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201 records in US in 1986
United States · United States Congress · 8 May 1986
Expresses the sense of the Senate that contributions to individual retirement accounts should retain their full tax deductibility.
United States · United States Congress · 8 May 1986
Amends the United States Institute of Peace Act to authorize appropriations for FY 1987 and 1988 to carry out such Act.
United States · United States Congress · 8 May 1986
Simplified Employee Pension Improvements Act of 1986 - Amends the Internal Revenue Code to provide that contributions made by an employer on behalf of an employee to an individual retirement account or individual retirement annuity pursuant to a simplified employee pension shall be excluded from the gross income of the employee. Permits the employer contribution to a simplified employee pension to be made on the basis of the employer's taxable year rather than in relation to the calendar year ending within the employer's taxable year. Modifies the maximum contribution that an employer may make on behalf of the employee to a simplified employee pension. Modifies the requirement that the employer must cover an employee under a simplified employee pension if the employee has worked for the employer in three of the last five years, applying this rule either on a calendar year or fiscal year basis. Requires $300 earnings by an employee before an employer is required to make contributions to a simplified employee pension on behalf of the employee. Requires an annual cost-of-living adjustment to such dollar amount.
United States · United States Congress · 8 May 1986
Amends the Internal Revenue Code to allow an income tax credit for crude oil producers for maintaining economically unproductive oil wells. Sets the amount of such credit as the amount equal to the excess of an oil well's operating costs allocable to a barrel of oil over the sales price of the barrel (but in no event more than $3.50 per barrel). Provides for a ten-year carryback and a five-year carryover of such credit. Repeals the rule that limits the percentage depletion allowance for oil and gas properties to 50 percent of a taxpayer's net income from the property. Revises the minimum tax treatment rules for insolvent oil producers to provide that an insolvent taxpayer who transfers property used in the active conduct of a trade or business of exploring for or producing crude oil is not required to treat the net capital gain on a transfer as a tax preference if the transfer was made to a creditor in cancellation of indebtedness or to a third party under a threat of foreclosure. Limits such treatment revision to persons who have derived at least 50 percent of the gross income from an oil exploration or production business. Repeals specified rules which currently disqualify certain properties from: (1) the percentage depletion allowance deduction; and (2) the stripper well oil exemption from the windfall profit tax.
United States · United States Congress · 8 May 1986
Amends the Internal Revenue Code to permit qualified pension and annuity plans to make distributions to participants for purposes of acquiring, constructing, or rehabilitating a dwelling unit if: (1) within a reasonable period of time such dwelling unit is to be used as the principal residence of the participant; and (2) such participant has not previously received a distribution for such purposes.
United States · United States Congress · 8 May 1986
Title I: Short Title; Findings - Child Care Act of 1986 - Sets forth congressional findings regarding the child care policies of the country. Title II: Dependent Care Tax Credit and Voucher System - Part 1: Changes in Dependent Care Tax Credit - Amends the Internal Revenue Code to disallow dependent care tax credits when a taxpayer's adjusted gross income exceeds $50,000. Provides for a yearly cost-of-living adjustment to both base and ceiling amounts. Disallows such credit where any of the employment-related expenses are paid with any vouchers. Part 2: Voucher System for Child Care - Directs the Secretary of Health and Human Services to make grants to each State having an approved plan for child care vouchers for certain low income individuals. Authorizes appropriations for FY 1987 through 1990. Directs the Secretary to establish criteria, standards, and a timetable for the State plan. Requires the Secretary to reimburse a State for 75 percent of its costs under such plan. Provides for proportional allotments based upon the amount received under title XX (Grants to States for Social Services) of the Social Security Act. Permits a State to use block grant funds for the voucher plan. States that the redemption of a voucher for child care services by a child care provider constitutes receipt of Federal funds for purposes of provisions of the Civil Rights Act of 1964 relating to racial discrimination. Prohibits sex discrimination by any child care program. Exempts child care providers serving seven or fewer children. Permits the Secretary to withhold payment from a noncomplying State. Excludes the amount of any voucher from determinations of income or resources for purposes of any Federal or State law. Requires each State to report biennially to the Secretary on the implementation of the plan including the amounts used on vouchers from block grant funds. Requires the Secretary to report to the Congress an analysis of the State reports.
United States · United States Congress · 8 May 1986
Expresses the sense of the House of Representatives that if the basis recovery rule for annuities of employees who contribute to their retirement program is changed in tax reform legislation, in no event should such change apply to individuals retiring before the date of enactment of such legislation.
United States · United States Congress · 7 May 1986
Intelligence Authorization Act for Fiscal Year 1987 - Title I: Intelligence Authorization - Authorizes appropriations for intelligence and intelligence-related 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. Restricts support for military and paramilitary operations in Nicaragua and Angola. Title II: Intelligence Community Staff - Authorizes appropriations for the Intelligence Community Staff for FY 1987. Establishes an end strength ceiling of 235 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 Retirement and Related Matters - Authorizes appropriations for the Central Intelligence Agency Retirement and Disability Fund for FY 1987. Amends the Central Intelligence Agency Retirement Act of 1964 for Certain Employees to provide that certain former spouses of CIA employees are entitled to a survivor annuity. 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. Title IV: Counterintelligence and Security - Allows the Director of the Federal Bureau of Investigation (FBI) and the Secretary of the Department of Defense to use funds for hosting counterintelligence consultations with foreign officials. Allows the FBI access to State and local criminal records for security clearances. Allows the Secretary of Defense to use the proceeds from counterintelligence operations conducted by components of the military departments to offset necessary and reasonable expenses. Grants the FBI access to the financial records of suspected foreign agents. Requires the Attorney General to inform specified congressional committees of all such requests. Title V: Administrative Authorities Relating to Intelligence Personnel - Grants Defense Intelligence Agency employees medical evacuation benefits. Extends through FY 1987 the Secretary's special authority to terminate the employment of Defense Intelligence Agency employees. Allows the Director of Central Intelligence to pay cash awards to members of the armed forces assigned to foreign intelligence duties for the performance of a special service in the public interest. Allows the Secretary of Defense to establish positions for civilian intelligence officers and employees of the military department to carry out necessary intelligence functions. Allows the Secretary to terminate the employment of any such employee whenever such action is in the interest of the United States. Authorizes the Secretary and the Director of Central Intelligence to establish undergraduate training programs for civilian employees of the National Security Agency and the CIA to develop skills critical to the mission of such agencies. Title VI: Miscellaneous - Allows the Secretary to authorize the Defense Mapping Agency to furnish data, supplies, and services to a foreign country or international organization. Amends the National Security Act of 1947 to consider the transfer of a defense article or service exceeding $1,000,000 in value by an intelligence agency to a recipient outside that agency as a significant anticipated intelligence activity for the purposes of such Act. Prohibits the transfer of any defense articles or services outside the agency where funds for the intelligence or intelligence-related activity were denied by the Congress.
United States · United States Congress · 7 May 1986
Amends the Federal Election Campaign Act of 1971 to authorize appropriations for the Federal Election Commission for FY 1987.
United States · United States Congress · 7 May 1986
Amends the Internal Revenue Code to allow taxpayers to: (1) direct the Internal Revenue Service to transfer any portion of their income tax refunds to a fund established to further the development of manned space flight; and (2) to make contributions to such a fund when paying their income taxes. Establishes in the Treasury the Challenger Trust Fund to be funded by amounts designated by taxpayers from the refunds for overpayment of taxes.
United States · United States Congress · 7 May 1986
Waives points of order against the consideration of H.R. 4515 (supplemental appropriations).
United States · United States Congress · 6 May 1986
Amends Federal law to establish an increased veterans' home loan guaranty limitation amount of $30,900,000,000 reduced by 4.3 percent for purposes of implementing any sequestration order issued by the President for FY 1986 calling for a reduction of such loan commitments.
United States · United States Congress · 6 May 1986
Expresses the sense of the Senate that the deduction for State and local taxes be retained in any Federal tax reform legislation.
United States · United States Congress · 1 May 1986
Access to Health Care Act of 1986 - Amends the Internal Revenue Code to impose an excise tax on large employers equal to ten percent of the expenses paid for employee health benefits if the employer does not participate in a State established qualified health insurance pooling association. Defines a "large employer" as an employer who has employed 20 or more individuals on each of 20 days during the taxable year. Defines a "qualified pooling association" as a State chartered nonprofit corporation which offers individuals and their dependents health insurance which: (1) has a limit of annual out-of-pocket expenses for covered services of $1,500 for individual coverage and $3,000 for family coverage; (2) has a lifetime benefit limit for any individual of not less than $500,000; (3) has deductibles which do not exceed $1,000; (4) denies services for preexisting conditions for no more than six months; (5) has a pool premium rate which does not exceed 150 percent of the average premium rates for comparable health insurance coverage; and (6) assesses losses of the pool equitably among all participating members. Amends title XIX (Medicaid) of the Social Security Act to require States to develop programs of health care assistance for the uninsured and the underinsured. Requires that such program must provide for payment for the unreimbursed costs incurred by each hospital in the State in furnishing medically necessary inpatient and outpatient services. Requires States to implement such a program by January 1, 1988, or on the first January 1st following State legislative sessions which do not occur before January 1, 1988, in order to continue to qualify for Federal matching funds for Medicaid administrative expenses. Denies an income tax deduction for employer contributions made to group health plans unless: (1) the employer allows terminated employees the option of continuing health insurance for a period of up to 22 months after termination (extended from 18 months); (2) the employer continues premium payments for health benefits for a period of four months after an employee has been involuntarily terminated; and (3) the employer provides an open-enrollment period when an employee's spouse has lost employment. Allows an income tax deduction for certain group health plan contributions for the benefit of self-employed individuals. Requires the Secretary of Health and Human Services to conduct studies and demonstration projects on ways to reduce the cost for small employers and self-employed individuals in obtaining health insurance. Requires the Secretary to report to the Congress on the results of such studies and demonstration projects not later than January 1, 1988.
United States · United States Congress · 1 May 1986
Health Care Improved Access Act of 1986 - Amends the Internal Revenue Code to impose an excise tax on large employers equal to ten percent of the expenses paid for employee health benefits if the employer does not participate in a State established qualified health insurance pooling association. Defines a "large employer" as an employer who has employed 20 or more individuals on each of 20 days during the taxable year. Defines a "qualified pooling association" as a State chartered nonprofit corporation which offers individuals and their dependents health insurance which: (1) has a limit of annual out-of-pocket expenses for covered services of $1,500 for individual coverage and $3,000 for family coverage; (2) has a lifetime benefit limit for any individual of not less than $500,000; (3) has deductibles which do not exceed $1,000; (4) denies services for preexisting conditions for no more than six months; (5) has a pool premium rate which does not exceed 150 percent of the average premium rates for comparable health insurance coverage; and (6) assesses losses of the pool equitably among all participating members. Amends title XVIII (Medicare) of the Social Security Act to require States to develop programs of health care assistance for the uninsured and the underinsured. Requires that such program must provide for payment for the unreimbursed costs incurred by each hospital in the State in furnishing medically necessary inpatient and outpatient services. Requires States to implement such a program by January 1, 1988, or on the first January 1st following State legislative sessions which do not occur before January 1, 1988, in order to continue to qualify for Federal matching funds for Medicare administrative expenses. Denies an income tax deduction for employer contributions made to group health plans unless: (1) the employer allows terminated employees the option of continuing health insurance for a period of up to 22 months after termination (extended from 18 months); (2) the employer continues premium payments for health benefits for a period of four months after an employee has been involuntarily terminated; and (3) the employer provides an open-enrollment period when an employee's spouse has lost employment. Allows an income tax deduction for certain group health plan contributions for the benefit of self-employed individuals. Requires the Secretary of Health and Human Services to conduct studies and demonstration projects on ways to reduce the costs for small employers and self-employed individuals in obtaining health insurance. Requires the Secretary to report to the Congress on the results of such studies and demonstration projects not later than January 1, 1988.
United States · United States Congress · 1 May 1986
Amends the Internal Revenue Code to provide that citizens or residents of the United States who are in a foreign country in violation of an executive order shall not be permitted to exclude from income the foreign earned income from sources within such country or the housing expenses allocable for housing in such country.
United States · United States Congress · 1 May 1986
Provides a special rule in the House of Representatives for the remainder of the second session of the 99th Congress to prohibit extraneous matters in reconciliation bills considered pursuant to the most recently agreed to concurrent resolution on the budget for FY 1987.
United States · United States Congress · 30 April 1986
Terminates the authorization of appropriations for the Bureau of the Census after FY 1988.
United States · United States Congress · 30 April 1986
On-Site Day Care Tax Credit Act of 1986 - Amends the Internal Revenue Code to allow an income tax credit to employers for the expenses of establishing and operating an on-site dependent care facility. Sets the amount of such credit at: (1) 18 percent of the qualified first year dependent care expenses; (2) ten percent of the qualified second year dependent care expenses; and (3) ten percent of the qualified third or fourth year dependent care expenses. Allows an increased credit where cost reductions are provided to employees with low or moderate incomes. Defines "qualified dependent care expenses" as expenses paid or incurred during the first and second year of operation and wages paid to individuals performing dependent care services during the third or fourth year of operation of such a facility. Limits such credit to taxable years beginning after December 31, 1986, and before January 1997.
United States · United States Congress · 30 April 1986
Provides that, for taxable years beginning after 1984, rural letter carriers are permitted to compute the amount of their deduction for use of their automobiles in performance of such services: (1) by using a standard mileage rate for all such miles of such use equal to 150 percent of the basic standard rate; or (2) without applying the limitation on deductions rules where the business use of the automobile used in performing such services is not greater than 50 percent of the time. Prohibits the use of 150 percent of the basic standard mileage rate in determining the allowable deduction where the taxpayer claimed an investment tax credit or depreciation deduction for such automobile.
United States · United States Congress · 30 April 1986
Expresses the sense of the House of Representatives that the Director of the Congressional Budget Office, in conjunction with the Director of the Office of Management and Budget, shall report revised estimates of total revenues, budget authority, outlays, and the deficit for FY 1987 through 1991 to the Congress by May 16.
United States · United States Congress · 29 April 1986
Amends Federal law to establish an increased veterans' home loan guaranty limitation amount of $30,900,000,000 reduced by 4.3 percent for purposes of implementing any sequestration order issued by the President for FY 1986 calling for a reduction of such loan commitments.
United States · United States Congress · 29 April 1986
Tax Exemption Equity Act of 1986 - Amends the Internal Revenue Code to deny status as a tax-exempt organization to any organization which directly or indirectly performs, finances, or provides facilities for any abortion. Denies the income, estate, and gift tax charitable contribution deductions for amounts contributed to such organizations.
United States · United States Congress · 29 April 1986
Provides that employee benefit plans required to be amended to meet the requirements of the Tax Equity and Fiscal Responsibility Act of 1982, the Tax Reform Act of 1984, and the Retirement Equity Act of 1984 shall be granted additional time to comply with requirements imposed by such legislation.
United States · United States Congress · 29 April 1986
Amends the Internal Revenue Code to repeal the windfall profit tax on domestic crude oil.
United States · United States Congress · 29 April 1986
Amends the Internal Revenue Code to provide that a married individual living apart from a spouse shall be treated as unmarried if: (1) such individual maintains as home a household which constitutes such individual's principal place of abode during the entire taxable year; (2) such individual furnishes over one-half the cost of maintaining such household during the taxable year; and (3) the individual's spouse was not a member of such household during the taxable year.
United States · United States Congress · 29 April 1986
Sets forth the rule for the consideration of H.R. 4208 (Coast Guard funding).
United States · United States Congress · 29 April 1986
Sets forth the rule for the consideration of H.R. 4409 (Panama Canal Commission funding).
United States · United States Congress · 28 April 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 preferential basis.)
United States · United States Congress · 28 April 1986
Department of Justice Appropriations Authorization Act, Fiscal Year 1987 - Title I: 1987 Fiscal Year Authorization - Authorizes appropriations for FY 1987 to the Department of Justice for: (1) general administration; (2) the United States Parole Commission; (3) general legal activities; (4) the Foreign Claims Settlement Commission of the United States; (5) the Antitrust Division; (6) the United States Marshals Service; (7) the oversight of bankruptcy cases; (8) the support of United States prisoners in non-Federal institutions; (9) fees and expenses of witnesses; (10) the Community Relations Service; (11) the Federal Bureau of Investigation (FBI); (12) the Drug Enforcement Administration (DEA); (13) the Immigration and Naturalization Service; and (14) the Federal Prison System. Title II: Permanent Enabling Legislation - Provides general authorizations for: (1) payments to witnesses; (2) compensation to victims injured by protected witnesses; (3) travel expenses; (4) construction of new law enforcement facilities; (5) leasing automobiles; (6) purchasing firearms and ammunition; (7) emergency expenses; and (8) providing benefits for employees serving overseas. Authorizes the Attorney General to collect fees from State, local, and private agencies to defray the costs of services provided by the FBI, the DEA, and the National Institute of Corrections. Authorizes the Attorney General to accept, subject to specified restrictions, gifts for the purpose of aiding or facilitating the work of the Department of Justice. Provides guidelines for the use of appropriations by the Attorney General for: (1) the FBI; (2) the DEA; (3) the Immigration and Naturalization Service; and (4) the Bureau of Prisons. Provides guidelines with respect to authorization and exemptions which may be utilized for undercover operations conducted by the FBI, the DEA, the Immigration and Naturalization Service, and the United States Marshals Service. Directs the Attorney General to appoint one United States trustee in bankruptcy for each of the following districts: (1) the Eastern District of Michigan; and (2) the Northern District of Ohio. Allows the chief executive officer of a Federal penal or correctional facility to order an autopsy to be performed on the body of a deceased inmate. Authorizes the Federal Prison Industries, Incorporated, and the Foreign Claims Settlement Commission of the United States to make certain expenditures. Title III: United States Marshals Service - Establishes the United States Marshals Service as a bureau within the Department of Justice. States that the Service shall be under the authority and direction of the Attorney General. Directs the President to appoint a United States Marshal for each judicial district of the United States. Specifies the powers and duties of the Service. Authorizes certain witness security expenses. Prescribes the schedule of fees that the Service may collect. Title IV: Program Reductions and Terminations - Amends the Victims of Crime Act of 1984 to require that funds in excess of a certain amount within the Crime Victims Fund be deposited in the general fund of the Treasury. Amends the Comprehensive Crime Control Act of 1984 to repeal the authority of: (1) the Attorney General to make grants to State and local governments to assist in suppressing the diversion of controlled substances from legitimate medical, scientific, and commercial use; (2) the Director of Justice Assistance to make grants to State and local governments for the construction of correctional facilities; (3) the Administrator of the Office of Juvenile Justice and Delinquency Prevention to make grants to State and local governments for juvenile justice programs; and (4) the Director of the Bureau of Justice Assistance to make grants to State and local governments for certain programs to improve the functioning of the criminal justice system. Title V: Tables of Chapters and Sections - Makes technical changes to the United States Code.
United States · United States Congress · 24 April 1986
Amends the Internal Revenue Code to disallow, while a declaration of national emergency is in effect: (1) a foreign income tax credit for any income, war profits, or excess profits taxes paid or accrued to Libya; (2) a business expense income tax deduction for any such taxes paid to Libya; and (3) the income tax exclusion of earned income of U.S. citizens living abroad for any income attributable to Libya. Describes such a declaration as a declaration by the President of a national emergency under the International Emergency Economic Powers Act after a finding that the policies and actions of Libya constitute an unusual and extraordinary threat to the national security and foreign policy of the United States.
United States · United States Congress · 24 April 1986
Expresses the sense of the Senate that the Director of the Congressional Budget Office, in conjunction with the Director of the Office of Management and Budget, shall report revised estimates of total revenues, budget authority, outlays, and the deficit for FY 1987 through 1991 to the Congress by May 16.
United States · United States Congress · 23 April 1986
Provides that any cost-of-living adjustment in military retirement and survivor benefit programs provided by law to take effect during FY 1987 shall be made in accordance with such law and not subject to any reduction, suspension, or contrary presidential order. Defines "military retirement and survivor benefit programs."
United States · United States Congress · 23 April 1986
Amends the Internal Revenue Code to disallow, while a declaration of national emergency is in effect: (1) a foreign income tax credit for any income, war profits, or excess profits taxes paid or accrued to Libya; (2) a business expense income tax deduction for any such taxes paid to Libya; and (3) the income tax exclusion of earned income of U.S. citizens living abroad for any income attributable to Libya. Describes such a declaration as a declaration by the President of a national emergency under the International Emergency Economic Powers Act after a finding that the policies and actions of Libya constitute an unusual and extraordinary threat to the national security and foreign policy of the United States.
United States · United States Congress · 23 April 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. Requires the Secretary of State to identify foreign countries which repeatedly provide support for acts of international terrorism.
United States · United States Congress · 23 April 1986
Amends the Internal Revenue Code to increase the percentage depletion allowance for oil and gas wells from 15 percent to 27 1/2 percent. Allows a percentage depletion allowance for stripper well oil and natural gas production of certain retailers and refiners.
United States · United States Congress · 22 April 1986
Amends the Consolidated Omnibus Budget Reconciliation Act of 1985 to allow an extension of time for the filing of claims for credit or refund of Federal income taxes for insolvent farmers who were exempted by such Act from the alternative minimum tax on capital gains realized on the transfer or sale of farmland under threat of foreclosure or in cancellation of indebtedness.
United States · United States Congress · 22 April 1986
Amends the Internal Revenue Code to require the Internal Revenue Service to reimburse State and local law enforcement agencies that provide information which substantially contributes to the recovery of Federal taxes. Limits the amount of such reimbursement to ten percent of the sum ultimately recovered.
United States · United States Congress · 22 April 1986
Enterprise Zone Act of 1986 - Title I: Designation of Enterprize Zones - Amends the Internal Revenue Code to provide for the designation of enterprise zones by the Secretary of Housing and Urban Development for purposes of extending the tax incentives and regulatory flexibility measures provided by this Act. Provide that State and local governments shall nominate areas for such designation. Limits the designation of enterprise zones to 75 nominated areas over a 36-month period (one-third of which must be in rural areas). Limits the period during which such designations shall remain in effect. Provides that the Secretary may designate such zones only if: (1) the area is within the jurisdiction of the local government; (2) the boundary of the area is within jurisdiction of the local government; (2) the boundary of the area is continuous; (3) the area has a population of at least 4,000 if any portion thereof is located within a standard metropolitan statistical area (with a population of at least 50,000) or 1,000 otherwise, or is within an Indian reservation; and (4) the area meets specified unemployment and poverty requirements. Provides that such a designation shall not take effect unless an inventory of historic properties has been taken. 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, simplifying or streamlining regulation of business, receiving commitments of private entities to assist employees and residents of the area, and increasing the equity ownership of residents and employees within the enterprise zones. Terminates the authority of the Secretary to designate enterprise zones on December 31, 1989, or those 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 prepare and submit to the Congress every four years a report on the effects of such enterprise zones' designation. 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 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. Exempts enterprise zones from certain requirements relating to Federal environmental policy. Title II: Federal Income Tax Incentives - Subtitle A: Credits for Employers and Employees - Allows employers located in enterprise zones a nonrefundable income tax credit for increased employment of the disadvantaged. Allows a three-year carryback and 15-year carryover of such credit. Sets the amount of such credit at ten percent of the increase in payroll (taking into account a maximum of $17,500 in wages per year per employee) plus 50 percent of the wages paid to certain disadvantaged workers for the first three years of the enterprise zone designation. Disallows a deduction for the portion of wages taken into account for such credit. Allows employees located in enterprise zones a nonrefundable income tax credit equal to five percent of qualified wages earned per year (taking into account a maximum of $7,000 in wages per year). Phases out such credit in the last three 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 investment in certain tangible property located in enterprise zones. Limits such credit to five percent for zone personal property and ten percent for new zone construction property, including rental property. Requires that the property subject to such credit be predominantly used in the zone, be purchased after zone designation, and not be acquired from relatives or related corporations. Requires the recapture of such credit upon early disposition of the property. Phases out such credit in the last three years of the enterprise zone designation. Subtitle C: Repeal of Capital Gains Tax - Eliminates the capital gains tax on property of corporations acquired after the enterprise zone designation and used in a zone business. Qualifies certain low-income rental housing located in an enterprise zone for such treatment. Permits property to remain qualified for purposes of the revised capital gains treatment after a designation of an enterprise zone has terminated. Exempts gain from the sale or exchange of property used in a business in an enterprise zone from the computation of the minimum tax. Allows noncorporate taxpayers to deduct from gross income 100 percent of any net capital gain from qualified enterprise zone property. Subtitle D: Rules Relating to Industrial Development Bonds - Provides that limitation 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 E: 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. Title III: Regulatory Flexibility - Revises the definition of "small entity" for purposes of the analysis of regulatory functions to include qualified businesses (as defined in title II of this Act) and governments 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.
United States · United States Congress · 22 April 1986
Amends the Internal Revenue Code to impose an import fee on: (1) the first sale within the United States of any crude oil or any refined petroleum product imported into the United States; and (2) the use within the United States of any crude oil or any refined petroleum product imported into the United States if no such tax has been imposed prior to such use. Exempts from such tax crude oil or refined petroleum products purchased for export. Sets the rate of such tax as the difference between $20 per barrel and the average world price of crude oil per barrel.
United States · United States Congress · 22 April 1986
Sets forth the rule for the consideration of H.R. 4421 (public assistance programs funding).
United States · United States Congress · 21 April 1986
Amends the Internal Revenue Code to impose a $500 excise tax on the sale by the manufacturer of each automobile that does not contain a qualified passive restraint system to protect front-seat occupants. Requires that all occupants be protected by passive restraint systems in automobiles manufactured after September 1, 1999. Directs the Secretary of the Treasury to submit a legislative proposal to the Congress designed to make the amount of the excise tax imposed on any vehicle commensurate with the average charge for qualified passive restraint systems as optional equipment. Directs the Secretary to return the revenues raised by such excise tax on a pro rata basis to purchasers of passenger automobiles with qualified restraint systems.
United States · United States Congress · 21 April 1986
Amends the Internal Revenue Code to allow a percentage depletion income tax deduction for proven oil and gas wells which have been transferred to a new owner. (Present law disallows such a deduction after a transfer to a new owner.) Provides that the exemption of stripper well oil from the windfall profit tax shall apply after a transfer of such a well to a new owner. (Present law disallows such an exemption after the transfer of a stripper well.)
United States · United States Congress · 17 April 1986
Amends the Consolidated Omnibus Budget Reconciliation Act of 1985 to allow an extension of time for the filing of claims for credit or refund of Federal income taxes for insolvent farmers who were exempted by such Act from the alternative minimum tax on capital gains realized on the transfer or sale of farmland under threat of foreclosure or in cancellation of indebtedness.
United States · United States Congress · 17 April 1986
Waives points of order against the consideration of H.R. 4515 (supplemental appropriations).
United States · United States Congress · 16 April 1986
Amends the Internal Revenue Code to allow certain taxpayers an election to take an income tax credit in an amount equal to the taxpayer's payment for B-stock which becomes or has become worthless due to the failure of a production credit association. Defines "B-stock" as stock or participation certificates issued under the Farm Credit Act of 1971. Defines a "production credit association" as an association organized under specified provisions of the Farm Credit Act of 1971.
United States · United States Congress · 16 April 1986
Amends the Internal Revenue Code to provide that the distributable amount of a private foundation (i.e., an amount which serves to reduce the taxable income of the foundation) shall be reduced by any amounts incurred in the remedial or removal costs respecting a hazardous substance released at a foundation-owned or operated facility, except as specified.
United States · United States Congress · 15 April 1986
Amends the Internal Revenue Code to exclude from the gross income of a qualified cooperative housing corporation certain amounts, for closing costs or the creation of a reserve for the qualified cooperative housing corporation, received in connection with the refinancing of the indebtedness of such corporation. Provides that, with respect to any payment from a qualified refinancing-related reserve out of amounts excluded from gross income, no deduction shall be allowed in computing its income, and the basis of any property acquired with such payment shall be reduced by the amount of such payment.
United States · United States Congress · 15 April 1986
Amends the Internal Revenue Code to provide that if any firearm required to be registered in the National Firearms Registration and Transfer Record is not so registered then provisions relating to judicial action to enforce forfeiture and the treatment of seized personal property valued at $2,500 or less shall not apply to any such firearm. Provides that if such a firearm is seized by the United States then: (1) no property rights shall exist in such firearm; and (2) such firearm shall be summarily forfeited to the United States. Allows reimbursement to the owner of forfeited firearms in certain specified circumstances. Revises provisions concerning the registration of firearms dealers, importers, and manufacturers to provide for registration in each State where such business is to be carried on rather than in each internal revenue district. Revises rules relating to the filing of returns of alcohol, tobacco, and firearms taxes.
United States · United States Congress · 15 April 1986
Amends the Internal Revenue Code to repeal the safe harbor exemption from the pension requirements of qualified employee benefit plans in the case of leased employees covered by a plan which is maintained by the leasing organization. Revises the definition of a leased employee for purposes of qualified employee benefit plans. Provides that a "leased employee" shall include any person who is not an employee of the recipient and who provides services to the recipient if: (1) such person has performed such services for the recipient on a substantially full-time basis for a period of at least one year; and (2) such services are of a type historically performed in the business field of the recipient or performed for the recipient on a long-term basis during each of the three preceding plan years. Requires that any regulations prescribed with respect to employee leasing shall include provisions to minimize the recordkeeping requirements of an employer using the services of persons (other than employees) for a small percentage of the employer's total workload and only on a short-term basis.