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Bill· HRH.R. 5684 (101st)referred

To amend the Internal Revenue Code of 1986 to provide that certain expenses of travel, meals, and lodging of members of the National Guard or reserve units of the Armed Forces will be allowable as deductions in computing adjusted gross income.

United States · United States Congress · 19 September 1990

Amends the Internal Revenue Code to permit an individual taxpayer an income tax deduction for travel, food, and lodging paid or incurred in connection with the taxpayer's performance of services as a member of the armed forces reserves or the National Guard.

Bill· HRH.R. 5668 (101st)referred

To amend the Internal Revenue Code of 1986 to treat options held by certain tax-exempt organizations to acquire low-income housing in the same manner as such options held by tenants of the housing.

United States · United States Congress · 19 September 1990

Amends the Internal Revenue Code to treat options held by certain tax-exempt qualified nonprofit organizations to acquire low-income housing in the same manner as options held by tenants of the housing. Limits such treatment to organizations actively engaged in fostering low-income housing for at least three years, with boards of directors made up largely of local residents.

Bill· SS. 3071 (101st)referred

A bill to amend section 1071 of the Internal Revenue Code of 1986 to extend the nonrecognition of gain to certain sales which effectuate or implement the policies of the Federal Communications Commission.

United States · United States Congress · 18 September 1990

Amends the Internal Revenue Code to provide for a deferral of taxable gains from the sale of property (including stock) used in an activity licensed or regulated by the Federal Communications Commission if, within 12 months after the sale, the taxpayer acquired property that the Commission certifies to be necessary or appropriate to implement a Commission policy.

Bill· SS. 3066 (101st)referred

A bill to amend the Internal Revenue Code of 1986 to provide that certain deductions of members of the National Guard or reserve units of the Armed Forces will be allowable in computing adjusted gross income.

United States · United States Congress · 18 September 1990

Amends the Internal Revenue Code to permit an individual taxpayer an income tax deduction for travel, food, lodging, and transportation expenses paid or incurred in connection with the taxpayer's performance of services as a member of the armed forces reserves or the National Guard. Excludes the taxpayer's meal and entertainment expenses from deductibility limitations in this context.

Bill· HRH.R. 5647 (101st)referred

To amend the Internal Revenue Code of 1986 to ensure that charitable beneficiaries of charitable remainder trusts are aware of their interests in such trusts.

United States · United States Congress · 18 September 1990

Amends the Internal Revenue Code to establish requirements for notifying charitable beneficiaries of charitable remainder trusts of their interests in such trusts, including copies of estate tax return filings on which a charitable deduction is claimed. Disallows such deduction and establishes other penalties if such notices are not filed.

Bill· SS. 3061 (101st)referred

A bill to amend the Internal Revenue Code of 1986 to extend the credit for producing fuel from nonconventional sources to gas produced from oil shale, to allow taxpayers subject to the alternative minimum tax full credit for producing fuel from nonconventional sources, and for other purposes.

United States · United States Congress · 17 September 1990

Amends the Internal Revenue Code to extend the credit for producing fuel from a nonconventional source to gas produced from shale. Places a three-year moratorium (from December 31, 1990, until December 31, 1993) on the pollution control bond and energy investment offsets against the nonconventional fuels credit. Eliminates the requirement that gas produced from oil shale be sold to unrelated parties. Ensures that any taxpayer is able to take such credit regardless of whether the taxpayer is paying regular or alternative minimum tax.

Bill· SS. 3053 (101st)referred

A bill to amend the Internal Revenue Code of 1986 to increase and modify the gas guzzler tax.

United States · United States Congress · 13 September 1990

Amends the Internal Revenue Code to increase the gas guzzler tax for model years 1986 through 1994 and 1995 or later. Provides that the term automobile does not include any light truck, utility vehicle, or van sold for use and registered as a commercial vehicle. Removes the exception from such tax of certain manufacturers which modify automobiles into stretch limousines.

Bill· SS. 3039 (101st)referred

Real Estate Tax Basis Calculation Technical Correction Act of 1990

United States · United States Congress · 12 September 1990

Real Estate Tax Basis Calculation Technical Correction Act of 1990 - Amends the Internal Revenue Code, with respect to the adjusted basis for determining the gain or loss from the sale or other disposition of property, to provide that the cost of real property shall include the estimated costs of future improvements to such property that the seller is contractually obligated to make at the time of sale.

Bill· HRH.R. 5593 (101st)referred

Domestic Energy Improvement Act of 1990

United States · United States Congress · 12 September 1990

Domestic Energy Improvement Act of 1990 - Title I: Percentage Depletion and Intangible Drilling Costs - Amends the Internal Revenue Code to increase to 27.5 percent the depletion allowance for oil and gas wells. Permits the use of such allowance after the transfer of proven oil or gas property. Allows the use of percentage depletion for stripper well production of retailers and certain refiners. Provides that the net income limitation on such allowance does not apply to oil or gas wells. States that intangible drilling costs include geological, geophysical, and surface casing costs. Removes intangible drilling costs from the required 30-percent capitalization of certain exploration and development costs under special rules relating to corporate preference items (thus permitting 100 percent deduction of such costs). Removes intangible drilling costs as an item of tax preference. Title II: Domestic Energy Improvement Tax Credits - Establishes a tax credit of ten percent of the cost of each barrel of crude oil produced from economically unproductive wells. Places limitations on the amount of such credit and provides for the carryback of unused credit. Establishes a formula for determining when such credit will not be allowed for any calendar year based upon the sale price of domestic crude oil. Reduces the deduction for oil-related expenses by the amount of the crude oil production credit. Establishes a tax credit for exploratory domestic oil or gas wells equal to 15-percent of the deduction allowed for intangible drilling and development costs. Places limitations on the amount of such credit and provides for the carryback of unused credit. Allows an investment tax credit for qualified clean-burning motor vehicle fuel property. Includes the air quality percentage as a factor in determining such credit. Establishes credit-equivalent payments for such property owned by State and local governments. Provides for recapturing such credit if the property ceases to be qualified. Establishes an investment tax credit for businesses that convert to natural gas equipment. Includes natural gas conversion equipment under the residential energy credit for individuals. Establishes tax credits for: (1) research relating to clean fuel alternatives and applications; and (2) research to discover or improve one or more tertiary recovery methods for domestic crude oil or natural gas.

Bill· HRH.R. 5591 (101st)referred

To amend the Internal Revenue Code of 1986 to provide that, where there is a distress termination of a pension plan, the tax on the failure to meet minimum funding standards shall be waived in certain cases.

United States · United States Congress · 12 September 1990

Amends the Internal Revenue Code to provide that, where there is a distress termination of a pension plan, the tax on the failure to meet minimum funding standards shall be waived if there is a revocation of one or more business hardship waivers. Requires an increase in the unfunded benefit liabilities of the plan by the amount of the tax which would have been imposed as an initial tax.

Bill· SS. 3027 (101st)referred

A bill to amend the Internal Revenue Code of 1986 to exclude from income the compensation received for active service as a member of the Armed Forces of the United States in a dangerous foreign area.

United States · United States Congress · 11 September 1990

Amends the Internal Revenue Code to exclude from gross income compensation received for active service as a member of the armed forces for any month served in a dangerous foreign area. (Current provisions exclude such income for any month served in a combat zone.) Increases from $500 to $2,000 the compensation excluded from the gross income of commissioned officers.

Resolution· HRESH.Res. 462 (101st)referred

To facilitate compliance with congressional intent expressed in the Balanced Budget and Emergency Deficit Control Act of 1985 with respect to fiscal year 1991.

United States · United States Congress · 11 September 1990

Declares that each standing committee of the House of Representatives shall, not later than September 17, 1990, submit to the House Budget Committee alternatives to the report of the Director of the Office of Management and Budget under the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act), insofar as such report affects laws within the jurisdiction of the committee. Requires the Budget Committee, not later than September 20, 1990, to report a resolution containing instructions to committees sufficient to achieve the total level of deficit reduction contained in the Director's report for FY 1991. Provides that such instructions shall require that each committee (and each subcommittee of the Committee on Appropriations) achieve the same level of deficit reduction with respect to programs under its jurisdiction as would have been saved under the Director's report. Requires committees to submit recommendations to the Budget Committee by September 25, 1991, sufficient to meet deficit reductions. Requires the Budget Committee to promptly report a reconciliation bill carrying out such recommendations. Authorizes the Budget Committee to include legislative language within the jurisdiction of any noncomplying committee. Requires such reconciliation bill to include a provision which states that if it is enacted on or before October 15, 1990, then the President's sequestration order for FY 1991 is null and void. Establishes procedures for floor consideration of such reconciliation bill, including limitation on debates and amendments.

Bill· HRH.R. 5557 (101st)referred

Interest Equity Act of 1990

United States · United States Congress · 6 September 1990

Interest Equity Act of 1990 - Amends the Internal Revenue Code to disallow a deduction for interest paid on tax obligations.

Bill· HRH.R. 5553 (101st)referred

Small Business Actuarial Guidelines Reliance Act

United States · United States Congress · 5 September 1990

Small Business Actuarial Guidelines Reliance Act - Provides that actuarial assumptions used in determining funding limits for pension plans shall be treated as reasonable if they are within the guidelines set forth in the Actuarial Guidelines Handbook (an Internal Revenue Service manual).

Bill· HRH.R. 5551 (101st)referred

To amend the Internal Revenue Code of 1986 to reinstate the windfall profit tax on domestic crude oil and to appropriate the proceeds of the tax to the Resolution Trust Corporation.

United States · United States Congress · 5 September 1990

Amends the Internal Revenue Code to reinstate the windfall profit tax on domestic crude oil. Terminates such tax after the last full month the Resolution Trust Corporation is in existence. Appropriates revenues received from such tax to the Corporation.

Bill· SS. 2983 (101st)referred

Export Company Incentive Act of 1990

United States · United States Congress · 3 August 1990

Export Company Incentive Act of 1990 - Amends the Internal Revenue Code to exempt foreign sales corporations and export trade corporations from passive foreign investment company rules. Repeals export trade corporation rules. Provides for treating as previously taxed income actual distributions made by such corporations in taxable years beginning after December 31,1984, if such income is derived before the first taxable year beginning after December 31, 1990. Allows such corporations to elect to be treated as foreign sales corporations for taxable years beginning after December 31, 1990.

Bill· SS. 2988 (101st)referred

Employee Educational Assistance Act of 1990

United States · United States Congress · 3 August 1990

Employee Educational Assistance Act of 1990 - Amends the Internal Revenue Code to make permanent the income tax exclusion of amounts paid under employee educational assistance programs. (Under current law the exclusion expires for taxable years beginning after September 30, 1990.) Repeals provisions that deny assistance for graduate work.

Bill· SS. 2984 (101st)referred

A bill to amend the Internal Revenue Code of 1986 to provide an income tax credit for eligible child care services.

United States · United States Congress · 3 August 1990

Amends the Internal Revenue Code to provide an income tax credit for eligible child care providers of four percent of up to $20,000 of gross income derived from providing child care services. Allows a six percent credit for a specially trained provider. Provides an inflation adjustment of the $20,000 amount for years after 1991.

Bill· SS. 2980 (101st)referred

A bill to amend the Internal Revenue Code of 1986 to modify the provisions permitting certain entities to elect a taxable year other than the required year.

United States · United States Congress · 3 August 1990

Amends the Internal Revenue Code to repeal the limitations on taxable years which may be elected by a partnership, S corporation, or personal service corporation. Provides that a change of taxable year shall not be treated as a termination of an election to have a taxable year other than the required taxable year unless such change is to a required taxable year. Provides that if such entities terminate such election, then they are not eligible to make another election before five taxable years have passed, without the consent of the Secretary of the Treasury. Sets forth circumstances for making such an election without the consent of the Secretary. Provides that any loss for the short period resulting from a change in election: (1) shall not be allowed as a carryback to any preceding taxable year (and shall not be taken into account by any partner of a partnership, or shareholder of an S corporation); and (2) shall be taken into account by the entity (or partner or shareholder) ratably over the first six taxable years beginning after the short period.

Bill· SS. 2974 (101st)referred

A bill to amend the Internal Revenue Code of 1986 to extend the excise tax exemption to sales of certain trucks assembled by nonprofit educational organizations.

United States · United States Congress · 3 August 1990

Amends the Internal Revenue Code to exempt from the excise tax on heavy trucks and trailers sold at retail, any automobile truck, truck trailer, or semitrailer assembled by students and sold as part of a program included in the regular curriculum of a nonprofit educational organization, but only if the sale proceeds are used solely to defray program costs. Provides that any excise tax paid with respect to such sale shall be deemed to be an overpayment by the organization.

Bill· HRH.R. 5515 (101st)open

To amend the Internal Revenue Code of 1986 to provide credit for producing fuel from nonconventional sources.

United States · United States Congress · 3 August 1990

Amends the Internal Revenue Code to extend the income tax credit for producing fuel from a nonconventional source to qualified fuels: (1) from wells or facilities in service before January 1, 1993; and (2) sold before January 1, 1993. (The change represents a two-year extension of the credit.) Affirms natural gas found in tight sands formations as a qualified fuel with respect to the credit.

Bill· HRH.R. 5454 (101st)open

Technical Corrections Act of 1990

United States · United States Congress · 3 August 1990

Technical Corrections Act of 1990 - Amends the Internal Revenue Code to make technical amendments related to the Revenue Reconciliation Act of 1989 concerning: (1) the extension and modification of the low-income housing credit; (2) the extension and modification of the credit for increasing research activities; (3) the interest deduction treatment of certain high yield original issue discount obligations; (4) the limitation on the deduction for certain interest paid to a related person; (5) limitations on refunds due to net operating loss carrybacks or excess interest allocable to corporate equity reduction transactions; (6) limitations on partial exclusion of interest on loans used to acquire employer securities; (7) the taxable year of certain foreign corporations; (8) special rules for exchanges of property between related persons; (9) exceptions from the arbitrage rebate requirement; (10) nondiscrimination requirements of the taxability of beneficiaries under annuities purchased by tax-exempt organizations or public schools; and (11) disallowance of the marital deduction where the surviving spouse is not a U.S. citizen. Makes amendments to the Internal Revenue Code related to the Technical and Miscellaneous Revenue Act of 1988 concerning: (1) corporate installment obligations; (2) application of uniform cost capitalization rules to certain farmers; (3) treaty-based return positions; (4) alternative minimum tax treatment of unearned income of minor children; (5) estate and gift taxes generally; (6) disallowance of the marital deduction where the spouse is not a U.S. citizen; (7) exclusion from gross income for income for U.S. savings bonds used to pay tuition and fees; and (8) distributions by cooperative housing corporations. Makes miscellaneous amendments concerning: (1) sales to comply with conflict-of-interest requirements; (2) the generation-skipping transfer tax; (3) treatment of certain partnership interests; and (4) treatment of certain separated employees.

Bill· HRH.R. 5542 (101st)referred

To amend the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974 to permit certain projected benefit increases to be taken into account in determining the amount of the full-funding limitation, and to amend such Code to increase the excise tax on employer reversions from qualified plans.

United States · United States Congress · 3 August 1990

Amends the Internal Revenue Code and the Employee Retirement Income Security Act of 1974 to permit 90 percent of projected current liability to be taken into account in determining the amount of the full-funding limitation under pension plans. Defines projected current liability to include projected increases in liabilities to employees and their beneficiaries resulting from future increases in compensation if such increases were assumed to occur at a specified annual rate. Increases the tax on employer reversions from a qualified plan from 15 percent to 30 percent.

Bill· HRH.R. 5537 (101st)referred

To amend the Internal Revenue Code of 1986 to provide a deduction for tuition paid for the college education of children of the taxpayer.

United States · United States Congress · 3 August 1990

Amends the Internal Revenue Code to allow an individual a deduction for 30 percent of the amount of tuition expenses paid to one or more eligible educational institutions for the education of any of the taxpayer's dependent children. Reduces such deduction by five percent for each $1,000 by which the adjusted gross income of the taxpayer exceeds $40,000 ($80,000 in the case of a joint return). Excludes such deduction from the two-percent floor on miscellaneous itemized deductions.

Bill· HRH.R. 5501 (101st)referred

To amend the Internal Revenue Code of 1986 to provide for a carryover basis of property at death, indexing the basis of certain property, and for othe purposes.

United States · United States Congress · 3 August 1990

Title I: Carryover Basis at Death: Amends the Internal Revenue Code (relating to the gain or loss on disposition of property) to provide for determining the carryover basis for property acquired from a decedent dying after December 31, 1990, and valued at $600,000 or more. Describes carryover basis property as that which is acquired from or passed from a decedent who died after December 31, 1990, and which is not excluded under this Act. Permits the limited recognition of gain when the executor of an estate uses certain appreciated carryover basis property to satisfy the right of a person to receive a pecuniary bequest. Establishes a procedure for the binding determination of the initial basis of carryover basis property. Requires estate executors to: (1) file information returns in connection with carryover basis property; and (2) provide written notice to recipients of such property. Prescribes penalties for failure to report. Title II: Indexing of Certain Assets Acquired After June 30, 1990 for Purposes of Determining Gain - Provides for determining gain on the sale or other disposition by an individual of an indexed asset which has been held for more than one year. Describes an indexed asset as any stock in a corporation and any tangible property (or any interest therein) which is a capital asset or property used in a trade or business and the holding period of which begins after June 30, 1990. Provides that the gain from the sale or other disposition of an indexed asset shall not be taken into account for purposes of determining investment income. Repeals the maximum capital gains rate. Allows a taxpayer other than a corporation, if the taxpayer holds any readily tradable security on July 1, 1990, and the closing market price of such security on such date exceeds its adjusted basis, to elect to treat such security as having been sold on such date for an amount equal to its closing market price (and as having been re-acquired on such date for an amount equal to such closing market price).

Bill· HRH.R. 5493 (101st)referred

Productive Investment Incentive Act

United States · United States Congress · 3 August 1990

Productive Investment Incentive Act - Amends the Internal Revenue Code to allow a business expense deduction for up to $250,000 (currently, $10,000) of depreciable business assets if property is used as an integral part of manufacturing, production, or extraction. Reduces such allowance by the amount by which the cost of such property exceeds $1,000,000 (currently, $200,000) for a taxable year. Excludes such depreciation deduction from the alternative minimum tax.

Bill· HRH.R. 5485 (101st)referred

To provide for the deductibility of certain mortgage interest and real property taxes by Federal employees receiving overseas housing allowances.

United States · United States Congress · 3 August 1990

Provides that a payment or allowance shall be treated as a military housing allowance under the Internal Revenue Code for purposes of the deductibility of mortgage interest and real property taxes, if such payment was provided: (1) to a Federal employee stationed outside the continental United States; and (2) for expenses similar to the expenses for which any military housing allowance is provided.

Bill· HRH.R. 5491 (101st)referred

To amend the Internal Revenue Code of 1986 to permit a deduction for certain educational costs of licensed practical or vocational nurses.

United States · United States Congress · 3 August 1990

Amends the Internal Revenue Code to allow an itemized deduction for the qualified nursing educational expenses paid or incurred by a licensed practical or vocational nurse enrolled in a course of study leading to qualification as a registered nurse. Allows such deduction in computing adjusted gross income.

Bill· HRH.R. 5504 (101st)referred

To amend the Internal Revenue Code of 1986 with respect to the treatment of governmental plans.

United States · United States Congress · 3 August 1990

Amends the Internal Revenue Code to exclude State and local governmental plans from the limitation on benefits exceeding 100 percent of the participant's average compensation for the high three years. Provides that qualified governmental excess benefit arrangements shall not be taken into account in determining whether pension plans meet the limitations on benefits and contributions of qualified plans. Requires taxation of such benefits as if they were provided under a deferred compensation plan maintained by a corporation not exempt from tax which does not meet the requirements of qualified pension, profit-sharing, and stock bonus plans. Exempts disability income received as a pension, annuity, or similar allowance as a result of personal injuries or sickness from the reduced dollar limitation for defined benefit plans where the employee has less than ten years participation or the retirement benefit begins before the social security retirement age. Repeals the special rule for State and local government plans which requires such limitation to equal the accrued benefit.

Bill· HRH.R. 5496 (101st)referred

To amend the Internal Revenue Code of 1986 to allow the targeted jobs credit for hiring economically disadvantaged veterans who are discharged involuntarily as a result of budget cuts.

United States · United States Congress · 3 August 1990

Amends the Internal Revenue Code to allow the targeted jobs credit for hiring an involuntarily discharged economically disadvantaged veteran. Describes such veteran as one who: (1) has served on active duty for more than 180 days, or has been discharged or released from active duty for a service-connected disability; (2) has been involuntarily discharged or released (other than dishonorably) after September 30, 1990; (3) has not had a day of extended active duty during the 28-day period ending on the hiring date; and (4) is a member of an economically disadvantaged family.

Bill· HRH.R. 5484 (101st)referred

To amend the Internal Revenue Code of 1986 to modify the provisions permitting certain entities to elect a taxable year other than the required year.

United States · United States Congress · 3 August 1990

Amends the Internal Revenue Code to repeal the limitations on taxable years which may be elected by a partnership, S corporation, or personal service corporation. Provides that a change of taxable year shall not be treated as a termination of an election to have a taxable year other than the required taxable year unless such change is to a required taxable year. Provides that if such entities terminate such election, then they are not eligible to make another election before five taxable years have passed, without the consent of the Secretary of the Treasury. Sets forth circumstances for making such an election without the consent of the Secretary. Provides that any loss for the short period resulting from a change in election: (1) shall not be allowed as a carryback to any preceding taxable year (and shall not be taken into account by any partner of a partnership, or shareholder of an S corporation); and (2) shall be taken into account by the entity (or partner or shareholder) ratably over the first six taxable years beginning after the short period.

Bill· HRH.R. 5455 (101st)referred

Small Business Tax Incentive Act of 1990

United States · United States Congress · 3 August 1990

Small Business Tax Incentive Act of 1990 - Title I: Treatment of Costs of Providing Nondiscriminatory Public Accommodations - Amends the Internal Revenue Code to allow a tax credit for small businesses for the expense of providing public accommodations access to the disabled. Makes such tax credit a part of the general business credit for eligible small businesses. Reduces the tax deduction for expenditures to remove architectural and transportation barriers to the handicapped and elderly. Title II: Other Provisions - Repeals a provision that disallows the income tax deduction of 25 percent of the health insurance costs of self-employed individuals after tax year 1989 (thus extending the deduction permanently). Revises provisions regarding the review of the impact of tax regulations on small businesses with respect to procedures in promulgating final regulations. Requires the booklets of instructions for individual income tax returns to include pie-shaped graphs showing the relative sizes of the major outlay and income categories.

Bill· HRH.R. 5448 (101st)referred

Medicare-Medicaid Reimbursement Act of 1990

United States · United States Congress · 2 August 1990

Medicare-Medicaid Reimbursement Act of 1990 - Amends the Internal Revenue Code to impose an additional occupational tax on manufacturers and importers of cigarettes equal to the amount of smoking-related medical costs multiplied by the percentage of cigarettes sold during the preceding year in the United States. Sets forth the smoking-related medical costs for the three-year period beginning after December 31, 1990. Declares the costs for the three-year period beginning after December 31, 1993, to be the amount determined to be equal to: (1) the average annual amount estimated to have been expended for the care and treatment of smoking-related cancers, circulatory system diseases, and respiratory diseases under title XVIII of the Social Security Act (Medicare); and (2) the average annual amount of estimated expenditures under title XIX of such Act (Medicaid) for such cancers and diseases. Appropriates a portion of increased cigarette tax revenues to the Federal Hospital Insurance Trust Fund and the Federal Supplementary Medical Insurance Trust Fund under the Medicare program for smoking-related medical costs. Authorizes appropriations of a portion of such revenues to the Medicaid program for such costs.

Bill· HRH.R. 5442 (101st)referred

Fairness and Competitive Foreign Income Tax Act of 1990

United States · United States Congress · 2 August 1990

Fairness and Competitive Foreign Income Tax Act of 1990 - Amends the Internal Revenue Code to repeal the limitation to 90 percent of tax applied to the alternative minimum tax foreign tax credit. Requires that both the assets of and the interest paid by foreign affiliates be considered in the process of allocating interest when determining the taxable foreign source income of an affiliated group for purposes of foreign tax credit limitations. Amends source rules with respect to the sales of stock of affiliates. Provides for the treatment of the sale of a foreign partnership interest under separate income limitations relating to income outside the United States and for the treatment of the sale of a partnership interest under source rules. Provides, with respect to subpart F income (types of income generally suited to tax haven activity) of a controlled foreign corporation, that all pre-1987 (post-1962) accumulated deficits shall offset similar subpart F income earned after 1986. Amends foreign tax credit provisions to provide for recapture of the amounts by which a taxpayer's gross income from U.S. sources is exceeded by the amount of the deductions properly allocated to such sources. Requires that subsequent U.S.-source income, in an amount related to the recaptured domestic loss, be treated as income from foreign sources. Eliminates the separate category treatment of section 902 corporations (corporations which own ten percent or more of voting stock of foreign corporations). Provides that dividends, interest, rents, and royalties from the sale of stock in such companies shall not be treated as income in a separate category. Revises the tax rules applicable to corporations that meet the 80 percent foreign business requirements. Makes the special rules on passive foreign investment companies inapplicable to a taxpayer with respect to a corporation if such corporation is a controlled foreign corporation and the taxpayer is a United States shareholder with respect to such corporation. Makes permanent the rules on qualified research and experimental expenditures. Prohibits the allocation or apportionment of any deduction for State or local income or franchise tax to gross income from sources outside the United States. Revises the method of determining the amount of foreign tax credit by taking into account foreign taxes attributable to earnings and profits, dividends, and certain stocks.

Bill· SS. 2947 (101st)referred

A bill to amend the Internal Revenue Code of 1986 to allow a deduction for a portion of residential telephone expenses of day care facilities.

United States · United States Congress · 1 August 1990

Amends the Internal Revenue Code to allow a deduction for a portion of residential telephone expenses if the taxpayer is required under State law to have a telephone in connection with the regular use of a portion of the residence to provide day care for children, for individuals who have attained age 65, or for individuals who are physically or mentally incapable of caring for themselves.

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