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Bill· HRH.R. 4110 (102nd)referred
United States · United States Congress · 24 January 1992
Tax Reform and Economic Recovery Act of 1992 - Title I: Reduction in Capital Gains Tax for Individuals - Amends the Internal Revenue Code to allow a capital gains deduction for noncorporate taxpayers for assets held from one to three years. Provides special rules for gain or loss from the sale or exchange of collectibles and sales of interest in partnerships. Disallows such a capital gains deduction in computing the alternative minimum tax. Revises the formula for determining gain from the dispositions of certain depreciable realty to take into account depreciation adjustments (adjustments allowed or allowable for exhaustion, wear and tear, obsolescence, or certain amortization). Title II: Limited Relief From Passive Loss Rules - Provides for the treatment of rental and nonrental real estate activities under the limitations on losses from passive activities. Title III: Tax Credit for Children - Allows a tax credit of $125 for each child of an eligible individual. Title IV: Increases in Individual Income Income Tax Rates - Increases the tax rates for higher income individuals. Imposes a surtax on the individual tax or the alternative minimum tax of an individual whose income exceeds $1,000,000. Applies such surtax to estates and trusts as well.
Bill· HRH.R. 4106 (102nd)referred
United States · United States Congress · 24 January 1992
Adoption Tax Relief Act of 1992 - Amends the Internal Revenue Code to allow an itemized deduction for adoption expenses which include: (1) reasonable and necessary legal costs; and (2) travel expenses incurred while away from home arranging the adoption or for transportation of the child to the home of the taxpayer.
Bill· HRH.R. 4109 (102nd)referred
United States · United States Congress · 24 January 1992
Amends the Internal Revenue Code to increase to five years the maximum period of continuation coverage under an employer-provided group health plan. (Current provisions require such coverage for 18 or 36 months.)
Bill· HRH.R. 4107 (102nd)referred
United States · United States Congress · 24 January 1992
Amends the Internal Revenue Code to extend the Puerto Rico and possession tax credit (under the Caribbean Basin Economic Recovery Act) to income from investments in Bolivia, Colombia, Ecuador, and Peru.
Bill· SS. 2159 (102nd)referred
United States · United States Congress · 23 January 1992
Tax Fairness and Competitiveness Act of 1992 - Title I: Middle Income Tax Relief - Subtitle A: Educational Incentives - Amends the Internal Revenue Code to allow an itemized deduction for all interest paid on educational loans for the first 48 months (whether or not consecutive) for which a payment is required to be made. Allows a tax credit for 15 percent of the interest paid or incurred on any qualified education loan during the first 48 months (whether or not consecutive) for which a payment is required to be made. Limits such credit to $300. Requires taxpayers to elect the tax deduction or the tax credit, but not both. Prohibits the use of the deduction if a deduction is allowed for residence interest allocable to indebtedness used to pay qualified higher education expenses. Allows such tax credit to parents only if the dependent is a student and a personal exemption is claimed for such dependent student. Includes as qualified tuition and related expenses reasonable living expenses and transportation to and from home in the case of a student living away from home. Replaces the tax exclusion for income from U.S. savings bonds used to pay higher education tuition and fees with a tax exemption for income from college savings accounts. Excludes from gross income eligible withdrawals from qualified college savings accounts or redemption of qualified U.S. savings bonds used to pay higher education expenses. Requires deposits in college savings accounts to be held for at least five years before withdrawal. Describes a qualified college savings account as a prepaid tuition contract with a State or a trust similar to an individual retirement plan. Limits contributions to college savings accounts to $10,000 per year. Reduces such limitation for the taxpayer and spouse whose income exceeds $60,000 ($40,000 in case of non-marrieds). Provides an inflation adjustment for such limitation. Includes in the requirements for a qualified U.S. savings bond that it be designated as a college savings account, and be issued after December 31, 1991. Requires a reduction in qualified higher education expenses by amounts received from certain scholarships and veterans benefits. Subtitle B: Incentives for First-Time Homebuyers - Allows a tax credit of $2,000 for a first-time homebuyer who purchases or constructs a principal residence between January 22, 1992, and before January 23, 1994. Title II: Incentives to Increase Long-Term Competitiveness - Subtitle A: Investment Incentives - Allows a variable capital gains deduction for a noncorporate taxpayer based upon capital assets held from one to ten years. Revises provisions concerning the gain from dispositions of certain depreciable realty to provide for recapture of the total amount of depreciation. Requires an increase in the individual income tax rates for certain higher-income taxpayers, if the Secretary of the Treasury determines that a capital gains revenue shortfall has occurred. Revises the alternative tax for corporations to change the 34 percent tax on net capital gain to a tax on the applicable percentage of the classes of net capital gain based on assets held from two to ten years. Allows corporate taxpayers with unused alternative minimum tax credits from prior years to use such credits against current-year alternative minimum tax liability. Eliminates intangible drilling costs and percentage depletion as tax preference items for independent producers of oil and gas properties. Declares that depreciation adjustments do not apply to environmental improvement assets. Provides for the treatment of rental and nonrental real estate activities under the limitations on losses from passive activities. Reduces the depreciation recovery period for automobiles and light trucks from five years to three years. Raises the ceiling on depreciation limits for passenger automobiles. Subtitle B: Targeted Jobs Credit - Extends the targeted jobs credit permanently. Increases the maximum age requirement for economically disadvantaged youth from 23 to 25. Allows employers to use the targeted jobs credit for employment of economically disadvantaged Persian Gulf veterans.
Bill· SS. 2152 (102nd)referred
United States · United States Congress · 23 January 1992
Amends the Internal Revenue Code to permit penalty-free withdrawals from individual retirement plans and certain other pension plans for first-time home purchases by taxpayers, their children, or their grandchildren. Requires the use of the distribution within 60 days of distribution. Defines a first-time homebuyer as one who had no present ownership interest in a principal residence during the two years before its acquisition.
Bill· SS. 2151 (102nd)referred
United States · United States Congress · 23 January 1992
Amends the Internal Revenue Code to allow a tax credit for a first-time homebuyer who purchases a principal residence during 1992 and 1993. Limits such credit to $2,000.
Bill· SS. 2150 (102nd)referred
United States · United States Congress · 22 January 1992
Allows a taxpayer to elect to defer the filing and payment of additional taxes with respect to employment in any State because of such State's being declared a credit reduction State. Specifies the date for the payment of interest on such underpayment.
Bill· SS. 2149 (102nd)referred
United States · United States Congress · 22 January 1992
Amends the Internal Revenue Code to exclude cooperative housing corporations from the limitations on deductions incurred by certain membership organizations in transactions with their members. Prohibits patronage losses of an organization from being used to offset earnings which are not patronage earnings. Specifies earnings to be treated as patronage earnings in the case of cooperative housing corporations.
Bill· SS. 2144 (102nd)referred
United States · United States Congress · 22 January 1992
Individual Investment Account Act of 1991 - Amends the Internal Revenue Code to allow a deduction for amounts contributed to individual investment accounts, limited to $2,500. Allows tax-free distributions, limited to $15,000 for all taxable years, from such accounts for use in the purchase of a principal residence by a first-time homebuyer. Makes such accounts tax-exempt unless the individual engages in prohibited transactions. Adjusts dollar limitations under this Act for inflation. Allows such deduction in determining adjusted gross income. Excludes from gross income gain from the sale or exchange of property if, during the five-year period ending on the date of the sale or exchange, such property has been owned and used by the taxpayer as a principal residence for periods aggregating three years or more. Limits such exclusion to the amount paid to an individual investment account during the one-year period beginning on the date of the sale or exchange. Provides for adjusting the basis of a residence acquired through the use of an individual investment account.
Bill· HRH.R. 4099 (102nd)referred
United States · United States Congress · 22 January 1992
Federal Land Acquisition Impact Relief Act of 1992 - Requires the head of an agency to prepare an economic impact analysis prior to each acquisition of private land by the agency. Directs the head of an agency to pay annually to the unit of local government an amount equal to the real property taxes computed on the current market value of each parcel of private land acquired by it after October 1, 1992, other than by contemporaneous land exchange. States that if such payment is made to a State or local government with respect to a parcel of land under this Act, the payment shall be reduced in proportion to the payment in lieu of real property taxes, if any, which is made relating to the same parcel of land under any other Federal law. Authorizes appropriations.
Bill· HRH.R. 4097 (102nd)referred
United States · United States Congress · 22 January 1992
Amends the Internal Revenue Code to exclude cooperative housing corporations from the limitations on deductions incurred by certain membership organizations in transactions with their members. Prohibits patronage losses of an organization from being used to offset earnings which are not patronage earnings. Specifies earnings to be treated as patronage earnings in the case of cooperative housing corporations.
Bill· SS. 2137 (102nd)referred
United States · United States Congress · 21 January 1992
Emergency Anti-Recession Act of 1992 - Title I: Emergency Supplemental Appropriations - Declares that sums in this title are appropriated, out of Treasury funds not otherwise appropriated, to provide emergency supplemental appropriations for FY 1992. Subtitle A: Agriculture, Rural Development and Related Agencies - Appropriates additional funds to the Department of Agriculture for: (1) the special supplemental food program; (2) the Farmers Home Administration (FHA) Rural Housing Insurance Fund; (3) the FHA Rural Development Insurance Fund; and (4) FHA rural water and waste disposal grants. Subtitle B: Defense - Appropriates additional amounts to the Department of Defense for: (1) transfer to the Department of Commerce for community planning and adjustment assistance due to adverse impacts of military installation closures or reductions and contract reductions; (2) transfer to the Small Business Administration for small business conversion assistance due to such adverse impacts; (3) transfer to the National Institute of Standards and Technology for civilian-oriented research and development and generic technology projects to aid scientists, engineers, and technicians in converting their skills from the defense sector to the civilian sector while creating new scientific and technological information; (4) transfer to the Department of Labor for demonstration projects for workers dislocated by reductions in Defense expenditures or military installation closures; and (5) the Deputy Assistant Secretary of Defense (Environment, Safety, and Occupational Health) to carry out the Defense Environmental Restoration Program. Subtitle C: Energy and Water Development - Appropriates additional amounts to: (1) enable the Assistant Secretary of Energy for Environmental Restoration and Waste Management to carry out the Environmental Restoration and Waste Management Program; and (2) the Assistant Secretary of the Army for Civil Works to carry out the Army Corps of Engineers Civil Works Programs. Subtitle D: Interior - Appropriates additional amounts for the Land and Water Conservation Fund, the Historic Preservation Fund, and certain energy conservation programs. Subtitle E: Labor, Health and Human Services, and Education - Appropriates additional funds to the Department of Labor for employment and training services. Appropriates additional funds to the Department of Health and Human Services for: (1) community service employment for older Americans; (2) the Health Resources and Services Administration; (3) the National Institutes of Health; (4) the Alcohol, Drug Abuse, and Mental Health Administration; (5) low-income home energy assistance; (6) certain programs under the Community Services Block Grant Act; and (7) Head Start. Appropriates additional amounts to the Department of Education for compensatory education for the disadvantaged and student financial assistance. Subtitle F: Transportation - Appropriates additional funds to the Department of Transportation for: (1) the Federal Railroad Administration; (2) the Federal Transit Administration; (3) the Federal Aviation Administration; and (4) the Federal Highway Administration. Subtitle G: Veterans Affairs and Housing and Urban Development - Appropriates additional amounts to the Department of Housing and Urban Development for community development and planning, modernization of public housing projects, and low-income housing investments. Appropriates additional funds to the Environmental Protection Agency (EPA) to carry out the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, the Federal Water Pollution Control Act, and the Water Quality Act of 1987. Appropriates additional funds to: (1) the National Science Foundation for academic facilities renovation; (2) the Commission on National and Community Service to carry out programs under the National and Community Service Act of 1990; and (3) the Federal Emergency Management Agency for emergency assistance grants. Title II: Food Stamp and Related Provisions - Mickey Leland Childhood Hunger Relief Act - Subtitle A: Food Stamp Program - Amends the Food Stamp Act to permit related adults living in the same household to apply for separate program benefits under specified conditions. Requires the Secretary of Agriculture to adjust the basic benefit level upwards by specified increments at the beginning of each fiscal year until it reaches 105 percent of the cost of the thrifty food plan. Excludes from consideration as program income child support payments to non-household members and other child support payments. Removes the excess shelter deduction cap for program eligibility purposes. Permits a participating family made up of, or including, an elderly or disabled member to own $3,000 in allowable financial resources. (Current law refers to a family member 60 years of age or older). Increases annually the fair market value limit of vehicles that program recipients may own. Excludes third party payments for transitional housing for the homeless from consideration as program income. Directs the Secretary and authorizes States to conduct pilot projects to improve rural program participation. Authorizes grants for projects to improve homeless program participation. Subtitle B: Nutrition Programs - Amends the National School Lunch Act to permit schools to offer fluid milk in any form as part of a school lunch. (Current law permits only whole or unflavored lowfat milk to be offered.) Expands child and adult care food program participation to include private residential day care centers that serve at least 25 percent low-income children. Permits schools to receive meal supplement (snack) reimbursements for after-hours child care even if such schools do not participate in a specified child care food program. Establishes minimum funding amounts for each of FY 1992 through 1994 for assistance to homeless preschool children (in addition to amounts made available under the Child Nutrition Act of 1966). Subtitle C: Effective Date - Sets forth the effective dates for provisions of this title. Title III: Miscellaneous Provisions - Amends the Emergency Unemployment Compensation Act of 1991 to extend Federal unemployment benefits and allowances until September 1992. (Current provisions terminate June 13, 1992.) Increases the matching rate for FY 1992 for: (1) Aid to Families with Dependent Children; and (2) Medicaid. Decreases the matching rate for FY 1992 for: (1) local freight assistance; (2) programs under the Urban Mass Transportation Act of 1964; (3) Federal-aid highway assistance; and (4) EPA State revolving loan funds. Authorizes the Army Corps of Engineers to waive up to one-half of any matching rate requirement under title I. Requires the Secretary of Health and Human Services to establish a program to provide unemployed individuals and their families with health benefits either directly through a public program or indirectly through the continuation of an employer-based plan. Sets forth eligibility and other requirements for such program. Authorizes appropriations for FY 1992 through 1995.
Bill· HRH.R. 4083 (102nd)open
United States · United States Congress · 3 January 1992
Amends the Railroad Retirement Solvency Act of 1983 to make permanent the transfer to the Railroad Retirement Account of income tax revenues attributable to the taxation of tier II railroad retirement benefits.
Bill· HRH.R. 4076 (102nd)referred
United States · United States Congress · 3 January 1992
Equalization in Education Act of 1992 - Title I: Equalization of State Spending for Public Education - Prohibits any State from receiving Federal educational assistance for distribution to its public elementary and secondary schools, after August 1, 1996, unless it: (1) employs an equitable method for financing such schools, as determined by the Secretary of Education (the Secretary); or (2) has in effect a State equalization plan approved by the Secretary. Exempts from such prohibition Federal assistance received under provisions for educationally disadvantaged children under chapter 1 of title I of the Elementary and Secondary Education Act of 1965 (ESEA chapter 1). Requires direct distribution to the local education agencies within the State of any Federal funds denied to a State under this Act, so that funding purposes may be carried out and equalized financing standards met. Directs the Secretary to provide requested technical assistance to any State to assist in complying with this Act. Directs the Secretary to review annually each State's school financing methods to determine compliance with standards for equalized financing established by the Secretary under this Act. Requires such standards to: (1) incorporate a specified wealth neutrality test incuding at least 95 percent of revenues within the State; and (2) provide for consideration, with respect to each local educational agency, of specified factors relating to numbers of poor or disadvantaged children and to the local tax base for school financing. Requires any State that is notified by the Secretary that its school financing method is inequitable to submit a State equalization plan to the Secretary within one year after such notification. Requires such a plan to provide for achieving an equitable school financing method within five years after plan approval by the Secretary. Requires Federal funds allocated to a State prohibited from receiving them to be distributed to local education agencies within the State so that funding purposes may be carried out and equalized financing standards met. Title II: Grants to States with Equitable Financing - Directs the Secretary to make grants to States that are in compliance with the requirement of substanial equity (by employing an equitable method or having an equalization plan in effect) in school financing. Requires such grant funds to be used to further the goal of providing equalized funding to all public elementary and secondary schools in the State. Sets forth allocation formulas for such grants. Authorizes appropriations.
Bill· HRH.R. 4086 (102nd)referred
United States · United States Congress · 3 January 1992
Amends the Internal Revenue Code to restore the deduction for interest on an automobile loan for indebtedness incurred after December 31, 1991 for an American-made automobile.
Bill· HRH.R. 4089 (102nd)referred
United States · United States Congress · 3 January 1992
Amends the Internal Revenue Code to make permanent the provisions permitting small issues of tax-exempt bonds to finance manufacturing facilities and farm property.
Bill· HRH.R. 4092 (102nd)referred
United States · United States Congress · 3 January 1992
Amends the Internal Revenue Code to allow an individual a tax credit for State or local sales taxes and interest paid in connection with the purchase, after December 31, 1991, of a domestically-produced automobile for personal use.
Bill· HRH.R. 4077 (102nd)referred
United States · United States Congress · 3 January 1992
Targeted Small Business Investment Tax Credit Act of 1992 - Amends the Internal Revenue Code to allow small businesses an investment tax credit for the acquisition of productive equipment which is placed in service within six months of enactment of this Act.
Bill· HRH.R. 4080 (102nd)referred
United States · United States Congress · 3 January 1992
Amends the Internal Revenue Code to allow a deduction for personal interest on loans used to purchase new passenger motor vehicles and small trucks wholly assembled in the United States.