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Bill· HRH.R. 567 (100th)referred

A bill to amend the Internal Revenue Code of 1986 to provide that certain minimum tax and accounting rules (added by the Tax Reform Act of 1986) applicable to installment obligations shall not apply to obligations arising from sales of property by nondealers.

United States · United States Congress · 8 January 1987

Amends the Internal Revenue Code to provide that specified minimum tax and accounting rules applicable to installment obligations shall not apply to obligations arising from sales of property by nondealers.

Bill· HRH.R. 541 (100th)referred

On-Site Day Care Privatization Act

United States · United States Congress · 8 January 1987

On-Site Day Care Privatization Act - Amends the Internal Revenue Code to allow an income tax credit to employers for the expenses of establishing and operating an on-site dependent care facility. Sets the amount of such credit at 15 percent of the expenses paid by an employer during the first year of operation of such a facility and ten percent of the wages paid to individuals performing dependent care services during the second year of operation of such a facility.

Bill· HRH.R. 533 (100th)referred

Asset Indexing Act of 1987

United States · United States Congress · 8 January 1987

Asset Indexing Act of 1987 - Amends the Internal Revenue Code to require an inflation adjustment, based on the gross national product deflator, to the adjusted basis of certain assets (corporate stock and real property held for more than one year which is a capital asset or property used in a trade or business) at the time of sale or exchange, solely for the purpose of determining gain or loss on such assets. Excludes from such treatment: (1) creditors' interests; (2) options; (3) net lease property in the case of a lessor; (4) preferred stock with fixed dividends; and (5) stock in small business corporations, personal holding companies, and certain foreign corporations.

Bill· HRH.R. 502 (100th)open

A bill to provide that the percentage of total apportionments of funds allocated to any State from the Highway Trust fund in any fiscal year be at least 100 percent of the percentage of estimated tax payments paid into the Highway Trust Fund which are attributable to highway users in such State in the latest fiscal year for which data is available.

United States · United States Congress · 7 January 1987

Requires that the Secretary of Transportation's apportioned allocation to a State for the Federal-aid highway program be not less than 100 percent (currently 85 percent) of the percentage of the estimated tax payments attributable to highway users in that State paid into the Highway Trust Fund.

Bill· HRH.R. 464 (100th)referred

Victims of Handgun Crimes Compensation Tax Act of 1987

United States · United States Congress · 7 January 1987

Victims of Handgun Crimes Compensation Tax Act of 1987 - Amends the Internal Revenue Code to increase from ten percent to 40 percent the excise tax on pistols and revolvers. Establishes in the Treasury a trust fund to be known as the Victims of Handgun Crimes Trust Fund. Appropriates to such Trust Fund an amount equivalent to 62.5 percent of the amounts received through the imposition of the excise tax on pistols and revolvers. Amends the Victims of Crime Act of 1984 to require the Attorney General to make grants to eligible crime victim compensation programs from such trust fund.

Bill· HRH.R. 506 (100th)referred

A bill to require the Secretary of the Treasury to modify the proposed regulation relating to the use of the cents-per-mile valuation rule in valuing the fringe benefit received by an employee for personal use of a vehicle provided by his employer.

United States · United States Congress · 7 January 1987

Requires the Secretary of the Treasury to make modifications in the proposed regulation relating to the use of the cents-per-mile valuation rule in valuing the fringe benefit received by an employee for personal use of a vehicle provided by an employer, such that the cents-per-mile valuation may be used without regard to the fair market value of the vehicle, with certain limitations.

Bill· HRH.R. 494 (100th)referred

A bill to amend the Internal Revenue Code of 1986 to reinstate the tax on interest received by foreigners on certain portfolio investments.

United States · United States Congress · 7 January 1987

Amends the Internal Revenue Code to repeal the exemption from tax for interest earned on certain portfolio debt investments and received by nonresident alien individuals and foreign corporations. Repeals the exception to withholding requirements for interest income from certain portfolio debt investments earned by nonresident alien individuals.

Bill· HRH.R. 490 (100th)referred

A bill to amend the Internal Revenue Code of 1986 to deny the business deduction for any amount paid or incurred for regularly scheduled air transportation to the extent such amount exceeds the normal tourist class fare for such transportation.

United States · United States Congress · 7 January 1987

Amends the Internal Revenue Code to disallow the income tax deduction for business expenses paid or incurred for regularly scheduled air transportation to the extent that such amount exceeds the normal tourist class fare for such transportation.

Bill· HRH.R. 503 (100th)referred

A bill to amend the Internal Revenue Code of 1986 to allow taxpayers to elect to expense depreciable property which is domestically produced.

United States · United States Congress · 7 January 1987

Amends the Internal Revenue Code to allow taxpayers to elect to expense certain depreciable property which is domestically produced. Specifies that property shall not be treated as domestically produced if: (1) such property was completed outside of the United States; or (2) less than 50 percent of the basis of such property is attributable to value added within the United States.

Bill· HRH.R. 493 (100th)referred

A bill to amend the Internal Revenue Code of 1986 to increase to 32 cents per pack the Federal excise tax on cigarettes and to provide that the revenues from the additional tax shall be deposited in the Federal Hospital Insurance Trust Fund under the Social Security Act.

United States · United States Congress · 7 January 1987

Amends the Internal Revenue Code to increase the excise tax on cigarettes from: (1) $8 to $16 per thousand for small cigarettes; and (2) $16.80 to $33.60 per thousand for large cigarettes. Imposes a floor stock excise tax on small and large cigarettes. Transfers revenues raised by such additional taxes to the Federal Hospital Insurance Trust Fund (Medicare).

Bill· HRH.R. 492 (100th)referred

Reckless Risk Recovery Act of 1987

United States · United States Congress · 7 January 1987

Reckless Risk Recovery Act of 1987 - Amends the Internal Revenue Code to impose an excise tax on financial institutions which have outstanding loans to foreign governments which are insolvent and which have received funds from the United States since they became insolvent.

Bill· HJRESH.J.Res. 75 (100th)open

A joint resolution proposing an amendment to the Constitution of the United States providing that, except in cases of national emergency, expenditures of the United States Government in any fiscal year shall not exceed its revenues for that fiscal year.

United States · United States Congress · 7 January 1987

Constitutional Amendment - Prohibits the Government's expenditures from exceeding its revenues in any fiscal year, except in cases of national emergency as determined by a three-fifths vote of the Congress.

Bill· HJRESH.J.Res. 76 (100th)open

A joint resolution proposing an amendment to the Constitution of the United States providing that, except in cases of national emergency, expenditures of the United States Government in any fiscal year shall not exceed its revenues for that fiscal year and shall not exceed 20 per centum of the gross national product of the preceding calendar year.

United States · United States Congress · 7 January 1987

Constitutional Amendment - Prohibits the Government's expenditures from exceeding its revenues in any fiscal year, except in cases of national emergency as determined by a three-fifths vote of the Congress. Prohibits total Government expenditures during a fiscal year from exceeding 20 percent of the gross national product for the preceding calendar year.

Bill· SS. 233 (100th)open

A bill to amend the Internal Revenue Code of 1986 to encourage increased production of domestic crude oil, and for other purposes.

United States · United States Congress · 6 January 1987

Amends the Internal Revenue Code to allow a percentage depletion income tax deduction for proven oil and gas wells which have been transferred to a new owner. Provides that the exemption of stripper well oil from the windfall profit tax shall apply after a transfer of such a well to a new owner. Provides that the 50 percent net income limitation on the percentage depletion allowance shall not apply to oil or gas wells. Increases the rate of the percentage depletion allowance for oil and natural gas. Sets forth a fluctuating rate based on the average annual removal price during the calendar year. Includes geological, geophysical, and surface casing costs as intangible drilling costs eligible for expensing for tax deduction purposes. Repeals the recapture of gain realized from the disposition of an interest in oil, gas, or geothermal property.

Bill· SS. 282 (100th)referred

First-Time Homebuyer Opportunity Act of 1987

United States · United States Congress · 6 January 1987

First-Time Homebuyer Opportunity Act of 1987 - Amends the Internal Revenue Code to permit an individual who has had no present ownership interest in a principal residence during the three-year period immediately preceding the purchase in question to use tax-free distributions from an individual retirement account or annuity to purchase a home if: (1) the purchase is made within 90 days of the distribution; and (2) amounts equal to the distribution amount have been paid into the affected account at least 12 months prior to the purchase. Limits to an aggregate maximum of $10,000 the amount of distributions that may be used in this way.

Bill· SS. 270 (100th)referred

A bill to provide a transition period for the full implementation of the nonrecurring adoption expenses reimbursement program.

United States · United States Congress · 6 January 1987

Amends the Tax Reform Act of 1986 to provide that provisions relating to the repeal of the income tax deduction for adoption expenses shall not take effect until taxable years beginning after December 31 of the calendar year in which final regulations are issued to implement the reimbursement of nonrecurring adoption expenses under any adoption assistance agreement under subtitle E (Foster Care and Adoption Assistance) of title IV of the Social Security Act.

Bill· SS. 254 (100th)referred

Federal Tax Delinquency Amnesty Act of 1987

United States · United States Congress · 6 January 1987

Federal Tax Delinquency Amnesty Act of 1987 - Provides for a one-time amnesty from criminal and civil tax penalties for a taxpayer who: (1) files a written statement with specified information concerning any underpayment of tax; (2) pays the amount of such underpayment when filing the statement; and (3) within 30 days of notification, pays 50 percent of the amount of interest payable on any underpayment (and the amount of any tax delinquent amount). Permits installment payments in certain cases. Defines the amnesty period as the six-month period beginning July 1, 1987, or beginning the first July 1 after the enactment of this Act. Applies such amnesty to all payments relating to tax years ending before January 1, 1986, or taxable events occurring before January 1, 1986. Disallows such amnesty where: (1) the taxpayer was contacted before a statement was filed; (2) there was fraud in seeking amnesty; (3) a criminal investigation is pending; or (4) the income involved is illegal source income. Authorizes appropriations to administer such amnesty program and to employ 3,000 additional Internal Revenue Service agents. Increases criminal and civil tax penalties by 50 percent.

Bill· SS. 276 (100th)referred

A bill to amend the Internal Revenue Code of 1954 to impose a fee on the importation of crude oil or refined petroleum products.

United States · United States Congress · 6 January 1987

Amends the Internal Revenue Code to impose an import fee on: (1) the first sale within the United States of any crude oil or any refined petroleum product imported into the United States; and (2) the use within the United States of any crude oil or any refined petroleum product imported into the United States if no such tax has been imposed prior to such use. Exempts from such tax crude oil or refined petroleum products purchased for export. Sets the rate of such tax for crude oil as the difference between $20 per barrel and the average world price of crude oil per barrel. Sets the rate of such tax for refined petroleum products as $3 plus the crude oil tax.

Bill· SS. 263 (100th)referred

Tennessee Valley Authority Fiscal Responsibility and Accountability Act of 1987

United States · United States Congress · 6 January 1987

Tennessee Valley Authority Fiscal Responsibility and Accountability Act of 1987 - Amends the Tennessee Valley Authority Act of 1933 to limit members of the board of directors of the Tennessee Valley Authority (the Corporation) to two three-year terms. Reduces the Corporation's bond ceiling from $30,000,000,000 to $18,000,000,000. Prohibits the Federal Financing Bank from purchasing obligations issued or guaranteed by the Corporation after enactment of this Act. Requires the Corporation to pay the principal and interest on bonds on a timely basis. Amends the Inspector General Act of 1978 to establish a permanent Office of Inspector General for the Corporation. Amends the Tennessee Valley Authority Act of 1933 to make the Corporation subject to State regulation as if it were a private utility, except that a State may not interfere with the obligations of the Corporation imposed by law. Repeals the permanent authorization of appropriations for the Corporation.

Bill· SS. 264 (100th)referred

A bill to amend the Internal Revenue Code of 1986 to deny status as a tax-exempt organization, and as charitable contribution recipient, for organizations which perform, finance, or provide facilities for abortions.

United States · United States Congress · 6 January 1987

Amends the Internal Revenue Code to deny status as a tax-exempt organization to any organization which performs, finances, or provides facilities for abortions (except where the life of the mother would be endangered). Denies the income, estate, and gift tax charitable contribution deductions for amounts contributed to such organizations.

Bill· SS. 39 (100th)open

Employee Educational Assistance Act of 1987

United States · United States Congress · 6 January 1987

Employee Educational Assistance Act of 1987 - Amends the Internal Revenue Code to make permanent the income tax exclusion for employee educational assistance programs. (Present law terminates such exclusion as of December 31, 1987.)

Bill· SS. 58 (100th)open

Research and Development Incentive Act of 1987

United States · United States Congress · 6 January 1987

Research and Development Incentive Act of 1987 - Amends the Internal Revenue Code to make permanent the income tax credit for increasing research activities. (Present law terminates such credit as of December 31, 1988.) Increases the amount of such credit from 20 to 25 percent of the increase in expenses of such research activities.

Bill· SS. 86 (100th)referred

A bill to amend section 1105(c) of title 31, United States Code, to limit the amount of any increase in the public debt limit that the President may recommend for a fiscal year.

United States · United States Congress · 6 January 1987

Prohibits the President from recommending any action to increase the public debt limit in any fiscal year by more than the sum of: (1) the maximum deficit amount prescribed for such fiscal year under the Congressional Budget and Impoundment Control Act of 1974; and (2) the amount of the estimated surpluses in any trust fund, fund, or Government account for such fiscal year that must, by law, be invested in government obligations.

Bill· SS. 74 (100th)referred

A bill to amend the Internal Revenue Code of 1986 to allow a charitable contribution deduction for certain amounts paid to or for the benefit of an institution of higher education.

United States · United States Congress · 6 January 1987

Amends the Internal Revenue Code to allow a charitable contribution income tax deduction for amounts paid to or for the benefit of an institution of higher education in cases where the taxpayer receives the right to seating or the right to purchase seating for athletic events at such institution.

Resolution· SCONRESS.Con.Res. 4 (100th)referred

A concurrent resolution relating to tax-exempt 501(c)(3) bonds.

United States · United States Congress · 6 January 1987

Expresses the sense of the Congress that the tax-exempt bonds of private nonprofit colleges, universities, hospitals, and certain other institutions should not be classified as "private activity" bonds for purposes of the Internal Revenue Code.

Bill· HRH.R. 368 (100th)referred

A bill to amend the Internal Revenue Code of 1954 to provide that the medical expenses of handicapped individuals and individuals who have attained age 65 shall be deductible without regard to the requirements that only medical expenses in excess of certain percentages of adjusted gross income are deductible.

United States · United States Congress · 6 January 1987

Amends the Internal Revenue Code to provide that the medical expenses of handicapped individuals and individuals who have attained age 65 shall be deductible without regard to the requirement that only medical care expenses in excess of certain percentages of adjusted gross income are deductible.

Bill· HRH.R. 366 (100th)referred

A bill to amend the Internal Revenue Code of 1954 to provide a basic 10,000 dollars exemption from income tax, in the case of an individual or a married couple, for amounts received as annuities, pensions, or other retirement benefits.

United States · United States Congress · 6 January 1987

Amends the Internal Revenue Code to allow individuals or married couples aged 65 or over a $10,000 exclusion from gross income for any amounts received as annuities, pensions, or other retirement benefits.

Bill· HRH.R. 369 (100th)referred

A bill to amend the Internal Revenue Code of 1954 to allow certain low- and middle-income individuals a refundable tax credit for a certain portion of the property taxes paid by them on their principal residences or of the rent they pay for their principal residences.

United States · United States Congress · 6 January 1987

Amends the Internal Revenue Code to allow certain low- and middle-income individuals a refundable income tax credit for the property taxes and rent paid on their principal residences. Requires, for purposes of eligibility, that the taxes and rent paid by such individuals exceed five percent of their adjusted gross income. Limits such credit to $500 for the taxable year. Reduces the credit by five percent of the amount by which the taxpayer's adjusted gross income exceeds $10,000 in 1982, $15,000 in 1983, and $20,000 in taxable years beginning after December 31, 1984.

Bill· HRH.R. 355 (100th)referred

College Athlete Education and Protection Act of 1987

United States · United States Congress · 6 January 1987

College Athlete Education and Protection Act of 1987 - Amends the Internal Revenue Code to deny the deduction for a charitable contribution to an institution of higher education for use in the athletic program of such institution or to any other organization for use in supporting the athletic program of such institution unless for the five-calendar-year period ending with the calendar year preceding the calendar year in which the contribution is made at least 75 percent of the scholarship athletes ceasing to be students at such school during such period receive a bachelor's degree after the completion of not more than five academic years.

Bill· HRH.R. 81 (100th)open

Hunger Emergency Assistance and Relief Trust Act of 1986

United States · United States Congress · 6 January 1987

Hunger Emergency Assistance and Relief Trust Act of 1986 - Amends the Internal Revenue Code to allow individuals to direct that all or part of their income tax refunds be contributed to the Hunger Emergency Assistance and Relief Trust. Establishes within the Treasury such Hunger Emergency Assistance and Relief Trust (trust fund) to distribute hunger relief funds to qualified nonprofit hunger relief services organizations. Appropriates to the trust fund revenues equivalent to those designated for such purpose by individual taxpayers. Sets forth standards and procedures for the distribution of trust fund monies. Limits the amount that recipient organizations can pay for administrative expenses to ten percent of amounts received from the trust fund. Prohibits organizations receiving funds from: (1) failing to match payment; (2) failing to use payments properly; (3) incurring excessive administrative expenses; and (4) not complying with certain Hunger Commission requests. Authorizes the Hunger Commission to inform State attorneys general of possible State law violations by organizations. Requires the Hunger Commission to submit to specified congressional committees an annual report detailing trust fund expenditures. Establishes a Hunger Commission to administer the distribution of funds to qualified hunger relief services organizations on a matching grant basis. Permits a maximum award of $100,000 to any single qualified organization in any fiscal year. Requires that: (1) at least 50 percent of amounts received into the trust fund in any year be paid to qualified organizations; and (2) monies in the trust fund be distributed within 180 days of their receipt in the fund. Sets forth: (1) criteria governing Commission organization and membership; and (2) powers of the Commission, including the power to hold hearings, to issue subpoenas, and to grant immunity. Authorizes appropriations.

Bill· HRH.R. 69 (100th)open

Inner City Revitalization Act

United States · United States Congress · 6 January 1987

Inner City Revitalization Act - Title I: Tax Incentives for Enterprise Zones - Enterprise Zone Act - Subtitle A: Designation of Enterprise Zones - Authorizes the Secretary of Housing and Urban Development (Secretary) to designate enterprise zones for purposes of providing tax and regulatory relief and improving local services. Specifies that States and local governments shall nominate areas for designation. Limits to 225 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. Subtitle B: Federal Income Tax Incentives - Part I: 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. Part II: 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. Part III: Exclusion of Enterprise Zone Capital Gains - Excludes from gross income any 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 such a zone). Part IV: Rules Relating to Industrial Development Bonds - Provides 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. Part V: 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 C: Regulatory Flexibility - Revises 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, and after considering specified questions, to decide whether to waive or modify rules and regulations pertaining to the implementation of projects or activities within an enterprise zone. Disallows waiver of 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. Subtitle D: 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 II: Youth Employment Opportunity Wage - Youth Employment Opportunity Wage Act - Amends the Fair Labor Standards Act of 1938 to authorize employers to pay employees under 20 years of age, between May and September of each year, 75 percent of the minimum wage rate. Exempts such employees from special certificate requirements. Restricts such authorization to: (1) hours worked by eligible employees in compliance with applicable child labor laws; and (2) youth employed after May 1 of each year. Prohibits the removal of employees ineligible for the subminimum wage rate in order to replace them with employees who are eligible. Makes technical and conforming amendments to the Job Training Partnership Act. Terminates the minimum wage rate exception after September 30, 1989. Directs the Secretary of Labor to monitor the implementation of this Act and to report to the Congress concerning the employment effects of the wage authorized by this Act. Title III: Urban Homesteading - Urban Homestead Act - Amends the United States Housing Act of 1937 to establish procedures to give families residing in public housing projects an opportunity to purchase their dwelling units. Requires the formation of a resident management corporation as a condition for public housing homeownership. Requires the Secretary of Housing and Urban Development to provide comprehensive improvement assistance to projects to ensure that their physical condition, management, and operation are sufficient to encourage homeownership by resident families. Directs the Secretary and the responsible public housing agency to provide the training and technical assistance necessary to prepare the families and the resident management corporation for homeownership. Describes conditions under which purchases may take place. Requires the Secretary to continue annual contributions to a project after purchase. Limits purchase price to 25 percent of fair market value and enumerates possible purchasing arrangements. Directs the relevant agency to assist purchasers by making loans at reduced interest rates. Prohibits the eviction of and authorizes financial assistance to families residing in units sold to a resident management corporation. Directs the Secretary to report annually to the Congress concerning the program. Title IV: Equal Educational Opportunity Act - Equal Educational Opportunity Act - Amends the Education Consolidation and Improvement Act of 1981 (ECIA) to permit certain payments to local educational agencies (LEAs) under such Act to beused for programs that permit parents of educationally deprived children to use vouchers to pay for: (1) full-time enrollment at private schools or at public schools outside their school district; or (2) compensatory services provided by the LEA to meet their special educational needs at public schools within their school district. Authorizes State educational agencies (SEAs) to require LEAs to implement voucher programs. Permits LEAs deiscretion with respect to such programs when not required by the SEAs. Describes program requirements and other projects that LEAs must provide to meet special educational needs of targeted students. Prohibits private schools from redeeming vouchers if they engage in racial discrimination. Amends the Internal Revenue Code to require the Secretary of the Treasury to disclose tax return information to Department of Justice investigatory personnel in proceedings brought under this Act to determine whether a school follows a racially discriminatory policy.

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