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Bill· HRH.R. 5091 (99th)referred
United States · United States Congress · 25 June 1986
Job Training Amendments to the IRA - Amends the Internal Revenue Code to provide that no additional tax will be imposed on the first $4,000 of payments or distributions from an individual retirement account used by the taxpayer solely to obtain job training or retraining for the taxpayer. Requires that the payments or distributions must be made in reasonable anticipation of the unemployment of the taxpayer or within two years after the taxpayer has become unemployed. Requires all distributions or payments to be made within two years after the first payment or distribution.
Resolution· HRESH.Res. 482 (99th)passed
United States · United States Congress · 24 June 1986
Sets forth the rule for the consideration of H.R. 4184 (National Science Foundation).
Resolution· HRESH.Res. 481 (99th)passed
United States · United States Congress · 24 June 1986
Sets forth the rule for the consideration of H.R. 5052 (military construction operations).
Bill· HRH.R. 5071 (99th)referred
United States · United States Congress · 23 June 1986
Amends the Internal Revenue Code to allow a charitable contribution deduction for qualified food transportation contributions. Defines "qualified food transportation contribution" as a contribution by a corporation to or for the use of an eligible donee, but only if: (1) such contribution consists of providing transportation of food to be used by the donee solely for the care of the ill, the needy, or infants; (2) food is not transferred by the donee in exchange for money, other property, or services; and (3) the taxpayer receives from the donee a written statement representing that its use and disposition of food will be in accordance with this Act. Limits the amount of the transportation contribution deduction.
Bill· SS. 2582 (99th)referred
United States · United States Congress · 20 June 1986
Amends the Internal Revenue Code to allow homeowners to deduct the full amount of points paid in connection with the refinancing of their principal residences for the taxable year in which paid.
Bill· SS. 2577 (99th)referred
United States · United States Congress · 19 June 1986
Radon Mitigation Clarification Act of 1986 - Provides that, for purposes of the medical care expense tax deduction, amounts paid for necessary home improvements to mitigate measured harmful levels of radon gas exposure shall be treated as expenses paid for medical care and in the same manner as amounts paid for other home improvements which qualify as expenses paid for medical care.
Bill· SS. 2568 (99th)referred
United States · United States Congress · 18 June 1986
Amends the Internal Revenue Code to treat "business development companies" (as defined by the Investment Company Act of 1940) as regulated investment companies for income tax purposes.
Bill· HRH.R. 5037 (99th)referred
United States · United States Congress · 17 June 1986
Chapter I - Makes supplemental appropriations for FY 1986 to the Department of Agriculture for the Dairy Indemnity Program, the Agricultural Stabilization and Conservation Service (transfer of funds), and the Commodity Credit Corporation. Chapter II - Makes supplemental appropriations for FY 1986 to the Board for International Broadcasting. Chapter III - Makes supplemental appropriations for FY 1986 to the Federal Emergency Management Agency. Chapter IV - Makes supplemental appropriations for FY 1986 to the Department of Transportation for the Fedral Aviation Administration (including transfers of funds). Chapter V - Makes supplemental appropriations for FY 1986 to the Department of the Treasury for the Internal Revenue Service (IRS). Allows any IRS appropriation for FY 1986 to be transferred to any other IRS appropriation for increased pay costs. Limits the percentage of an IRS appropriation that may be transferred for any other purpose.
Bill· SS. 2549 (99th)referred
United States · United States Congress · 12 June 1986
Amends the Internal Revenue Code to provide for the nonrecognition of gain from the sale of farmland development rights under a qualified State farmland preservation program if the taxpayer purchases qualified farming property within 18 months of such sale. Excludes from gross income up to $100,000 of gain from the sale of farmland development rights by an individual who is age 55 or older. Allows a charitable contribution deduction for gain from the sale of farmland development rights to a State to the extent that the fair market value of such rights exceeds the amount actually received by the taxpayer.
Bill· HRH.R. 5021 (99th)referred
United States · United States Congress · 12 June 1986
Equity in Interstate Competition Act of 1986 - Authorizes States and the District of Columbia to require a person to collect a State sales tax imposed with respect to the sale of tangible personal property if: (1) the destination of sale is in such State; and (2) such person engages in regular or systematic soliciting of sales in such State and has gross receipts of certain amounts from sales within the State. Sets forth certain requirements which will qualify certain local sales taxes to be treated as State sales taxes. Prohibits a State from requiring any person who collects a State sales tax to make an accounting for the receipts of such tax on the basis of the geographical location at which the taxable transaction occurs. Limits the authority of the State to require a taxpayer to: (1) file more than four tax returns reporting the amount of such tax collected or required to be collected in any one-year period; or (2) file a return and remit the receipts of such tax more frequently than once in a calendar quarter, or before the expiration of the 20-day period beginning on the last day of the period for which such return is required to be filed. Provides that any person required by a State to collect a State sales tax shall be subject to the laws of such State relating to such sales tax.
Resolution· HRESH.Res. 476 (99th)referred
United States · United States Congress · 12 June 1986
Expresses the sense of the House of Representatives the deductibility of contributions to individual retirement accounts should be maintained for all citizens as part of any tax reform legislation.
Resolution· HCONRESH.Con.Res. 355 (99th)referred
United States · United States Congress · 12 June 1986
Expresses the sense of the Congress that the threshold for itemized deductions for medical and dental expenses for Federal income tax purposes should not be greater than five percent of adjusted gross income.
Bill· HRH.R. 5010 (99th)referred
United States · United States Congress · 11 June 1986
Amends the Internal Revenue Code to exclude from gross income the discharge of qualified farm indebtedness of a solvent taxpayer farmer. Defines "qualified farm indebtedness" as indebtedness of a taxpayer if: (1) such indebtedness was incurred directly in connection with the operation by the taxpayer of the trade or business of farming, or secured by farmlands or farm equipment used in such trade or business; (2) 50 percent or more of the annual gross receipts of the taxpayer for the three taxable years preceding the taxable year in which the discharge of such indebtedness occurs is attributable to the trade or business of farming; and (3) immediately before such discharge occurs, the taxpayer has a debt to equity ratio of at least seven to three. Sets forth ordering rules with respect to the use of qualified farm indebtedness to make basis adjustments.
Bill· HRH.R. 4987 (99th)referred
United States · United States Congress · 11 June 1986
Home Ownership Opportunity Act of 1986 - Amends the Internal Revenue Code to allow distributions from an individual retirement account or annuity to be used for the purchase of a home by a first-time homebuyer. Limits the amounts of such a distribution to a $10,000 aggregate maximum. Reduces the basis of any principal residence by the amount of distribution used for the purchase. Treats as ordinary income any gain realized on the sale of a principal residence to the extent of any amount of such distribution used for the purchase. Defines a "first-time homebuyer" as any individual who has had no present ownership interest in a principal residence during the three-year prior to the purchase of the principal residence for which such distributions are used.
Resolution· HRESH.Res. 473 (99th)passed
United States · United States Congress · 11 June 1986
Sets forth the rule for the consideration of H.R. 4175 (maritime programs).
Resolution· HRESH.Res. 470 (99th)referred
United States · United States Congress · 11 June 1986
Expresses the sense of the House of Representatives that the current tax deduction for contributions to individual retirement accounts should not be reduced as part of any tax reform legislation.
Bill· HRH.R. 4958 (99th)referred
United States · United States Congress · 9 June 1986
Tax Compliance Act of 1986 - Provides for a one-time amnesty from criminal and civil 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 the full amount of interest due on the tax delinquent amount. Permits installment payments in certain cases. Defines the amnesty period as the six-month period beginning on the first July 1 after the date of the enactment of this Act. Applies such amnesty to all payments relating to taxable periods ending 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; or (3) a criminal investigation is pending. Authorizes repayable advances to administer such amnesty program and to inform the general public as to the availability of such program. Provides that any revenues raised by such program shall first be used to repay such advances. Requires the filing of an informational return concerning real estate transactions. Increases criminal and civil tax penalties by 50 percent. Prohibits the award of any Federal contract to any person who has a tax delinquent account. Provides that no Federal business license may be issued with respect to any person who has a tax delinquent account. Provides an exception for public health business licenses or business licenses specified in regulations issued by the Secretary of the Treasury.
Bill· SS. 2523 (99th)referred
United States · United States Congress · 6 June 1986
Tennessee Valley Authority Fiscal Responsibility and Accountability Act of 1986 - 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 billion to $10 billion. 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 such State may not interfere with the obligations of the Corporation imposed by law. Repeals the permanent authorization of appropriations for the Corporation.
Bill· HRH.R. 4944 (99th)open
United States · United States Congress · 5 June 1986
Amends the Farm Credit Act of 1971 to provide for the issuance of bonds that can be redeemed on call by the Farm Credit System or its fiscal agent.
Bill· HRH.R. 4943 (99th)referred
United States · United States Congress · 5 June 1986
Provides that the Internal Revenue Code shall be applied without regard to Revenue Ruling 86-63 or any similar regulation. (Revenue Ruling 86-63 provides that no charitable contribution will be allowed for donations to university athletic scholarship funds if the donor receives the right to purchase season tickets on a preferential basis.)
Resolution· SRESS.Res. 419 (99th)referred
United States · United States Congress · 4 June 1986
Expresses the sense of the Senate that the 50-year-old tax exemption of the 84 nonprofit, community-based Blue Cross and Blue Shield Plans be retained without modification.
Bill· HRH.R. 4926 (99th)reported
United States · United States Congress · 4 June 1986
Department of Energy Civilian Energy Programs Authorization Act for Fiscal Year 1987 - Title I: Authorization for Energy Research and Development Programs for Fiscal Year 1987 - Authorizes appropriations for FY 1987 for the operating expenses of the following Department of Energy civilian research and development programs: (1) the fossil energy program; (2) the energy conservation program; (3) the energy supply research and development programs associated with solar energy, geothermal energy, supporting research and technical analysis, and environmental research and development; (4) the geothermal resources development fund; (5) general science and research; (6) the nuclear fission energy program (consisting of converter reactor systems, advanced nuclear systems, breeder reactor systems, and nuclear waste and uranium enrichment research and development); (7) the magnetic fusion energy program; (8) electric energy systems and energy storage systems; and (9) inertial confinement fusion energy. Authorizes appropriations for capital equipment expenses not related to construction for the following Department of Energy civilian research and development programs: (1) the fossil energy program; (2) the energy conservation program; (3) the energy supply research and development programs associated with solar energy, supporting research and technical analysis, environmental research and development, nuclear fission energy, and magnetic fusion; and (4) general science and research. Authorizes appropriations to the Department of Energy for FY 1987 for plant and capital equipment for specified prior year civilian research and development projects with respect to: (1) supporting research; (2) nuclear fission; and (3) general science. Authorizes appropriations to the Department of Energy for plant and capital equipment for specified new civilian research and development projects with respect to: (1) fossil energy; (2) solar energy; (3) supporting research; (4) the environment; (5) nuclear fission; (6) magnetic fusion; and (7) general science. Title II: Authorization for Other Activities for Fiscal Year 1987 - Authorizes appropriations to the Department of Energy for FY 1987 for: (1) the energy conservation program; (2) the energy supply research and development programs associated with solar energy, nuclear energy, remedial action, and nuclear waste technology, low level waste; (3) uranium supply and enrichment activities; (4) the Nuclear Waste Fund; (5) supporting services; and (6) departmental administration. Authorizes appropriations for capital equipment not related to construction for: (1) energy supply research and development associated with solar energy and nuclear energy; (2) uranium supply and enrichment activities; (3) the Nuclear Waste Fund; (4) supporting services; and (5) departmental administration. Authorizes appropriations to the Department of Energy for plant and capital equipment for specified prior year uranium supply and enrichment projects and supporting service projects and for specified new uranium supply and enrichment projects and supporting service projects. Authorizes appropriations to the Department of Energy for FY 1987 for new plant and capital equipment for specified uranium supply and enrichment projects and for specified supporting service projects. Authorizes reductions in the amounts earmarked for the areas of: (1) supporting research and technical analysis; and (2) general science and research. Title III: Establishment of Scientific Research and Development Program to Develop Advanced Steel Manufacturing Technologies and Increase Energy Efficiency in the Steel Industry - Directs the Secretary of Energy to: (1) develop and publish a research and development plan regarding advanced steel manufacturing technologies and increased energy efficiency in the steel industry; and (2) report annually to the President and the Congress regarding the status and anticipated obligations of activities under such plan. Title IV: General Provisions - Sets forth restrictions on the use of funds authorized under this Act.
Bill· HRH.R. 4925 (99th)open
United States · United States Congress · 4 June 1986
Department of Energy Civilian Research and Development Authorization Act for Fiscal Year 1987 - Title I: Authorization for Fiscal Year 1987 - Authorizes appropriations for FY 1987 for the operating expenses of the following Department of Energy civilian research and development programs: (1) the fossil energy program; (2) the energy conservation program; (3) the energy supply research and development programs associated with solar energy, geothermal energy, supporting research and technical analysis, and environmental research and development; (4) the geothermal resources development fund; (5) general science and research; (6) the nuclear fission energy program (consisting of converter reactor systems, advanced nuclear systems, breeder reactor systems, and nuclear waste technology); (7) the magnetic fusion energy program; (8) electric energy systems and energy storage systems; and (9) inertial confinement fusion energy systems. Authorizes appropriations for capital equipment expenses not related to construction for the following Department of Energy civilian research and development programs: (1) the fossil energy program; (2) the energy conservation program; (3) the energy supply research and development programs associated with solar energy, supporting research and technical analysis, environmental research and development, nuclear fission energy, and magnetic fusion; and (4) general science and research. Authorizes appropriations to the Department of Energy for FY 1987 for plant and capital equipment for specified prior year civilian research and development projects with respect to: (1) supporting research; (2) nuclear fission; and (3) science and research. Authorizes appropriations to the Department of Energy for FY 1987 for plant and capital equipment for specified new civilian research and development projects with respect to: (1) fossil energy; (2) solar energy; (3) supporting research; (4) the environment; (5) nuclear fission; (6) magnetic fusion; and (7) general science. Authorizes reductions in the amounts earmarked for: (1) supporting research and technical analysis; and (2) general science and research. Title II: Establishment of Scientific Research and Development Program to Develop Advanced Steel Manufacturing Technologies and Increase Energy Efficiency in the Steel Industry - Directs the Secretary of Energy to: (1) develop and publish a research and development plan regarding advanced steel manufacturing technologies and increased energy efficiency in the steel industry; and (2) report annually to the President and the Congress regarding the status and anticipated obligations of activities under such plan. Title III: General Provisions - Sets forth restrictions on the use of funds authorized under this Act.
Bill· HRH.R. 4930 (99th)referred
United States · United States Congress · 4 June 1986
Amends the Internal Revenue Code to create a new type of entity, known as a debt holding company, which must elect such treatment and meet certain specified requirements. Imposes a tax on the adjustable taxable income of such debt holding company at the maximum corporate rate. Provides the following adjustments in arriving at taxable income: (1) an unlimited carryback of net operating losses of debt holding companies; (2) a deduction for certain amounts paid to holders of residual interests; (3) disallowance of the dividends received deduction for corporations; and (4) exclusion of all items of income, gain, loss, or deduction relating to prohibited transactions. Requires the amortization of the organizational expenses over the period of the qualified financial instrument held by the debt holding company with the longest maturity. Requires that substantially all of the assets of a debt holding company must consist of qualified financial instruments or permitted investments. Provides that all the interests in a debt holding company must be either "regular interests" or "residual interests." Defines a "regular interest" as an interest in a debt holding company the terms of which are fixed on the first day, and which: (1) unconditionally entitles the holder to receive a specified principal amount; and (2) provides that interest payments (if any) before maturity are payable at a fixed rate (or to the extent provided in regulations, at variable rates) and on a periodic basis. Permits the timing of payment of principal amounts to be contingent on the extent of prepayments on qualified financial instruments and the amount of income from permitted investments. Defines "residual interest" to mean an interest in a debt holding company the terms of which are fixed on the first day and which entitles the holder only to receive one or more payment the amount and timing of which are wholly contingent on: (1) the extent of prepayments on qualified financial instruments; (2) the extent of income from permitted investments; (3) contingent payments on qualified financial instruments; (4) the return of amounts in a qualified reserve fund; or (5) any combination of the foregoing. Sets forth rules for the taxation of holders of regular interests and residual interests in debt holding companies. Imposes a 100 percent tax on the net income of a debt holding company derived from prohibited transactions. Provides that no gain or loss will be recognized to the debt holding company on the sale of any qualified financial instrument or permitted investment during the liquidation period if it is pursuant to a qualified liquidation of the debt holding company. Requires the recognition of gain or loss to the transferor on the transfer of any property to a debt holding company. Requires the nonrecognition of loss for transfers in exchange for regular or residual interest in a debt holding company. Provides rules relating to the original issue discount rules applicable to regular interests of debt holding companies and similar debt instruments. Provides that any entity that would otherwise be treated as a partnership or trust for income tax purposes is to be treated as a corporation if the principal activity of the trust or partnership is the holding of assets the principal portion of which is debt obligations (or interest therein) which directly or indirectly act as collateral for other debt obligations having varying maturities.
Bill· HRH.R. 4916 (99th)open
United States · United States Congress · 3 June 1986
REIT Tax Provisions Revision Act of 1986 - Amends the Internal Revenue Code to modify the qualification requirements for a real estate investment trust (REIT) to require that the corporation, trust, or association not be closely held. Waives the partnership attribution rules for making the determination of whether the REIT is closely held. Provides that the requirements that the REIT must have the beneficial ownership of it held by 100 or more persons and that it must not be closely held shall not apply to the first taxable year for which the election for REIT treatment is made. Requires that the REIT has no earnings and profits accumulated in any non-REIT year. Permits an entity which has not been engaged in any active trade or business to change its accounting period to a calendar year without the approval of the Secretary of the Treasury if such change is in connection with the election of REIT status. Provides that a corporation which is a qualified REIT subsidiary shall not be treated as a separate corporation, and all assets, liabilities, and items of income, deduction, and credit of a qualified REIT subsidiary shall be treated as assets, liabilities, and such items (as the case may be) of the real estate investment trust. Provides that if a REIT receives new equity capital, then income derived from stock or debt instruments (i.e., interest, dividends, or gain from the sale of such stock or debt instruments) that is attributable to the temporary investment of the new equity capital is treated, for a one-year period beginning on the date that the REIT receives such capital, as qualifying income for purposes of the REIT. Treats stock or debt instruments purchased with such capital as "real estate assets" for purpose of the REIT assets tests. Defines "new equity capital" as any amount received by the REIT in exchange for stock of the REIT (other than pursuant to a dividend reinvestment plan). Provides that amounts received by a REIT in connection with the rental of property do not fail to qualify as rents from real property merely because the REIT performs certain services and does not use an independent contractor for the provision of such services. Provides that such services that may be provided without violating the "independent contractor tests" are those services which would not result in the receipt of unrelated business income by an organization subject to tax on such income. Treats rent or interest that is based on the net income of a tenant or debtor as rent from real property or as interest, respectively, if: (1) the rent (or interest) must be received from a tenant (or debtor) that receives substantially all of its income from the leased property (or the property that secures the loan) from the subleasing (or leasing) of substantially all of such property; and (2) the rent received by the tenant (or debtor) consists entirely of amounts that would be treated as rent from real property (or interest) if received directly by the REIT. Requires that the minimum amount that the REIT is required to distribute (i.e., the minimum dividends paid deduction) be reduced by a portion of certain amounts that the REIT is required to include in income in advance of receiving cash. Reduces the minimum amount required to be distributed by: (1) amounts that the REIT is required to include in income with respect to certain rental agreements involving deferred rents; (2) amounts of the original issue discount that a REIT is required to accrue with respect to certain loans; and (3) any income arising from the disposition of a real estate asset, but only in certain circumstances. Requires that the amount of the REIT's current (but not accumulated) earnings and profits for a taxable year not be less than the REIT taxable income (determined without regard to the dividends paid deduction) for the taxable year. Provides that, for purposes of determining the maximum amount of capital gains dividends that a REIT may pay for a taxable year, the REIT would not offset its net capital gain with the amount of any net operating loss, whether current or carried over from a previous taxable year. Provides that, to the extent that the REIT then elects to pay capital gains dividends in excess of its net income, the REIT would increase the amount of its net operating loss carryover by such amount. Permits the REIT to mail the required capital gain notices to shareholders with the REIT's annual report rather than within 30 days of the end of the taxable year. Modifies the safe harbor rules under which sales by the REIT meeting the conditions of the safe harbor provisions are not treated as prohibited transactions. Provides that in determining the amount of net income derived from prohibited transactions, losses from prohibited transactions (and deductions attributable to prohibited transactions in which a loss was incurred) may not be taken into account. Provides that the amount of any net loss from prohibited transactions may be taken into account in computing the REIT's taxable income.
Bill· HRH.R. 4918 (99th)referred
United States · United States Congress · 3 June 1986
Amends the Internal Revenue Code to allow homeowners to deduct the full amount of prepaid interest in connection with the refinancing of their principal residences for the taxable year in which paid.
Bill· HRH.R. 4913 (99th)referred
United States · United States Congress · 22 May 1986
Farm Employment and Enterprise Development Act of 1986 - Title I: Designation of Enterprise Zones - Amends the Internal Revenue Code to provide for the designation of enterprise zones by the Secretary of Housing and Urban Development. Specifies that States and local governments shall nominate areas for such designation. Limits to 100 the total number of areas which may be designated as enterprise zones. Limits the period during which such designations shall remain in effect to a maximum of 25 years. Specifies that the Secretary may designate such zones only if: (1) the area is within the jurisdiction of the nominating local government; (2) the boundary of the area is continuous; (3) the area has a population of at least 1,000 or is entirely within an Indian reservation; and (4) the area meets specified unemployment and poverty requirements. Requires nominating local governments, as a condition of the Secretary's designation, to agree in writing to follow a course of action which may include reducing tax rates, improving local services, and providing job training to residents of the area. Terminates the authority of the Secretary to designate rural enterprise zones on June 30, 1989, or three years after the publication of regulations pertaining to such zones, whichever is later. Describes areas to which preference shall be given in deciding to designate enterprise zones. 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. Requires that any property tax reduction effected by a local government under the terms of this Act be disregarded for purposes of determining the eligibility of a State or local government for Federal assistance or benefits. States that the designation of an enterprise zone shall not give displaced persons from such an area any rights or benefits under the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970. Provides that such enterprise zones shall be treated for all purposes under Federal law as labor surplus areas. Title II: Federal Income Tax Incentives - Subtitle A: Credits for Employers and Employees - Allows employers located in rural enterprise zones a nonrefundable income tax credit for increased employment expenditures and employment of the disadvantaged. Allows a three-year carryback and a 15-year carryover of such credit. Sets the amount of such credit at ten percent of the increase in payroll (taking into account $17,500 in wages per year per employee) plus a specified percentage of wages paid to certain disadvantaged workers through the first 20 years of the enterprise zone designation. Phases out such credit in the last four years of the enterprise zone designation. Disallows a deduction for the portion of wages taken into account for such credit. Allows an income tax credit to enterprise zone employees for five percent of wages earned (taking into account up to $10,500 per year). Phases out such credit in the last four years of the enterprise zone designation. Subtitle B: Credits for Investment in Tangible Property in Enterprise Zones - Allows businesses an additional investment tax credit for investments made in certain enterprise zone construction property located in enterprise zones. Limits such credit to ten percent for new enterprise zone construction property, including rental property. Requires that the property subject to such credit be located in an enterprise zone, be predominantly used in the zone, be either constructed, reconstructed, renovated, etc. during the period of zone designation or acquired during such period, and not be acquired from relatives or related corporations. Requires the recapture of such credit upon the early disposition of the property. Provides for a phase-out of the enterprise zone tax credit as the enterprise zone ends. Provides for an adjustment to the basis of the enterprise zone construction property to reflect the enterprise zone tax credit. Subtitle C: Nonrecognition of Qualified Enterprise Zone Capital Gain Where Acquisition of Enterprise Zone Business Property - Provides for the nonrecognition of capital gain on the sale of property where, within the one-year period beginning on the date of such sale, qualified replacement property is acquired by the taxpayer, to the extent the gain from the sale does not exceed the cost of the replacement property. Defines "qualified replacement property" as any personal property used predominantly in an enterprise zone in the active conduct of a trade or business within the enterprise zone, any real property located in the enterprise zone used in the active conduct of a trade or business, or any corporation, partnership, or other entity if, for the three most recent taxable years of such entity ending before the date of the purchase of such interest, such entity was a qualified business. Sets forth special rules for the operation of this provision. Requires the basis of the replacement property to be reduced by an amount equal to the amount of gain not recognized on the sale of such other property. Extends the period for the statute of limitations relating to the assessment of tax with respect to the sale of property involving the nonrecognition provisions. Provides that the holding period for the qualified replacement property shall include the period for which the property sold or exchanged had been held as of the date of the sale or exchange. Subtitle D: Deduction for Purchase of Enterprise Stock - Allows a taxpayer to deduct the aggregate amount paid during the taxable year for the purchase of enterprise stock on the original issue of such stock by a qualified issuer. Limits the maximum amount of such deduction to $100,000 a year. Requires that the $100,000 limit be allocated among the members of a controlled group. Requires the pro rata allocation of the $100,000 limit among the stock purchased where the aggregate amount of stock purchased exceeds the $100,000 limitation. Requires that the gain from the disposition of the stock shall be treated as ordinary income. Provides a formula for calculating such gain. Provides that interest be charged on the disposition of such stock if such disposition occurs before the end of the three-year period beginning on the date the stock was purchased. Provides that where an issuer ceases to be a qualified issuer of enterprise stock before the close of the fifth taxable year after the date the stock was issued, the taxpayer must include in income the amount of the deduction allowed with respect to such stock plus interest on the aggregate decrease in tax of the taxpayer resulting from the deduction allowed with respect to such stock. Sets forth special rules with respect to such stock. Requires the basis of such stock to be reduced by the amount of the deduction allowed with respect to such stock. Subtitle E: Rules Relating to Industrial Development Bonds - Provides that limitations on the cost recovery deductions for property financed with tax-exempt industrial development bonds shall not apply to enterprise zone property. Provides that the termination of the small issue exemption shall not apply to industrial development bonds the proceeds of which are used to finance facilities in such enterprise zones. Subtitle F: Ordinary Loss Deduction for Securities of Enterprise Zone Business Which Become Worthless - Permits an ordinary loss deduction for securities of enterprise zone businesses which become worthless during the taxable year. Subtitle G: Increase in Research Credit for Research Conducted in Enterprise Zones - Increases the tax credit for increasing research activities to 37 and one-half percent (currently, 25 percent) for research conducted in enterprise zones. Subtitle H: Sense of the Congress with Respect to Tax Simplification - Expresses the sense of the Congress that the Internal Revenue Service should simplify the administration and enforcement of any provision of the Internal Revenue Code affected by this Act. Subtitle I: Regulations - Directs the Secretary of the Treasury to issue regulations to carry out the provisions of this Act not later than six months after the date of enactment. Title III: 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, to waive or modify rules and regulations which pertain to the carrying out of projects or activities within an enterprise zone. Requires agencies to approve such request if the resulting benefits of job creation, community development, or economic revitalization outweigh the public interest in continuation of the rule unchanged. Disallows waiver or modification of a rule that would directly violate a statutory requirement (including the Davis-Bacon Act and Fair Labor Standards Act) or which would present a danger to the public health and safety. Provides that such waivers or modifications of a rule shall remain in effect as long as the zone designations. 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 consolidate all periodic reports required under such programs into one summary report. Title IV: Establishment of Foreign-Trade Zones in Enterprise Zones - Requires the Foreign-Trade Board to consider on a priority basis and 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. States that, to the maximum extent practicable, foreign-trade zones should be established within enterprise zones.
Bill· HRH.R. 4904 (99th)referred
United States · United States Congress · 22 May 1986
Long-Term Care Savings Account Act of 1986 - Amends the Internal Revenue Code to allow an income tax deduction for contributions made to a savings account established to pay the long-term care expenses of an individual. Defines "long-term care expenses" as expenses incurred for any item or service medically necessary or prudent for the care of the beneficiary of such an account. Limits such deduction to $2,000 (adjusted for inflation) annually. Provides that only the beneficiary, the spouse of the beneficiary, and the parents of the beneficiary may contribute to such an account. Provides that no account may have more than one beneficiary and that no individual may be the beneficiary of more than one account. Permits a tax exclusion for income accumulated in such savings accounts as long as such amounts are used exclusively for long-term care expenses. Sets forth penalties for the use of account funds for other than long-term care purposes. Extends the deduction for contributions to a long-term care savings account to taxpayers who do not otherwise itemize deductions.
Bill· HRH.R. 4884 (99th)referred
United States · United States Congress · 22 May 1986
Amends the Internal Revenue Code to provide that the value of transportation provided to any person on a noncommercially operated aircraft shall be considered "no-additional-cost service" and therefore excludible from gross income if: (1) such transportation is provided on a flight made in the ordinary course of the trade or business of the taxpayer owning or leasing such aircraft for use in such trade or business; (2) the flight on which the transportation is provided would have been made whether or not such person was transported on the flight; and (3) no substantial additional cost is incurred in providing such transportation to such person.
Bill· HRH.R. 4911 (99th)referred
United States · United States Congress · 22 May 1986
Amends the Internal Revenue Code to allow homeowners to deduct the full amount of prepaid interest in connection with the refinancing of their principal residences for the taxable year in which paid.
Bill· HRH.R. 4887 (99th)referred
United States · United States Congress · 22 May 1986
Amends the Internal Revenue Code to repeal the windfall profit tax on domestic crude oil.
Bill· SS. 2477 (99th)open
United States · United States Congress · 21 May 1986
Intelligence Authorization Act for Fiscal Year 1987 - Title I: Intelligence Activities - Authorizes appropriations for intelligence activities in specified departments and agencies of the U.S. Government, including the Central Intelligence Agency (CIA) and the Department of Defense. Authorizes the Director of Central Intelligence to employ civilian personnel in excess of the ceiling for such personnel when necessary to the performance of important intelligence functions. Title II: Intelligence Community Staff - Authorizes appropriations for the Intelligence Community Staff for FY 1987. Establishes an end strength ceiling of 239 full-time Intelligence Community Staff employees. Provides that such staff shall be administered in the same manner as the CIA. Title III: Central Intelligence Agency - Authorizes appropriations for the Central Intelligence Agency Retirement and Disability Fund for FY 1987. Title IV: Administrative Provisions Related to Intelligence Agencies - Provides that properly classified CIA and National Security Agency documents proposed for disposal shall not be listed in the Federal Register. (Current law requires the Archivist to provide notice in the Federal Register of all such records proposed for disposal.) Extends through FY 1988 the special authority of the Secretary of Defense to terminate the employment of Defense Intelligence Agency civilian employees. Allows the Secretary to authorize the Defense Mapping Agency to furnish data, supplies, and services to a foreign country or international organization. Grants Defense Intelligence Agency employees medical evacuation benefits. Allows the Secretary to use the proceeds from counterintelligence operations conducted by components of the military departments to offset reasonable and necessary expenses. Amends the Central Intelligence Agency Retirement Act of 1964 to provide that certain former spouses of CIA employees are entitled to survivor annuities. Amends the Central Intelligence Agency Act of 1949 to provide that certain former spouses of CIA employees are eligible for coverage under a health benefits plan. Amends the National Security Agency Act of 1959 to permit the Director of the National Security Agency to assign Agency employees within the United States to perform security functions within Agency installations. Title V: Enhanced Federal Bureau of Investigation Counterintelligence Capabilities - Amends the Right to Financial Privacy Act of 1978 to grant the FBI access to the financial records of suspected foreign agents. Requires the Director of the Federal Bureau of Investigation to inform specified congressional committees of all such requests. Grants the FBI access to State and local criminal records for security clearances. Grants the FBI access to the telephone records of suspected foreign agents. Title VI: Protection of United States Interests - Amends the State Department Basic Authority Act of 1956 to include any "entity" owned or controlled by a foreign government within the definition of "foreign mission." Limits the number of Soviet nationals admitted to the United States as members of the Soviet mission to the United Nations to the same number of United States nationals who serve as members of the United States mission to the United Nations (unless the President determines that the admission of additional Soviet nationals would be in the interest of the United States). Requires the Secretary of State and the Attorney General to report to specified congressional committees on the number of Soviet nationals admitted to the United States and on the implementation of this policy. Requires certain persons engaged in legal commercial transactions to register as agents of foreign governments. Title VII: General Provisions - Declares that funding under this Act does not constitute authority for the conduct of otherwise unauthorized intelligence activity.
Bill· SS. 2486 (99th)referred
United States · United States Congress · 21 May 1986
Health Plan Promotion Act of 1986 - Amends the Internal Revenue Code to require the inclusion in gross income of contributions by an employer to accident and health plans for compensation to employees for personal injuries and sickness. Permits individuals to claim a nonitemized deduction for the cost of their accident and health insurance to the extent such costs do not exceed specified levels. Permits such deduction whether such costs are paid by the taxpayer or the taxpayer's employer. Establishes the maximum amount of the deduction as follows: (1) $75 per month for an individual; (2) $175 per month for an individual and the individual's spouse; and (3) $225 per month for an individual's spouse; and (3) $225 per month for an individual and the individual's family. Provides for a cost-of-living adjustment in such amounts. Provides that amounts paid for accident and health insurance in excess of the monthly limits would be allowable as deductible medical expenses. Raises the threshold for the medical expense deduction from five percent of adjusted gross income to ten percent of adjusted gross income.
Bill· SS. 2484 (99th)referred
United States · United States Congress · 21 May 1986
Uninsured Workers' Health Insurance Act of 1986 - Amends the Internal Revenue Code to allow an income tax credit for amounts paid for health insurance premiums by individuals who are not eligible for employer-sponsored health insurance and who are not covered by a Federal health program. Limits the amount of such credit based on the uninsured individual's taxable income. Disallows such credit for individuals with a taxable income over $30,000 per year. Allows an income tax deduction for the amounts paid for health insurance premiums by self-employed individuals who own the entire interest in an unincorporated trade or business.
Bill· SS. 2485 (99th)referred
United States · United States Congress · 21 May 1986
Health Equity and Incentives Reform Act of 1986 - Amends the Internal Revenue Code to include in the employee's income contributions by an employer to accident or health plans for compensation to employees for personal injuries or sickness. Excludes from income contributions made: (1) with respect to coverage under any workers' compensation Act; (2) for in-plant first aid; or (3) for treatment of occupationally related illness or injury. Excludes certain contribution amounts made on behalf of Medicare recipients. Includes the amounts of the employer's contribution to an accident or health plan in the social security wage base. Permits an individual a refundable tax credit equal to 40 percent of the qualified health premiums of the individual for the taxable year. Provides that "qualified health premium" means the amount paid or incurred by or on behalf of the taxpayer as a premium to a qualified health care financing and delivery plan for coverage under such plan. Limits the amount of qualified premiums eligible for the tax credit to $65 per month per household member covered under the plan up to a maximum of $195 per month. Provides for an annual cost-of-living adjustment in the monthly limitation amount. Sets forth the requirements for qualified health care financing and delivery plans. Provides that nonresident aliens are not allowed the tax credit for contributions to accident and health plans. Directs the Secretary of Health and Human Services to study and report to the Congress, not later than March 31, 1988, on alternative methods for adjusting the monthly limitation of premiums eligible for the tax credit so as to take into account the ages of different individuals and other actuarial factors that reflect the relative cost of health care services for different individuals. Amends the Public Health Service Act to provide that if an employer or State or political subdivision employs an individual who, immediately preceding the date of the employment, is enrolled with a qualified health maintenance organization and who continues to reside in the area served by the organization, such employer, State, or political subdivision shall include in the health benefits plan offered to such employee the option of continuing membership in such qualified health maintenance organization.
Bill· HRH.R. 4876 (99th)referred
United States · United States Congress · 21 May 1986
Amends the Consolidated Budget Reconciliation Act of 1985 to hold a State harmless in FY 1987 against changes that Act effected in the annual calculation of the Federal medical assistance percentage under title XIX (Medicaid) of the Social Security Act if such changes would cause a reduction of Medicaid payments to the State in FY 1987.
Bill· HRH.R. 4849 (99th)referred
United States · United States Congress · 20 May 1986
Amends the Internal Revenue Code to allow homeowners to deduct the full amount of prepaid interest in connection with the refinancing of their principal residences for the taxable year in which paid.
Resolution· SRESS.Res. 409 (99th)referred
United States · United States Congress · 19 May 1986
Expresses the sense of the Senate that the tax reform legislation, when that bill is signed into law, remain unchanged for a minimum of five years, so as to provide stability for the American taxpayer and the private sector.
Law· SS. 2460 (99th)enacted
United States · United States Congress · 15 May 1986
Extends until June 30, 1986, the date on which certain limitations become effective with respect to obligations that may be made from the Military Personnel accounts of the Department of Defense for FY 1986.
Bill· SS. 2463 (99th)referred
United States · United States Congress · 15 May 1986
First-Time Homebuyer Opportunity Act of 1986 - Amends the Internal Revenue Code to allow distributions from an individual retirement account or annuity to be used to purchase a home by a first-time homebuyer. Limits the amount of such a distribution to a $10,000 aggregate maximum. Defines a "first-time homebuyer" as any individual who has had no present ownership interest in a principal residence during the three-year period prior to the purchase of the principal residence for which individual retirement account distributions are used.
Bill· HRH.R. 4828 (99th)referred
United States · United States Congress · 15 May 1986
Energy Independence Act of 1986 - Amends the Internal Revenue Code to impose an excise tax on: (1) the first sale within the United States of any crude oil or any petroleum product imported into the United States; and (2) the use within the United States of any crude oil or any petroleum product imported into the United States if no such tax has been imposed prior to such use. Sets a fluctuating rate for such tax dependent upon the world price of crude oil.
Resolution· SRESS.Res. 407 (99th)referred
United States · United States Congress · 14 May 1986
Expresses the sense of the Senate that appropriate tax treatment for long-term capital gains investments should be incorporated into tax reform legislation, and that this can be accomplished by one or both of the following measures: (1) a meaningful differential for long-term capital gains; or (2) a proper indexation of invested assets to account for inflation.
Resolution· SCONRESS.Con.Res. 139 (99th)referred
United States · United States Congress · 14 May 1986
Establishes a formula for determining the allocation of official mail costs for Members of Congress for any fiscal year beginning with FY 1987. Directs the Senate Committee on Rules and Administration and the House Committee on House Administration to determine, and provide written notice to each Member of, the allocation of such Member. Requires the Committees to prescribe rules and procedures to assure compliance. Requires the Committees to publish a quarterly statement on official mail costs.
Bill· HRH.R. 4821 (99th)open
United States · United States Congress · 14 May 1986
Amends the United States Institute of Peace Act to authorize appropriations for FY 1987 and 1988 for the United States Institute of Peace.
Bill· HRH.R. 4816 (99th)referred
United States · United States Congress · 13 May 1986
Amends Federal law to require all customs duties derived from American Samoa (including quarantine, passport, immigration, and naturalization fees collected in American Samoa) and excise and other taxes imposed by the United States on articles produced in American Samoa and transported to the United States, its territories, or possessions or consumed in American Samoa to be held in the Treasury of American Samoa for the benefit of its residents.
Bill· HRH.R. 4807 (99th)referred
United States · United States Congress · 13 May 1986
Amends the Internal Revenue Code to disallow the tax exclusion for interest earned on industrial development bonds issued by a State or local government if the proceeds of such bonds are used to finance milk production. Exempts from such requirement a limited amount of bonds used for first-time farmers and at times when there is a certification by the Secretary of Agriculture of a nationwide shortage of milk.
Resolution· HRESH.Res. 455 (99th)passed
United States · United States Congress · 13 May 1986
Sets forth the rule for the consideration of H. Con. Res. 337 (congressional budget).
Resolution· HCONRESH.Con.Res. 337 (99th)passed
United States · United States Congress · 13 May 1986
Sets forth the concurrent resolution on the budget for FY 1987 and the appropriate budgetary levels for FY 1988 and 1989. Specifies levels and amounts of Federal revenues, new budget authority, budget outlays, and deficits for FY 1987 through 1989 for purposes of determining whether the maximum deficit amounts set forth in the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) have been exceeded. Recommends levels of Federal revenues of $643,850,000,000 for FY 1987, $700,550,000,000 for FY 1988, and $750,750,000,000 for FY 1989. Sets the amounts by which the aggregate levels of Federal revenues should be increased at $10,700,000,000 for FY 1987, $17,400,000,000 for FY 1988, and $17,700,000,000 for FY 1988 and the portions of such amounts to be used to reduce the deficits below the maximum deficit amounts at $4,700,000,000 for FY 1987, $11,200,000,000 for FY 1988, and $10,500,000,000 for FY 1989. Designates the following amounts of Federal revenues for Federal Insurance Contributions Act revenues: (1) $55,700,000,000 for FY 1987; (2) $60,150,000,000 for FY 1988; and (3) $64,250,000,000 for FY 1989. Sets the appropriate levels of total new budget authority at $873,000,000,000 for FY 1987, $918,950,000,000 for FY 1988, and $944,050,000,000 for FY 1989. States that the appropriate levels of total budget outlays are $798,200,000,000 for FY 1987, $840,150,000,000 for FY 1988, and $857,650,000,000 for FY 1989. Sets the amounts of the deficits in the budget which are appropriate in light of economic conditions and all other relevant factors at $154,350,000,000 for FY 1987, $139,600,000,000 for FY 1988, and $106,900,000,000 for FY 1989. States that appropriate levels of the public debt are $2,319,600,000,000 for FY 1987. $2,516,900,000,000 for FY 1988, and $2,685,100,000,000 for FY 1989. Sets forth the appropriate levels of total Federal credit activity as follows: (1) $34,250,000,000 for new direct loan obligations and $85,400,000,000 for new primary loan guarantee commitments for FY 1987; (2) $32,250,000,000 for new direct loan obligations and $87,300,000,000 for new primary loan guarantee commitments for FY 1988; and (3) $30,600,000,000 for new direct loan obligations and $87,650,000,000 for new primary loan guarantee commitments for FY 1989. Sets forth the levels of budget authority, budget outlays, new direct loan obligations, and new primary loan guarantee commitments for each major functional category for FY 1987 through 1989. Requires certain congressional committees to report changes in laws within their jurisdictions sufficient to reduce or achieve savings in budget authority and outlays, reduce direct loan obligations, reduce primary loan guarantees, or increase primary loan guarantees by certain amounts, as specified, in FY 1987 through 1989. Requires the House Committee on Ways and Means and the Senate Committee on Finance to report changes sufficient to reduce the budget deficit by $4,200,000,000 in FY 1987, $3,695,000,000 in FY 1988, and $3,740,000,000 in FY 1989. Directs all such committees, by June 5, 1986, to submit their recommendations to the Committees on the Budget of their respective Houses. Directs the Budget Committees to report a reconciliation bill or resolution carrying out all such recommendations without any substantive revision. Requires revenues increased through legislative action above specified amounts in FY 1987 through 1989 to be: (1) used solely to reduce the Federal deficit; (2) set forth separately in the congressional budget; and (3) deposited into a separate account to be established in the Treasury by the President. Directs the President to report to the Congress annually on the financial condition and use of the fund. Reserves from allocation to the Committee on Appropriations a specified amount of the FY 1987 budget authority set forth for National Defense. Directs the Secretary of Defense to report to the Speaker of the House and the President pro tempore of the Senate a complete accounting of all moneys appropriated to the Department of Defense for FY 1986 in excess of sums needed to cover inflation. Requires such report to be submitted to the General Accounting Office (GAO) which shall report its findings thereon to the Congress within 14 days. Directs each Budget Committee, within five legislative days after receiving the GAO report, to report to its respective House a revised allocation of new budget authority to the Committee on Appropriations reflecting the full amount of budget authority for National Defense. Requires the Secretary of Defense, within 90 days after the close of FY 1988 and 1989, to issue to the Speaker of the House and the President pro tempore of the Senate a report accounting for any moneys appropriated but not obligated during the prior fiscal year to cover inflation. Requires the Committees on Armed Services of the House and Senate to report legislation prohibiting the Department of Defense from using an arbitrary deflator (one not based on historical or factual data) which would provide funding for major weapons systems inflation in excess of the GNP deflator. Provides that: (1) funding for a shuttle orbiter to replace the lost shuttle Challenger would be appropriate if an authorization is enacted, notwithstanding spending levels set forth earlier in this Act; and (2) such spending levels do not preclude funding for an extension of the general revenue sharing program through FY 1989 if an authorization is enacted. Reaffirms congressional policy to fill the Strategic Petroleum Reserve to 750 million barrels. Recommends that the Government purchase oil for the Reserve in a way designed to help domestic stripper oil well producers so as to minimize the shutting-in of stripper production. Expresses the sense of the Congress that Federal funds for the Cooperative Extension Service should be maintained at a level sufficient to carry out fully the vital services, including specified programs, it is providing to rural America. Expresses the sense of the Congress that the use of foreign aid funds to finance the foreign production for export of agricultural commodities already in surplus on world markets is a counter-productive use of American tax dollars as well as devastating to the American farmer.
Bill· SS. 2429 (99th)open
United States · United States Congress · 8 May 1986
Anti-Terrorism Tax Act of 1986 - Amends the Internal Revenue Code to deny the foreign tax credit for taxes paid to any country identified as repeatedly providing support for acts of international terrorism. Applies such treatment to taxes paid to countries which the Secretary of State, pursuant to the Export Administration Act of 1979, has designated as countries that repeatedly support acts of international terrorism.
Resolution· SRESS.Res. 400 (99th)open
United States · United States Congress · 8 May 1986
Expresses the sense of the Senate that the current tax treatment of individual retirement accounts should be retained and that such retention is consistent with the goals of tax reform.