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251 records in US in 1987
United States · United States Congress · 24 June 1987
Makes a supplemental appropriation for FY 1987 to the Department of Agriculture to reimburse the Commodity Credit Corporation for net realized losses.
United States · United States Congress · 23 June 1987
Amends the Internal Revenue Code to delete language excluding life insurance companies from the definition of "includible corporation," thus permitting such companies to be part of an affiliated group for purposes of filing a consolidated income tax return.
United States · United States Congress · 23 June 1987
Amends the Internal Revenue Code to permit, under certain circumstances, the disclosure of income tax returns and return information to officials of municipalities with a population of more than 250,000. (Present law allows such disclosure only to municipalities with a population in excess of 2,000,000.)
United States · United States Congress · 23 June 1987
Prohibits a State or political subdivision from taxing the income of Federal employees who are not residents of such State.
United States · United States Congress · 23 June 1987
Exempts from the excise tax on employer reversions any reversion from qualified retirement plan assets: (1) that occurred prior to the enactment of the Tax Reform Act of 1986 pursuant to a plan termination occurring before that same date; and (2) that results in an aggregate employer reversion amount of $1,000,000 or less.
United States · United States Congress · 23 June 1987
National Dividend Act of 1987 - Establishes a program for the distribution of certain corporate tax revenues to the registered voters of each State in the form of dividend payments. Directs the Secretary of the Treasury to pay to the chief financial officer of each State, in accordance with a prescribed schedule, an amount equal to the National Dividend Payment, as computed under this Act, multiplied by the number of registered voters in such State. Sets forth criteria and procedures to govern: (1) the chief financial officer's selection of an incorporated bank to act as the State's disbursing agent; and (2) payments to qualified voters. Establishes in the Treasury the National Dividend Payment Trust Fund. Directs the payment of specified amounts to such Fund from revenue received from: (1) the corporate income tax; (2) the tax on the unrelated business income of certain tax-exempt organizations; (3) the capital gains tax; (4) the tax on insurance company income; and (5) the alternative minimum tax on corporations. Establishes a National Dividend Review Board to review the manner in which payments are made from the Fund and to make investments of Fund amounts not required to meet current expenses. Amends the Internal Revenue Code to exclude from gross income, for income tax purposes, all dividend income, including dividends received under this Act, received by a taxpayer from domestic corporations. Increases the corporate income tax deduction for dividends received by a corporation on the preferred stock of a public utility. Disallows any deduction for any dividend received by a life insurance company to the extent such dividend is a distribution out of tax-exempt interest. Prohibits an increase of corporate income tax rates above 34 percent. Amends the Congressional Budget and Impoundment Control Act of 1974 to declare it to be out of order in either the House of Representatives or the Senate to consider budget resolutions for fiscal years 1989 and thereafter that would increase the level of total budget outlays beyond those budgeted for FY 1988.
United States · United States Congress · 23 June 1987
Waives points of order against the consideration of H.R. 2700 (energy and water funding).
United States · United States Congress · 22 June 1987
Waives points of order against the consideration of H.R. 2712 (Department of the Interior and related agencies appropriations).
United States · United States Congress · 18 June 1987
Foreign Relations Authorization Act, Fiscal Year 1988 - Title I: The Department of State - Part A: Authorization of Appropriations; Allocations of Funds; Restrictions - Authorizes appropriations for FY 1988 for the Department of State for: (1) administration of foreign affairs; (2) contributions to international organizations, conferences, and peacekeeping activities; (3) international commissions; (4) migration and refugee assistance; (5) the Asia Foundation; (6) bilateral science and technology agreements; and (7) Soviet-East European research and training. Amends the Diplomatic Security Act to authorize appropriations for FY 1988 through 1990 for diplomatic security construction, acquisition, and operations pursuant to the Department of State's Supplemental Diplomatic Security program. Prohibits the use of authorized funds to pay for the closing of any U.S. consulate or mission aboard. Directs the Secretary of State to make a contribution to the International Committee of the Red Cross. Limits the amount which may be contributed to the amount contributed in FY 1987 until Israel's Red Shield of David has been granted a status of recognition identical to that of the Red Cross and the Red Crescent. Restricts the use of authorized funds for specified "public diplomacy" efforts, including providing points of contact for public interest groups seeking to interview refugees or accompanying media visits to any region of the world. Part B: Administrative and Personnel Provisions - Amends the Foreign Service Act of 1980 to limit the supervisory authority of the Chief of Mission to a foreign country to employees of the executive branch. Reduces the salary of future Ambassadors at Large from executive level II to level IV. Amends the State Department Basic Authorities Act to establish the pay level for the Coordinator of International Communications and Information Policy and for the Director of the Office of Foreign Missions at the executive IV level. Authorizes the extension of non-career candidate appointments to: (1) consular agents; (2) family members; (3) career employees of other agencies serving abroad on reimbursable details in Foreign Service positions; and (4) career candidates if their continued service is determined appropriate in order to remedy a problem cognizable under the Foreign Service grievance system. Amends the Diplomatic Security Act to repeal provisions establishing the Office of Policy and Program Review. Allows the carry-over of Senior Foreign Service performance pay. Provides for survivor benefits, health insurance benefits, and retirement benefits for former spouses of Foreign Service officers who were divorced prior to the effective date of the Foreign Service Act of 1980. Eliminates certain reporting requirements concerning personnel actions in the Foreign Service and the use of Foreign Service personnel by Federal agencies. Specifies that any recommendation of the Foreign Service Grievance Board which is not rejected by the Secretary on the basis that it would adversely affect U.S. foreign policy or national security shall be considered to be a final action for the purpose of judicial review. Requires the Secretary to take all appropriate steps to assure that the burden of budget cuts for the Department of State is not imposed disproportionately or inequitably upon its Civil Service employees. Establishes within the Office of the Secretary of State the position of Ombudsman for Civil Service Employees. Specifies that Fascell Fellows shall be deemed to be Federal employees for purposes of the Foreign Service Act of 1980 and all other laws governing Federal employment, except for compensation purposes. Provides that Fascell Fellows may be compensated through contractual agreement under the State Department Basic Authorization Act of 1956. Expresses the sense of the Congress that: (1) the United States should have as a fundamental national goal the strengthening of competence and professionalism in the conduct of U.S. foreign policy; and (2) the Secretary of State should proceed with plans for the national training center in foreign affairs. Part C: Buildings and Facilities - Directs the Secretary to administer and regulate the museum areas of the Department of State building by such means and measures as conform to the fundamental purpose of the museum areas. Authorizes the Secretary, with the advice and concurrence of the Director of the National Gallery of Art, to sell items which are not needed and to trade or purchase articles for such museum areas. Authorizes the Secretary to obtain insurance for the furnishings of the Department of State diplomatic Reception Rooms. Requires the Secretary to report annually to the Congress concerning the extent to which the costs of operating U.S. diplomatic consular posts in the Soviet Union and in Warsaw Pact countries do not bear a reasonable relationship to the cost of establishing and operating institutional activities by other entities in that country or to the free market value of currency. Prohibits the Soviet Union from occupying the new chancery building at the Mount Alto site, or any other new facility in the Washington, D.C., metropolitan area, until the Secretary and Director of Central Intelligence certify to the Congress that there is a new U.S. chancery building in Moscow which is secure and suitable for U.S. embassy operations, including operations involving classified information. Requires the Secretary to submit a report to the Congress concerning the disposition of the partially constructed U.S. chancery building in Moscow. Establishes a Task Force on Management of Security and Foreign Buildings by the Department of State. Requires such Task Force to submit a report to the Congress setting forth a program to improve the management of the security function and the Foreign Buildings Office. Requires the Secretary to submit a report to the Congress concerning the status of the Soviet diplomatic enclave on Mount Alto in Washington, D.C., including an assessment as to whether it would be in the U.S. national interest to vitiate the agreement by which the Soviets will occupy such enclave. Requires the Secretary to establish an Accountability Review Board (as described by the Diplomatic Security Act) to review all government actions, procedures, and policies relating to the U.S. Embassy in Moscow and the Soviet Embassy in Washington. Prohibits the use of funds for the construction or major renovation of any diplomatic facility that is intended to be secure for the purpose of transmitting, storing, or receiving classified information unless the Secretary, with the concurrence of the Director of Central Intelligence, certifies to the Congress that the proposed project includes adequate safeguards for classified information and for the conduct of sensitive government activity. Expresses the sense of the Congress that the security of all diplomatic facilities and personnel would be significantly enhanced by periodic unannounced security inspections conducted by an appropriate agency of the U.S. Government. Requires the Secretary and the Director of Central Intelligence to certify to the Congress that all U.S. foreign missions in the Soviet Union and all Eastern European countries provide: (1) adequate protection for classified information and national security-related activities; and (2) adequate protection for the personnel working in the diplomatic facility. Requires a similar certification for all U.S. foreign missions in countries designated as "high threat" posts, including terrorist and intelligence threats. Authorizes the Department of State to acquire, by purchase or gift, a suitable permanent residence within the District of Columbia for the Secretary of State. Prohibits the use of authorized funds for site acquisition, development, or construction of any facility in Israel, Jerusalem, or the West Bank. Part D: International Organizations - States that the President should continue vigorous efforts to secure implementation by the United Nations of decisionmaking procedures on budgetary matters which assure that sufficient attention is paid to the views of the United States and other major member states who are major financial contributors to such assessed budgets. Limits the amount of authorized funds which may be used to make financial contributions to the United Nations based on whether such budget decisionmaking procedures are being implemented by the United Nations. Amends the International Organizations Immunities Act to provide that the International Committee of the Red Cross shall be considered a public international organization for purposes of the diplomatic privileges and immunities provided by such Act. Prohibits U.S. participation in the Economic and Social Council of the United Nations until Israel is permitted to participate in such Council. Requires the appointment of a Secretary to both the House of Representatives and the Senate's delegation to the North Atlantic Assembly. Directs the Secretary to request the Secretary General of the United Nations and the Security Council to extend the mandate of the United Nations Interim Force in Lebanon to include protection of the archaeological site of the ancient city of Tyre. Title II: The United States Information Agency - Authorizes appropriations for FY 1988 for salaries and expenses of the U.S. Information Agency (USIA). Specifies a limit for the funds made available for the Television and Film Service and for exhibits. Authorizes appropriations for the Voice of America (VOA) for FY 1988. Allocates a specific amount of funds for the Voice of America: Cuba Service. Authorizes appropriations for FY 1988 for the Bureau of Education and Cultural Affairs. Earmarks specified amounts of such funds for specific programs. Authorizes appropriations for FY 1988 for the National Endowment for Democracy. Authorizes appropriations for FY 1988 to carry out the provisions of the Center for Cultural and Technical Interchange Between East and West Act of 1960. Prohibits the use of appropriated funds for the payment of expenses for the closing of any diplomatic post abroad. Prohibits the USIA from reducing overseas American positions until the percentage of American employees stationed in the United States has been reduced to the 1981 level. Transfers the USIA's Arts America Program into the Bureau of Educational and Cultural Affairs. Amends the United States Information and Educational Exchange Act of 1948 to extend the congressional grant notification requirements for two years. Authorizes VOA to enter into 40-year leases for real property. (Present law limits such authority to 25-year leases.) Authorizes the USIA to retain receipts from the rental of English teaching tapes and programs, library services, television programs, and motion pictures. Directs the President to support, under provisions of the Mutual Educational and Cultural Exchange Act of 1961, a professorship on the subject of constitutional democracy at the Santo Tomas University in the Philippines. Amends the United States-India Fund for Cultural, Educational, and Scientific Cooperation Act to allow the principal set aside for the United States-India Fund and the interest earnings to be used in accordance with the Education and Scientific Cooperation Agreement between the United States and India. Authorizes the Director of the USIA to enter into an agreement with the Government of Pakistan for the establishment of the United States-Pakistan Fund for Cultural, Educational, and Scientific Cooperation (Fund) for which the United States will provide a one time only grant for English language training or other cultural, educational, and scientific programs of mutual interest. Authorizes the use of a specified amount of foreign currencies to finance such Fund. Requires the Director of the USIA to implement a formal, comprehensive country plan on Afghanistan based on guidelines set forth in the USIA country plan instructions for FY 1988. Revises the authority and the membership of the United States Advisory Commission on Public Diplomacy. Names the USIA Library in Jakarta, Indonesia, as the Edward Zorinsky Memorial Library. Requires that preference be given to U.S. contractors for any bids on projects of the facilities modernization program of VOA. Allows certain exceptions to such requirement. Title III: The Board for International Broadcasting - Authorizes appropriations for FY 1988 for the Board for International Broadcasting. Allocates a certain amount of authorized funds for radio transmitter construction and modernization. Requires that any gains realized by the Board resulting from upward fluctuations in foreign currency exchange rates be certified to the Congress and placed in reserve for the exclusive purpose of offsetting future downward fluctuations in foreign currency exchange rates. Specifies that the Board for International Broadcasting does not have to certify employee service records where it does not have access to such records. Title IV: The Global Climate Protection Act of 1987 - Global Climate Protection Act of 1987 - Requires the President to establish a Task Force on Global Climate to determine and supervise the research necessary for a coordinated national strategy on the global climate, to develop such a strategy, and to initiate implementation of such strategy domestically and in the international arena. Requires the President to appoint an Ambassador-at-Large to coordinate and lead the U.S. participation in planning for the International Geosphere-Biosphere Program. Directs the Secretary to undertake all necessary steps to promote, within the United Nations system, the early designation of an International Year of Global Climate Protection. Urges the President to accord the problem of climate protection a high priority on the agenda of United States-Soviet relations. Title V: Miscellaneous Provisions - Specifies that no authorized funds may be used to implement any international agreement until the text of such agreement is submitted to the Congress within a required 60-day period. Allows Federal jurisdiction over direct actions against insurers of diplomatic agents who had diplomatic immunity at the time of an alleged tortious act. (Present law limits such jurisdiction to diplomatic agents who have diplomatic immunity at the time of the filing of a lawsuit.) Prohibits the use of authorized funds for publicity purposes designed to support or defeat legislation pending before Congress or to influence in any way the outcome of a political election. Prohibits the exclusion of aliens from admission into the United States because of political beliefs. Authorizes the Secretary of the Treasury to invest funds paid by foreign governments in claims settlement cases pending disbursal to U.S. citizens. Requires a five-percent deduction from the amount of an international claims settlement to cover the costs of obtaining the settlement and processing claims. Authorizes the payment of a claim to a named private individual from the Czechoslovakian claims fund. Prohibits the use of authorized funds for international first class air travel by congressional staff. Expresses the sense of the Congress that U.S. policy should be to support access by interested individuals and organizations to the files of the United Nations War Crimes Commission. Declares it to be the policy of the United States to: (1) provide assistance to the Afghan people to help resist the invasion by the Soviet Union; (2) support a negotiated settlement to the Afghanistan war; and (3) communicate to the Soviet Union the necessity of a Soviet withdrawal from Afghanistan as a condition for better relations between the United States and the Soviet Union. Declares it to be the policy of the United States to: (1) support the total, unconditional withdrawal of both Iran and Iraq to internationally recognized boundaries; (2) support an immediate cease-fire in the Iran-Iraq War; and (3) endorse a peaceful resolution of the Iran-Iraq War. Expresses the sense of the Congress concerning the persecution of the Baha'i community in Iran. Expresses the sense of the Congress concerning Cambodian refugees in Thailand, the Orderly Departure Program from Vietnam, and the processing of Amerasians from Vietnam. Expresses the sense of the Congress concerning the current political situation and the electoral process in South Korea. Expresses the sense of the Congress that North Korea should: (1) take steps to end its denial of human rights; (2) end its support for international terrorism; (3) accept South Korea's call for negotiations aimed at easing tensions on the Korean peninsula; and (4) consider other steps to ease tensions and reduce North Korea's international isolation. Expresses the sense of the Congress that: (1) the President should continue to express to the Government of the Soviet Union and Eastern European countries the deep concern and U.S. opposition with respect to the harassment of Christians in those countries; (2) those Governments should comply with human rights agreements; and (3) those Governments should cease persecuting individuals on the basis of their adherence to their Christian faiths and should afford them their fundamental human rights of religious expression. Expresses the sense of the Congress that the Government of Romania should end the denial of the rights of the Hungarians and the people of other nationalities in Transylvania. Title VI: Effective Date - Sets forth the effective date of the provisions of this Act.
United States · United States Congress · 18 June 1987
Amends the Internal Revenue Code to increase the income tax deduction for the amount of health insurance costs of a self-employed individual from 25 percent to 100 percent of such costs for the medical care of the taxpayer and the taxpayer's spouse and dependents. Permits an income tax deduction for self-employed individuals in the amount of their contributions to group health plans that are not self-insured and that provide medical benefits to employees. Requires: (1) an eligible plan to benefit all employees not covered by another group health plan: and (2) that at least half of the plan participants not be self-employed individuals or employee family members of such individuals.
United States · United States Congress · 18 June 1987
Title I: Department of the Interior - Makes appropriations for FY 1988 within the Department of the Interior for the Bureau of Land Management for management of lands and resources, construction and access, payments in lieu of taxes, land acquisition, Oregon and California grant lands, range improvements, service charges, deposits and forfeitures, and miscellaneous trust funds. Sets forth uses and limitations of appropriations made to the Bureau of Land Management. Appropriates funds for: (1) the U.S. Fish and Wildlife Service for resource management, construction, anadromous fish, the Migratory Bird Conservation Account, land acquisition and the National Wildlife Refuge Fund; (2) the National Park Service for the operation of the National Park System, recreation and preservation programs, the Historic Preservation Fund, construction, land acquisition and State assistance, the John F. Kennedy Center for the Performing Arts, and the Illinois and Michigan Canal National Heritage Corridor Commission; (3) the Geological Survey for surveys, investigations, and research; (4) the Minerals Management Service for leasing and royalty management; (5) the Bureau of Mines for the conduct of inquiries, technological investigations, and research of mines and minerals; (6) the Office of Surface Mining Reclamation and Enforcement for regulation and technology, and the Abandoned Mine Reclamation Fund; (7) the Bureau of Indian Affairs for the operation of Indian programs, construction, road construction, miscellaneous payments, tribal trust funds, the revolving fund for loans, and the Indian Loan Guaranty and Insurance Fund; (8) the Office of Territorial and International Affairs for administration, for the Trust Territory of the Pacific Islands, and for the Compact of Free Association; and (9) the Secretarial offices, including the Office of the Solicitor for salaries and expenses, the Office of Construction Management, and the Office of the Inspector General. Sets forth the uses and limitations on appropriations made available by this title. Makes such appropriations available for expenditure or transfer for the emergency reconstruction, replacement, or repair of aircraft, buildings, utilities, or other facilities or equipment damaged or destroyed by fire, flood, storm, or other unavoidable causes. Makes funds available for the suppression or emergency prevention of forest or range fires on or threatening lands under the Department of the Interior jurisdiction, for emergency rehabilitation of burned-over lands, emergency actions related to earthquakes or volcanoes, and emergency reclamation projects. Makes appropriations available for the operation of warehouses, garages, shops, and similar facilities, wherever consolidation of activities will contribute to efficiency or economy. Makes appropriations available for the hire, maintenance, and operation of aircraft, hire of passenger motor vehicles, purchase of reprints, payment for telephone service in private residences in the field, and the payment of certain dues when authorized by the Secretary of the Interior. Makes appropriations available for uniforms or allowances. Limits the use of appropriations for services or rentals to contracts not exceeding 12 months. Prohibits the use of funds for the preparation for, or conduct of, pre-leasing and leasing activities of lands within a certain area of the Outer Continental Shelf off the coastline of Massachusetts. Prohibits the use of appropriated funds to finance the changing of the name of Mount McKinley. Makes available appropriations to provide insurance on official motor vehicles, aircraft, and boats operated by the Department of the Interior in Canada and Mexico. Prohibits the use of funds to detail any employee to an organization unless in accordance with Office of Personnel Management regulations. Requires that oil and gas exploration or production equipment used on the Outer Continental Shelf be at least 50 percent American made as to construction and materials, except as specified. Title II: Related Agencies - Makes appropriations for FY 1988 for the Department of Agriculture for the Forest Service for forest research, State and private forestry, the National Forest System, construction, land acquisition, the Range Betterment Fund, acquisition of land for national forests, and miscellaneous trust funds. Makes appropriations for the Department of Energy for the clean coal technology reserve, fossil energy research and development (including transfer of funds), naval petroleum and oil shale reserves, energy conservation, economic regulation, emergency preparedness, the Energy Information Administration, the SPR (Strategic Petroleum Reserve), and the SPR Account. Makes appropriations to the Department of Health and Human Services for the Health Resources and Services Administration for Indian health services and facilities. Appropriates funds to: (1) the Department of Education for the Office of Elementary and Secondary Education for Indian education; (2) the Navajo and Hopi Relocation Commission for salaries and expenses; (3) the Smithsonian Institution for salaries and expenses; (4) construction and improvements at the National Zoological Park; (5) restoration and renovation of buildings owned or occupied by the Smithsonian Institution; (6) construction at the Fred L. Whipple Observatory; (7) salaries and expenses of the National Gallery of Art (NGA); (8) repair, restoration, and renovation of buildings of the NGA; and (9) salaries and expenses of the Woodrow Wilson International Center for Scholars. Makes appropriations for the National Foundation on the Arts and the Humanities for: (1) expenses and matching grants for the National Endowment for the Arts and the National Endowment for the Humanities and for national capital arts and cultural affairs; (2) the Institute of Museum Services; (3) salaries and expenses for the Commission of Fine Arts, the Advisory Council on Historic Preservation, the National Capital Planning Commission, the Franklin Delano Roosevelt Memorial Commission, the Pennsylvania Avenue Development Corporation (as well as for public activities and projects); and (4) the U.S. Holocaust Memorial Council. Title III: General Provisions - Limits procurement contracts for consulting services obtained through appropriations made by this Act to those contracts where expenditures are a matter of public record. Prohibits the use of appropriations by the Secretaries of Agriculture and of the Interior for the sale of unprocessed timber from Federal lands west of the 100th meridian which will be exported from the United States or which will be used as a substitute for timber from private lands which is exported by the purchaser. Prohibits the Secretaries of the Interior and Agriculture from using such funds for leasing of oil and natural gas by noncompetitive bidding on public lands within the Shawnee National Forest, Illinois. Prohibits the use of such funds for any activity that tends to promote public support for or opposition to legislative proposals on which congressional action is incomplete. Declares that no part of any appropriation contained in this Act shall remain available for obligation beyond the current fiscal year unless expressly so provided herein. Provides that none of the funds appropriated to any department or agency shall be obligated or expended to provide a personal cook, chauffeur, or other personal servants to any officer or employee of such department or agency unless otherwise provided. Provides that none of the funds appropriated in this Act shall be obligated for any aspect of the processing or issuance of permits or leases pertaining to exploration for or development of coal, oil, gas, oil shale, phosphate, potassium, sulphur, gilsonite, geothermal resources on Federal lands within any component of the National Wilderness Preservation System or within any Forest Service RARE II areas recommended for wilderness designation or allocated to further planning. Prohibits the use of funds in this Act to evaluate, consider, process, or award oil, gas, or geothermal leases on Federal lands in the Mount Baker-Snoqualmie National Forest, State of Washington. Prohibits assessments from being levied against any program, budget activity, or project funded by this Act without approval by the Committees on Appropriations. Provides that employment funded by this Act shall not be subject to any personnel ceiling or other personnel restriction for permanent or other than permanent employment except as provided by law. Authorizes the Secretaries of the Interior, Agriculture, and Energy, and the Smithsonian Institution to enter into contracts with State and local governments for procurement of services in the presuppression, detection, and suppression of fires. Prohibits the use of funds for deer hunting in the Loxahatchee National Wildlife Refuge. Prohibits the use of funds to implement the proposed jurisdictional interchange program until the enactment of legislation.
United States · United States Congress · 18 June 1987
Federal Fiscal Procedures Improvement Act of 1987 - Title I: Two-Year Budget Cycle - Amends the Congressional Budget and Impoundment Act of 1974 to revise the Federal and congressional budget processes by establishing a two-year budgeting cycle. Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to provide enforceable deficit targets for odd-numbered fiscal years. Defines a two-fiscal-year budget period as the period of two consecutive fiscal years beginning on October 1 of any odd-numbered year. Sets forth a revised timetable for a biennial budget. Requires the Congress, by September 30 of each odd-numbered year, to complete action on the concurrent resolution on the budget, all regular appropriation bills, and the reconciliation bill or resolution for the two-fiscal-year budget period beginning on October 1 of that year. Requires the President, by the following January 15th, to transmit to the Congress any revisions the President may desire in such budget. Requires the Director of the Congressional Budget Office, by the following March 31, to transmit to the Committees on the Budget of the House and the Senate, any revisions of the Office's fiscal policy report needed due to the President's revisions or changing economic conditions. Requires each Congress, by the last day of the second session, to complete action on bills and resolutions authorizing new budget authority for the two-fiscal-year budget period beginning on October 1 of the succeeding odd-numbered calendar year. Makes it out of order in the House or the Senate, unless waived or suspended by a three-fifths vote, to consider any regular appropriation bill for a budget period until the Committee on Appropriations of that House has reported all of the regular appropriation bills. Requires all regular appropriation bills to be reported to the House by June 1 and passed by the House by June 15 of each odd-numbered year. Requires all regular appropriation bills to be reported by the Senate by June 30 and passed by the Senate by July 31 of each odd-numbered year. Permits a change in budget accounts of the President's budget or estimates of outlays and proposed budget authority only in consultation with the House and Senate Appropriations and Budget Committees and the committees having jurisdiction over the affected programs and activities. Sets forth technical and conforming amendments. Title II: Procedures for Expedited Rescissions - Sets forth procedures for the expedited consideration by the Congress of rescission bills submitted by the President. Title III: Budgetary Treatment of Credit Transactions of the United States Government - Establishes procedures for the budgetary treatment and financing of Federal direct loan and loan guarantee programs. Defines "subsidy" as: (1) the difference between the face value of a direct loan and the estimated proceeds from the sale of the loan in the investment securities markets; and (2) the estimated net cost to the Government to reinsure a loan guarantee with a private insurer. Makes any direct loan obligation of a Federal agency an obligation of the Federal Credit Revolving Fund. Requires each agency to include in its budget proposal for a fiscal year: (1) the planned level of new direct loan obligations; and (2) the estimated subsidy associated with such obligations. Prohibits an agency from making a direct loan obligation unless: (1) funds have been appropriated for the loan subsidy; or (2) the use of funds otherwise available to the agency for the subsidy has been limited. Provides that the subsidy amount shall constitute the obligation of the agency and the difference between such amount and the face value of the loan shall constitute the obligation of the Fund. Requires the subsidy to be paid as the loan is disbursed. Requires the Secretary of the Treasury to sell direct loans to the private sector. Makes any loan guarantee commitment of a Federal agency a commitment of the Fund. Requires each agency to include in its budget proposal for a fiscal year: (1) the level of new loan guarantee commitments; and (2) the estimated subsidy associated with such commitments. Prohibits an agency from making a loan guarantee commitment unless: (1) funds have been appropriated for the guarantee subsidy; or (2) the use of funds otherwise available to the agency for the subsidy has been limited. Provides that the subsidy amount shall constitute the obligation of the agency. Requires the subsidy to be paid to the Fund when the underlying loan agreement is executed. Directs the Secretary to purchase reinsurance of loan guarantees from private insurers. Establishes the Fund within the Department of the Treasury to serve as a central revolving fund and financing mechanism for all new Federal direct loans and loan guarantees. Directs the Secretary to receive into the Fund: (1) subsidy payments from Federal agencies; (2) payments due the Government for direct loans; (3) proceeds from the sale of direct loans and from the sale of any collateral received as the result of defaults on direct or guaranteed loans; and (4) fees due the Government for loan guarantees. Sets forth the Secretary's duties in managing the Fund, which include: (1) disbursing direct loans to borrowers according to agency loan agreements; (2) making claim payments for guaranteed loans in default that have not been reinsured; (3) identifying separately the credit activity of each agency; (4) requiring uniform reporting by agencies on loan performance, borrower characteristics, and debt collection efforts; and (5) estimating the subsidy amount for each direct loan and loan guarantee. Requires the head of each agency authorized to make or guarantee loans to: (1) request annual appropriations for the subsidized portions of agency loans; (2) conduct loan programs within the lower of appropriations limitations for such programs or annual appropriations available to cover subsidy costs; and (3) pay to the Fund all relevant loan collections. Provides for the budgetary treatment of direct loan and loan guarantee subsidies as agency obligations and of financing requirements of credit programs exceeding agency subsidies as Fund obligations. Authorizes the Secretary to use the proceeds of the sale of any securities issued under the Second Liberty Bond Act to: (1) finance direct loans to the extent not covered by agency subsidy payments and direct loan sales; and (2) pay claims, resulting from federally-guaranteed loans, in excess of Fund reserves. Authorizes the appropriation of funds necessary to liquidate debt incurred by the Fund due to operating losses. Authorizes appropriations to agencies for subsidies associated with proposed direct loan obligations and proposed loan guarantee commitments. Includes as "deposit insurance agencies" the Federal Deposit Insurance Corporation, the Federal Savings and Loan Insurance Corporation, the National Credit Union Administration, and the Securities and Exchange Commission. Provides that: (1) obligations of deposit insurance agencies to make direct loans to the public or to assume loan assets shall remain obligations of such agencies; and (2) commitments to guarantee loans shall remain commitments of such agencies. Requires each deposit insurance agency to include in its budget proposal the estimated subsidy costs associated with proposed direct loan obligations and loan guarantee commitments. Requires no appropriations or limitations on the use of funds otherwise available for subsidies. Makes technical and conforming amendments. Prohibits a Federal agency other than the Department of the Treasury from issuing, selling, or guaranteeing an obligation that is ordinarily financed in investment securities markets unless such obligation may be held by only the Secretary. Permits the Secretary to waive such prohibition under specified circumstances. Deems any obligation guaranteed by a Federal agency and financed by the Secretary to be a direct loan of the Fund. Provides that purchases by the Secretary of obligations issued by local public bodies and guaranteed by a Federal agency shall be upon such terms as necessary to avoid an increase in borrowing costs of such bodies. Authorizes such an agency to make payments to the Secretary to offset the Secretary's costs of purchasing such obligations. Title IV: Sequestration Procedures - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to revise sequestration procedures. Directs the Comptroller General to submit the General Accounting Office's (GAO) initial and revised sequestration reports for a fiscal year to the Director of the Office of Management and Budget (OMB). (Current law requires such reports to be submitted to the President.) Requires the GAO reports to contain the Comptroller General's views concerning the estimates, determinations, and specifications contained in the report submitted by the Directors of OMB and the Congressional Budget Office (CBO). Requires the Director of OMB to issue to the President and the Congress: (1) on September 1 preceding the fiscal year, an initial sequestration report based on the initial GAO report, providing the same items of information as contained in the OMB-CBO report, and explaining any deviations between the estimates, determinations, and specifications included and the views of the Comptroller General in the GAO report; and (2) on October 15, a revised report as necessary in light of the revised GAO report. Requires such revised report to contain the same estimated amounts of budget authority, outlays, spending authority, revenues, obligation limitations, obligated balances, unobligated balances, loan guarantee commitments, and direct loan obligations as contained in the initial report unless a change is required because legislation is enacted, a final regulation is promulgated, or notice of a sale of assets is published after such initial report. Requires the President to issue any necessary initial sequestration order on September 3 (currently, September 1) and the final order on October 17 (currently, October 15). Requires the President's initial and final orders to be in accordance with the initial and revised OMB (currently, GAO) reports. Terminates procedures providing for sequestration from national defense accounts through the termination or modification of existing contracts. Requires the Directors of OMB and CBO and the Comptroller General, by July 25 preceding each fiscal year, to submit to the Temporary Joint Committee on Deficit Reduction a report proposing economic assumptions for specified items for use in preparing sequestration reports for each such fiscal year. Directs the Committee, before September 15, to report a joint resolution which: (1) specifies amounts for economic assumptions, within the range of amounts submitted by the Directors and the Comptroller, to be used by OMB, CBO, and GAO for sequestration reports for the upcoming fiscal year; and (2) directs the President to modify the most recent sequestration order for such fiscal year to implement the amount specified for each economic assumption. Requires each Director or the Comptroller General to use the amounts he or she proposed in preparing sequestration reports if such joint resolution is not enacted. Sets forth rules by which the Directors and the Comptroller General, in preparing sequestration reports for a fiscal year, shall calculate budget outlays resulting from specified items of budgetary resources for an account for purposes of determining budget outlays for non-defense programs for such fiscal year. Requires the Directors, in determining the amount of budget base outlays resulting from obligated balances for defense and non-defense programs for a fiscal year, to use the methodology they used in determining such outlays in the sequestration report for FY 1986. Requires the Directors and the Comptroller General, in preparing initial and final sequestration reports for a fiscal year, to assume that: (1) only those regulations which have been promulgated as final regulations by August 15 (with respect to initial reports) or October 5 (with respect to final reports) will be in effect during such fiscal year; and (2) only those sales of assets by the Government for which a notice has been published in the Federal Register by August 15 (for initial reports) or October 5 (for final reports) will occur during such fiscal year. Requires the Directors and the Comptroller General, in preparing sequestration reports, to: (1) include amounts of budget resources and budget outlays necessary to pay for any adjustments for Federal statutory pay systems or military pay enacted by law; and (2) assume that the percentage of the amounts of budget resources and budget outlays necessary to pay for such adjustments that will be absorbed by all Federal agencies will not exceed the average of the percentage of such amounts absorbed by all agencies for the three most recently completed pay adjustment absorption fiscal years. Requires the budget base, for purposes of determining sequestration reductions for a fiscal year, to be determined assuming the continuation of current law with respect to entitlements funded through annual appropriation Acts and with respect to the Food Stamp Act of 1977. Requires the Comptroller General's report to the Congress on the compliance of the President's sequestration order with sequestration procedures to include information on the compliance of OMB's sequestration reports with such procedures and any recommendations for improving such procedures. Exempts the budget account for Washington Metropolitan Area Transit Authority interest payments from reduction pursuant to a sequestration order. Restores the provisions of the Balanced Budget and Emergency Deficit Control Act of 1985 as in effect before enactment of this Act if provisions of law are enacted which: (1) establish the Comptroller General as an officer in the executive branch; or (2) establish an independent agency in the executive branch to carry out the functions of the Comptroller General. Requires an affirmative vote of three-fifths of the members of the Senate to sustain an appeal of the ruling of the Chair on a point of order raised under certain sequestration procedures in the Senate. Title V: Miscellaneous Fiscal Reforms - Amends the Congressional Budget Act to make it out of order in the House or the Senate, unless waived or suspended by a three-fifths' vote, to consider any bill or resolution that provides for budget outlays or new budget authority for nondefense discretionary spending in excess of the appropriate allocation of outlays or authority after the Congress has completed action on the concurrent resolution on the budget. Provides for automatic continuing appropriations where a regular appropriations bill does not become law prior to the beginning of two-fiscal-year budget cycle. Lists the categories of projects and activities to be funded under such automatic appropriations, which include: (1) the executive departments; (2) the legislative branch; (3) foreign assistance and related programs; and (4) the government of the District of Columbia. Expresses the sense of the Congress that a balanced budget amendment to the Constitution should be adopted by the Congress and ratified by the States.
United States · United States Congress · 18 June 1987
Amends the Internal Revenue Code to provide that the harbor maintenance tax shall not be imposed in cases involving the transportation of passengers for compensation or hire on trips: (1) originating on the U.S. mainland and ending in Hawaii, Alaska, or a U.S. possession; or (2) originating in Hawaii, Alaska, or a U.S. possession and ending on the U.S. mainland.
United States · United States Congress · 18 June 1987
Waives points of order against the consideration of the conference report on H. Con. Res. 93 (congressional budget).
United States · United States Congress · 17 June 1987
Amends the Immigration and Nationality Act to reduce the total number (270,000) of permanent resident visas available in a fiscal year by the number of special immigrant, immediate relative, and preference visas issued during the preceding fiscal year in excess of 255,000. Stipulates that such reductions may not exceed 50 percent of such total.
United States · United States Congress · 17 June 1987
Amends the Internal Revenue Code to exclude from the ten percent additional tax on early distributions from qualified retirement plans any distributions to an employee who separated from service on account of early retirement before the enactment of the Tax Reform Act of 1986.
United States · United States Congress · 17 June 1987
Provides that for the purposes of the Congressional Budget Act of 1974 as it applies to the House of Representatives, the Congress shall be considered to have adopted H. Con. Res. 93 (setting forth the congressional budget for FY 1988 through 1990) as passed by the House. Declares that for the purposes of this resolution, the allocations of budget authority and new entitlement authority printed in the Congressional Record of June 18, 1987, by Representative Gray of Pennsylvania shall be considered as allocations made pursuant to such Act. Requires House committees to submit their recommendations to the House Committee on the Budget by July 28, 1987. Terminates applicability of this resolution upon final adoption by the House and the Senate of a concurrent resolution for the applicable fiscal years.
United States · United States Congress · 16 June 1987
Amends the Internal Revenue Code to: (1) increase from 25 percent to 80 percent the income tax deduction for the health insurance costs of a self-employed individual; and (2) set a standard by which the health plan of a self-employed individual will be treated with respect to the nondiscrimination requirements applicable to certain employee benefit plans.
United States · United States Congress · 16 June 1987
Fiscal Procedures Reform Act of 1987 - Amends the Congressional Budget and Impoundment Control Act of 1974 to revise the Federal and congressional budget processes by establishing a two-year budgeting and appropriation cycle. Defines a "two-year fiscal period" as the 24-month period beginning on October 1 of each odd-numbered year. Sets forth a revised timetable for a biennial budget. Requires the Congress: (1) by May 15 of each odd-numbered year, to complete action on the concurrent resolution on the budget for the two-year fiscal period; and (2) by September 30 of each odd-numbered year, to complete action on all appropriation bills for the two-year fiscal period. Requires the President, by the following January 15th, to submit any revisions the President may desire in such budget. Requires any legislation which authorizes enactment of new budget authority or provides a certain type of spending authority to be referred to the Committee on Appropriations of the House or Senate. Requires the Director of the Congressional Budget Office to issue six-year (rather than five-year) budget projections beginning each fiscal year. Terminates the Budget Committees of the House of Representatives and the Senate and transfers their functions to the respective Committees on Appropriations. Sets forth the jurisdiction, authority, and membership of the House and Senate Committees on Appropriations. Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to repeal the sequestration mechanism. Repeals certain provisions respecting the statutory limit on the public debt.
United States · United States Congress · 16 June 1987
Savers and Investors Act of 1987 - Amends the Internal Revenue Code to exempt any tax deferred account (defined in this Act) from taxation, except for taxes imposed on the unrelated business income of certain tax-exempt organizations. Requires such an account to be in the form of a trust created for the exclusive benefit of an individual or beneficiary. Enumerates other qualifying criteria and limitations governing the accounts. Taxes account distributions as ordinary income, but permits a tax-free rollover from one account to another. Lists special rules in connection with an account's loss of tax-exempt status. Requires the account trustee to report account data to the Secretary of the Treasury and to the investor.
United States · United States Congress · 16 June 1987
Sets forth the rule for the consideration of H.R. 2342 (Coast Guard funding).
United States · United States Congress · 11 June 1987
Amends the Internal Revenue Code to: (1) exempt livestock bred by the taxpayer (other than by embryo transplant) from rules requiring the capitalization of preproductive costs; and (2) permit an exception from required use of the accrual method of accounting for corporations engaged in farming and having gross receipts of $5,000,000 or less. (Current law permits an exception for S corporations, family corporations, and corporations having gross receipts of $1,000,000 or less.)
United States · United States Congress · 11 June 1987
Amends the Internal Revenue Code to exempt from the port use excise tax cargo transported between Alaska, Hawaii, and any U.S. possession for ultimate use or consumption at one of such places.
United States · United States Congress · 11 June 1987
Amends the Internal Revenue Code to provide that the income tax exclusion from gross income for qualified scholarships shall include scholarships or fellowship grants received for travel, research, and living expenses.
United States · United States Congress · 11 June 1987
Amends the Internal Revenue Code to exclude distributions under the Federal retirement system from the ten percent additional tax imposed on early distributions from qualified retirement plans.
United States · United States Congress · 11 June 1987
States that in the interest of decreasing the growing gap between taxes owed and taxes collected: (1) the administration and the Congress should substantially increase appropriate resources for the taxpayer assistance and enforcement divisions of the Internal Revenue Service (IRS); and (2) the IRS should implement specified recommendations to improve taxpayer services and to enhance enforcement efforts.
United States · United States Congress · 10 June 1987
Technical Corrections Act of 1987 - Title I: Technical Corrections to Tax Reform Act of 1986 - Makes a technical adjustment to an assessment rule applicable when the owner of a large amount of cash is not identified. Revises the rate of the accumulated earnings tax on corporations from a variable rate based on income below and in excess of $100,000 to a flat 28 percent of accumulated taxable income. Makes a technical amendment relating to the exemption of certain individuals from the requirement to file an income tax return. Amends Internal Revenue Code (IRC) and Social Security Act provisions relating to nonresident aliens temporarily in the United States for the purpose of studying at vocational or other recognized nonacademic institutions. Amends the IRC to delete provisions describing the treatment of Social Security benefits for purposes of defining earned income. Amends IRC provisions relating to the two percent floor on miscellaneous itemized deductions to: (1) add provisions concerning the coordination of such limitation with the limitation on the tax deduction for trade and business expenses; and (2) revise the determination of adjusted gross income of estates and trusts with respect to such limitation. Limits the tax deduction of expenses in connection with portions of dwelling units allocated to business uses. Amends provisions governing the computation of the earnings and profits of certain foreign corporations for purposes of determining the effect of depreciation on such earnings and profits. Amends the IRC with regard to the application of the accelerated cost recovery system (ACRS) in cases of: (1) certain property placed in service in churning transactions; (2) certain transfers; and (3) certain property subject to U.S. tax and used by a foreign person or entity. Permits greater taxpayer discretion in using the 150 percent declining balance method of depreciation for ACRS purposes and specifies the applicable recovery period to be used in such cases. Terminates special rules for the tax treatment of sound recordings for property placed in service after 1985. Makes other technical amendments and corrections relating to provisions: (1) modifying the ACRS; and (2) limiting expensing of depreciable assets. Revises Tax Reform Act (TRA) provisions specifying the effective dates of various provisions of new law. Makes technical amendments and corrections to a number of transitional rules provided in the TRA with respect to urban renovation projects. Makes technical amendments and corrections to the Tax Reform Acts of both 1986 and 1984 concerning property treated under prior tax acts. Adds a number of projects to those covered under special transitional rules. Amends the TRA concerning the applicability of modifications of the ACRS to a number of specific properties. Makes technical amendments and corrections to IRC and TRA provisions relating to transition property with respect to the former regular investment tax credit. Adds: (1) an exception to the application of certain adjustment rules relating to such credit; and (2) a number of properties to be considered as transition property. Makes technical amendments to TRA provisions relating to the effective 15-year carryback of existing carryforwards of steel companies. Establishes rule criteria to apply to overpayments under this section. Amends the IRC special rule governing a pass-through of the income tax research credit. Amends the IRC to disallow use of any depreciation deduction with respect to: (1) any trademark or trade name expenditure; or (2) any railroad grading or tunnel bore. Makes technical amendments and corrections to TRA provisions relating to the modification of the investment tax credit for certain rehabilitation expenditures. Makes technical amendments to the IRC with respect to the low-income housing credit, including: (1) amendments of special rules for nontaxable transfers; (2) the addition of an exception to rules governing basis reduction for certain residential rental units; (3) the exclusion from the eligible basis of a building of amounts deducted for depreciation; (4) the addition of provisions applicable to rent-restricted units in cases when Federal rental assistance is reduced as a tenant's income increases; (5) provisions relating to limitations on the aggregate credit allowable with respect to projects located in a State; and (6) a prohibition of any carryback of the low-income housing credit before 1987. Corrects a reference in the Merchant Marine Act, 1936. Makes technical amendments and corrections to IRC and TRA provisions relating to capital gains. Revises: (1) the description of taxable income from foreign sources for capital gains purposes; (2) the definition of a "capital gains rate differential" and its applicability to the calculation of the bad debt reserves of certain financial institutions; and (3) provisions dealing with incentive stock options. Makes technical amendments to the TRA and the IRC to: (1) revise and limit the tax exclusion for the discharge of qualified farm indebtedness; and (2) provide for its coordination with other tax exclusions. Makes technical amendments and corrections to the IRC and the TRA with respect to tax shelter and interest limitations, including provisions relating to: (1) methods of accounting; (2) the definition of a "qualified investor" for purposes of the transitional rule for interests in low-income housing projects; (3) the phase-in of the limitation on investment interest; and (4) determinations of indebtedness for purposes of the personal interest disallowance, including provisions related to qualified residence interest. Makes technical amendments and corrections to TRA and IRC corporate tax provisions. Revises the percentage to be used in computing the deduction for dividends received from certain foreign sales corporations. Includes amendments relating to: (1) the reduction of corporate shareholders' basis in stock by the nontaxed portion of extraordinary dividends; (2) the limitation on net operating loss carryforwards and certain built-in losses following a change in corporate ownership, including provisions relating to built-in gains and gains attributable to stock acquisitions (section 338 gains) and rules relating to constructive stock ownership; and (3) recognition of gain and loss on distributions of property in corporate liquidations. Restructures IRC provisions dealing with transfers of partnership and trust interests by corporations. Makes technical amendments relating to: (1) transfers of property from the United States to foreign corporations; (2) sales or exchanges of stock in certain foreign corporations; and (3) the treatment of C corporations that elect subchapter S status. Adds to the IRC provisions dealing with special allocation rules for certain partnership transactions. Makes technical amendments and corrections concerning: (1) the definition of "related persons" with respect to the installment method of accounting; (2) the treatment of amortizable bond premium as interest; (3) certain entities not to be treated as corporations, including a special rule for persons holding income interests; (4) the excise tax on undistributed income of regulated investment companies, including qualification rules and the addition of provisions requiring the reduction of capital gain net income by the amount of a company's net ordinary loss for a given calendar year; (5) the treatment of business development companies; and (6) the treatment of shield funds as separate corporations. Makes technical amendments to TRA and IRC provisions with respect to real estate investment trusts, including: (1) provisions specifying asset and income requirements; (2) certain definitions; (3) distribution requirements; and (4) the excise tax on undistributed income of such trusts. Makes technical amendments to IRC provisions dealing with the taxation of real estate mortgage investment conduits (REMICs). Amends the IRC to impose a 34 percent tax on a REMIC's net income from foreclosure property. Reduces the amount of taxable income of a REMIC by the amount of such tax. Imposes a tax on contributions to a REMIC after the startup day in an amount equal to the amount of the contribution. Makes corrections to TRA and IRC rules for accruing the original discount on regular interests and similar debt instruments. Amends the TRA to direct the Secretary of the Treasury (Secretary) to: (1) study the operation of REMIC amendments and their competitive impact on savings and loan and similar institutions; and (2) report the results to specified congressional committees by January 1, 1990. Makes technical amendments and corrections to IRC provisions with respect to the alternative minimum tax, including provisions relating to: (1) the treatment of taxes on dividends from Puerto Rico and U.S. possession corporations; (2) adjustments applicable to corporations; (3) tax preference items; and (4) the denial of certain losses and the determination of the amount of such losses. Disallows the deduction for personal exemptions in calculations to determine the taxable income of a noncorporate taxpayer for minimum tax purposes. Adds to the TRA provisions to reduce the amount of minimum taxable income for qualified taxpayers by the amount of the agreement vessel depreciation adjustment. Amends accounting provisions of the TRA and the IRC. Directs the Secretary to prescribe regulations as necessary to prevent the use of related parties, pass-through entities, or intermediaries to evade certain limitations on the use of the cash method of accounting. Includes technical amendments of provisions relating to: (1) the special rule for the spudding of oil or gas wells; (2) capitalization and inclusion in inventory costs of certain expenses; (3) accounting method modifications for long-term contracts, including the addition of provisions permitting the Secretary to prescribe a simplified procedure for allocation of costs in certain cases; (4) the taxable years of certain entities, such as partnerships and common trust funds; (5) allocation of installment indebtedness, including provisions dealing with dispositions of personal property under revolving credit plans and installment obligations arising out of certain stock or securities sales; (6) disallowance of the use of the installment method of accounting for certain obligations; and (7) income attributable to utility services. Makes technical amendments and corrections to TRA and IRC provisions concerning financial institutions. Includes amendments with respect to: (1) the credit for investment in certain depreciable property in cases when the mutual savings bank or other financial institution is a lessee; (2) interest incurred to carry tax-exempt bonds, including the addition of properties subject to transitional rules and of provisions relating to refunding obligations and composite issues; and (3) the treatment of losses on deposits or accounts in insolvent financial institutions, including provisions allowing an institution whose deposits are not insured under Federal law to elect to treat losses on account of its bankruptcy or insolvency as ordinary losses. Makes technical amendments to the TRA and IRC with respect to insurance products and companies. Includes amendments relating to: (1) phase-in provisions for insurance companies whose income is now taxable but was not previously subject to taxation; (2) the treatment of certain dividends and tax-exempt interest; (3) the discounting of unpaid losses and certain unpaid expenses; and (4) the alternative tax for certain small companies. Amends provisions of the Tax Reform Act of 1984 that permit a mutual life insurance company to elect to treat individual noncancellable accident and health policies as cancellable. Delays the effective date for diversification requirements with respect to accounts for certain variable contracts that provide for the payment of an immediate annuity. Makes a technical amendment in the Social Security Act concerning simplified employment pensions (SEPs). Amends IRC and TRA provisions dealing with limitation and nondiscrimination requirements applicable to pensions and deferred compensation plans. Includes amendments relating to: (1) the treatment of married individuals filing separate returns and living apart for purposes of the limitation on the deduction for qualified retirement contributions; (2) nondeductible contributions to individual retirement plans, including the institution of a $50 penalty for failure to report designated nondeductible contributions; (3) distributions on deferrals in excess of the $7,000 limitation on the exclusion from gross income; (4) adjustments to limitations on contributions and benefits under qualified plans; (5) modifications of provisions governing tax-deferred compensation plans of State and local government and of tax-exempt organizations, including a new criterion for plan eligibility; (6) special rules for SEPs, including a technical amendment to the Social Security Act and a new provision prohibiting employee election of a salary reduction arrangement in cases when the SEP does not meet the requirements necessary to ensure the distribution of excess contributions; (7) the application of nondiscrimination rules to integrated plans; (8) minimum employee coverage requirements for qualified plans, including new provisions to address employers having only highly compensated employees; (9) minimum vesting requirements, including technical amendments of the Employee Retirement Income Security Act of 1974; (10) certain definitions; (11) cash or deferred arrangements, including new provisions to govern distributions upon the termination of a plan or the disposition of either a corporation's assets or its interest in a subsidiary; and (12) nondiscrimination requirements for employer matching contributions, employee contributions, and tax-sheltered annuities. Amends TRA and IRC provisions dealing with the treatment of distributions and various other aspects of pensions and deferred compensation plans. Includes technical amendments and corrections with respect to: (1) the taxation of distributions; (2) the uniform additional tax on early distributions from qualified retirement plans, including the repeal of provisions triggering additional tax when an employee receives certain distributions before reaching age 59 1/2; (3) revision of the class of taxpayers permitted to elect to treat certain lump-sum distributions received in 1987 as if they were received in 1986; (4) the tax on nondeductible contributions to qualified employer plans; (5) the excise tax on the reversion of qualified plan assets to an employer; (6) the excise tax on excess distributions from qualified retirement plans, including an addition to the rules for computing excess retirement accumulation; and (7) the tax treatment of the Federal Thrift Savings Fund. Makes technical amendments to the Retirement Equity Act of 1984 and to the Employee Retirement Income Security Act of 1974. Makes technical amendments and corrections to TRA and IRC provisions relating to employee benefits and employee stock ownership plans (ESOPs). Includes amendments with respect to: (1) the loss of the tax-exempt status of any organization that is part of a plan failing to meet certain requirements; (2) cafeteria plans; (3) technical amendments of the Social Security Act; (4) the definition of the terms "wages" and "compensation" for certain purposes; (5) the deductibility of the health insurance costs of self-employed individuals; (6) the estate tax deduction for proceeds from sales of employer securities; (7) loans used to acquire employer securities, including provisions relating to the period of applicability of the exclusion of interest on such securities acquisitions loans; and (8) qualification requirements for ESOPs. Makes technical amendments and corrections to foreign tax provisions of the TRA and the IRC. Includes amendments relating to: (1) limitations on the foreign tax credit, including a definition of "financial services income" for purposes of such limitations; (2) source rules for personal property sales, including the addition of a special rule for certain stock sales by residents of Puerto Rico; (3) the treatment of gain from the sale of stock of a foreign corporation when the gain would ordinarily be sourced in the United States but, pursuant to a treaty obligation of the United States, the taxpayer chooses to treat the gain as foreign source income; (4) rules for allocating interest, and so forth to foreign source income, including revisions to phase-in rules; (5) the taxation of income earned through foreign corporations, including special rules for certain captive insurance companies and for determining the earnings and profits of a controlled foreign corporation for purposes of computing amounts to be included in the gross income of U.S. shareholders; (6) deductions for dividends received from certain foreign corporations; (7) the disposition of investment in U.S. real property; (8) certain passive foreign investment companies, including the interest charge on tax deferrals, the treatment of qualified electing funds, and a special rule for the treatment of certain foreign corporations owning at least 25 percent stock in a domestic corporation; (9) the branch profits tax on foreign corporations; (10) the treatment of deferred payments and appreciation arising out of business conducted by foreign corporations or by nonresident aliens within the United States; (11) withholding tax on amounts paid by partnerships to foreign partners; (12) income of foreign governments, including the addition of limitations on the exclusion from gross income of such income; (13) the treatment of losses of separate business units of dual residence corporations; (14) foreign currency transactions, including provisions for determining foreign taxes and the earnings and profits of foreign corporations; (15) tax treatment of the Virgin Islands (V.I.), including provisions for the coordination of U.S. and V.I. income taxes; and (16) the addition of provisions relating to the coordination of U.S. treaty obligations, amendments made by the TRA, and technical corrections effected by this Act. Makes technical amendments and corrections to TRA and IRC provisions with respect to tax-exempt bonds. Includes amendments relating to: (1) various types of State and local bonds, including qualified small issue bonds, qualified student loan bonds; and qualified 501(c)(3) bonds; (2) requirements applicable to certain private bonds, such as issues of scholarship funding bonds and volunteer fire department bonds; (3) arbitrage bonds, including refunding bond provisions dealing with governmental units issuing $5,000,000 or less of bonds; (4) transitional rules relating to refundings and to the volume cap; (5) termination of the mortgage bond policy statement requirement; (6) provisions relating to certain established State programs, including a technical amendment of the Mortgage Subsidy Bond Tax Act of 1980; and (7) transitional rules for specific facilities. Makes technical amendments and corrections to IRC and TRA provisions dealing with the income taxation of trusts and estates, including provisions relating to: (1) reversionary interests; and (2) an exception for charitable trusts and private foundations from the penalty tax for failure to pay estimated income tax. Makes technical amendments and corrections of the IRC and TRA relating to the unearned income of minor children, including new provisions addressing the alternative minimum tax. Makes technical amendments and corrections to IRC and TRA provisions with respect to the generation-skipping transfer tax, including provisions concerning: (1) a deduction from such tax for certain transfers for public, charitable, and religious uses; (2) special rules for determining the inclusion ratio for certain inter vivos transfers; (3) disregard of certain support obligations arising under State law when determining a person's interest in a trust; and (4) special rules governing certain transfers to grandchildren. Makes technical amendments and corrections to compliance and tax administration sections of the TRA and the IRC, including amendments relating to: (1) the penalty for tax underpayment due to negligence and fraud; and (2) reporting requirements applicable to real estate transactions, including provisions excluding certain farm managers from the definition of "broker" and prohibiting a real estate broker from separately charging a customer for making certain required filings. Creates an exception from information reporting requirements for certain classified and confidential contracts between a Federal executive agency and another person. Declares that certain salary recommendations submitted by the President for special trial judges shall not be effective to the extent such salaries are not equal to 90 percent of the rate for Tax Court judges and are not paid in the same installments as Tax Court judges' salaries. Makes technical amendments and corrections to TRA and IRC provisions with respect to retirement pay for U.S. Tax Court judges. Amends the IRC to include the refundable earned income credit in deficiency assessments. Makes technical amendments and corrections to TRA and IRC provisions with respect to the tax-exempt status of certain title holding corporations or trusts (an exception initiated by the TRA). Makes other technical amendments and corrections to TRA and IRC provisions, such as amendments relating to the excise tax on gasoline and its companion floor stocks tax. Makes technical amendments and corrections to the IRC and to the Tax Reform Acts of both 1984 and 1986 relating to: (1) tax-exempt entity leasing provisions as applicable to tax-exempt controlled entities; (2) the nonrecognition of gain or loss with respect to certain transfers in connection with corporate reorganizations and the treatment of distributions in such cases; (3) the deductibility of excess golden parachute payments; (4) accounting changes with respect to designated settlement funds; (5) the exclusion from gross investment income of dividends from certain subsidiaries of life insurance companies; (6) special rules for stripped bonds of tax-exempt organizations; (7) technical amendments related to the Medicare program; and (8) pension plans, including technical amendments to the Employee Retirement Income Security Act of 1974 and the Public Health Service Act. Title II: Amendments Related to Tax Provisions in Other Legislation - Makes technical amendments and corrections to IRC provisions relating to: (1) directions to the Secretary to provide regulatory guidance to govern circumstances when a refund of the excise tax on certain chemicals shall be made directly to an exporter; (2) the addition of an exemption of regulated investment companies and real estate investment trusts from the environmental tax; (3) the tax on certain fuels to fund the Leaking Underground Storage Tank Trust Fund; (4) taxation of qualified methanol and ethanol fuel; (5) the Leaking Underground Storage Tank Trust Fund tax as applied to gasoline used in aviation and in trains; (6) the floor stocks tax on gasoline; (7) the ordering of amendments made by the Superfund Revenue Act of 1986 and by the Harbor Maintenance Revenue Act of 1986 of provisions related to the excise tax on fuel used in commercial transportation on inland waterways; (8) exemption from the port use excise tax for cargo transported between Alaska, Hawaii, and any U.S. possession for ultimate use or consumption at the relevant destination; and (9) technical amendments related to the Omnibus Budget Reconciliation Act of 1986 with respect to tax-exempt mutual or cooperative telephone or electric companies.
United States · United States Congress · 10 June 1987
Amends Internal Revenue Code provisions relating to whether a trust that is part of a defined contribution plan constitutes a qualified trust or annuity plan for tax-deferred compensation plan purposes. Requires such a trust, in order to constitute a qualified trust, to: (1) permit employees to make rollover contributions to the plan; (2) prohibit, with certain exceptions (including nursing home and long-term care insurance expenses), retirement distributions to an employee before the employee attains age 59 1/2, unless the employee makes a direct transfer to another eligible retirement plan; (3) distribute amounts to a retiree based on postretirement life expectancy; and (4) provide for the direct transfer of an employee's benefit to another eligible retirement plan upon the employee's separation from service. Applies these requirements, insofar as they relate to retirement distributions, to individual retirement accounts and individual retirement annuities. Permits an employer to provide salary reduction arrangements under a simplified employee pension plan (SEP) without regard to the number of employees (current law restricts such plans to employers having fewer than 25 employees). Requires an employer to offer such a salary reduction arrangement if any employee requests the employer to establish a SEP that permits an employee to elect to have the employer make payments: (1) as contributions to the SEP on behalf of the employee; or (2) to the employee directly in cash.
United States · United States Congress · 10 June 1987
Amends the Internal Revenue Code to extend through 1992 the period during which qualified mortgage bonds may be issued. (Under current law, authority to issue these bonds expires as of 1989.)
United States · United States Congress · 10 June 1987
Technical Corrections Act of 1987 - Title I: Technical Corrections to Tax Reform Act of 1986 - Makes a technical adjustment to an assessment rule applicable when the owner of a large amount of cash is not identified. Revises the rate of the accumulated earnings tax on corporations from a variable rate based on income below and in excess of $100,000 to a flat 28 percent of accumulated taxable income. Makes a technical amendment relating to the exemption of certain individuals from the requirement to file an income tax return. Amends Internal Revenue Code (IRC) and Social Security Act provisions relating to nonresident aliens temporarily in the United States for the purpose of studying at vocational or other recognized nonacademic institutions. Amends the IRC to delete provisions describing the treatment of Social Security benefits for purposes of defining earned income. Amends IRC provisions relating to the two percent floor on miscellaneous itemized deductions to: (1) add provisions concerning the coordination of such limitation with the limitation on the tax deduction for trade and business expenses; and (2) revise the determination of adjusted gross income of estates and trusts with respect to such limitation. Limits the tax deduction of expenses in connection with portions of dwelling units allocated to business uses. Amends provisions governing the computation of the earnings and profits of certain foreign corporations for purposes of determining the effect of depreciation on such earnings and profits. Amends the IRC with regard to the application of the accelerated cost recovery system (ACRS) in cases of: (1) certain property placed in service in churning transactions; (2) certain transfers; and (3) certain property subject to U.S. tax and used by a foreign person or entity. Permits greater taxpayer discretion in using the 150 percent declining balance method of depreciation for ACRS purposes and specifies the applicable recovery period to be used in such cases. Terminates special rules for the tax treatment of sound recordings for property placed in service after 1985. Makes other technical amendments and corrections relating to provisions: (1) modifying the ACRS; and (2) limiting expensing of depreciable assets. Revises Tax Reform Act (TRA) provisions specifying the effective dates of various provisions of new law. Makes technical amendments and corrections to a number of transitional rules provided in the TRA with respect to urban renovation projects. Makes technical amendments and corrections to the Tax Reform Acts of both 1986 and 1984 concerning property treated under prior tax acts. Adds a number of projects to those covered under special transitional rules. Amends the TRA concerning the applicability of modifications of the ACRS to a number of specific properties. Makes technical amendments and corrections to IRC and TRA provisions relating to transition property with respect to the former regular investment tax credit. Adds: (1) an exception to the application of certain adjustment rules relating to such credit; and (2) a number of properties to be considered as transition property. Makes technical amendments to TRA provisions relating to the effective 15-year carryback of existing carryforwards of steel companies. Establishes rule criteria to apply to overpayments under this section. Amends the IRC special rule governing a pass-through of the income tax research credit. Amends the IRC to disallow use of any depreciation deduction with respect to: (1) any trademark or trade name expenditure; or (2) any railroad grading or tunnel bore. Makes technical amendments and corrections to TRA provisions relating to the modification of the investment tax credit for certain rehabilitation expenditures. Makes technical amendments to the IRC with respect to the low-income housing credit, including: (1) amendments of special rules for nontaxable transfers; (2) the addition of an exception to rules governing basis reduction for certain residential rental units; (3) the exclusion from the eligible basis of a building of amounts deducted for depreciation; (4) the addition of provisions applicable to rent-restricted units in cases when Federal rental assistance is reduced as a tenant's income increases; (5) provisions relating to limitations on the aggregate credit allowable with respect to projects located in a State; and (6) a prohibition of any carryback of the low-income housing credit before 1987. Corrects a reference in the Merchant Marine Act, 1936. Makes technical amendments and corrections to IRC and TRA provisions relating to capital gains. Revises: (1) the description of taxable income from foreign sources for capital gains purposes; (2) the definition of a "capital gains rate differential" and its applicability to the calculation of the bad debt reserves of certain financial institutions; and (3) provisions dealing with incentive stock options. Makes technical amendments to the TRA and the IRC to: (1) revise and limit the tax exclusion for the discharge of qualified farm indebtedness; and (2) provide for its coordination with other tax exclusions. Makes technical amendments and corrections to the IRC and the TRA with respect to tax shelter and interest limitations, including provisions relating to: (1) methods of accounting; (2) the definition of a "qualified investor" for purposes of the transitional rule for interests in low-income housing projects; (3) the phase-in of the limitation on investment interest; and (4) determinations of indebtedness for purposes of the personal interest disallowance, including provisions related to qualified residence interest. Makes technical amendments and corrections to TRA and IRC corporate tax provisions. Revises the percentage to be used in computing the deduction for dividends received from certain foreign sales corporations. Includes amendments relating to: (1) the reduction of corporate shareholders' basis in stock by the nontaxed portion of extraordinary dividends; (2) the limitation on net operating loss carryforwards and certain built-in losses following a change in corporate ownership, including provisions relating to built-in gains and gains attributable to stock acquisitions (section 338 gains) and rules relating to constructive stock ownership; and (3) recognition of gain and loss on distributions of property in corporate liquidations. Restructures IRC provisions dealing with transfers of partnership and trust interests by corporations. Makes technical amendments relating to: (1) transfers of property from the United States to foreign corporations; (2) sales or exchanges of stock in certain foreign corporations; and (3) the treatment of C corporations that elect subchapter S status. Adds to the IRC provisions dealing with special allocation rules for certain partnership transactions. Makes technical amendments and corrections concerning: (1) the definition of "related persons" with respect to the installment method of accounting; (2) the treatment of amortizable bond premium as interest; (3) certain entities not to be treated as corporations, including a special rule for persons holding income interests; (4) the excise tax on undistributed income of regulated investment companies, including qualification rules and the addition of provisions requiring the reduction of capital gain net income by the amount of a company's net ordinary loss for a given calendar year; (5) the treatment of business development companies; and (6) the treatment of shield funds as separate corporations. Makes technical amendments to TRA and IRC provisions with respect to real estate investment trusts, including: (1) provisions specifying asset and income requirements; (2) certain definitions; (3) distribution requirements; and (4) the excise tax on undistributed income of such trusts. Makes technical amendments to IRC provisions dealing with the taxation of real estate mortgage investment conduits (REMICs). Amends the IRC to impose a 34 percent tax on a REMIC's net income from foreclosure property. Reduces the amount of taxable income of a REMIC by the amount of such tax. Imposes a tax on contributions to a REMIC after the startup day in an amount equal to the amount of the contribution. Makes corrections to TRA and IRC rules for accruing the original discount on regular interests and similar debt instruments. Amends the TRA to direct the Secretary of the Treasury (Secretary) to: (1) study the operation of REMIC amendments and their competitive impact on savings and loan and similar institutions; and (2) report the results to specified congressional committees by January 1, 1990. Makes technical amendments and corrections to IRC provisions with respect to the alternative minimum tax, including provisions relating to: (1) the treatment of taxes on dividends from Puerto Rico and U.S. possession corporations; (2) adjustments applicable to corporations; (3) tax preference items; and (4) the denial of certain losses and the determination of the amount of such losses. Disallows the deduction for personal exemptions in calculations to determine the taxable income of a noncorporate taxpayer for minimum tax purposes. Adds to the TRA provisions to reduce the amount of minimum taxable income for qualified taxpayers by the amount of the agreement vessel depreciation adjustment. Amends accounting provisions of the TRA and the IRC. Directs the Secretary to prescribe regulations as necessary to prevent the use of related parties, pass-through entities, or intermediaries to evade certain limitations on the use of the cash method of accounting. Includes technical amendments of provisions relating to: (1) the special rule for the spudding of oil or gas wells; (2) capitalization and inclusion in inventory costs of certain expenses; (3) accounting method modifications for long-term contracts, including the addition of provisions permitting the Secretary to prescribe a simplified procedure for allocation of costs in certain cases; (4) the taxable years of certain entities, such as partnerships and common trust funds; (5) allocation of installment indebtedness, including provisions dealing with dispositions of personal property under revolving credit plans and installment obligations arising out of certain stock or securities sales; (6) disallowance of the use of the installment method of accounting for certain obligations; and (7) income attributable to utility services. Makes technical amendments and corrections to TRA and IRC provisions concerning financial institutions. Includes amendments with respect to: (1) the credit for investment in certain depreciable property in cases when the mutual savings bank or other financial institution is a lessee; (2) interest incurred to carry tax-exempt bonds, including the addition of properties subject to transitional rules and of provisions relating to refunding obligations and composite issues; and (3) the treatment of losses on deposits or accounts in insolvent financial institutions, including provisions allowing an institution whose deposits are not insured under Federal law to elect to treat losses on account of its bankruptcy or insolvency as ordinary losses. Makes technical amendments to the TRA and IRC with respect to insurance products and companies. Includes amendments relating to: (1) phase-in provisions for insurance companies whose income is now taxable but was not previously subject to taxation; (2) the treatment of certain dividends and tax-exempt interest; (3) the discounting of unpaid losses and certain unpaid expenses; and (4) the alternative tax for certain small companies. Amends provisions of the Tax Reform Act of 1984 that permit a mutual life insurance company to elect to treat individual noncancellable accident and health policies as cancellable. Delays the effective date for diversification requirements with respect to accounts for certain variable contracts that provide for the payment of an immediate annuity. Makes a technical amendment in the Social Security Act concerning simplified employment pensions (SEPs). Amends IRC and TRA provisions dealing with limitation and nondiscrimination requirements applicable to pensions and deferred compensation plans. Includes amendments relating to: (1) the treatment of married individuals filing separate returns and living apart for purposes of the limitation on the deduction for qualified retirement contributions; (2) nondeductible contributions to individual retirement plans, including the institution of a $50 penalty for failure to report designated nondeductible contributions; (3) distributions on deferrals in excess of the $7,000 limitation on the exclusion from gross income; (4) adjustments to limitations on contributions and benefits under qualified plans; (5) modifications of provisions governing tax-deferred compensation plans of State and local government and of tax-exempt organizations, including a new criterion for plan eligibility; (6) special rules for SEPs, including a technical amendment to the Social Security Act and a new provision prohibiting employee election of a salary reduction arrangement in cases when the SEP does not meet the requirements necessary to ensure the distribution of excess contributions; (7) the application of nondiscrimination rules to integrated plans; (8) minimum employee coverage requirements for qualified plans, including new provisions to address employers having only highly compensated employees; (9) minimum vesting requirements, including technical amendments of the Employee Retirement Income Security Act of 1974; (10) certain definitions; (11) cash or deferred arrangements, including new provisions to govern distributions upon the termination of a plan or the disposition of either a corporation's assets or its interest in a subsidiary; and (12) nondiscrimination requirements for employer matching contributions, employee contributions, and tax-sheltered annuities. Amends TRA and IRC provisions dealing with the treatment of distributions and various other aspects of pensions and deferred compensation plans. Includes technical amendments and corrections with respect to: (1) the taxation of distributions; (2) the uniform additional tax on early distributions from qualified retirement plans, including the repeal of provisions triggering additional tax when an employee receives certain distributions before reaching age 59 1/2; (3) revision of the class of taxpayers permitted to elect to treat certain lump-sum distributions received in 1987 as if they were received in 1986; (4) the tax on nondeductible contributions to qualified employer plans; (5) the excise tax on the reversion of qualified plan assets to an employer; (6) the excise tax on excess distributions from qualified retirement plans, including an addition to the rules for computing excess retirement accumulation; and (7) the tax treatment of the Federal Thrift Savings Fund. Makes technical amendments to the Retirement Equity Act of 1984 and to the Employee Retirement Income Security Act of 1974. Makes technical amendments and corrections to TRA and IRC provisions relating to employee benefits and employee stock ownership plans (ESOPs). Includes amendments with respect to: (1) the loss of the tax-exempt status of any organization that is part of a plan failing to meet certain requirements; (2) cafeteria plans; (3) technical amendments of the Social Security Act; (4) the definition of the terms "wages" and "compensation" for certain purposes; (5) the deductibility of the health insurance costs of self-employed individuals; (6) the estate tax deduction for proceeds from sales of employer securities; (7) loans used to acquire employer securities, including provisions relating to the period of applicability of the exclusion of interest on such securities acquisitions loans; and (8) qualification requirements for ESOPs. Makes technical amendments and corrections to foreign tax provisions of the TRA and the IRC. Includes amendments relating to: (1) limitations on the foreign tax credit, including a definition of "financial services income" for purposes of such limitations; (2) source rules for personal property sales, including the addition of a special rule for certain stock sales by residents of Puerto Rico; (3) the treatment of gain from the sale of stock of a foreign corporation when the gain would ordinarily be sourced in the United States but, pursuant to a treaty obligation of the United States, the taxpayer chooses to treat the gain as foreign source income; (4) rules for allocating interest, and so forth to foreign source income, including revisions to phase-in rules; (5) the taxation of income earned through foreign corporations, including special rules for certain captive insurance companies and for determining the earnings and profits of a controlled foreign corporation for purposes of computing amounts to be included in the gross income of U.S. shareholders; (6) deductions for dividends received from certain foreign corporations; (7) the disposition of investment in U.S. real property; (8) certain passive foreign investment companies, including the interest charge on tax deferrals, the treatment of qualified electing funds, and a special rule for the treatment of certain foreign corporations owning at least 25 percent stock in a domestic corporation; (9) the branch profits tax on foreign corporations; (10) the treatment of deferred payments and appreciation arising out of business conducted by foreign corporations or by nonresident aliens within the United States; (11) withholding tax on amounts paid by partnerships to foreign partners; (12) income of foreign governments, including the addition of limitations on the exclusion from gross income of such income; (13) the treatment of losses of separate business units of dual residence corporations; (14) foreign currency transactions, including provisions for determining foreign taxes and the earnings and profits of foreign corporations; (15) tax treatment of the Virgin Islands (V.I.), including provisions for the coordination of U.S. and V.I. income taxes; and (16) the addition of provisions relating to the coordination of U.S. treaty obligations, amendments made by the TRA, and technical corrections effected by this Act. Makes technical amendments and corrections to TRA and IRC provisions with respect to tax-exempt bonds. Includes amendments relating to: (1) various types of State and local bonds, including qualified small issue bonds, qualified student loan bonds; and qualified 501(c)(3) bonds; (2) requirements applicable to certain private bonds, such as issues of scholarship funding bonds and volunteer fire department bonds; (3) arbitrage bonds, including refunding bond provisions dealing with governmental unit issuing $5,000,000 or less of bonds; (4) transitional rules relating to refundings and to the volume cap; (5) termination of the mortgage bond policy statement requirement; (6) provisions relating to certain established State programs, including a technical amendment of the Mortgage Subsidy Bond Tax Act of 1980; and (7) transitional rules for specific facilities. Makes technical amendments and corrections to IRC and TRA provisions dealing with the income taxation of trusts and estates, including provisions relating to: (1) reversionary interests; and (2) an exception for charitable trusts and private foundations from the penalty tax for failure to pay estimated income tax. Makes technical amendments and corrections of the IRC and TRA relating to the unearned income of minor children, including new provisions addressing the alternative minimum tax. Makes technical amendments and corrections to IRC and TRA provisions with respect to the generation-skipping transfer tax, including provisions concerning: (1) a deduction from such tax for certain transfers for public, charitable, and religious uses; (2) special rules for determining the inclusion ratio for certain inter vivos transfers; (3) disregard of certain support obligations arising under State law when determining a person's interest in a trust; and (4) special rules governing certain transfers to grandchildren. Makes technical amendments and corrections to compliance and tax administration sections of the TRA and the IRC, including amendments relating to: (1) the penalty for tax underpayment due to negligence and fraud; and (2) reporting requirements applicable to real estate transactions, including provisions excluding certain farm managers from the definition of "broker" and prohibiting a real estate broker from separately charging a customer for making certain required filings. Creates an exception from information reporting requirements for certain classified and confidential contracts between a Federal executive agency and another person. Declares that certain salary recommendations submitted by the President for special trial judges shall not be effective to the extent such salaries are not equal to 90 percent of the rate for Tax Court judges and are not paid in the same installments as Tax Court judges' salaries. Makes technical amendments and corrections to TRA and IRC provisions with respect to retirement pay for U.S. Tax Court judges. Amends the IRC to include the refundable earned income credit in deficiency assessments. Makes technical amendments and corrections to TRA and IRC provisions with respect to the tax-exempt status of certain title holding corporations or trusts (an exception initiated by the TRA). Makes other technical amendments and corrections to TRA and IRC provisions, such as amendments relating to the excise tax on gasoline and its companion floor stocks tax. Makes technical amendments and corrections to the IRC and to the Tax Reform Acts of both 1984 and 1986 relating to: (1) tax-exempt entity leasing provisions as applicable to tax-exempt controlled entities; (2) the nonrecognition of gain or loss with respect to certain transfers in connection with corporate reorganizations and the treatment of distributions in such cases; (3) the deductibility of excess golden parachute payments; (4) accounting changes with respect to designated settlement funds; (5) the exclusion from gross investment income of dividends from certain subsidiaries of life insurance companies; (6) special rules for stripped bonds of tax-exempt organizations; (7) technical amendments related to the Medicare program; and (8) pension plans, including technical amendments to the Employee Retirement Income Security Act of 1974 and the Public Health Service Act. Title II: Amendments Related to Tax Provisions in Other Legislation - Makes technical amendments and corrections to IRC provisions relating to: (1) directions to the Secretary to provide regulatory guidance to govern circumstances when a refund of the excise tax on certain chemicals shall be made directly to an exporter; (2) the addition of an exemption of regulated investment companies and real estate investment trusts from the environmental tax; (3) the tax on certain fuels to fund the Leaking Underground Storage Tank Trust Fund; (4) taxation of qualified methanol and ethanol fuel; (5) the Leaking Underground Storage Tank Trust Fund tax as applied to gasoline used in aviation and in trains; (6) the floor stocks tax on gasoline; (7) the ordering of amendments made by the Superfund Revenue Act of 1986 and by the Harbor Maintenance Revenue Act of 1986 of provisions related to the excise tax on fuel used in commercial transportation on inland waterways; (8) exemption from the port use excise tax for cargo transported between Alaska, Hawaii, and any U.S. possession for ultimate use or consumption at the relevant destination; and (9) technical amendments related to the Omnibus Budget Reconciliation Act of 1986 with respect to tax-exempt mutual or cooperative telephone or electric companies.
United States · United States Congress · 10 June 1987
Repeals specified provisions of the Tax Reform Act of 1986 that restrict the types of scholarships and fellowship grants that may be excluded from gross income for income tax purposes. States that the Internal Revenue Code of 1986 (IRC) shall be applied and administered as if such provisions had not been enacted. Amends the IRC to allow an income tax deduction for interest on a qualified educational loan incurred to pay the educational expenses of the taxpayer, spouse, or dependent. Eliminates the current requirement that such indebtedness be secured by an interest in real property.
United States · United States Congress · 10 June 1987
Amends Internal Revenue Code provisions relating to whether a trust that is part of a defined contribution plan constitutes a qualified trust or annuity plan for tax-deferred compensation plan purposes. Requires such a trust, in order to constitute a qualified trust, to: (1) permit employees to make rollover contributions to the plan; (2) prohibit, with certain exceptions (including nursing home and long-term care insurance expenses), retirement distributions to an employee before the employee attains age 59 1/2, unless the employee makes a direct transfer to another eligible retirement plan; (3) distribute amounts to a retiree based on post-retirement life expectancy; and (4) provide for the direct transfer of an employee's benefit to another eligible retirement plan upon the employee's separation from service. Applies these requirements, insofar as they relate to retirement distributions, to individual retirement accounts and individual retirement annuities. Permits an employer to provide salary reduction arrangements under a simplified employee pension plan (SEP) without regard to the number of employees (current law restricts such plans to employers having fewer than 25 employees). Requires an employer to offer such a salary reduction arrangement if any employee requests the employer to establish a SEP that permits an employee to elect to have the employer make payments: (1) as contributions to the SEP on behalf of the employee; or (2) to the employee directly in cash.
United States · United States Congress · 10 June 1987
Sets forth the rule for the consideration of H.R. 1777 (Department of State and United States Information Agency funding).
United States · United States Congress · 9 June 1987
Amends part A (General Provisions) of title XI of the Social Security Act to increase the total amount of Federal payments which may be made to Puerto Rico under title XIX (Medicaid) of the Act.
United States · United States Congress · 9 June 1987
Rural Letter Carriers Automobile Expense Act - Provides that, for taxable years beginning after 1986, rural mail carriers are permitted to compute the amount of the income tax deduction for use of their automobiles in performance of mail services: (1) by using a standard mileage rate for all miles of such use equal to 150 percent of the basic standard rate; or (2) without applying the limitation on deductions generally applicable in cases when the business use of the automobile accounts for 50 percent, or less, of its use. Prohibits the use of 150 percent of the basic standard mileage rate in determining the allowable deduction if the taxpayer claims an investment tax credit or depreciation deduction for such automobile.
United States · United States Congress · 9 June 1987
Authorizes appropriations for FY 1988 and 1989 for the United States Mint. Provides for the expenditure of appropriated funds for the purpose of hosting the International Mint Directors' Conference in 1988.
United States · United States Congress · 8 June 1987
Makes funds available to the Secretary of Energy, according to a specified formula, for the cleanup of hazardous or radioactive waste from atomic energy defense activities. Directs the Secretary of Defense to transfer to the Secretary of Energy the amount calculated according to such formula. Precludes the use of such funds for repository costs resulting from permanent disposal of high-level radioactive waste from atomic energy defense activities. Makes such funds available for FY 1988 through 1992. Requires the Secretary of Energy, in conjunction with the Administrator of the Environmental Protection Agency, to: (1) develop a comprehensive plan, including a timetable and estimated costs, for the cleanup of hazardous or radioactive waste from atomic energy defense activities; and (2) submit such plan to specified congressional committees.
United States · United States Congress · 4 June 1987
High-Speed Intercity Rail Transportation Bond Financing Act of 1987 - Amends the Internal Revenue Code to add to the category of tax-exempt facility bonds any bonds that are part of an issue 95 percent or more of whose net proceeds are used to provide high-speed intercity rail facilities to be owned by a governmental unit and made available to the general public. Exempts such bonds from: (1) the volume cap generally applicable to private activity bonds; and (2) limitations on the use of bond proceeds for land acquisition.
United States · United States Congress · 4 June 1987
Amends the Internal Revenue Code to disallow an income tax deduction for any amount paid or incurred to advertise any tobacco product or alcoholic beverage.
United States · United States Congress · 4 June 1987
Amends the Internal Revenue Code to provide for the nonrecognition of gain on all involuntary conversions, regardless of whether the affected property is converted into property similar or related in service or use.
United States · United States Congress · 4 June 1987
Amends the Internal Revenue Code to permit institutions of the Farm Credit System an income tax deduction for any reasonable addition to reserves for bad debts. Applies this deduction in lieu of the deduction generally applicable to worthless debts.
United States · United States Congress · 4 June 1987
Sets forth the rule for the consideration of H.R. 2112 (intelligence operations funding).
United States · United States Congress · 2 June 1987
Omnibus Taxpayers' Bill of Rights Act - Requires the Secretary of the Treasury (Secretary) to prepare a statement setting forth in nontechnical terms: (1) the rights and obligations of a taxpayer and of the Internal Revenue Service (IRS) during a tax audit; (2) the procedures by which a taxpayer may appeal adverse decisions, prosecute refund claims, and file complaints; and (3) the procedures that the IRS may use in enforcing revenue laws. Directs the Secretary to transmit drafts of such statement to specified congressional committees and to distribute the final statement to all taxpayers with tax forms sent by the IRS. Amends the Inspector General Act of 1978 and other Federal law to establish within the Department of the Treasury (Department) an Office of Inspector General (Inspector). Transfers to such Office the existing audit and investigation units of the Department. Prohibits the Inspector from reviewing: (1) monetary, fiscal, and tax policy; and (2) the exercise of legal judgment in the investigation and litigation of cases. Authorizes the Secretary to: (1) withhold from the Inspector requested information that the Secretary determines will jeopardize the success of an ongoing investigation or litigation, confidential sources, or the national security; and (2) prohibit the Inspector from undertaking or continuing an audit or investigation under limited circumstances described in this Act. Requires the IRS, upon taxpayer request, to conduct any interview regarding a deficiency assessment at a reasonable time and place convenient to the taxpayer and to the IRS, and to permit the taxpayer, at his or her own expense, to record the interview. Authorizes the IRS interviewer to record such interview if the taxpayer has been given prior notice and is provided, upon request and payment of reproduction costs, with a transcript of the recording. Requires the interview to warn the taxpayer that: (1) he or she has a right to remain silent; (2) any statement the taxpayer makes may be used against him or her; and (3) he or she has the right to the presence of an attorney, certified public accountant, enrolled agent, or enrolled actuary. Permits a waiver of such rights if voluntarily and knowingly made. Amends Federal law to require the Comptroller General (Comptroller) of the General Accounting Office to: (1) conduct audits of the IRS with respect to the efficiency, uniformity, and equity of the internal revenue laws (current law specifies no particular focus for such audits); and (2) conduct special audits or investigations of internal revenue law administration upon the request of any congressional committee or Member of Congress. Requires the Comptroller's annual report to the Congress to include specified findings concerning IRS management, efficiency, procedures, and structure. Divests of its finality a vote of the Joint Committee on Taxation to disapprove a Comptroller General audit of the IRS. Designates such vote as a recommendation to disapprove an audit and makes such recommendation subject to congressional approval. Prohibits evaluations of IRS personnel based on revenue collected from taxpayers as a result of audits or investigations involving such personnel. Amends the Internal Revenue Code to prescribe criminal penalties for: (1) any investigation by an officer or employee of the United States in connection with Federal tax laws that inquires into the beliefs, associations, or activities of any individual or organization; or (2) the maintenance of any records containing information derived from such an investigation. Creates a civil cause of action in Federal court (regardless of the amount in controversy) for any taxpayer aggrieved by such prohibited investigation or recordkeeping. Authorizes both equitable remedies and awards of damages, including punitive damages, litigation costs and reasonable attorney fees, in such cases. Extends from ten to 30 days the period between the required notice to a person who neglects or refuses to pay tax liability and a levy on such person's salary, wages, or other property. Specifies information that must be incorporated in such notice, including possible alternative actions and the appropriate appeals procedures. Adds to the circumstances triggering termination of such a levy: (1) an agreement between the taxpayer and the Secretary for payment of the liability; and (2) the Secretary's determination that the taxpayer's financial condition precludes enforceability of the liability. Revises the list of property exempt from levy to: (1) increase the exempt amount permitted for certain personal effects, the property of a business, and wages; (2) add an exemption for certain deposits in qualified institutions; and (3) provide an express exemption, except under limited circumstances specified in this Act, for the taxpayer's principal residence, a motor vehicle used by the taxpayer as the primary means of transportation to work, and any tangible personal property essential to the operation of the taxpayer's business in cases when a levy would prevent the taxpayer from carrying on such business. Prohibits a levy on any property when levy and sales expenses would exceed either the liability for which the levy is made or the fair market value of the levied property. Sets forth situations in which the Secretary must release a levy. Applies to jeopardy levies the administrative and judicial review procedures currently applicable to jeopardy assessments. Authorizes the Secretary, in certain cases, to enter into a binding agreement with a taxpayer under which such taxpayer may pay tax liability in installments. Requires the Secretary to offer in writing to enter such an agreement with any individual: (1) whose tax liability is $20,000 or less; and (2) who has not been delinquent in installment tax payments under similar agreements during a specified period. Permits the Secretary, after proper notice and a hearing, to modify or annul such an agreement upon the finding that the financial condition of the affected taxpayer has significantly changed. Requires the Secretary to abate in full any deficiency, including penalty or interest, completely attributable to erroneous advice in writing given to a taxpayer by an IRS officer or employee in response to such taxpayer's specific inquiry. Directs IRS officers and employees, when giving oral advice to a person, to inform such person that the contents of such communication are not binding on the IRS. Authorizes the IRS Ombudsman, upon application filed by a taxpayer, to issue a Taxpayer Assistance Order if, in the determination of the Ombudsman: (1) the taxpayer is suffering or is about to suffer from an unusual or irreparable loss as a result of the manner in which the internal revenue laws are being administered by the Secretary; and (2) the Secretary has failed to carry out any of his or her duties or has violated any provision of law. Allows the terms of a Taxpayer Assistance Order to require the Secretary to release property of the taxpayer levied upon or to cease or refrain from certain actions. Requires the Secretary to obey any Taxpayer Assistance Order issued by the Ombudsman. Allows an administrative appeal of tax liens. Revises the criteria according to which the Secretary determines a minimum sale price for property seized by levy and subject to a tax sale. Prohibits the Secretary from authorizing a class audit of taxpayers in a particular business or trade until each group member is given proper notice and the opportunity either to file an amended return or to challenge the Secretary's findings at a hearing. Places upon the IRS the burden of proof on all issues in all administrative and judicial proceedings between the IRS and a taxpayer. Applies the rulemaking provisions of the Administrative Procedure Act to all IRS rules and regulations prescribed by the Secretary.
United States · United States Congress · 2 June 1987
Sets forth the rule for the consideration of H.R. 2355 (Environmental Protection Agency funding).
United States · United States Congress · 2 June 1987
Sets forth the rule for the consideration of H.R. 2330 (National Science Foundation funding).
United States · United States Congress · 2 June 1987
Sets forth the rule for the consideration of H.R. 2160 (National Bureau of Standards funding).
United States · United States Congress · 28 May 1987
Overseas American Economic Competition Enhancement Act of 1987 - Amends Internal Revenue Code provisions relating to the taxable income of U.S. citizens or residents living abroad. Excludes from gross income (thus exempting from income tax), in addition to foreign earned income, the following items of qualified individuals: (1) U.S. earned income and certain capital gain net income during the period of a temporary stay or stays (not exceeding a total of 183 days) in the United States; (2) foreign income other than compensation for labor or personal services; (3) U.S. income not effectively connected with a U.S. trade or business; and (4) gain from the disposition of a U.S. real property interest. Revises the criteria under which an individual qualifies for such tax exclusions to make eligible a U.S. citizen or resident who, during any 18-month period (currently 12 months), is present in a foreign country or countries during at least 510 full days (currently 330).
United States · United States Congress · 28 May 1987
Sets forth the rule for the consideration of H.R. 953 (maritime programs funding).
United States · United States Congress · 27 May 1987
Waives points of order, during the further consideration of H.R. 1451 (old age assistance), against the amendment in the nature of a substitute recommended by the Committee on Education and Labor.
United States · United States Congress · 21 May 1987
Amends the Internal Revenue Code of 1954 to permit an insolvent taxpayer whose average annual gross income for at least half of the ten preceding years is attributable to farming to reduce the amount of the capital gains tax preference for purposes of the alternative minimum tax in certain cases. Applies this revised definition of "farmer" to cases involving farm insolvency transactions made on and after January 1, 1982. (Prior law based the definition of "farmer" on income during the three preceding taxable years.)