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801 records in US in 1993
United States · United States Congress · 2 March 1993
Amends the Federal Election Campaign Act of 1971 to authorize appropriations for the Federal Election Commission.
United States · United States Congress · 2 March 1993
Declares that the ten-percent additional tax on early distributions from qualified retirement plans does not apply to any distribution from a defined contribution plan which was the subject of a multiemployer collective bargaining agreement which was originally effective on December 1, 1967, and with respect to which favorable determination letters were issued by the Internal Revenue Service on August 21, 1986, and February 19, 1980.
United States · United States Congress · 2 March 1993
Amends the Internal Revenue Code to qualify displaced homemakers for the targeted jobs income tax credit. Defines "displaced homemaker" as an individual who: (1) has not worked in the labor force for a substantial number of years but has, during those years, worked in the home providing unpaid services for family members; and (2) has been dependent on public assistance or on the income of another family member but is no longer supported by that income or is receiving public assistance on account of dependent children in the home.
United States · United States Congress · 1 March 1993
Prescription Drug Affordability Act of 1993 - Amends the Internal Revenue Code to reduce the amount by which the possession tax credit exceeds the manufacturer's wage base in the case of manufacturers of single source or innovator multiple source drugs. Allocates additional revenues received in the Treasury as a result of this Act as follows: (1) 75 percent for deficit reduction; and (2) 25 percent for developing or supplementing State prescription drug assistance programs for States with the highest percentage of elderly or poor populations.
United States · United States Congress · 1 March 1993
Amends the Internal Revenue Code to redefine "adjusted gross income" as the product of the excess of gross income over specified deductions and the area cost-of-living multiplier (currently, gross income minus specified deductions). Requires the Secretary of the Treasury to prescribe an annual cost-of-living multiplier for each area of the United States by dividing the average cost-of-living for the United States for the preceding calendar year by the cost-of-living for such area for the same period. Bases the cost-of-living of an area on the average of retail market prices for such area in a 12-month period. Requires the cost-of-living multiplier for areas outside of the United States to be one.
United States · United States Congress · 1 March 1993
Amends Federal law to declare that the Tax Reform Act of 1986 shall be applied and administered as if the three-year basis recovery rule applicable to government employees' annuities had not been repealed.
United States · United States Congress · 1 March 1993
Directs the Committee on the Budget of the House of Representatives to make specific spending cuts over the five-year period beginning with FY 1994.
United States · United States Congress · 25 February 1993
Payments In Lieu of Taxes Act - Increases Federal payments to local governments for entitlement lands and adjusts such payments for inflation. Exempts any lands conveyed to the United States in exchange for Federal lands.
United States · United States Congress · 25 February 1993
Directs the Secretary of Veterans Affairs, during the three-year period beginning on October 1, 1993, to conduct a rural health-care clinic program in States where significant numbers of veterans reside in areas geographically remote from existing health-care facilities of the Department of Veterans Affairs. Directs the Secretary to commence operation of at least three such clinics in each fiscal year of the program. Directs the Secretary to report to the Congress on an evaluation of the program. Authorizes appropriations.
United States · United States Congress · 25 February 1993
High-Speed Rail Incentives Act of 1993 - Amends the Internal Revenue Code to remove government-owned high-speed rail facility bonds from the volume cap on State private activity bonds.
United States · United States Congress · 25 February 1993
Amends the Internal Revenue Code to allow a portion of the alcohol fuels credit to offset the tentative minimum tax. Allows an alcohol fuels credit for the production of biodiesel fuel. Excludes from gross income the alcohol fuels credit attributable to biodiesels and certain ethanol-based ethers.
United States · United States Congress · 25 February 1993
Natural Disaster Tax Relief Act of 1993 - Amends the Internal Revenue Code to allow penalty-free distributions from individual retirement plans to pay acquisition costs to replace a principal residence that was destroyed or substantially damaged by the disasters Hurricane Andrew, Hurricane Iniki, or Typhoon Omar. Allows a farmer who has income derived from the sale or exchange of crops grown in such disaster areas, to elect to defer such income for the next taxable year. Provides a special rule for the self-employment tax. Requires the nonrecognition of gain of insurance proceeds for the contents of principal residences compulsorily or involuntarily converted as a result of a presidentially-declared disaster. Allows insurance proceeds from personal property and real property to be lumped together into one common fund. Extends the time to replace a principal residence so converted from two years to four years. Waives certain requirements with respect to low-income housing in areas damaged by the disasters Hurricane Andrew, Hurricane Iniki, or Typhoon Omar. Waives the dollar limitation for home improvement loans through mortgage revenue bonds for residences in such disaster areas.
United States · United States Congress · 25 February 1993
Taxpayer Debt Buy-Down Act - Amends the Internal Revenue Code to allow every individual with adjusted income tax liability to designate on their tax returns that a portion of such liability (not to exceed ten percent) be used to reduce the public debt. Establishes a Public Debt Reduction Trust Fund for the deposit of designated amounts. Makes amounts in such Trust Fund available only to pay at maturity, or to redeem or buy before maturity, any obligation of the Federal Government included in the public debt. Prohibits the reissuance of any obligation which is paid, redeemed, or bought with amounts from the Trust Fund. Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to provide for the sequestration of amounts designated to the Trust Fund. Specifies accounts exempt from such sequestration. Includes aggregated amounts designated to the Trust Fund and amounts sequestered to reduce the public debt in sequestration preview and final reports.
United States · United States Congress · 25 February 1993
Expresses the sense of the Congress that no action should be taken on any legislative proposal on the President's economic program unless it is a unified package containing offsets for any additional expenditures through cuts in programs or increased taxes.
United States · United States Congress · 25 February 1993
First-time Homebuyer Affordability Act of 1993 - Amends the Internal Revenue Code to make the tax on prohibited transactions inapplicable to a home equity participation arrangement. Describes such arrangement as one in which the eligible participant in an individual retirement plan directs the plan trustee to acquire an ownership interest in all or part of any dwelling unit which within a reasonable period of time is to be used as the principal residence for a first-time homebuyer. Requires such ownership interest to be a fee interest which requires full repayment. Describes the first-time homebuyer as an eligible participant or a qualified family member (child, parent, grandparent, or spouse) who had no present ownership interest in a principal residence during the 36-month period before the date of the arrangement. Allows the use of amounts in an individual retirement plan to make loans to purchase a home for a first-time homebuyer on behalf of an eligible participant or a qualified family member. Requires the repayment of first-time homebuyer loans within 15 years.
United States · United States Congress · 25 February 1993
Farmer Retirement Security Act - Amends the Internal Revenue Code to exclude from gross income gain from the sale or exchange of qualified farm property to the extent that the proceeds are paid into an individual retirement account. Establishes limitations on such rollover amounts per individual and per family. Denies an itemized deduction for such rollover amounts and exempts such amounts from limitations on contributions to individual retirement accounts.
United States · United States Congress · 25 February 1993
Amends the Internal Revenue Code to expand current provisions concerning civil damages for certain unauthorized collection actions to allow taxpayers to sue for civil damages if in the determination of tax the Internal Revenue Service carelessly disregards tax law. Repeals the "substantially justified" test for determining whether a taxpayer may recover costs and fees incurred as part of an administrative or court proceeding. Increases the interest rate for overpayment of tax from two percent to three percent (making such rate equal to the interest rate for underpayment of tax).
United States · United States Congress · 25 February 1993
Amends the Internal Revenue Code to allow a tax credit for the portion of employer social security taxes paid with respect to employee cash tips. Makes such credit part of the general business credit.
United States · United States Congress · 24 February 1993
Child Support Tax Equity Act of 1993 - Declares that nothing in this Act should be construed to affect the right of an individual or State to receive child support payments or the obligation of an individual to pay child support. Amends the Internal Revenue Code to allow a nonbusiness bad debt deduction for unpaid child support payments. Allows such deduction to taxpayers whose gross income does not exceed $50,000 and who are owed payments of at least $500. Requires payments to be delinquent during the entire taxable year. Provides a cost-of-living adjustment for amounts under this Act. Requires subsequent payments to be included in the gross income of the recipient. Requires any taxable unpaid child support payments of a taxpayer to be treated as amounts includible in gross income by reason of the discharge of indebtedness of the taxpayer. Allows a deduction for subsequently made payments.
United States · United States Congress · 24 February 1993
Tax Fairness and Accountability Act of 1993 - Requires an affirmative vote of three-fifths of the Members of the Senate to approve any bill or amendment which increases revenue. Amends the Congressional Budget Act of 1974 to declare that any bill, resolution, or amendment that reduces revenues may be approved by a simple majority of the Senate.
United States · United States Congress · 24 February 1993
Amends the Internal Revenue Code to permit tax-exempt private foundations and community foundations to establish tax-exempt cooperative service organizations to operate exclusively for charitable purposes. Declares that the excise tax based on investment income applies to such organizations.
United States · United States Congress · 24 February 1993
Small Business Loan Securitization and Secondary Market Enhancement Act of 1993 - Amends the Securities Exchange Act of 1934 to define a "small business related security" (SBRS) as generally a high rated security that represents and is secured by promissory notes evidencing, and that provides for payments of principal in relation to payments on the notes. Provides that SBRSs shall be exempt from: (1) certain restrictions in the margin and securities delivery rules; (2) certain restrictions on borrowing on securities by and lending among, brokers, dealers, and other members of national securities exchanges; and (3) certain prohibitions on the extension of credit by members of exchanges, brokers, and dealers against a security which was part of a new issue. Amends the Home Owners' Loan Act, the Federal Credit Union Act, and related statutes to allow banks, credit unions, and other depository institutions to invest in SBRSs. Amends the Secondary Mortgage Market Enhancement Act of 1984 to: (1) authorize any U.S. person or entity to invest in SBRS, to the same extent such person is authorized to invest in U.S. obligations issued; and (2) exempt SBRSs from any State law's security registration and qualification to the same extent that U.S. securities are so exempt. Provides for States to enact provisions prescribing specific requirement for SBRSs. Requires the accounting principles applicable to the transfer of a small business loan with recourse contained in reports or statements required by appropriate Federal banking agencies to be uniform and consistent with generally accepted accounting principles. Prohibits the amount of capital required to be maintained by a depository institution with respect to the sale of a small business loan with recourse from exceeding an amount sufficient to meet the institution's reasonable estimated liability under the recourse arrangement. Requires an SBRS to be treated as a mortgage-backed security under the risk-based capital requirements applicable to insured depository institutions. Directs the Secretary of Labor to exclude transactions involving SBRSs from certain restrictions and taxes imposed on "prohibited transactions" Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code (thereby allowing pension fund managers to participate in the pooling and packaging of small business loans for sale as securities). Requires the Secretary of the Treasury to promulgate regulations providing for the taxation of a small business loan investment conduit and the holder of an interest therein similar to the taxation of a real estate mortgage investment conduit and the holder of an interest therein under the Internal Revenue Code.
United States · United States Congress · 24 February 1993
Amends the Internal Revenue Code to adjust the threshold (from $50 a quarter to $300 a year) for paying and withholding social security taxes on wages paid for domestic service in a private home. Sets forth rules for filing returns with respect to domestic service employment taxes and requires such returns to be made on a calendar year basis. Subjects such taxes to estimated tax provisions. Makes filing requirements inapplicable to any employer liable for tax concerning remuneration for services other than domestic service in a private home. Authorizes the Secretary of the Treasury to enter into agreements with States to collect the State unemployment tax imposed on remuneration for domestic service and transfers such amounts to a State's account in the Unemployment Trust Fund. Treats such taxes as domestic service employment taxes.
United States · United States Congress · 24 February 1993
Deficit Reduction Act of 1993 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to set the aggregate amount of required outlay reductions for: (1) FY 1993 at $25 million; (2) FY 1994 at the amount necessary to bring the outlay level to 95 percent of the Office of Management and Budget (OMB) baseline for such fiscal year; and (3) FY 1995 at the amount necessary to bring the outlay level to 90 percent of such baseline. Bases the OMB baseline for FY 1994 and 1995 on FY 1993 enacted appropriations less 1993 sequestrations. Requires an across-the-board sequestration to carry out the required outlay reductions. Exempts social security, interest on the debt, Medicare payments, and Head Start from sequestration. Authorizes the President to exempt any account from sequestration or provide for a lower uniform percentage reduction than would otherwise apply if such percentage reduction is increased for non-exempt accounts (subject to limitation).
United States · United States Congress · 24 February 1993
Public Service Accountability Act of 1993 - Amends the Ethics in Government Act of 1978 to require Federal officials who must file financial disclosure statements to report specific dollar amounts rather than categories of value. Requires financial disclosure reports to include a statement of the reporting individual's net worth and a copy of his or her Federal tax return for the preceding taxable year.
United States · United States Congress · 24 February 1993
Amends the Internal Revenue Code to reduce the harbor maintenance rate of tax for 1996 through 1998. Provides further reductions after 1998, but only if the balance in the Harbor Maintenance Trust Fund exceeds $100 million.
United States · United States Congress · 24 February 1993
Federal Workforce Efficiency Act - Limits the total number of civilian employees in an executive agency to the number of employees at the end of the fiscal year in which this Act is enacted. Directs the head of each executive agency to establish a program which shall provide for: (1) cash awards for any managerial or supervisory personnel whose personal efforts result in significant savings to the Government that are attributable to personnel reductions or increased personnel efficiency; (2) education or training for managerial or supervisory personnel to promote better awareness and use of the authorities available to them to improve worker efficiency and productivity; and (3) other similar measures. Sets a limit on the amount of such an award. Provides for a reduction in executive agency budgets with respect to employee salaries over a two-year period by five percent per fiscal year.
United States · United States Congress · 24 February 1993
Amends the Internal Revenue Code to: (1) increase the unified credit against the estate tax and the unified credit against the gift tax; and (2) require an estate tax return in cases where the gross estate exceeds $1.2 million (currently $600,000).
United States · United States Congress · 24 February 1993
Amends the Internal Revenue Code to exempt from income tax withholding the wages of agricultural workers for services that are not described as exempt from minimum wage and maximum hour provisions of the Fair Labor Standards Act of 1938.
United States · United States Congress · 24 February 1993
Small Business Regulatory Cost Relief Act of 1993 - Amends the Internal Revenue Code to replace the small business tax credit for expenditures to provide access to disabled individuals with the small business tax credit for regulatory costs. Makes such credit 50 percent of qualified regulatory costs for a taxable year as exceed $250. Declares that such costs include eligible access expenditures for the disabled.
United States · United States Congress · 24 February 1993
Amends the Internal Revenue Code to exempt from the additional tax on early distributions from retirement plans distributions to involuntarily unemployed individuals. Provides a method for such individuals to recontribute distributions and makes the recontributions deductible.
United States · United States Congress · 24 February 1993
Tax Fairness and Accountability Act of 1993 - Amends the Congressional Budget Act of 1974 to require any legislation that increases the tax rate, the tax base, or the amount of income subject to tax, or decreases a deduction, exclusion, or credit to be approved in the House of Representatives and the Senate by an affirmative vote of three-fifths of its Members.
United States · United States Congress · 24 February 1993
Amends the Internal Revenue Code to exempt from the additional tax on early distributions from retirement plans distributions to involuntarily unemployed individuals.
United States · United States Congress · 24 February 1993
Low-Income Housing Revitalization Act - Amends Internal Revenue Code (IRC) provisions relating to the low-income housing credit to increase the credit from four percent to nine percent with respect to new buildings that are federally subsidized. Extends the low-income housing credit permanently. Amends IRC accounting provisions to exempt low-income housing credit activities from limitations on passive losses. Revises the accelerated cost recovery system in connection with low-income residential rental property to reduce the applicable recovery period from 27.5 to 20 years. Disallows an income tax deduction for any expense relating to residential rental units unless such units are suitable for occupancy. Excludes deductions for business expenses, interest on indebtedness, and taxes from calculations to determine the passive loss limitation in connection with rental real estate activity relating to a qualified low-income housing project in which a noncorporate taxpayer actively or materially participates.
United States · United States Congress · 24 February 1993
Constitutional Amendment - Prohibits outlays for any fiscal year (except those for repayment of debt principal) from exceeding receipts (except those derived from borrowing) for that fiscal year. Directs the President to submit a balanced budget to the Congress. Requires the Congress, whenever actual outlays exceed actual receipts for any fiscal year, to provide by law for the repayment of the excess in the ensuing fiscal year. Requires a sequestration of all outlays to eliminate a budget deficit within 15 days after Congress adjourns, if the Congress fails to provide by law for repayment. Waives these provisions for any fiscal year only if the Congress so provides by law by a majority roll call vote of each House. Subjects such waiver to presidential veto.
United States · United States Congress · 24 February 1993
Expresses the sense of the Congress that tax increases should not be considered until real and substantial spending cuts have been enacted and a Balanced Budget Amendment has been sent to the States for ratification.
United States · United States Congress · 23 February 1993
Extends the authorization of appropriations for the National Historical Publications and Records Commission. Requires an appropriation separate from the appropriation for the National Archives and Records Administration.
United States · United States Congress · 23 February 1993
Common Sense Budget Act of 1993 - Amends Federal law to require both the President and the Congress to draft a budget based on estimates of current fiscal year spending, proposing increases or decreases based on this level (rather than on an estimated baseline). Amends the Congressional Budget Act of 1974 to require the Congressional Budget Office to use such a current fiscal year baseline in its report to the congressional budget committees, projecting growth for entitlement and discretionary spending based on current fiscal year spending.
United States · United States Congress · 23 February 1993
TABLE OF CONTENTS: Title I: Small Business Tax Incentives Title II: Increase of Number of Permitted S Corporation Shareholders Title III: Women-Owned Small Business Concerns Title IV: Prepayment of Development Company Debentures Title V: Cabinet Level Status for SBA Administrator Title VI: Assistant United States Trade Representative for Small Business Title VII: Judicial Review Under Regulatory Flexibility Act Title VIII: Congressional Budget Office Small Business Legislative Cost Analysis Title IX: Relief From Retroactive Application of Treasury Department Regulations and Rulings Title X: Study of Impact of Regulatory Analysis Upon Small Business Title XI: Fair Labor Standards Act Title XII: Independent Contractors Omnibus Small Business Promotion and Protection Act of 1993 - Title I: Small Business Tax Incentives - Amends the Internal Revenue Code to extend permanently: (1) the income tax credit for increasing research activities and the targeted jobs credit; (2) the authority to issue bonds for which 95 percent or more of the proceeds are used to provide any manufacturing facility or farm land or property; (3) the exclusion from gross income of payments to an educational assistance program; and (4) an increased deduction (from 25 to 100 percent of such insurance costs) for health insurance costs of self-employed individuals. Title II: Increase of Number of Permitted S Corporation Shareholders - Amends the Internal Revenue Code to increase from 35 to 50 the maximum number of shareholders of a "small business corporation." Title III: Women-Owned Small Business Concerns - Amends the Small Business Act to: (1) include as socially disadvantaged small business concerns those which have been subjected to gender-based prejudice; (2) include women under the definition of socially and economically disadvantaged individuals for contracting purposes; and (3) prohibit the application of community property laws in determining whether a small business meets certain ownership and control requirements. Title IV: Prepayment of Development Company Debentures - Amends the Small Business Investment Act of 1958 to allow the issuer of a debenture purchased by the Federal Financing Bank and guaranteed by the Small Business Administration (SBA), at the election of the borrower whose loan secures the debenture, to prepay such debenture by payment to the Federal Financing Bank of the unpaid principal balance and any required prepayment penalty. Title V: Cabinet Level Status for SBA Administrator - Expresses the sense of the Congress that the SBA Administrator should be designated by the President as a full-fledged member of the Cabinet. Increases the Administrator's pay to an executive level commensurate with Cabinet status. Title VI: Assistant United States Trade Representative for Small Business - Expresses the sense of the Congress that the U.S. Trade Representative should establish the position of Assistant United States Trade Representative for Small Business to promote small business exports and remove foreign impediments to such exports. Title VII: Judicial Review Under Regulatory Flexibility Act - Amends the Regulatory Flexibility Act to repeal the proscription against judicial review of agency determinations regarding regulatory flexibility. Title VIII: Congressional Budget Office Small Business Legislative Cost Analysis - Amends the Congressional Budget Act of 1974 to require the Director of the Congressional Budget Office to prepare for each public bill or resolution reported by a congressional committee an estimate of the costs incurred in carrying out such bill or resolution and costs to small businesses in complying with such legislation. Title IX: Relief from Retroactive Application of Treasury Department Regulations and Rulings - Amends the Internal Revenue Code to provide that all final, temporary, or proposed regulations and rulings issued by the Secretary of the Treasury shall apply prospectively from the date of their publication in the Federal Register. Title X: Study of Impact of Regulatory Analysis Upon Small Business - Requires the SBA's Chief Counsel for Advocacy to study the impact of Federal regulatory paperwork and tax requirements upon small business. Title XI: Fair Labor Standards Act - Amends the Fair Labor Standards Act of 1938 with respect to minimum wage and maximum hours to include within its purview workers engaged in industrial homework. Title XII: Independent Contractors - Expresses the sense of the Congress that the Internal Revenue Service should adopt objective, reasonable standards to determine independent contractor status.
United States · United States Congress · 23 February 1993
TABLE OF CONTENTS: Title I: Item Veto to Achieve Balanced Budget by Fiscal Year 1998 Title II: Changing Budgeting and Appropriating by Eliminating the Committees on Appropriations Title I: Item Veto to Achieve Balanced Budget by Fiscal Year 1998 - Requires the President to submit budgets for FY 1995 through 1997 to achieve a balanced budget by FY 1998. Requires the FY 1998 budget to be balanced. Grants the President an item veto authority for appropriations for FY 1994 through 1998. Title II: Changing Budgeting and Appropriating by Eliminating the Committees on Appropriations - Establishes a select committee in the House of Representatives and a select committee in the Senate to report to their respective Houses in January 1994 resolutions amending their respective Rules to: (1) eliminate the Committees on Appropriations; (2) modify the membership and jurisdiction of the Committees on the Budget; and (3) modify the jurisdiction of each standing committee to authorize it to make appropriations with respect to its subject matter jurisdiction.
United States · United States Congress · 23 February 1993
Investment for America Act - Amends the Internal Revenue Code to reinstate a ten percent investment tax credit for domestic property placed in service after December 31, 1992. Defines domestic property as property completed in the United States and at least 60 percent of the basis of the property is attributable to value added within the United States. Allows a tax credit for seven percent of the aggregate amount purchased of domestic durable goods. Limits such credit to $1,000. Permits a tax credit equal to qualified payments made for the purchase of an American automobile. Defines "qualified payments" as State or local sales tax imposed on the purchase of the automobile and interest on the automobile loan. Prohibits a product from bearing a label which suggests that it was made in America unless: (1) the product has been registered with the Department of Commerce; and (2) the Secretary of Commerce has determined that 60 percent of the product was manufactured in, and final assembly took place in, the United States. Requires the registry of American-made products with the Department of Commerce. Prescribes penalties for the fraudulent use of labels.
United States · United States Congress · 23 February 1993
Rural Community Clean Water Assistance Act of 1993 - Amends the Federal Water Pollution Control Act to authorize the Administrator of the Environmental Protection Agency to make grants to States, municipalities, and other appropriate agencies for the construction of publicly owned water treatment works located in economically distressed rural communities and for certain other water pollution control purposes. States the Federal share of such grants to be 90 percent of the construction costs. Provides for the allotment of available funds to States for such construction. Requires such funds to be obligated within the fiscal year authorized and the succeeding fiscal year, after which time a reallotment shall occur. Authorizes appropriations.
United States · United States Congress · 23 February 1993
Amends the Internal Revenue Code to provide for contributions by individual taxpayers to the Drug Rehabilitation and Treatment Trust Fund with their income tax returns. Establishes the Drug Rehabilitation and Treatment Trust Fund to carry out the war on drugs.
United States · United States Congress · 23 February 1993
Amends the Internal Revenue Code to suspend the two-year rollover period on the gain on sale of a principal residence for taxpayers who have substantial deposits frozen in a financial institution. Prohibits such suspended period from extending beyond five years after the date of sale of the old residence. Describes substantial frozen deposits as those in excess of 50 percent of the net amount realized from the sale of the old residence.
United States · United States Congress · 23 February 1993
Turbo Enterprise Zone Act - Provides for the waiver of Federal income, employment, self-employment, and excise taxes and State, county, and local jurisdiction taxes on qualified residents and qualified businesses in turbo enterprise zones during a five-year period. Describes such zones as any area designated as being: (1) afflicted with especially high unemployment; (2) subject to severe economic blight as measured by per capita income and the number of persons below the Federal poverty level; and (3) nonproductive of material tax revenues to the city, county, State, or Federal governments. Requires designations to be approved by the Secretary of Housing and Urban Development. Provides for an extension of such period if necessary. Suspends the treatment of any deduction, credit, or capital loss carryover during such period. Allows a turbo enterprise zone employment credit equal to the applicable percentage of qualified first-year wages to a qualified productive business that: (1) is engaged in the manufacture or production of any tangible personal property in a turbo enterprise zone for use outside such a zone; or (2) is providing services performed outside such a zone by qualified residents. Limits such credit to $1,000 for the first-year wages paid to an employee. Makes such credit applicable to qualified residents of a turbo enterprise zone who are hired during the five-year period. Make such credit a part of the general business credit.
United States · United States Congress · 23 February 1993
Subjects the accounts and operations of the House of Representatives to an annual financial and performance audit conducted on a fiscal year basis by an independent accounting firm. Requires the Director of Nonlegislative and Financial Services to: (1) use a competitive bidding process to select the firm to conduct the audit; and (2) oversee the firm in conducting such audit.
United States · United States Congress · 22 February 1993
TABLE OF CONTENTS: Title I: Energy Independence Incentives Title II: Infrastructure Incentives Title III: Investment Incentives Energy Independence, Infrastructure, and Investment Act of 1993 - Title I: Energy Independence Incentives - Amends the Internal Revenue Code to impose an excise tax on the first sale within the United States of any crude oil or refined petroleum product imported into the United States. (The tax is imposed on first use if no prior tax has been imposed.) Exempts crude oil and refined petroleum products purchased for export. Title II: Infrastructure Incentives - Amends the Internal Revenue Code to increase the percentage depletion for stripper wells. Repeals the net income limitation on percentage depletion for oil and gas properties. Establishes a crude oil and natural gas exploration and development tax credit. Allows a ten percent credit for qualified investments exceeding $1 million, 20 percent for those of $1 million or less. Permits the credit as an offset against both minimum tax liability and regular liability. Requires any deduction allowed for costs taken into account in computing such credit to be reduced by the amount of the credit attributable to such costs. Establishes a marginal production income tax credit for producers who maintain economically unproductive oil wells. Applies the credit to domestic crude that is: (1) from stripper well property; (2) heavy oil; or (3) oil recovered through a tertiary recovery method. Expands the enhanced oil recovery tax credit to apply to the advanced secondary recovery costs of independent producers. Increases the required production of barrels of oil or natural gas per day for stripper wells. Title III: Investment Incentives - Treats certain geological and geophysical costs and surface casing costs as intangible drilling and development costs that a taxpayer may elect to amortize or to deduct for income tax purposes. Makes depreciation adjustments in computing such income inapplicable to environmental improvement assets.
United States · United States Congress · 22 February 1993
Amends the Internal Revenue Code to establish a defense contractor conversion investment tax credit to be equal to 15 percent of: (1) the incremental nondefense qualified investment for a taxable year; plus (2) the qualified nondefense product expenses incurred during such year. Defines a "defense contractor" as any taxpayer if more than ten percent of its gross receipts are derived from defense contracts. Bars a deduction for that portion of the qualified nondefense product expenses otherwise allowable as a deduction that is equal to the amount of credit with respect to such expenses.
United States · United States Congress · 18 February 1993
Occasional Employment Equity Act - Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act and the Internal Revenue Code to raise the threshold amount at which cash remuneration for domestic services becomes subject to social security employment taxes.
United States · United States Congress · 18 February 1993
Enterprise Zone Tax Act of 1993 - Declares it to be the purpose of this Act to establish a demonstration program of providing incentives for the creation of tax enterprise zones in order to: (1) revitalize economically and physically distressed areas; and (2) promote meaningful employment for tax enterprise zone residents. Amends the Internal Revenue Code to provide for the designation of tax enterprise zones during calendar years after 1992 and before 1997: (1) by the Secretary of Housing and Urban Development, in the case of an urban tax enterprise zone; (2) by the Secretary of Agriculture, in consultation with the Secretary of the Interior, in the case of a rural development investment zone; and (3) the Secretary of the Interior in the case of an Indian reservation tax enterprise zone. Sets forth the eligibility criteria for such zone designations. Requires certain zones to be in small cities. Allows an enterprise zone employment credit to small employers as a general business credit of 30 percent of the qualified zone wages. Requires such employees to notify employees of their eligibility for advance payment of the earned income credit. Increases the limitation on expensing depreciable business assets in the case of an enterprise zone business. Accelerates the recovery period for depreciable enterprise zone property. Allows a deduction of 50 percent of the purchase of enterprise zone stock paid in cash, with limitations. Makes buildings in enterprise zones eligible for the low-income housing credit applicable to buildings in high cost areas. Provides for the ordinary loss treatment of any loss on any qualified zone asset held for more than two years (five years in the case of real property). Allows the issuance of tax-exempt bonds to finance qualified enterprise zone facilities. Relieves such bonds from certain limitations on the acquisition of land or existing property. Allows an issuer to elect not to treat such bonds as private activity bonds. Allows employers who hire tax enterprise zone residents to use the targeted jobs credit. Sets forth a special rule to allow the enterprise zone employment credit to offset the regular and minimum tax. Makes such credit a part of the general business credit. Denies businesses any deduction for the portion of wages equal to the enterprise zone employment credit. Requires acquiring corporations to take into account the provisions of this Act for carryover purposes. Allows nonitemizers the deduction for enterprise zone stock. Requires the Secretary of the Treasury, in consultation with the appropriate Secretary, to contract with the National Academy of Sciences to report to specified congressional committees on the effectiveness of enterprise tax incentives.