
United States · United States Congress · 2 March 1989
High Definition Television Competitiveness Act of 1989 - Title I: Tax Incentives for Research and Development - Amends the Internal Revenue Code to repeal: (1) the termination date of the tax credit for increasing research activities; and (2) provisions denying the tax deduction for amounts allowed as a research credit. Title II: Authority to Engage in Joint Actions to Promote Development - Amends the Communications Act of 1934 to prohibit the application of antitrust laws to any cooperative high definition television (HDTV) enterprise engaged in a joint research, development, or production venture with respect to which certain notification has been given. Title III: Federal Support for Development Initiatives - Requires the Secretary of Commerce to establish: (1) a program to provide general financial assistance to cooperative HDTV enterprises to promote the discovery, development, and commercialization of HDTV technology; and (2) a separate program to provide financial assistance to support pilot manufacturing projects and experimental community demonstration related to HDTV technology. Requires the Secretary to award such financial assistance competitively. Requires the Secretary to submit to each House of the Congress and the President: (1) quarterly reports on the state of progress of the research, development, and commercialization assisted under this title; and (2) a comprehensive report on the results of the financial assistance provided under this title. Authorizes appropriations. Title IV: Coordination of Federal Procurement of HDTV Technology - Requires the Secretary to submit to each House of the Congress recommendations for establishing a mechanism to coordinate procurements of HDTV technology by specified Federal agencies. Title V: International Trade - Requires the Secretary to submit a report to the President and the Congress on the implications for international trade of HDTV technology. Title VI: HDTV Broadcast Standard - Amends the Communications Act of 1934 to authorize to be appropriated to the Federal Communications Commission (FCC) $500,000 for FY 1989 to enable the FCC to prescribe a broadcast standard for HDTV.
Bill· HRH.R. 1273 (101st)referred
United States · United States Congress · 2 March 1989
Repeals provisions of the Tax Reform Act of 1986 that place limitations on: (1) individual retirement account deductions for active participants in certain pension plans; and (2) nondeductible contributions to individual retirement plans. Applies such provisions retroactively with respect to tax years 1987 and thereafter.
Bill· HRH.R. 1242 (101st)referred
United States · United States Congress · 2 March 1989
Amends the Internal Revenue Code to require indexing, based on the Consumer Price Index, of the adjusted basis of capital assets that have been held for more than one year, for the purpose of determining capital gain or loss at the time of transfer.
Bill· SS. 479 (101st)referred
United States · United States Congress · 1 March 1989
Fairness for Adopting Families Act - Amends the Internal Revenue Code to permit an individual income tax deduction for qualified adoption expenses. Includes as deductible all reasonable and necessary expenses that do not violate a Federal or State law and that are directly related to a legal adoption of any child if the adoption has been arranged by a State, local, or other nonprofit agency, or through a private placement. Excludes from an employee's gross income any amounts paid on behalf of the employee by an employer pursuant to a qualified adoption assistance program. Limits both the deduction and the exclusion to $5,000. Reduces the amount when the taxpayer's income exceeds $60,000. Permits an employer to treat an adoption assistance program as a statutory employee benefit plan, thus making the employer's contributions to such a program tax deductible as business expenses.
Bill· SS. 480 (101st)referred
United States · United States Congress · 1 March 1989
Equity in Interstate Competition Act of 1989 - Empowers any State and the District of Columbia to require a person to collect a State sales tax imposed with respect to the sale of tangible personal property if: (1) the destination of sale is in such State; and (2) the person engages in regular or systematic soliciting of sales there and has, within a specified one-year period, gross receipts from the sale of such property that exceed either $500,000 within the State or $12,500,000 nationally. Lists requirements that will qualify certain local sales taxes for treatment as State sales taxes. Restricts the authority of a State with respect to accounting and reporting requirements applied to those collecting and paying State sales tax. Applies State law to those collecting the taxes.
Bill· HRH.R. 1225 (101st)open
United States · United States Congress · 1 March 1989
Amends the Interjurisdictional Fisheries Act of 1986 to authorize appropriations to carry out the Act for FY 1989 through 1992.
Bill· HRH.R. 1224 (101st)open
United States · United States Congress · 1 March 1989
Amends the Anadromous Fish Conservation Act to authorize appropriations to carry out the Act for FY 1990 through 1992.
Bill· HRH.R. 1223 (101st)referred
United States · United States Congress · 1 March 1989
Amends the National Oceanic and Atmospheric Administration Marine Fisheries Program Act to authorize appropriations to the Department of Commerce for FY 1990 through 1992 to enable the National Marine Fisheries Service to carry out its duties under law relating to information collection and analysis, conservation and management operations, and State and industry assistance.
Bill· HRH.R. 1190 (101st)open
United States · United States Congress · 1 March 1989
Semiautomatic Assault Weapons Act of 1989 - Amends the Federal criminal code to prohibit the transfer or possession of a semiautomatic assault weapon (SAW) or ammunition feeding device, unless such weapon or device was lawfully possessed before the date this Act takes effect. Defines "semiautomatic assault weapon" to include: (1) any Kalashnikov, Uzi, or Colt AR-15 type semiautomatic firearm; (2) any semiautomatic weapon fed by an ammunition belt or feed strip; (3) any semiautomatic shotgun with a magazine, cylinder, or drum capacity exceeding six rounds of ammunition; and (4) any weapon designated as such by the Secretary of the Treasury. Specifies weapons not falling within such definition. Defines "ammunition feeding device" to include a detachable device which has a capacity of, or can be converted to accept, more than ten rounds of ammunition and which meets certain specifications. Requires the Secretary: (1) to compile and publish a list of weapons designated by the Secretary as SAWs; and (2) to periodically modify such list. Establishes guidelines in determining whether to designate a weapon as a SAW. Provides: (1) that the Secretary shall not be required to authorize the importation of SAWs; and (2) for enhanced penalties for possession or use of a SAW during a crime of violence or drug trafficking crime. Amends the Internal Revenue Code to apply firearms taxes and registration requirements to SAWs.
Bill· HRH.R. 1201 (101st)referred
United States · United States Congress · 1 March 1989
Emergency Educational Facilities Repair and Renovation for Jobs Act - Title I: Elementary and Secondary Educational Facilities - Authorizes appropriations for FY 1990 through 1995 to the Department of Education to provide funds to local educational agencies (LEAs) to employ unemployed individuals in maintenance, repair, renovation, and reconstruction of public school facilities. Requires States desiring to receive a fund allocation to submit a statement of assurances to the Secretary of Education concerning further allocations to LEAs and compliance with fiscal control and fund accounting procedures. Directs the Secretary to allocate such funds among the States on the basis of relative numbers of: (1) unemployed residents; (2) unemployed residents of areas of substantial unemployment; (3) an excessive percentage of unemployed residents; and (4) low-income children. Requires that at least 70 percent of the funds made available to any LEA under this title be used for salaries and wages and associated benefits for individuals employed directly or indirectly by the LEA in facilities repair, renovation, or reconstruction programs. Requires that, to the maximum extent feasible, funds under this title be used for projects and activities for which on-site labor can begin within 90 days of receipt. Requires that such funds be used in accordance with State and local procedures for: (1) conforming to the Architectural Barriers Act of 1968 and the Rehabilitation Act of 1973 and various government environmental protection or health and safety requirements; (2) public school facilities repair, renovation, and reconstruction; (3) conversion of presently unused structures into adult training centers; (4) energy efficiency remodeling or renovation; and (5) asbestos detection, removal, or containment in facilities used by students. Authorizes the Secretary, on request, to issue rulings to any SEAs or LEAs on the proper construction and application of this title. Title II: Reconstruction at Postsecondary Institutions and Renovation of Academic Facilities - Directs the Secretary to carry out programs of financial assistance to institutions of higher education and to higher education building agencies for the reconstruction or renovation of academic facilities and libraries if the primary purpose of such assistance is to enable such institutions to: (1) economize on the use of energy resources; (2) conform their academic facilities and libraries to the Architectural Barriers Act of 1968 and the Rehabilitation Act of 1973 and various government environmental protection or health and safety requirements; (3) reconstruct and renovate research facilities; and (4) detect, remove, or contain asbestos hazards in facilities used by students. Authorizes appropriations for FY 1990 through 1995 to the Department of Education to provide funds to States to employ unemployed individuals in maintenance, repair, renovation, and reconstruction of academic facilities at institutions of higher education. Sets forth fund allocation and fund use provisions similar to those for title I of this Act. Title III: Public Library Facilities - Authorizes appropriations for FY 1990 through 1995 to the Department of Education to provide funds for the repair, renovation, remodeling, and alteration of facilities for public libraries. Directs the Secretary to allot each State the minimum allotment specified under certain provisions of the Library Services and Construction Act. Provides for allocation of the remainder of such funds among the States on a basis similar to those for allocation under titles I and II of this Act. Sets forth provisions for use of funds which are similar to those under titles I and II of this Act. Directs State library administrative agencies, to the maximum extent feasible, to consider relative unemployment in each county in determining projects to be funded. Directs the Secretary to administer this title under existing regulations for title II (Public Library Construction) of the Library Services and Construction Act. Title IV: General Provisions - Sets forth nondiscrimination provisions and other general requirements. Prohibits the employment, in a subsidized wage position under this Act, of individuals who have voluntarily terminated without good cause, within the preceding six months, full-time employment at or exceeding the Federal minimum wage. Requires that individuals in employment subsidized under this Act be paid at either the highest of the Federal minimum wage, the applicable State or local minimum wage, or the prevailing wage for employment in similar occupations by the same employer. Sets forth standards relating to conditions of employment and training, health and safety standards, workers' compensation benefits, and job benefits and working conditions. Prohibits use of funds under this Act for contributions to retirement systems or plans on behalf of any participant. Prohibits displacement of any currently employed worker by participants in programs funded under this Act. Prohibits such programs from impairing existing contracts for services or collective bargaining agreements. Requires the written concurrence of the labor organization and the employer concerned before any such program which would be inconsistent with the terms of a collective bargaining agreement may be undertaken. Prohibits program participants from being employed or job openings from being filled when: (1) any other individual is on layoff from the same or any substantially equivalent job; or (2) the employer has terminated the employment of any regular employee or otherwise reduced its work force with the intention of filling the vacancy by hiring a participant whose wages are subsidized under this Act. Prohibits creation of jobs in a promotional line that will infringe in any way on the promotional opportunities of currently employed individuals. Requires recipients of funds under this Act to provide the Secretary with assurances that none will be used to assist, promote, or deter union organizing. Applies the wage rate requirements of the Davis-Bacon Act to all laborers and mechanics employed by contractors or subcontractors in works assisted under this Act.
Bill· HRH.R. 1221 (101st)referred
United States · United States Congress · 1 March 1989
Rural Enterprise Zone Act of 1989 - Title I: Designation of Enterprise Zones - Amends the Internal Revenue Code to authorize the Secretary of Housing and Urban Development (Secretary) to designate rural enterprise zones for purposes of providing tax and regulatory relief and improving local services. Limits choices to areas nominated by States and local governments. Limits to 100 the total number of areas that may be designated, and the time period of the designation. Authorizes the Secretary to designate a zone only if the area meets certain locational, demographic, unemployment, and poverty criteria. Requires nominating local governments, as a condition of the Secretary's designation, to agree in writing to follow a course of action that may include reducing tax rates, improving local services, simplifying or streamlining regulation of business, and providing job training to area residents. Describes areas to which the Secretary must give preference in selecting areas for designation. Requires the Secretary to report to the Congress every four years on the effects of such enterprise zones' designation in accomplishing the purposes of this Act. Title II: Federal Income Tax Incentives - Subtitle A: Credits for Employers and Employees - Allows employers located in enterprise zones a nonrefundable income tax credit for qualified increased employment expenditures and employment of the disadvantaged. Sets the credit amount at ten percent of the increase in payroll plus a specified percentage of wages paid to certain disadvantaged workers through the first 20 years of the enterprise zone designation. Allows a nonrefundable income tax credit to enterprise zone employees for five percent of wages earned. Phases out both credits in the last four years of the enterprise zone designation. Subtitle B: Credits for Investment in Tangible Property in Enterprise Zones - Allows businesses an additional investment tax credit for investments made in certain enterprise zone construction property. Limits the credit to ten percent for new property, including rental property. Requires the recapture of credit amounts upon the early disposition of the property. Subtitle C: Nonrecognition of Qualified Enterprise Zone Capital Gain Where Acquisition of Enterprise Zone Business Property - Provides for the nonrecognition of capital gain on the sale of enterprise zone property if, within one year after the sale, the taxpayer acquires qualified replacement property (generally defined as property related to an enterprise zone or to a business within a zone). Subtitle D: Deduction for Purchase of Enterprise Stock - Allows a taxpayer to deduct up to $100,000 of the aggregate amount paid for the purchase of enterprise stock on its original issue by a qualified issuer. Requires any gain from the disposition of the stock to be treated as ordinary income. Subtitle E: Rules Relating to Industrial Development Bonds - Declares that: (1) limitations on the cost recovery deductions for property financed with tax-exempt bonds shall not apply to enterprise zone property; and (2) the termination of the small issue exemption shall not apply to bonds whose proceeds are used to finance facilities in enterprise zones. Requires that five percent of the private activity bond volume cap for a State that has one or more enterprise zones be set aside exclusively for use in such zones. Subtitle F: Ordinary Loss Deduction for Securities of Enterprise Zone Business Which Become Worthless - Permits an ordinary loss deduction for securities of enterprise zone business that become worthless during the taxable year. Subtitle G: Increase in Research Credit for Research Conducted in Enterprise Zones - Increases from 20 percent to 30 percent the tax credit for increasing research conducted in enterprise zones. Applies this subtitle retroactively to taxable years 1987 and thereafter. Subtitle H: Sense of the Congress with Respect to Tax Simplification - Expresses the sense of the Congress that the Secretary of the Treasury should simplify the administration and enforcement of any provision of the Internal Revenue Code affected by this Act. Subtitle I: Regulations - Directs the Secretary of the Treasury to issue regulations to carry out the provisions of this Act not later than six months after enactment. Title III: Regulatory Flexibility - Amends Federal law to revise the definition of "small entity" for purposes of the analysis of regulatory functions to include qualified business, government, and nonprofit enterprises operating within enterprise zones. Authorizes Federal agencies, upon request by a designating government, to waive or modify rules and regulations pertaining to the implementation of projects or activities within an enterprise zone. Requires agencies to approve the request if the resulting benefits of job creation, community development, or economic revitalization outweigh the public interest in retaining the rule unchanged. Disallows waiver or modification of a rule that would directly violate a statutory requirement or present a danger to the public health and safety. Amends the Department of Housing and Urban Development Act to direct the Secretary of Housing and Urban Development to promote the coordination of all enterprise zone programs and to consolidate all periodic reports required under such programs into one summary report. Title IV: Establishment of Foreign-Trade Zones in Enterprise Zones - Requires the Foreign-Trade Zone Board to consider on a priority basis and to expedite the processing of applications for the establishment of foreign-trade zones within enterprise zones. Requires the Secretary of the Treasury to give priority to, and expedite applications for, the establishment of ports of entry necessary to establish such zones. Title V: Enterprise Zone Business Incubator Program - Directs the Secretary of Housing and Urban Development to establish a business incubator program to provide loans and grants to State and local governments to give start-up assistance to small businesses in distressed rural areas.
Bill· HRH.R. 1227 (101st)referred
United States · United States Congress · 1 March 1989
Amends Federal law to prohibit any State from imposing an income tax on the pension income of any individual who is not a resident or domiciliary of that State.
Bill· HRH.R. 1207 (101st)referred
United States · United States Congress · 1 March 1989
Amends the Public Health Service Act to provide for the establishment of a Senior Biomedical Scientific Service Corps within the Food and Drug Administration (FDA), whose members: (1) shall be appointed based solely on the basis of distinction and achievement in the field of biomedical, clinical, or behavioral research; and (2) shall not be a part of the competitive service. Treats continuous employment in the Corps immediately upon termination of service as a commissioned officer in the Public Health Service (PHS) Corps as service in the PHS Corps for purposes of retirement or separation for physical disability. Specifies that such employment shall not be considered as service under any other Federal retirement system. Amends the Federal Food, Drug, and Cosmetic Act to authorize the Secretary of Health and Human Services to make grants to, or enter into contracts with, any public or nonprofit academic institution, to train individuals in the field of regulatory review medicine and to provide financial aid to participants in such programs. Requires each individual who receives grant funds to serve a specified obligated period of time as an FDA employee. States that if any such individual fails to comply within a reasonable period of time after the completion of training (as the Secretary shall prescribe by regulation), the United States shall be entitled to recover from such individual an amount determined in accordance with a formula to be prescribed through regulations issued by the Secretary. Authorizes appropriations as necessary for FY 1990 through 1992 for such grants. Directs the Secretary to establish a Science Training Loan Repayment Program to repay the educational loans of students and graduates who agree to accept employment with the FDA for a period of obligated service. Establishes eligibility requirements for participation in the Program. Directs the Secretary to give priority to applications made by individuals: (1) who have training in regulatory review medicine and in a health profession or speciality determined by the Secretary to be needed by the FDA; and (2) who are committed to service with the FDA. Specifies that: (1) a loan repayment provided for an individual under a written contract under the Program shall consist of payment of the principal, interest, and related expenses on government and commercial loans received by the individual for tuition, reasonable educational expenses (such as fees, books, and laboratory expenses), and reasonable living expenses as determined by the Secretary; (2) for each year of obligated service that an individual contracts to serve, the Secretary may pay up to $20,000 on behalf of such individual for loans; and (3) any arrangement made by the Secretary for making loan repayments under this Act shall provide that repayments for a year of obligated service shall be made by the end of the fiscal year in which the individual completes such year of service. Authorizes the Secretary: (1) on the request of the individual, to make payments to such individual in a reasonable amount, as determined by the Secretary, to reimburse such individual for all or part of any increased tax liability incurred as a result of participation in the Program; and (2) to enter into an agreement with the holder of any loan for which payments are made under the Program to establish a schedule for the making of payments. Provides that individuals who have entered into such contracts with the Secretary, while undergoing academic or other training, shall not be counted against any employment ceiling affecting the Department. Requires each individual who has entered into a written contract with the Secretary to provide service as a full-time employee of the FDA for the period of obligated service provided in such contract. Establishes procedures for: (1) determining if the individual shall provide such service as a member of the Commissioned Corps of the PHS or as a civilian employee of the United States; and (2) notifying such individual. Specifies that an individual shall be considered to have begun serving a period of obligated service on the date of appointment. Sets forth a formula for calculating penalties applicable to an individual who breaches such contract by failing to begin or complete such service obligation. Provides for: (1) the waiver or suspension of service or payment obligations in cases of impossibility or extreme hardship; and (2) release of obligations for payment of damages by discharge in bankruptcy under specified circumstances. Authorizes the Secretary to pay an individual who has entered into such an agreement an amount to cover all or part of the individual's expenses reasonably incurred in transporting himself, his family, and his possessions to the location of his duty station. Authorizes to be appropriated such sums as necessary for FY 1990 through 1992. Establishes the Food and Drug Administration Distinguished Services Science Award to be given to dedicated scientists employed by the FDA who have: (1) expeditiously approved lifesaving products; or (2) discovered other ways to protect society from unforeseen health hazards.
Bill· HRH.R. 1213 (101st)referred
United States · United States Congress · 1 March 1989
Worker Health Benefits Protection Act of 1989 - Title I: Federal Guarantee of Loans to Fund Certain Benefits - Directs the Secretary of the Treasury to guarantee principal and interest payments on corporate loans whose proceeds are transferred to a qualified retiree health trust. Requires that the terms of the loan direct that any tax benefits the corporation realizes from using net operating loss carryovers be placed in a separate account to pay loan principal. Title II: Bankruptcy Situations - Requires that any tax benefits that any corporation that has filed for bankruptcy realizes from using net operating loss carryovers accrue to the benefit of the Pension Benefit Guaranty Corporation (PBGC), to the extent of the corporation's liability to the PBGC. Title III: Treatment of Certain Pension Plan Reversions - Amends the Internal Revenue Code (IRC) to exclude from an employer's gross income any reversion from a qualified pension plan when more than half of it is transferred to a qualified retiree health trust. Exempts such amounts from the tax on reversions of qualified plan assets to the employer. Describes requirements governing qualified tax-exempt retiree health trusts, created as part of a plan providing post-retirement medical benefits. Increases from 15 percent to 20 percent the excise tax on employer reversions from qualified plans. Amends the IRC and the Employee Retirement Income Security Act of 1974 to set out conditions under which an employer may transfer or withdraw excess assets from a single employer defined benefit plan without triggering plan termination. Describes procedures to be followed in connection with such withdrawals, including required notice to employees and to the Secretary of the Treasury. Exempts qualifying withdrawals from the excise tax on prohibited transactions. Title IV: Increase in Full-Funding Limitation - Increases the full-funding limitation from 150 percent to 200 percent of plan liability. Title V: Effective Date - Sets forth the effective dates for the various provisions of this Act.
Bill· HRH.R. 1205 (101st)referred
United States · United States Congress · 1 March 1989
Fairness for Adopting Families Act - Amends the Internal Revenue Code to permit an individual income tax deduction for qualified adoption expenses. Includes as deductible all reasonable and necessary expenses that do not violate a Federal or State law and that are directly related to a legal adoption of any child if the adoption has been arranged by a State, local, or other nonprofit agency, or through a private placement. Excludes the deduction from the two percent floor on miscellaneous itemized deductions. Excludes from an employee's gross income any amounts paid on behalf of the employee by an employer pursuant to a qualified adoption assistance program. Limits both the deduction and the exclusion to $5,000 ($7,000 in the case of an international adoption). Reduces the amount when the taxpayer's income exceeds $60,000. Permits an employer to treat an adoption assistance program as a statutory employee benefit plan, thus making the employer's contributions to such a program tax deductible as business expenses.
Bill· HRH.R. 1219 (101st)referred
United States · United States Congress · 1 March 1989
Repeals provisions of the Tax Reform Act of 1986 that establish nondiscrimination requirements for coverage and benefits under certain statutory employee benefit plans. (The consequence is the repeal of section 89 of the Internal Revenue Code.)
Bill· HRH.R. 1193 (101st)referred
United States · United States Congress · 1 March 1989
Amends the Internal Revenue Code to exclude allocations in the nature of patronage dividends when determining net book income of rural telephone and electric cooperatives for purposes of the minimum tax.
Bill· HRH.R. 1203 (101st)referred
United States · United States Congress · 1 March 1989
Tax Relief for the Unemployed Act - Repeals provisions of the Internal Revenue Code that include unemployment compensation in the gross income of an individual and require information reporting with respect to such compensation.
Bill· HRH.R. 1218 (101st)referred
United States · United States Congress · 1 March 1989
Political Organization Tax Equity Act of 1989 - Repeals provisions of the Internal Revenue Code that tax the principal campaign committee of a congressional candidate under special rules, thereby taxing such committees as other political organizations are taxed.
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