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251 records in US in 1986
United States · United States Congress · 15 April 1986
Amends the Internal Revenue Code to provide that the full amount of excise taxes imposed on rum produced in the Virgin Islands shall be covered over to the treasury of the Virgin Islands.
United States · United States Congress · 15 April 1986
Business Alternative Minimum Tax Act of 1986 - Title I: Business Alternative Minimum Tax - Amends the Internal Revenue Code to impose a business alternative minimum tax equal to seven percent of the sum of: (1) the net business receipts of the taxpayer for the taxable year; plus (2) the customs value plus customs duties and any other duties, or the fair market value, of property imported into the United States. Permits the taxpayer a credit against the business alternative minimum tax equal to the sum of the tax benefit credit carryforwards carried to such taxable year, plus the amount of the current year tax benefit credit. Defines "current year tax benefit credit." Provides rules for calculating the carryforward of unused tax benefit credits. Defines "net business receipts," "business receipts," and "business expenses." Provides special rules for determining the business receipts and business expenses of the taxpayer. Exempts from the business alternative minimum tax: (1) taxpayers whose business receipts for the taxable year do not exceed $10,000,000; (2) governmental entities; and (3) tax-exempt organizations. Requires that a return for the business alternative minimum tax be filed no later than the time for filing the income tax return. Requires taxpayers to make estimated payments of the business alternative minimum tax. Makes individuals, rather than partnership entities, liable for the business alternative minimum tax. Makes individual shareholders of an S corporation liable for the business alternative minimum tax in their individual or separate capacities. Requires the shareholder to take into account the pro rata share of the net business receipts of the S corporation in determining the business alternative minimum tax. Repeals the corporate minimum tax. Title II: Recovery of Capital Cost Recovery Provisions - Makes adjustments to the accelerated cost recovery system percentages for the various classes of property. Terminates the regular investment tax credit percentage for any property placed in service after December 31, 1985. Provides an exception to the repeal of the regular investment tax credit for qualified progress expenditures for periods before January 1, 1986. Provides special rules pertaining to the regular investment tax credit with respect to public utility property.
United States · United States Congress · 15 April 1986
Farm Tax Relief Act of 1986 - Amends the Internal Revenue Code to exclude from the gross income of a qualified farmer any income which would be includible in gross income by reason of a discharge of an indebtedness of the farmer, regardless of whether the farmer is insolvent immediately before the discharge. Defines a "qualified farmer" as one who, immediately before the discharge of the indebtedness: (1) had a debt to asset ratio exceeding 70 percent; and (2) earned at least 50 percent of gross income in the preceding taxable year in the trade or business of farming.
United States · United States Congress · 15 April 1986
Authorizes the Government National Mortgage Association and the Federal Housing Administration to enter into additional specified FY 1986 commitments to guarantee mortgage-backed securities and insure loans under the National Housing Act.
United States · United States Congress · 15 April 1986
Expresses the sense of the Congress that the Congress will not approve any provision of any tax reform legislation which changes the Federal income tax deduction allowable for payment of Federal excise taxes.
United States · United States Congress · 14 April 1986
Amends the Atlantic Tunas Convention Act of 1975 to authorize appropriations for FY 1987 and 1988.
United States · United States Congress · 14 April 1986
Makes appropriations for FY 1987 for the Sub-Saharan Africa Fund of the International Fund for Agricultural Development.
United States · United States Congress · 14 April 1986
Sets forth the rule for the consideration of a joint resolution containing the text of S.J. Res. 283 (Nicaraguan resistance aid). Waives points of order against the consideration of H.R. 4515 (supplemental appropriations).
United States · United States Congress · 10 April 1986
Expresses the sense of the House of Representatives that the present three-year basis recovery rule on the taxation of retirement annuities for government employees should be maintained and provisions requiring the repeal of such treatment in certain tax reform legislation (H.R. 3838) should be deleted.
United States · United States Congress · 9 April 1986
Amends the Internal Revenue Code to deny the tax exclusion for interest on industrial development bonds used to finance the acquisition of farm property by foreign persons. Defines a "foreign person" as: (1) any individual who is not a citizen or national of the United States; (2) any foreign corporation, foreign partnership, foreign trust, or foreign estate; (3) any domestic corporation more than ten percent of the value of the stock of which is held by one or more foreign persons; (4) any domestic partnership more than ten percent of the capital or profits interest in which is held by one or more foreign persons; or (5) any domestic trust more than ten percent of the beneficial interests in which is held by one or more foreign persons.
United States · United States Congress · 9 April 1986
Amends the American Folklife Preservation Act to extend through FY 1989 the authorization of appropriations for the American Folklife Center, located in the Library of Congress. Repeals a restriction on the Center's use of FY 1985 or 1986 funds to pay for any personnel position established after August 21, 1984.
United States · United States Congress · 9 April 1986
Authorizes appropriations for the Bureau of the Mint for FY 1987 and 1988.
United States · United States Congress · 8 April 1986
National Security Programs Authorization Act for Fiscal Years 1987 and 1988 - Title I: National Security Programs - Authorizes appropriations for the Department of Energy (DOE) for FY 1987 for plant and capital equipment and operating expenses in carrying out national security programs in the following areas: (1) weapons activities; (2) materials production; (3) defense waste and byproducts management; (4) verification and control technology; (5) nuclear safeguards and security; (6) security investigations; and (7) naval reactors development. Title II: General Provisions - Prohibits the use of funds authorized under this Act where the costs of the program exceed 105 percent of the program authorization or the costs exceed by more than $10,000,000 the amount authorized by this Act, whichever is the lesser. Prohibits the use of funds authorized by this Act for programs which have not been presented to or requested of the Congress unless the Secretary of Energy transmits to the appropriate committees a full and complete statement of the action proposed. Authorizes the Secretary to carry out any general plant project only if the maximum estimated cost of the project does not exceed $1,200,000. Sets forth procedures for the approval of projects which exceed by more than 25 percent their estimated cost, and exempts from such procedures any project which has an estimated cost of less than $5,000,000. Allows the transfer of funds from specified projects to other Government agencies for the performance of work for which the appropriation is made. Authorizes the Secretary to perform construction design services for construction projects in support of national security programs. Permits funds to remain available until expended if so specified in an appropriation Act. Title III: Authorization of Appropriations For Fiscal Year 1988 - Authorizes appropriations for programs under this Act for FY 1988 to DOE, such funds not to be available before FY 1988.
United States · United States Congress · 8 April 1986
Amends the Internal Revenue Code to deny the tax exclusion for interest on industrial development bonds used to finance the acquisition of farm property by foreign persons. Defines a "foreign person" as: (1) any individual who is not a citizen or national of the United States; (2) any foreign corporation, foreign partnership, foreign trust, or foreign estate; (3) any domestic corporation more than ten percent of the value of the stock of which is held by one or more foreign persons; (4) any domestic partnership more than ten percent of the capital or profits interest in which is held by one or more foreign persons; or (5) any domestic trust more than ten percent of the beneficial interests in which is held by one or more foreign persons.
United States · United States Congress · 27 March 1986
Provides that certain settlements of claims for post-retirement medical insurance coverage subject to a specified law suit shall be excluded from gross income for income tax purposes.
United States · United States Congress · 27 March 1986
Civilian Energy Programs Authorization for Fiscal Years 1987 and 1988 - Title I: Research and Development - Authorizes appropriations for FY 1987 for Department of Energy civilian research and development programs relating to: (1) general science and research activities; (2) energy supply research and development; (3) the Geothermal Resources Development Fund; (4) fossil energy research and development; and (5) energy conservation. Authorizes appropriations for construction, acquisition, and modification of facilities including land acquisition and acquisition and fabrication of capital equipment not related to construction for: (1) general science and research activities; (2) energy supply research and development; and (3) energy conservation. Title II: Conservation, Regulation, and Information - Authorizes appropriations for FY 1987 for the following appropriations accounts: (1) energy conservation; (2) economic regulation; (3) emergency preparedness; (4) Federal Energy Regulatory Commission; and (5) Energy Information Administration. Title III: Power Marketing Administration - Authorizes appropriations for FY 1987 for the following appropriations accounts: (1) Southeastern Power Administration; (2) Southwestern Power Administration; (3) Western Area Power Administration; and (4) Alaska Power Administration. Title IV: Other Activities - Authorizes appropriations for FY 1987 for: (1) uranium supply and enrichment activities; (2) departmental administration; (3) the Nuclear Waste Fund; (4) energy supply research and development; and (5) energy conservation. Authorizes appropriations for FY 1987 for construction, acquisition, or modification of facilities, including land acquisition, and for acquisition and fabrication of capital equipment not related to construction for: (1) uranium supply and enrichment activities; (2) departmental administration; (3) energy supply research and development; and (4) the Nuclear Waste Fund. Title V: Fiscal Year 1988 Authorization - Authorizes appropriations for FY 1988 to implement civilian energy programs. Title VI: Miscellaneous Provisions - Repeals certain requirements under the Omnibus Budget Reconciliation Act of 1981 relating to the Department of Energy Budget for FY 1983 and 1984. Amends the Department of Energy Organization Act to provide substitutes for certain ethnic descriptions.
United States · United States Congress · 27 March 1986
Title I: United States Information Agency - Amends the Foreign Relations Authorization Act, Fiscal Years 1986 and 1987 to increase the authorized appropriations for FY 1987 for the U.S. Information Agency. Decreases the amounts authorized to implement the Radio Broadcasting to Cuba Act and to fund the worldwide book program initiative.
United States · United States Congress · 27 March 1986
Board for International Broadcasting Authorization Act, Fiscal Year 1987 - Amends the Board for International Broadcasting Act of 1973 to increase the authorization for the Board for International Broadcasting for FY 1987. Increases the amount of such authorization earmarked for radio modernization.
United States · United States Congress · 27 March 1986
Prohibits any Senator from mailing or delivering to any postal facility any mass mailing from the date this resolution is adopted to seven days after such date. Establishes a formula for determining the amount that may be expended by Senators for mass mailings for the period beginning seven days after enactment of this resolution and ending September 30, 1986. Urges the House of Representatives to place similar limitations on its Members during such period.
United States · United States Congress · 27 March 1986
Expresses the sense of the Senate that provisions of title II (Old Age, Survivors and Disability Insurance) of the Social Security Act requiring at least a three-percent rise in the Consumer Price Index before a cost-of-living adjustment of benefits is made be suspended in 1987.
United States · United States Congress · 26 March 1986
Expresses the sense of the Senate, and instructs its committees and conferees, that the Senate: (1) will not approve any provisions relating to tax-exempt bonds in H.R. 3838 or similar legislation that will adversely affect the ability of States and their political subdivisions to finance infrastructure needs; (2) will retain incentives in the capital formation provisions of any tax reform legislation to encourage private investment in public infrastructure; and (3) will not approve any tax reform provisions that would adversely affect the tax-exempt status of bonds or other obligations of the States or their political subdivisions which comply with current law and which are issued prior to either January 1, 1987, or any later date provided in enacted law.
United States · United States Congress · 25 March 1986
Provides that a specified corporation whose assets were seized by the Government of Peru shall be entitled to claim, for income tax purposes, a deductible loss on the full value of its unrecovered assets reduced by the amount of any potential recovery by insurance or otherwise. Provides that the limitations on the foreign tax credit shall not apply to the taxes imposed by Peru on the corporation whose assets were seized.
United States · United States Congress · 25 March 1986
Elderly Veterans Care Act of 1985 - Amends the Internal Revenue Code to allow an income tax credit for elderly care expenses paid for the care of a qualifying veteran. Sets the amount of such credit at 30 percent of such expenses reduced by one percent for each $2,000 by which the adjusted gross income of the taxpayer exceeds $10,000. Disallows such credit for a taxpayer with an adjusted gross income of $50,000 or more. Limits the amount of elderly care expenses which may be taken into account for such credit to an aggregate of $7,000 and not more than $3,500 for any one qualifying veteran. Defines "qualified elderly care expenses" as payments by the taxpayer for home health agency services, homemaker services, adult day care, respite care, or health care equipment and supplies which are provided to the veteran by an organization or individual not related to the taxpayer or the veteran and which are not compensated for by insurance or otherwise. Defines a "qualifying veteran" as an individual who is a veteran related to the taxpayer and who is at least 65 years of age and has a family income of $15,000 or less for the taxable year. Requires reports to the Congress on the use of such tax credit.
United States · United States Congress · 25 March 1986
Expresses the sense of the Congress, and instructs its committees and any conferees, that the Congress will not approve any provision of H.R. 3838 or of any other tax reform legislation which provides for the inclusion of interest on State and local bonds in determining any Federal alternative minimum income tax.
United States · United States Congress · 24 March 1986
Sets forth the concurrent resolution on the budget for FY 1987 and the appropriate budgetary levels for FY 1988 and 1989. Recommends levels of Federal revenues of $647,700,000,000 for FY 1987, $703,900,000,000 for FY 1988, and $754,400,000,000 for FY 1989. Sets the amounts by which the aggregate levels of Federal revenues should be increased at $18,700,000,000 for FY 1987, $26,800,000,000 for FY 1988, and $28,800,000,000 for FY 1989. Sets the amounts for Federal Insurance Contributions Act revenues for hospital insurance within the recommended levels of Federal revenues at $55,500,000,000 for FY 1987, $59,800,000,000 for FY 1988, and $63,800,000,000 for FY 1989. Sets the appropriate levels of total new budget authority at $882,900,000,000 for FY 1987, $927,000,000,000 for FY 1988, and $956,400,000,000 for FY 1989. States that the appropriate levels of total budget outlays are $809,000,000,000 for FY 1987, $847,300,000,000 for FY 1988, and $869,200,000,000 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 $161,300,000,000 for FY 1987, $143,400,000,000 for FY 1988, and $114,800,000,000 for FY 1989. States that appropriate levels of the public debt are $2,323,100,000,000 for FY 1987, $2,523,000,000,000 for FY 1988, and $2,697,700,000,000 for FY 1989 and the amounts by which the statutory limits on such debt should be accordingly increased at $216,900,000,000 for FY 1987, $199,900,000,000 for FY 1988, and $174,700,000,000 for FY 1989. Sets forth the appropriate levels of total Federal credit activity as follows: (1) $34,700,000,000 for new direct loan obligations, $86,400,000,000 for new primary loan guarantee commitments, and $55,200,000,000 for new secondary loan guarantee commitments for FY 1987; (2) $32,300,000,000 for new direct loan obligations, $88,500,000,000 for new primary loan guarantee commitments, and $55,200,000,000 for new secondary loan guarantee commitments for FY 1988; and (3) $30,200,000,000 for new direct loan obligations, $89,000,000,000 for new primary loan guarantee commitments, and $55,200,000,000 for new secondary loan guarantee commitments for FY 1989. Sets forth the levels of Federal revenues, total new budget authority, and total budget outlays, and the amounts by which the total budget outlays exceed the corresponding Federal revenues, for FY 1987 through 1989 for purposes of determining whether the maximum deficit amount for a fiscal year has been exceeded in accordance with the Congressional Budget and Impoundment Control Act of 1974 as amended by the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act). Provides that such levels and amounts shall be considered to be mathematically consistent with the other amounts and levels set forth in this concurrent resolution. Sets forth the levels of budget authority, budget outlays, new direct loan obligations, and new 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 budget authority and outlays, increase contributions, increase revenues, reduce direct loan obligations, or reduce primary loan guarantee commitments by certain amounts, as specified, in FY 1987 through 1989. Directs such committees, by May 15, 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 the allocation of budget authority and outlays to the Senate Committees on Appropriations and Finance, in addition to the amounts provided for in this Act, upon the enactment of legislation authorizing, and increasing revenues for, up to a specified amount for funding an extension of General Revenue Sharing in FY 1987.
United States · United States Congress · 21 March 1986
National Security Programs Authorization Act for Fiscal Years 1987 and 1988 - Title I: National Security Programs - Authorizes appropriations for the Department of Energy (DOE) for FY 1987 for plant and capital equipment and operating expenses in carrying out national security programs in the following areas: (1) weapons activities; (2) materials production; (3) defense waste and byproducts management; (4) verification and control technology; (5) nuclear safeguards and security; (6) security investigations; and (7) naval reactors development. Title II: General Provisions - Prohibits the use of funds authorized under this Act where the costs of the program exceed 105 percent of the program authorization or the costs exceed by more than $10,000,000 the amount authorized by this Act, whichever is the lesser. Prohibits the use of funds authorized by this Act for programs which have not been presented to or requested of the Congress unless the Secretary of Energy transmits to the appropriate committees a full and complete statement of the action proposed. Authorizes the Secretary to carry out any general plant project only if the maximum estimated cost of the project does not exceed $1,200,000. Sets forth procedures for the approval of projects which exceed by more than 25 percent their estimated cost, and exempts from such procedures any project which has an estimated cost of less than $5,000,000. Allows the transfer of funds from specified projects to other Government agencies for the performance of work for which the appropriation is made. Authorizes the Secretary to perform construction design services for construction projects in support of national security programs. Permits funds to remain available until expended if so specified in an appropriation Act. Title III: Authorization of Appropriations For Fiscal Year 1988 - Authorizes appropriations for programs under this Act for FY 1988 to DOE, such funds not to be available before FY 1988.
United States · United States Congress · 21 March 1986
Amends the Internal Revenue Code to provide that the discharge of certain farm indebtedness shall not be included in gross income. Requires that such indebtedness be incurred to finance the production of agricultural products or livestock or be secured by farmland or farm machinery.
United States · United States Congress · 21 March 1986
Expresses the sense of the Congress that the Congress will consider, at the earliest opportunity, an amendment to the Internal Revenue Code excluding the discharge of qualified agricultural indebtedness from cancellation of indebtedness income in order to remove the disincentives to renegotiation of certain agricultural debts.
United States · United States Congress · 21 March 1986
Provides that the Internal Revenue Service may not, before July 1, 1987, enforce its regulations relating to substantiation requirements for the deductions attributable to the business use of vehicles. Requires the Internal Revenue Service to follow the regulations in effect prior to the enactment of the Tax Reform Act of 1984. Prohibits the issuance of any regulations with respect to the substantiation requirements before July 1, 1987.
United States · United States Congress · 20 March 1986
Hazardous Substance Response Trust Fund Temporary Funding Act - Amends the Internal Revenue Code to extend temporarily the authority to collect Hazardous Substance Response Trust Fund (Superfund) excise taxes on petroleum and chemicals during the period beginning on the date of enactment of this Act and ending on the date the amount received totals $150,000,000. Terminates the authority to collect an excise tax on the receipt of hazardous waste at a qualified facility after September 30, 1985. Amends the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (Superfund) to permit advances to such trust fund to be made through May 13, 1986.
United States · United States Congress · 20 March 1986
Reward Incentive Granted to Honest Taxpayers Act - Amends the Internal Revenue Code to establish the Tax Amnesty Revenues Trust Fund in the Treasury. Transfers to the Trust Fund amounts received pursuant to any Federal tax amnesty program. Directs the Secretary of the Treasury to pay individuals from the Tax Amnesty Revenues Trust Fund a portion of any audit adjustments made by the Internal Revenue Service. Prohibits such payments where any part of the underpayment of tax is due to intentional disregard of rules or regulations or fraud. Requires all such payments to be paid only out of the Trust Fund.
United States · United States Congress · 20 March 1986
Sets forth the concurrent resolution on the budget for FY 1987 and the appropriate budgetary levels for FY 1988 and 1989. Recommends levels of Federal revenues of $630,600,000,000 for FY 1987, $678,200,000,000 for FY 1988, and $727,300,000,000 for FY 1989. Sets the amounts by which the aggregate levels of Federal revenues should be increased at zero for FY 1987 through 1989. Sets the appropriate levels of total new budget authority at $871,764,000,000 for FY 1987, $859,330,000,000 for FY 1988, and $913,196,000,000 for FY 1989. States that the appropriate levels of total budget outlays are $771,136,000,000 for FY 1987, $752,463,000,000 for FY 1988, and $799,228,000,000 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 $140,536,000,000 for FY 1987, $74,263,000,000 for FY 1988, and $71,928,000,000 for FY 1989. Specifies the appropriate levels of total new budget authority, budget outlays, Federal revenues, and deficits, including receipts and disbursements of the Federal Old-Age and Survivors' Insurance Trust Fund and the Federal Disability Insurance Trust Fund, for FY 1987 through 1989 for purposes of the maximum deficit amount mandated by the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) and the Congressional Budget Act of 1974 only. States that appropriate levels of the public debt are $2,281,000,000,000 for FY 1987, $2,361,000,000,000 for FY 1988, and $2,421,000,000,000 for FY 1989. Sets forth the appropriate levels of total Federal credit activity as follows: (1) $30,510,000,000 for new direct loan obligations, $79,765,000,000 for new primary loan guarantee commitments, and $55,357,000,000 for new secondary loan guarantee commitments for FY 1987; (2) $27,961,000,000 for new direct loan obligations, $81,701,000,000 for new primary loan guarantee commitments, and $51,875,000,000 for new secondary loan guarantee commitments for FY 1988; and (3) $24,746,000,000 for new direct loan obligations, $83,340,000,000 for new primary loan guarantee commitments, and $52,632,000,000 for new secondary loan guarantee commitments for FY 1989. Sets forth the levels of budget authority, budget outlays, new direct loan obligations, and new loan guarantee commitments for each major functional category for FY 1987 through 1989.
United States · United States Congress · 19 March 1986
Tax Carryover Limitation Act of 1986 - Amends the Internal Revenue Code to revise the method of calculating the limitations on net operating loss carryovers and certain built-in losses following a change in control of a corporation. Specifies that the amount of such limitation for a post-change in ownership year shall be equal to the value of the old loss corporation immediately before the ownership change multiplied by the Federal mid-term rate in effect on the change date. Provides that if such limitation for any post-change year exceeds the taxable income of the new loss corporation which was offset by pre-change losses, the limitation for the next post-change year shall be increased by the amount of such excess. Sets forth definitions, ordering rules, and special rules relating to such limitation. Provides for special rules for built-in gains and losses. Specifies that if the old loss corporation has a net unrealized built-in gain, the limitation for any taxable year ending in the recognition period shall be increased by the recognized built-in gains for such taxable year. Requires the Secretary of the Treasury to prescribe regulations, for cases of an ownership change of a corporation, which apply such limitations with respect to net operating loss carryovers to: (1) any unused credit of such corporation for increasing research activities and the carryback and carryforward of unused credits; (2) any excess foreign taxes paid; and (3) any net capital loss of such corporation.
United States · United States Congress · 19 March 1986
Secondary Market Tax Amendments Act of 1986 - Amends the Internal Revenue Code to revise the original issue discount rules concerning mortgage related debt. Provides that the original issue discount of such debt shall be determined by reference to changes in the obligation's adjusted issue price. Sets forth the method of calculating such adjusted issue price. Authorizes the issuance of collateralized mortgage securities (CMS) as multiple-class mortgage related securities. Provides that the issuance of a CMS shall be treated as a sale of the loans backing the securities. Provides that the holder, not the issuer or issue, shall be subject to tax. Sets forth rules for the taxation of regular interest and residual interests in such CMSs. Sets forth basis adjustment rules for the holders of a CMS. Provides that the sale or exchange of an interest in a CMS shall be treated as a gain or loss as if the interest were debt obligation. Sets forth definitions and rules for the tax treatment of outside discount and premium related to a CMS. Specifies prohibited transactions and imposes a penalty tax on such transactions. Permits the sale of an issue's assets, and the distribution of cash to holders of interests, in a qualifying complete liquidation without incurring tax at the issue level. Sets forth compliance and administrative provisions.
United States · United States Congress · 19 March 1986
Expresses the sense of the House of Representatives that Federal excise taxes and tariffs when incurred by business in the production of income should remain deductible for Federal income tax purposes.
United States · United States Congress · 18 March 1986
Amends the Internal Revenue Code to repeal the windfall profit tax on domestic crude oil.
United States · United States Congress · 18 March 1986
Expresses the sense of the Senate that Federal funding for FY 1987 Cooperative Extension Service Programs should be restored to at least the level approved in the FY 1986 concurrent budget resolution, except for reductions in such programs required by the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act).
United States · United States Congress · 18 March 1986
Department of Defense Authorization Act, 1987 - Title I: Procurement - Authorizes appropriations for FY 1987 for procurement by the armed forces and the defense agencies of aircraft, missiles, weapons, tracked combat vehicles, ammunition, and shipbuilding and conversion and for other procurement. Authorizes appropriations for FY 1987 for the destruction of lethal chemical weapons. Extends through FY 1987 the authority of the Secretary of Defense, in carrying out the Multilateral Memorandum of Understanding Between the NATO Ministers of the Defense concerning the NATO AWACS program, to waive reimbursement for the costs of specified functions performed by certain personnel and to assume contingent liability for program losses and specified charges. Title II: Research, Development, Test, and Evaluation - Authorizes appropriations for FY 1987 for the armed forces and the defense agencies for research, development, test, and evaluation. Authorizes additional appropriations for FY 1987 for unbudgeted salary increases, retirement, and other employee benefits for civilian employees of the Department of Defense (DOD). Authorizes appropriations for FY 1987 for the purchase of foreign currencies. Title III: Operation and Maintenance - Authorizes appropriations for FY 1987 for the armed forces and the defense agencies for operation and maintenance. Authorizes additional appropriations for FY 1987 as necessary for unbudgeted increases: (1) in fuel costs; (2) as a result of inflation; and (3) in salary increases, retirement, and other employee benefits for civilian employees of DOD. Authorizes appropriations for FY 1987 for the working capital fund of each of the armed forces and for the Defense Stock Fund. Authorizes appropriations for FY 1987 for assistance to the Tenth International Pan American Games. Title IV: Active Forces - Authorizes strength levels for active duty personnel as of the end of FY 1987. Title V: Reserve Forces - Authorizes average strength levels for the selected reserve components of the armed forces for FY 1987. Permits the reduction and increase in such strengths as specified. Authorizes a specified number of reserves to serve on full-time active duty in order to organize, administer, instruct, recruit, or train the reserve components. Permits the end strength levels to be increased by two percent when in the national interest. Increases the number of certain personnel who may be on active duty in specified grades. Title VI: Civilian Personnel - Provides that Federal law requiring the authorization of end strengths by the Congress as of the end of each fiscal year before funds will be appropriated for the use of civilian personnel of any armed forces component for that fiscal year shall not apply with respect to FY 1987. Title VII: Military Training Student Loads - Authorizes average military training student loads for each component of the armed forces for FY 1987. Requires the adjustment of such loads as the manpower strengths of each component are adjusted. Title VIII: General Provisions - Increases the size of the Special Defense Acquisition Fund. Revises a provision of Federal law concerning reimbursements for inpatient hospital care services made under the Civilian Health and Medical Program of the Uniformed Services (CHAMPUS). Repeals Federal Law requiring a certain amount of working capital funds to be used for industrial-type activities.
United States · United States Congress · 18 March 1986
Tax-Exempt Bond Reform Act of 1986 - Amends the Internal Revenue Code to replace the term "industrial development bonds" with the new term "quasi-governmental bonds." Defines "quasi-governmental bond" as any obligation: (1) which is issued as part of an issue more than 25 percent of the net proceeds of which are to be used directly or indirectly in any trade or business carried on by any person other than a governmental unit; and (2) the payment of the principal or interest on which is, to the extent of more than 25 percent, secured by an interest in property used or to be used in a trade or business or in payments with respect of property, or to be derived from payments in respect of property, or borrowed money, used or to be used in trade or business. Sets forth rules concerning the use of proceeds in ways which will not be considered to be used in a trade or business carried on by other than a governmental unit. Provides that an issue of obligations will not be treated as quasi-governmental bonds if 95 percent or more of the proceeds are to be used to provide projects for residential rental or limited-equity cooperative property if certain conditions are satisfied. Provides that certain issues will not be treated as quasi-governmental bonds if 95 percent or more of the net proceeds of the issue are used for certain specified activities. Provides that when 95 percent or more of the net proceeds of an industrial park or small issue are used for such purposes, then the bonds are tax-exempt. Repeals the termination date for the small issue industrial development bond exemption. Sets forth the definition of "principal user" for purposes of certain facilities. Provides that obligations where 95 percent of the proceeds are to be used by nonprofit organizations in activities which do not constitute unrelated trade or businesses shall not be treated as quasi-governmental bonds. Provides that qualified mortgage bonds, qualified veterans' mortgage bonds, qualified student loan bonds, and qualified tax-increment bonds will not be treated as quasi-governmental bonds. Modifies the requirements with respect to tax-exempt bonds used for low-income housing involving residential or limited-equity cooperative property. Makes other modifications with respect to quasi-governmental bonds. Modifies the definition of "arbitrage bond" for purposes of determining the tax-exemption for such bonds. Repeals the exception for obligations used for educational institutions. Makes modifications in certain special rules relating to arbitrage bonds. Provides that certain irrigation dams shall be treated as air or water pollution control facilities if certain conditions are met for purposes of quasi-governmental bonds. Makes modifications with respect to qualified scholarship funding bonds, federally guaranteed obligations, and qualified steam generating or alcohol producing facilities. Provides that an obligation is federally guaranteed if more than five percent of the net proceeds of such issue is used to make loans guaranteed by the Federal Government or invested in federally insured deposits. Requires public approval for quasi-governmental bonds. Requires certain informational reporting to the Secretary of the Treasury with respect to quasi-governmental bonds. Substitutes the term "quasi-governmental" for the term "private activity". Increases the dollar amount of the State ceiling on quasi-governmental bonds to $225 multiplied by the State's population or $260,000,000. Provides special rules for allocating the volume cap with respect to States with constitutional home rule cities. Modifies the refunding rules with respect to student loan bonds, qualified mortgage bonds, and qualified veterans' mortgage bonds. Substitutes the term "private loan bonds" for the term "consumer loan bonds." Requires that more than five percent of the net proceeds of the issue must be used for certain purposes in order to be classified as private loan bonds. Makes various modifications in the definition and requirements for qualified student loan bonds and tax-increment bonds. Provides that the tax-exempt status of an obligation issued for the purpose of the advance refunding of a tax-exempt obligation or quasi-governmental bonds will not be allowed unless certain conditions are satisfied. Provides rules for the change in use or ownership of facilities financed by certain tax-exempt obligations. Defines "net proceeds" to mean the proceeds of an issue reduced by insurance costs and a reasonably required reserve and replacement fund. Makes certain changes in the provisions concerning the mortgage credit certificate program. Directs the Secretary of the Treasury to amend the regulations relating to the arbitrage requirements to eliminate the provision which permits a higher yield on purpose obligations if the issuer elects to waive the benefits of the temporary period provisions. Provides a penalty for failure to file certain reports on compliance with the qualified residential project rules. Makes certain technical and conforming amendments to the Internal Revenue Code and to the securities laws. Provides that, generally, the effective date for these provisions will apply to obligations issued after the date of enactment of this Act. Sets forth other effective dates for specific provisions. Provides that tax-exempt financing of low income housing, or of water, sewer, and solid waste facilities will not effect the depreciation of such property. Prohibits the deduction of interest expenses of financial institutions allocable to tax-exempt securities. Sets forth the formula for making such allocation. Provides that a certain percentage of tax-exempt interest received by an insurance company shall be subtracted from the amount of losses incurred by the company in calculating taxable income. Provides that an individual is not required to report on tax returns either the tax-exempt interest received or the receipt of State and local tax payments.
United States · United States Congress · 17 March 1986
Amends the Natural Gas Pipeline Safety Act of 1968 to authorize grants and appropriations for FY 1987 for natural gas pipeline safety programs. Amends the Hazardous Liquid Pipeline Safety Act of 1979 to authorize appropriations for FY 1987 for hazardous liquid pipeline safety programs. Directs the Secretary of Transportation to establish a pipeline safety user fee schedule.
United States · United States Congress · 17 March 1986
Amends the Low-Income Home Energy Assistance Act of 1981 to authorize home energy grants for FY 1987 through 1989. Deems the full amount of home energy assistance payments, regardless of whether made directly to a household or indirectly for its benefit, to be heating or cooling expenses for purposes of the excess shelter expense deduction under the Food Stamp Act of 1977.
United States · United States Congress · 17 March 1986
Expresses the sense of the Congress that the provisions of H.R. 3838, or of any similar tax reform legislation, should not take effect before the date of the enactment of such legislation.
United States · United States Congress · 14 March 1986
Amends the Internal Revenue Code to provide that organizations which introduce into public use technology developed by operating research organizations shall be treated as tax-exempt organizations.
United States · United States Congress · 13 March 1986
Simpliform Tax Act - Amends the Internal Revenue Code to revise the income tax rates into a single rate schedule for all individual taxpayers. Provides for cost-of-living adjustments to such tax rates. Provides that State community property laws shall not apply to the income of married individuals for income tax purposes. Defines "taxable income" for purposes of this Act. Allows an individual income tax credit of $250 (adjusted for inflation) for a taxpayer and dependents in lieu of the personal tax exemption. Repeals specified income tax credits, deductions, and exclusions. Restricts certain income tax credits and deductions to corporate taxpayers. Increases the amount of social security and tier one railroad retirement benefits includible in gross income. Includes in gross income the following items of income: (1) prizes and awards; (2) welfare payments; (3) a certain percentage of railroad retirement benefits (other than tier one benefits); (4) unemployment compensation; (5) the increase in the cash surrender value of life insurance policies; and (6) the cost of group-term life insurance purchased for employees. Limits the income tax exclusion for veterans' benefits. Disallows an income tax deduction for entertainment, amusement, or recreation expenses. Allows an income tax credit for the following items of expense: (1) medical expenses; (2) interest paid with respect to a principal residence; (3) charitable contributions made by individual taxpayers; and (4) local taxes. Specifies dollar and percentage limitations for such credits. Provides for cost-of-living adjustments to the basis of property for purposes of determining gain or loss on such property. Revises withholding of income tax requirements. Defines "section 11 corporation" to exclude S corporations and personal holding corporations. Repeals the requirement that married couples file a joint tax return. Sets forth rules for the allocation of items of income and expenses between spouses. Directs the Secretary of the Treasury to conduct a study of the corporate income tax and to submit such study to the Congress.
United States · United States Congress · 13 March 1986
Expresses the sense of the Senate that the income tax deduction for State and local taxes should be repealed.
United States · United States Congress · 13 March 1986
Panama Canal Commission Authorization Act, Fiscal Year 1987 - Authorizes funds to be appropriated from the Panama Canal Commission Fund to the Panama Canal Commission for FY 1987 for operating expenses, including a specified maximum amount for capital outlay. Authorizes additional appropriations for FY 1987 for increases in employee benefits, for payments to Panama, and for increased fuel costs. Amends the Merchant Marine Act, 1936 to authorize the Secretary of Transportation to permit up to six additional individuals from Panama to receive instruction at the Merchant Marine Academy. Requires the Secretary to insure that Panama will reimburse the Secretary for the cost of that instruction. Amends the Panama Canal Act of 1979 to exempt Panama Canal Commission appropriations from the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act).
United States · United States Congress · 13 March 1986
Requires the Secretary of the Treasury to make modifications in the proposed regulations relating to the use of the cents-per-mile valuation rule in valuing the fringe benefit received by an employee for personal use of a vehicle provided by an employer.
United States · United States Congress · 12 March 1986
National Science Foundation Authorization Act for Fiscal Year 1987 - Authorizes appropriations to the National Science Foundation (NSF) for FY 1987. Lists categories for which 1987 funds may be made available. Limits amounts of FY 1987 funds which may be used for official consultation, representation, or other extraordinary expenses, and for NSF expenses incurred outside the United States. Prohibits the transfer of funds among the listed categories from exceeding ten percent unless: (1) written notice is given to the Speaker of the House, the President of the Senate, and the appropriate authorizing committees; and (2) 30 days have passed after such notice. Amends the National Science Foundation Act of 1950 to remove from the list of responsibilities of the NSF the requirement to maintain a current register of scientific and technical personnel. Removes the limitation that requires the NSF to only award scholarships and graduate fellowships for scientific study or work within the limits of funds made available specifically for such purposes pursuant to appropriations under such Act. Repeals title IX (Science Information Service) of the National Defense Education Act of 1959.
United States · United States Congress · 12 March 1986
Amends the Internal Revenue Code to provide that the nonrecognition of gain on the sale of a principal residence which is rolled over into the purchase of a new principal residence shall apply in cases where a spouse who occupied the old residence dies before occupying the new residence.
United States · United States Congress · 12 March 1986
Superfund Interim Financing Act of 1986 - Amends the Internal Revenue Code to reimpose the environmental excise tax on petroleum and petroleum products at their original rates, beginning April 1, 1986. Specifies that the proceeds from such excise tax will be designated to repay the advances from the Hazardous Substance Response Trust Fund (Superfund). Terminates the excise tax on hazardous wastes received at hazardous waste disposal facilities. Amends the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 to authorize appropriations for a repayable advance to Superfund for FY 1986 in an amount not to exceed $861,300,000.