The world's political record
Records whose title is actually about this topic. Use a country filter if the list is still too broad.
251 records in US in 1988
United States · United States Congress · 26 April 1988
Appropriates funds for FY 1988 for: (1) the Veterans Administration Loan Guaranty Revolving Fund; and (2) veterans' readjustment benefits.
United States · United States Congress · 25 April 1988
Sets forth the rule for the consideration of H.R. 4264 (armed forces funding).
United States · United States Congress · 22 April 1988
Authorizes appropriations for FY 1989 and 1990 for civil defense programs under the Federal Civil Defense Act of 1950.
United States · United States Congress · 22 April 1988
Environmental Infrastructure Act of 1988 - Amends the Internal Revenue Code to provide for infrastructure bonds as a new category of tax-exempt bond. Includes within the definition of such bonds any State or local bond issued as part of an issue 95 percent or more of whose proceeds are to be used to provide public sewage facilities, solid or hazardous waste disposal facilities, water supply systems, or other facilities acquired, constructed, or renovated to achieve compliance with Federal environmental law. Amends arbitrage rebate provisions to: (1) exclude funds deposited in a reasonably required reserve or replacement fund from amounts that must be spent in order to avoid the required rebate to the United States; and (2) extend the temporary period during which unlimited arbitrage earnings are permitted with respect to governmental bonds. Classifies infrastructure facilities as seven-year property for purposes of the accelerated cost recovery system associated with the depreciation deduction. Designates a ten-year class life to such facilities under the alternative depreciation system. Exempts infrastructure facility property from restrictions relating to property leased to a tax-exempt entity.
United States · United States Congress · 22 April 1988
Entrepreneurs' Research Incentive Act - Amends the Internal Revenue Code to apply the research tax credit to in-house research expenses that the taxpayer pays or incurs for the principal purpose of using the research results in the active conduct of a future trade or business.
United States · United States Congress · 21 April 1988
Amends the Federal Election Campaign Act of 1971 to authorize appropriations for the Federal Election Commission for FY 1989.
United States · United States Congress · 21 April 1988
Expresses the sense of the Senate that consideration of legislation to repeal statutes requiring the collection of the diesel fuel tax from off-road farm users should be expedited and consequent refunds returned to affected purchasers as quickly as possible.
United States · United States Congress · 21 April 1988
Amends the Internal Revenue Code to prohibit, with limited exceptions, the imposition of the excise tax on diesel and aviation fuels in connection with sales to a purchaser for use in public intercity, local, or school buses or for statutorily nontaxable uses (including off-highway business uses, State or local government uses, and shipping uses). Sets forth registration requirements for both sellers and purchasers participating in exempt sales. Establishes reporting requirements for producers and importers and penalties for failure to report. Permits expedited procedures for refunds or income tax credits with respect to retail sales of diesel and aviation fuel employed in nontaxable uses. Provides for the payment of interest in connection with such refunds. Treats marine retailers of taxable fuel as producers for purposes of the excise tax on diesel and aviation fuels.
United States · United States Congress · 21 April 1988
Panama Canal Commission Authorization Act, Fiscal Year 1989 - Authorizes expenditures for FY 1989 for the Panama Canal Commission (Commission) to operate and maintain the Panama Canal. Limits the amount of funds which may be used for official reception and representation expenses. Prohibits the use of funds to implement an increase in the rates of tolls for use of the Panama Canal during FY 1989. Authorizes the use of funds for the purchase of passenger motor vehicles for the use of Commission personnel without regard to certain price limitations. Specifies a maximum amount of funds which may be used for capital outlays. Requires the Commission to provide written advance notice to the Congress regarding: (1) any proposed change in rates of tolls for use of the Panama Canal that may be necessary after the end of FY 1989; (2) any payment estimated to be due Panama under provisions of the Panama Canal Treaty of 1977; and (3) the initiation of any capital acquisition or construction project exceeding a certain amount, which is not specified in the budget estimates submitted to the Congress for the fiscal year in which the project will occur. Authorizes the use of funds for pay increases for Commission employees which are not in excess of statutory increases granted for the same period in corresponding rates of compensation of other U.S. Government employees in comparable positions.
United States · United States Congress · 20 April 1988
Title I: National Bureau of Standards Authorization - National Bureau of Standards Authorization Act for Fiscal Year 1989 - Authorizes appropriations to the Secretary of Commerce for FY 1989 to carry out the following activities of the National Bureau of Standards (NBS) (now the National Institute of Standards and Technology) (NIST): (1) measurement research and standards; (2) materials science and engineering; (3) engineering measurements and standards; (4) computer science and technology; (5) research support activities; (6) the Cold Neutron Source Facility; and (7) technology services. Permits transfers of funds among such activities under specified conditions. Authorizes specified amounts from such funds solely for: (1) steel technology; (2) the Center for Building Technology; (3) the Center for Fire Research; and (4) technical competence programs. Prohibits the merger of the Center for Building Technology and the Center for Fire Research. Authorizes additional appropriations for FY 1989 for: (1) the Office of Productivity, Technology, and Innovation; (2) patent licensing activities of the National Technical Information Service; (3) implementation of the purposes of the Japanese Technical Literature Act of 1986; and (4) salary adjustments. Mandates that the Research Information Center of the NBS (NIST) be maintained as a governmental activity. Directs the Director of the NBS (NIST) to study public and private sector needs for evaluated engineering data and to report to the Congress recommending appropriate roles for the NBS (NIST) and other relevant government and professional entities in collecting, evaluating, and disseminating such data. Instructs the Director to report to specified congressional committees on post-1986 domestic technology transfer accomplishments, trends, and plans of the NBS. Describes required report contents. Title II: National Technical Information Service - Amends the Stevenson-Wydler Technology Innovation Act of 1980 to prohibit the contracting out or other transfer from the Government of any National Technical Information Service (NTIS) activities or functions unless: (1) a statute expressly authorizes the transfer; or (2) the value of all work performed under the contract and related contracts does not exceed $250,000 per fiscal year. Directs the Secretary of Commerce to report recommendations for improvements in the NTIS to specified congressional committees by January 31, 1989. Directs the NTIS to maintain a permanent archival repository and clearinghouse for nonclassified scientific, technical, and engineering information. Title III: Miscellaneous Amendments to Stevenson-Wydler Technology Innovation Act of 1980 - Amends the Stevenson-Wydler Technology Innovation Act of 1980 to: (1) make specific provision for intellectual property within the context of cooperative research and development agreements; (2) authorize cash awards to scientific, engineering, and technical personnel for computer software; and (3) revise provisions regarding the distribution to inventors of royalties received by Federal agencies. Makes this final amendment retroactive to October 20, 1986.
United States · United States Congress · 20 April 1988
Amends the Federal Election Campaign Act of 1971 to authorize appropriations for the Federal Election Commission for FY 1989, including additional funding for the enhancement of the Commission's automatic data processing system.
United States · United States Congress · 20 April 1988
Toddler Tax Credit Act of 1988 - Amends the Internal Revenue Code to allow an individual a refundable income tax credit for each dependent child under the age of six. Establishes the credit percentage at: (1) 15 percent for a single qualified dependent; and (2) ten percent for each of three additional qualified dependents. Reduces the credit percentage for taxpayers whose earned income exceeds $8,000 (credit minimum is $750 per qualified dependent) and for taxpayers subject to alternative minimum tax. Directs the Secretary of the Treasury to prescribe tables for determining the credit amount. Applies phase-in amounts for tax years 1989 through 1991. Indexes post-1993 credit amounts. Provides for advance toddler tax credit payments by employers to employees who provide certification of eligibility. Requires taxpayers to file information returns to reflect such payments. Disallows: (1) the earned income tax credit to taxpayers eligible for the toddler tax credit; and (2) application of the dependent care credit in connection with a dependent child under the age of six.
United States · United States Congress · 20 April 1988
Intelligence Authorization Act for Fiscal Year 1989 - Title I: Intelligence Activities - Authorizes appropriations for FY 1989 for intelligence and intelligence-related activities in specified departments and agencies of the Government, including the Central Intelligence Agency (CIA) and the Department of Defense (DOD). Declares that the authorized amounts and personnel ceilings for such intelligence activities are those specified in the classified Schedule of Authorizations prepared by the Committee of Conference to accompany specified legislation. Authorizes the Director of Central Intelligence to employ civilian personnel in excess of the ceiling for such personnel when necessary to the performance of important intelligence functions. Title II: Intelligence Community Staff - Authorizes appropriations for the Intelligence Community Staff for FY 1989. Establishes an end strength ceiling of 244 full-time Intelligence Community Staff employees. Provides that such staff shall be administered in the same manner as the CIA. Title III: Central Intelligence Agency Retirement and Disability System - Authorizes appropriations for the Central Intelligence Agency Retirement and Disability Fund for FY 1989. Title IV: Central Intelligence Agency Administrative Provisions - Allows the Director of Central Intelligence, during FY 1989, to grant appropriate relief to former CIA employees who unfairly had their CIA careers adversely affected as a result of allegations concerning their loyalty to the United States. Amends the Central Intelligence Agency Retirement Act of 1964 for Certain Employees to permit certain employees who are subject to the Central Intelligence Agency Retirement System to elect to become subject to the Federal Employees Retirement System (FERS). Title V: Defense Intelligence Commercial Entities - Allows the Secretary of Defense to authorize the establishment and operation of commercial entities to provide cover for DOD foreign intelligence collection activities. Sets forth procedures for the establishment, operation, funding, and oversight of such entities. Title VI: NSA/DIA Personnel Authorities Improvements - States that certain allowances received by National Security Agency (NSA) and Defense Intelligence Agency (DIA) personnel shall be excluded from gross income under the Internal Revenue Code. Title VII: FBI Enhanced Counterintelligence Authorities - Permits FBI access to consumer reports and Social Security information when such reports and information are sought in connection with an authorized foreign counterintelligence investigation. Title VIII: General Provisions - Permits appropriations authorized by this Act for employee benefits to be increased to meet increases in such benefits authorized by law.
United States · United States Congress · 20 April 1988
Northern Ireland Fair Employment Incentive Act of 1988 - Amends the Internal Revenue Code to remove limitations on the amount of the foreign tax credit available with respect to taxes imposed on foreign source income generated in connection with a manufacturing facility located in a high unemployment area of Northern Ireland if 40 percent or more of the facility's employees are members of a religious minority in Northern Ireland. Reduces the foreign tax credit for entities that have operations in Northern Ireland and are in violation of a fair employment standard there during the pertinent taxable year. Prescribes these standards to include conditions to assure both avoidance of religious or political discrimination and the practice of equal opportunity and affirmative action programs. Requires affected taxpayers to present annual compliance reports to the Secretary of the Treasury. Penalizes entities that fail to report. Revises the definition of "subpart F income" (types of income generally suited to tax haven activity) to exclude from tax deferral provisions amounts attributable to the Northern Ireland source income of entities in violation of the fair employment standards.
United States · United States Congress · 19 April 1988
Maritime Appropriation Authorization Act for Fiscal Years 1989 and 1990 - Authorizes appropriations without fiscal year limitation, as the appropriation Act may provide for the use of the Department of Transportation, for FY 1989 and 1990 for: (1) payment of operating-differential subsidy obligations; (2) operations and training activities; and (3) necessary expenses to acquire and maintain a surge shipping capability in the National Defense Reserve Fleet in an advanced state of readiness. Amends the Merchant Marine Act, 1936 to terminate on September 30, 1988, the authority of the Secretary of Commerce to enter into a new commitment to guarantee the payment of the interest on, and the unpaid balance of the principal of, any obligation which is eligible to be guaranteed under provisions relating to Federal ship mortgage insurance. Changes from $100,000 to $400,000 the cap on payments for the maintenance and support of State maritime academies meeting certain requirements. Requires the academies, as a condition to receiving payments or the use of vessels, to require each U.S. citizen entering the academy in a merchant marine officer preparation program, as a condition for graduation, to: (1) pass the Coast Guard merchant marine officer license examination; and (2) agree to serve in a reserve unit of a U.S. armed force for at least six years. Terminates on September 30, 1988, the authority of the Secretary of Transportation to enter into State maritime academy student incentive payment agreements. Provides that certain petitions relating to bankruptcy and applications relating to protection of securities investors, when brought by the Secretary of Transportation under the Ship Mortgage Act, 1920 do not, in certain circumstances, act as a stay of specified proceedings. (Current law refers to petitions and applications brought but not to petitions and applications to be brought by the Secretary.) Declares that the rights of the Secretary shall not be affected or enjoined by any court.
United States · United States Congress · 18 April 1988
Flat Tax Act of 1988 - Amends the Internal Revenue Code to impose a 15 percent tax on the taxable income of every individual, including any estate or trust. Repeals all tax exclusions and tax credits currently used to determine individual income tax liability. Repeals all income tax deductions, except for the standard deduction, the deduction for personal exemptions, and trade or business deductions. Directs the Secretary of the Treasury, within 90 days of this Act's enactment, to submit to a specified congressional committee a draft of conforming and technical changes in the Internal Revenue Code that would be required to reflect the changes made by this Act.
United States · United States Congress · 15 April 1988
Amends the Internal Revenue Code to require a majority of employees to approve (by secret ballot) their employer's establishment of an employee stock ownership plan (ESOP). Requires the employer to notify employees, before the election, of all the material facts concerning the plan, including its terms and asset transfer provisions. Authorizes the Secretary of the Treasury to disqualify an ESOP if the voting rights of any plan participant or beneficiary are not substantially similar to those of other persons holding the same class of securities.
United States · United States Congress · 14 April 1988
Amends the Internal Revenue Code to revise the permitted amount of the standard deduction for a taxpayer's dependent who: (1) is either under age 19 or a student; and (2) has income and files a separate return. Makes the standard deduction equal to as much as $4,000 of earned income plus a maximum of $1,000 of unearned income. (Under current law, the permitted deduction is the greater of $500 or the dependent's actual earned income up to the regular standard deduction amount for individuals.)
United States · United States Congress · 14 April 1988
Tax Reform Reform Act of 1988 - Repeals provisions of the Tax Reform Act of 1986 that eliminated: (1) the income tax deduction for two-earner married couples; and (2) income averaging. Amends the Internal Revenue Code to: (1) permit a deduction for two-earner married couples equal to five percent of the lesser of $20,000 or the qualified earned income of the lesser earning spouse; (2) allow income averaging for noncorporate taxpayers engaged in farming on a regular, continuous, and substantial basis; (3) increase the maximum individual income tax rate from 28 percent to 38.5 percent; (4) eliminate the phase-out of personal exemptions; and (5) include net capital gain in the calculation of taxable income for purposes of the phase-out of the 15 percent rate (resulting in a maximum 28 percent tax rate with respect to the long-term capital gains of individuals).
United States · United States Congress · 14 April 1988
Intelligence Authorization Act, Fiscal Year 1989 - Title I: Intelligence Activities - Authorizes appropriations for FY 1989 for intelligence and intelligence-related activities in specified departments and agencies of the Government, including the Central Intelligence Agency (CIA) and the Department of Defense (DOD). Places certain restrictions on the use of funds authorized to be appropriated by this Act with respect to: (1) the purchase of Guardrail RC-12K aircraft and sensor suites; and (2) foreign counterintelligence activities of the Federal Bureau of Investigation (FBI). Declares that the authorized amounts and personnel ceilings for such intelligence activities are those specified in the classified Schedule of Authorizations prepared by the Permanent Select Committee on Intelligence. Authorizes the Director of Central Intelligence to employ civilian personnel in excess of the ceiling for such personnel when necessary to the performance of important intelligence functions. Restricts support for military and paramilitary operations in Nicaragua. Title II: Intelligence Community Staff - Authorizes appropriations for the Intelligence Community Staff for FY 1989. Establishes an end strength ceiling of 244 full-time Intelligence Community Staff employees. Provides that such staff shall be administered in the same manner as the CIA. Title III: Central Intelligence Agency Retirement and Disability System - Authorizes appropriations for the Central Intelligence Agency Retirement and Disability Fund for FY 1989. Title IV: General Provisions - Provides that the authorization of appropriations by this Act shall not constitute authority for the conduct of any intelligence activity which is not otherwise authorized by the Constitution or laws of the United States. Permits appropriations authorized by this Act for employee benefits to be increased to meet increases in such benefits authorized by law. Title V: Central Intelligence Agency Administrative Provisions - Allows the Director of Central Intelligence to grant appropriate relief to former CIA employees who have unfairly had their CIA careers adversely affected as a result of allegations concerning their loyalty to the United States. Requires the Director to submit reports to specified congressional committees regarding the use of such authority. Title VI: FBI Enhanced Counterintelligence Authorities - Requires the Directors of the FBI and the Office of Personnel Management to conduct a demonstration project on the effect of providing payments to personnel upon directed assignment to the New York Field Division from another geographical location (and to New York Field Division employees who are subject to directed geographical transfer or reassignment) on the recruitment and retention of personnel and on field operations in the New York Field Division of the FBI. Requires the Directors to submit annual reports to the President and the Congress concerning the results of such project. Title VII: Department of Defense - Allows the Secretary of Defense, with certain restrictions, to use funds other than appropriated funds for foreign cryptologic support. Establishes the position of Assistant Secretary of Defense for Intelligence, who shall be responsible for the overall supervision of intelligence and intelligence-related activities of the DOD.
United States · United States Congress · 13 April 1988
Amends the Internal Revenue Code to exclude from the ten percent additional tax on early distributions from qualified retirement plans any distribution to an employee used to pay the educational expenses (tuition, fees, books, supplies, and reasonable living expenses) of the employee, spouse, or dependent at an institution of higher education or a vocational school.
United States · United States Congress · 13 April 1988
Amends the Internal Revenue Code to permit unpackaged imported tobacco products and cigarette papers and tubes to be released from customs custody for delivery to a manufacturer of such items without payment of the tobacco excise tax.
United States · United States Congress · 13 April 1988
Amends the Internal Revenue Code to increase the excise tax on smokeless tobacco from: (1) 24 cents to $1.20 per pound for snuff; and (2) eight cents to 40 cents per pound for chewing tobacco. Establishes in the Treasury the Tobacco-Related Disease Research Trust Fund, to be available to finance research by the National Cancer Institute on cancer and other lung diseases related to tobacco products. Appropriates to the Trust Fund amounts equal to the revenue raised by the excise tax imposed on smokeless tobacco.
United States · United States Congress · 13 April 1988
Rescinds FY 1988 budget authority for certain programs listed in the message from the President to the Congress on March 14, 1988. Repeals or amends (as specified) certain continuing appropriations for FY 1988 as listed in such message.
United States · United States Congress · 13 April 1988
Amends estate tax provisions of the Internal Revenue Code to provide that a decedent shall be treated as having an interest in a noncharitable gift check cashed after the decedent's death (which interest would be includible in the value of the gross estate) only if the decedent would be so treated if the gift were a charitable one. Applies this provision retroactively to checks issued after December 31, 1981, with respect to decedents dying after that same date.
United States · United States Congress · 13 April 1988
User Fee Relief Act of 1988 - Amends the Revenue Act of 1987 to direct the Secretary of the Treasury to exempt taxpayer exclusion ratio determinations (except when requested by an income tax preparer) from the program requiring user fee payments in connection with various requests to the Internal Revenue Service. Allows a tax deduction of fees paid before July 1, 1988, for such calculations.
United States · United States Congress · 12 April 1988
Amends the Fish and Wildlife Conservation Act of 1980 to extend through FY 1990 the authorization of appropriations for: (1) reimbursements to States for development and implementation of conservation plans; and (2) administration of such Act.
United States · United States Congress · 11 April 1988
Amends the Internal Revenue Code to reduce from $250 to $24 the occupational tax for retail beer dealers having gross receipts of less than $500,000.
United States · United States Congress · 11 April 1988
Amends the Internal Revenue Code to exempt certain academic institutions and scientific research institutions from the $250 user fee (occupational tax) in connection with permits for research uses of specially denatured distilled spirits.
United States · United States Congress · 31 March 1988
Technical Corrections Act of 1988 - 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. States that reimbursement by a third party (rather than by an employer) shall not affect the permissibility of the tax deduction for reimbursed employee expenses. Revises the definition of "exempt function" in the context of taxation of political organizations. 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. Deletes provisions describing the treatment of Social Security benefits for purposes of defining earned income. Amends 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. Adds provisions relating to the deductibility of meal and entertainment expenses incurred during a move reimbursed by an employer. 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 that specify effective dates 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 revisions of the ordering rules in connection with components of the investment credit and certain credits no longer extant for purposes of the general business credit. 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; (6) a prohibition of any carryback of the credit before 1987; and (7) a revision of the definition of "qualified low-income housing project" to include, under certain circumstances, residential rental property having units occupied by persons making de minimis equity contributions. 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; (3) a special rule relating to the withholding of tax on dispositions of U.S. real property interests by domestic partnerships, trusts, or estates; and (4) provisions dealing with incentive stock options. Makes technical amendments to the TRA and the IRC to revise and limit the tax exclusion for the discharge of qualified farm indebtedness and to provide for its coordination with other tax exclusions. Makes a technical amendment relating to the taxation of capital gains from dispositions of interests in oil, gas, geothermal, or other mineral properties. Makes technical amendments and corrections to the IRC and the TRA with respect to tax shelter and interest limitations, revising provisions relating to: (1) methods of accounting, including revisions of the phase-in of the disallowance of passive activity losses or credits held before the date of enactment of the Tax Reform Act of 1986 (October 22, 1986); (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), rules relating to constructive stock ownership, and provisions applicable when the old loss corporation is in a title 11 or similar proceeding; 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; (3) accounting provisions in connection with distributions of installment obligations by an S corporation in complete liquidation; and (4) the taxation of C corporations that elect subchapter S status, including revisions of provisions dealing with the tax imposed when passive investment income exceeds 25 percent of the gross receipts of certain S corporations. 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; and (4) the taxation generally of regulated investment companies and their shareholders, including changes of definitions and revisions of the excise tax on undistributed income of such companies. 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). Imposes 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. Permits specified exceptions. Imposes a 15 percent tax on: (1) any transfer of a residual interest in a REMIC to a disqualified organization (certain political entities, tax-exempt organizations, and rural utility cooperatives); and (2) a pass-through entity if a disqualified organization is the record holder of an interest in the entity at any time during the year. 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 these REMIC-related amendments and their impact on the competitiveness of 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 phase-out of the exemption amount with respect to married individuals filing separate returns; (2) the treatment of taxes on dividends from Puerto Rico and U.S. possession corporations; (3) adjustments applicable to taxpayers in computing alternative minimum taxable income, including disallowance of the standard deduction and the deduction for personal exemptions in calculations to determine the taxable income of noncorporate taxpayers; (4) tax preference items; (5) the denial of certain losses and the determination of their amount; and (6) transitional provisions. Revises provisions limiting the amount of the general business tax credit. 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 methods for long-term contracts, including the addition of provisions permitting the Secretary to prescribe a simplified procedure for allocation of costs in certain cases and a prohibition against applying the look-back method to certain contracts; (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) the tax deduction for bad debt reserves of banks; (3) the pro rata allocation of interest expense to tax-exempt interest; and (4) 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. Amends the IRC to state that charitable gift annuities (those owned by an individual who made a tax-deductible charitable contribution to the annuities' issuer) are not commercial-type insurance for purposes of determining the tax-exempt status of organization. Directs the Secretary of the Treasury to revise the tables used to determine the amount of a charitable contribution to reflect interest rates and recent mortality experience. 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 interest; (3) the discounting of unpaid losses and certain unpaid expenses; (4) the alternative tax for certain small companies; and (5) adjustments of the shareholders surplus account when alternative minimum tax is imposed. 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. 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 governments and of tax-exempt organizations; (6) special rules for simplified employee pensions (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 (ERISA); (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, including revisions of special rules for partial distributions; (2) the 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) 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, including revisions relating to employee stock ownership plans; (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 ERISA. 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) taxes relating to funded welfare benefit plans, including the imposition of a new excise tax on funds that include discriminatory employee benefit plans; (6) additional requirements for certain tax-exempt organizations; (7) the deductibility of the health insurance costs of self-employed individuals; (8) the employee tax exclusion of amounts paid by an employer for dependent care assistance; (9) the estate tax deduction for proceeds from sales of employer securities; (10) 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 (11) 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) the tax exemption of certain transportation-related income of foreign corporations; (5) income from U.S. sources with respect to companies meeting foreign business requirements; (6) rules for allocating interest to foreign source income, including revisions to phase-in rules; (7) 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; (8) a new provision requiring certain shareholders in foreign corporations to file information returns; (9) subpart F income generally (types of income particularly suited to tax haven activity); (10) deductions for dividends received from certain foreign corporations; (11) the disposition of investment in U.S. real property; (12) 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; (13) the branch profits tax on foreign corporations; (14) exemptions from the excise tax on policies issued by foreign insurers; (15) the treatment of deferred payments and appreciation arising out of business conducted by foreign corporations or by nonresident aliens within the United States; (16) withholding tax on foreign partners' share of a partnership's "effectively connected taxable income"; (17) income of foreign governments, including the addition of limitations on the tax exclusion from gross income of certain employees; (18) the treatment of losses of separate business units of dual residence corporations; (19) foreign currency transactions, including provisions for determining foreign taxes and the earnings and profits of foreign corporations; (20) tax treatment of the Virgin Islands (V.I.), including provisions for the coordination of U.S. and V.I. income taxes; (21) 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; (22) taxation of domestic international sales corporation (DISC) income to tax-exempt shareholders; and (23) treatment of shared foreign sales corporations. 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 rebate requirements and refunding bond provisions with respect to governmental units issuing $5,000,000 or less of bonds; (4) the definition of "investment property" for arbitrage bond purposes; (5) provisions, including transitional rules, relating to refundings and to the volume cap; (6) termination of the mortgage bond policy statement requirement; (7) provisions relating to certain established State programs, including a technical amendment of the Mortgage Subsidy Bond Tax Act of 1980; and (8) transitional rules for specific facilities. Enacts into positive law a specified Treasury Regulation governing amounts held in a sinking fund for a bond issue. 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; (2) charitable remainder trust beneficiaries; and (3) an exception for charitable trusts, private foundations, and certain estates and trusts 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) special rules for determining the inclusion ratio for charitable lead annuity trusts, certain inter vivos transfers, and certain direct skips that are nontaxable gifts; (2) disregard of certain support obligations arising under State law when determining a person's interest in a trust; and (3) 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 reporting person 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 provisions of the IRC relating to tax administration. Revises levy exemptions related to service-connected disability payments to: (1) remove the exemption for certain veterans' life insurance benefits; and (2) add exemptions for wartime and peacetime death compensation, burial benefits, and dependency and indemnity compensation for service-connected deaths. Includes 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, including amendments relating to the excise tax on gasoline. Increases the rate of the gasoline tax on gasoline used to produce gasohol. 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; (8) the status of certain loans of artwork for purposes of gift tax liability; and (9) pension plans, including technical amendments to the Employee Retirement Income Security Act of 1974 and the Public Health Service Act with respect to Medicare eligibility and continuation coverage requirements of group health plans. 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 excise tax on fuel used in commercial transportation on inland waterways; and (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. Amends the Harbor Maintenance Revenue Act of 1986 to delay the due date for the Secretary of the Treasury's study of cargo diversion. Makes technical amendments related to the Omnibus Budget Reconciliation Act of 1986 with respect to tax-exempt mutual or cooperative telephone or electric companies. Makes technical amendments to the IRC and ERISA, including a repeal of the 133-1/3 percent rule relating to accrued benefit requirements applied to defined benefit pension plans. Makes technical corrections and amendments related to the Revenue Act of 1987, including amendments of IRC provisions dealing with: (1) regulatory authority with respect to the installment method of accounting; (2) election by various entities of a taxable year other than the required one and the required payments for such entities; (3) publicly traded partnerships; (4) effective dates of various corporate tax provisions; (5) limitations on the use of preacquisition losses to offset built-in gains following corporate ownership changes; (6) the excise tax on the receipt of greenmail; and (7) estate tax implications of certain transfers with a retained life estate. Makes a number of technical amendments to provisions of the IRC and of ERISA (including amendments of the Pension Protection Act) dealing with: (1) modifications of the minimum funding standard for pension plans; (2) the time for making plan contributions; (3) funding waivers; (4) plan terminations; and (5) reporting requirements. Amends IRC provisions relating to the manufacturers excise tax on certain vaccines. Amends the Social Security Act to exclude certain housing assistance payments from determinations of income and resources for purposes of the Supplemental Security Income program. Amends Federal law to make technical corrections relating to the Old Age, Survivors and Disability Insurance program.
United States · United States Congress · 31 March 1988
Amends the Internal Revenue Code to disallow both an income tax deduction and application of the foreign tax credit in connection with taxes paid or accrued after March 24, 1988, to the Republic of Panama, except for taxes paid to the government recognized as legitimate by the United States. Terminates these limitations when the Secretary of State certifies to the Congress that progress toward restoration of constitutional government in Panama has been made.
United States · United States Congress · 31 March 1988
Amends the Revenue Act of 1987 to exclude exempt organization determination letters from the program requiring user fee payments in connection with various requests to the Internal Revenue Service.
United States · United States Congress · 31 March 1988
Homeownership Equity Resolution - Expresses the sense of the Senate recognizing the importance: (1) of tax incentives (such as the tax deductibility of mortgage interest) to homeownership; and (2) of not placing additional restrictions or caps on homeownership tax benefits.
United States · United States Congress · 31 March 1988
Sets forth the concurrent resolution on the budget for FY 1989 and the appropriate budgetary levels for FY 1990 and 1991. Sets forth levels and amounts of Federal revenues, new budget authority, budget outlays, and deficits for FY 1989 through 1991 for purposes of determining whether the maximum deficit amounts set forth in the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) have been exceeded. Recommends levels of Federal revenues of $706,100,000,000 for FY 1989, $760,800,000,000 for FY 1990, and $817,200,000,000 for FY 1991. Sets the amount by which the aggregate levels of Federal revenues should be increased at $0 for FY 1989, $0 for FY 1990, and $0 for FY 1991. Designates the following amounts of Federal revenues for Federal Insurance Contributions Act revenues: (1) $63,400,000,000 for FY 1989; (2) $68,200,000,000 for FY 1990; and (3) $73,400,000,000 for FY 1991. Sets the appropriate levels of total new budget authority at $972,500,000,000 for FY 1989, $1,020,300,000,000 for FY 1990, and $1,079,000,000,000 for FY 1991. States that the appropriate levels of total budget outlays are $886,700,000,000 for FY 1989, $932,900,000,000 for FY 1990, and $979,000,000,000 for FY 1991. Sets the amount of the deficit at $180,600,000,000 for FY 1989, $172,100,000,000 for FY 1990, and $161,800,000,000 for FY 1991. Sets the appropriate levels of the public debt at $2,825,400,000,000 for FY 1989, $3,065,300,000,000 for FY 1990, and $3,289,500,000,000 for FY 1991. Sets forth the appropriate levels of total Federal credit activity as follows: (1) $28,300,000,000 for new direct loan obligations, $110,600,000,000 for new primary loan guarantee commitments, and $0 for new secondary loan guarantee commitments for FY 1989; (2) $27,100,000,000 for new direct loan obligations, $122,900,000,000 for new primary loan guarantee commitments, and $0 for new secondary loan guarantee commitments for FY 1990; and (3) $26,700,000,000 for new direct loan obligations, $132,100,000,000 for new primary loan guarantee commitments, and $0 for new secondary loan guarantee commitments for FY 1991. Sets forth the levels of budget authority, budget outlays, new direct loan obligations, new primary loan guarantee commitments, and new secondary loan guarantee commitments for each major functional category for FY 1989 through 1991. Requires the following Senate and House Committees to report to the Committees on the Budget of their respective Houses changes in laws within their respective jurisdictions which are sufficient to increase contributions by a specified amount in FY 1989: (1) Senate Committee on Agriculture, Nutrition, and Forestry; (2) Senate Committee on Banking, Housing, and Urban Affairs; (3) Senate Committee on Labor and Human Resources; (4) Senate Committees on Small Business; (5) House Committee on Agriculture; (6) House Committee on Banking, Finance, and Urban Affairs; (7) House Committee on Education and Labor; and (8) House Committee on Small Business. Directs the Budget Committees to report to the House and Senate reconciliation legislation implementing such changes. Expresses the sense of the Congress that: (1) the Government should sell assets to nongovernment buyers; and (2) the amounts realized from such sales will not recur on an annual basis and do not reduce the demand for credit. Calls for deficit-neutral legislation on the welfare reform and catastrophic health insurance initiatives. Expresses the sense of the Congress that antinarcotics activities are vital to the Nation's future and should be among the top funding priorities in the FY 1989 budget.
United States · United States Congress · 31 March 1988
Technical Corrections Act of 1988 - 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. States that reimbursement by a third party (rather than by an employer) shall not affect the permissibility of the tax deduction for reimbursed employee expenses. Revises the definition of "exempt function" in the context of taxation of political organizations. 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. Deletes provisions describing the treatment of Social Security benefits for purposes of defining earned income. Amends 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. Adds provisions relating to the deductibility of meal and entertainment expenses incurred during a move reimbursed by an employer. 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 that specify effective dates 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 revisions of the ordering rules in connection with components of the investment credit and certain credits no longer extant for purposes of the general business credit. 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; (6) a prohibition of any carryback of the credit before 1987; and (7) a revision of the definition of "qualified low-income housing project" to include, under certain circumstances, residential rental property having units occupied by persons making de minimis equity contributions. 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; (3) a special rule relating to the withholding of tax on dispositions of U.S. real property interests by domestic partnerships, trusts, or estates; and (4) provisions dealing with incentive stock options. Makes technical amendments to the TRA and the IRC to revise and limit the tax exclusion for the discharge of qualified farm indebtedness and to provide for its coordination with other tax exclusions. Makes a technical amendment relating to the taxation of capital gains from dispositions of interests in oil, gas, geothermal, or other mineral properties. Makes technical amendments and corrections to the IRC and the TRA with respect to tax shelter and interest limitations, revising provisions relating to: (1) methods of accounting, including revisions of the phase-in of the disallowance of passive activity losses or credits held before the date of enactment of the Tax Reform Act of 1986 (October 22, 1986); (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), rules relating to constructive stock ownership, and provisions applicable when the old loss corporation is in a title 11 or similar proceeding; 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; (3) accounting provisions in connection with distributions of installment obligations by an S corporation in complete liquidation; and (4) the taxation of C corporations that elect subchapter S status, including revisions of provisions dealing with the tax imposed when passive investment income exceeds 25 percent of the gross receipts of certain S corporations. 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; and (4) the taxation generally of regulated investment companies and their shareholders, including changes of definitions and revisions of the excise tax on undistributed income of such companies. 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). Imposes 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. Permits specified exceptions. Imposes a 15 percent tax on: (1) any transfer of a residual interest in a REMIC to a disqualified organization (certain political entities, tax-exempt organizations, and rural utility cooperatives); and (2) a pass-through entity if a disqualified organization is the record holder of an interest in the entity at any time during the year. 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 these REMIC-related amendments and their impact on the competitiveness of 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 phase-out of the exemption amount with respect to married individuals filing separate returns; (2) the treatment of taxes on dividends from Puerto Rico and U.S. possession corporations; (3) adjustments applicable to taxpayers in computing alternative minimum taxable income, including disallowance of the standard deduction and the deduction for personal exemptions in calculations to determine the taxable income of noncorporate taxpayers; (4) tax preference items; (5) the denial of certain losses and the determination of their amount; and (6) transitional provisions. Revises provisions limiting the amount of the general business tax credit. 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 methods for long-term contracts, including the addition of provisions permitting the Secretary to prescribe a simplified procedure for allocation of costs in certain cases and a prohibition against applying the look-back method to certain contracts; (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) the tax deduction for bad debt reserves of banks; (3) the pro rata allocation of interest expense to tax-exempt interest; and (4) 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. Amends the IRC to state that charitable gift annuities (those owned by an individual who made a tax-deductible charitable contribution to the annuities' issuer) are not commercial-type insurance for purposes of determining the tax-exempt status of organization. Directs the Secretary of the Treasury to revise the tables used to determine the amount of a charitable contribution to reflect interest rates and recent mortality experience. 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 interest; (3) the discounting of unpaid losses and certain unpaid expenses; (4) the alternative tax for certain small companies; and (5) adjustments of the shareholders surplus account when alternative minimum tax is imposed. 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. 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 governments and of tax-exempt organizations; (6) special rules for simplified employee pensions (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 (ERISA); (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, including revisions of special rules for partial distributions; (2) the 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) 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, including revisions relating to employee stock ownership plans; (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 ERISA. 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) taxes relating to funded welfare benefit plans, including the imposition of a new excise tax on funds that include discriminatory employee benefit plans; (6) additional requirements for certain tax-exempt organizations; (7) the deductibility of the health insurance costs of self-employed individuals; (8) the employee tax exclusion of amounts paid by an employer for dependent care assistance; (9) the estate tax deduction for proceeds from sales of employer securities; (10) 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 (11) 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) the tax exemption of certain transportation-related income of foreign corporations; (5) income from U.S. sources with respect to companies meeting foreign business requirements; (6) rules for allocating interest to foreign source income, including revisions to phase-in rules; (7) 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; (8) a new provision requiring certain shareholders in foreign corporations to file information returns; (9) subpart F income generally (types of income particularly suited to tax haven activity); (10) deductions for dividends received from certain foreign corporations; (11) the disposition of investment in U.S. real property; (12) 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; (13) the branch profits tax on foreign corporations; (14) exemptions from the excise tax on policies issued by foreign insurers; (15) the treatment of deferred payments and appreciation arising out of business conducted by foreign corporations or by nonresident aliens within the United States; (16) withholding tax on foreign partners' share of a partnership's "effectively connected taxable income"; (17) income of foreign governments, including the addition of limitations on the tax exclusion from gross income of certain employees; (18) the treatment of losses of separate business units of dual residence corporations; (19) foreign currency transactions, including provisions for determining foreign taxes and the earnings and profits of foreign corporations; (20) tax treatment of the Virgin Islands (V.I.), including provisions for the coordination of U.S. and V.I. income taxes; (21) 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; (22) taxation of domestic international sales corporation (DISC) income to tax-exempt shareholders; and (23) treatment of shared foreign sales corporations. 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 rebate requirements and refunding bond provisions with respect to governmental units issuing $5,000,000 or less of bonds; (4) the definition of "investment property" for arbitrage bond purposes; (5) provisions, including transitional rules, relating to refundings and to the volume cap; (6) termination of the mortgage bond policy statement requirement; (7) provisions relating to certain established State programs, including a technical amendment of the Mortgage Subsidy Bond Tax Act of 1980; and (8) transitional rules for specific facilities. Enacts into positive law a specified Treasury Regulation governing amounts held in a sinking fund for a bond issue. 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; (2) charitable remainder trust beneficiaries; and (3) an exception for charitable trusts, private foundations, and certain estates and trusts 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) special rules for determining the inclusion ratio for charitable lead annuity trusts, certain inter vivos transfers, and certain direct skips that are nontaxable gifts; (2) disregard of certain support obligations arising under State law when determining a person's interest in a trust; and (3) 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 reporting person 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 provisions of the IRC relating to tax administration. Revises levy exemptions related to service-connected disability payments to: (1) remove the exemption for certain veterans' life insurance benefits; and (2) add exemptions for wartime and peacetime death compensation, burial benefits, and dependency and indemnity compensation for service-connected deaths. Includes 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, including amendments relating to the excise tax on gasoline. Increases the rate of the gasoline tax on gasoline used to produce gasohol. 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; (8) the status of certain loans of artwork for purposes of gift tax liability; and (9) pension plans, including technical amendments to the Employee Retirement Income Security Act of 1974 and the Public Health Service Act with respect to Medicare eligibility and continuation coverage requirements of group health plans. 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 excise tax on fuel used in commercial transportation on inland waterways; and (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. Amends the Harbor Maintenance Revenue Act of 1986 to delay the due date for the Secretary of the Treasury's study of cargo diversion. Makes technical amendments related to the Omnibus Budget Reconciliation Act of 1986 with respect to tax-exempt mutual or cooperative telephone or electric companies. Makes technical amendments to the IRC and ERISA, including a repeal of the 133-1/3 percent rule relating to accrued benefit requirements applied to defined benefit pension plans. Makes technical corrections and amendments related to the Revenue Act of 1987, including amendments of IRC provisions dealing with: (1) regulatory authority with respect to the installment method of accounting; (2) election by various entities of a taxable year other than the required one and the required payments for such entities; (3) publicly traded partnerships; (4) effective dates of various corporate tax provisions; (5) limitations on the use of preacquisition losses to offset built-in gains following corporate ownership changes; (6) the excise tax on the receipt of greenmail; and (7) estate tax implications of certain transfers with a retained life estate. Makes a number of technical amendments to provisions of the IRC and of ERISA (including amendments of the Pension Protection Act) dealing with: (1) modifications of the minimum funding standard for pension plans; (2) the time for making plan contributions; (3) funding waivers; (4) plan terminations; and (5) reporting requirements. Amends IRC provisions relating to the manufacturers excise tax on certain vaccines. Amends the Social Security Act to exclude certain housing assistance payments from determinations of income and resources for purposes of the Supplemental Security Income program. Amends Federal law to make technical corrections relating to the Old Age, Survivors and Disability Insurance program.
United States · United States Congress · 31 March 1988
Amends the Internal Revenue Code to restore the permitted exclusion from the gross income of an employee of up to $5,250 of educational assistance provided under an employer's educational assistance program. (Under current law the exclusion expired as of January 1, 1988.) Applies no maximum with respect to graduate students who are teaching or doing research for certain educational organizations.
United States · United States Congress · 31 March 1988
Establishes a ceiling for urban mass transportation operating assistance block grants for FY 1988.
United States · United States Congress · 31 March 1988
Home Ownership Equity Resolution - Expresses the House of Representatives' recognition of the importance: (1) of tax incentives (such as the tax deductibility of mortgage interest) to homeownership; and (2) of not placing additional restrictions or caps on homeownership tax benefits.
United States · United States Congress · 30 March 1988
Amends the Internal Revenue Code to increase from 25 percent to 100 percent the income tax deduction for the health insurance costs of a self-employed individual.
United States · United States Congress · 30 March 1988
Employment Incentive Act of 1988 - Title I: The Family Earned Income Tax Credit - Amends Internal Revenue Code provisions governing the earned income tax credit to: (1) increase from $5,714 to $7,143 the amount of earned income subject to the credit; and (2) increase the credit percentage incrementally from 14 percent to 35 percent, adjusted annually for inflation, as the number of the taxpayer's dependent children increases from one to four or more. Title II: Child Care Tax Credits - Allows an individual taxpayer a refundable income tax credit, in an amount based on adjusted gross income (minimum credit of $150), for each dependent below the age of compulsory school attendance in the State where the taxpayer resides. Disallows application of the nonrefundable dependent care income tax credit with respect to a taxpayer's dependents under age 15, unless the child is physically or mentally incapable of self-care. Title III: Child Support Tax - Imposes a child support tax on every liable absent parent (one who is absent on other than a temporary basis, who has a legal obligation under State law to furnish child support, and whose whereabouts are known). Bases the rate of the tax (maximum rate is 40%) on the number of children to whom the parent has support obligations. Applies in connection with this tax the same withholding, information return, penalty, and other administrative provisions currently applied with respect to income tax collection. Amends part D (Child Support and Establishment of Paternity) of title IV of the Social Security Act to establish a program of Federal child support benefits for use on behalf of any child under age 18 who has at least one absent parent and who is living with another parent or has been removed from home for his or her welfare. Directs the Secretary of Health and Human Services to make these payments monthly to the custodial parent or other appropriate person. Sets 1989 benefit rates at between $830 (nine or more children) and $2,000 (one child), depending on the number of eligible children living in the recipient household. Provides for rate increases in subsequent years. Limits the amount of benefits to the amount of child support tax collected from the absent liable parent. Describes general administrative features, benefit adjustment procedures, and procedures for appealing eligibility determinations with respect to this new benefit program. Penalizes persons who fail to report changes in circumstances that would affect either benefit amount or eligibility. Provides criminal penalties for misrepresentation and fraud in connection with the program. Directs the Secretary to undertake a demonstration program under which at least six voluntarily participating States would implement State programs essentially corresponding to the Federal child support tax and child support payment program described in this Act. Requires the Secretary to submit to the Congress an annual report on the demonstration program. Directs the Office of Management and Budget to report to the Congress before January 1, 1989, on the budgetary ramifications of implementing the child support program nationwide. Directs the Secretary to provide for the comprehensive independent evaluation of these programs according to prescribed standards and to report evaluation results to the Congress.
United States · United States Congress · 30 March 1988
Organ Transplant Assistance Act of 1988 - Amends the Internal Revenue Code to allow taxpayers to indicate on their income tax returns their election to increase the amount of tax liability by one dollar (two dollars for joint returns), to be used for organ transplant assistance. Establishes in the Treasury the National Organ Transplant Assistance Trust Fund and appropriates to it amounts equal to those designated on tax returns. Establishes a program through which Trust Fund monies will be used to finance grants to health care facilities where organ transplants are performed to assist the facilities in performing transplants for individuals unable to afford them. Sets forth general criteria to govern these grants.
United States · United States Congress · 29 March 1988
Title I: Taxpayer Bill of Rights - Omnibus Taxpayer Bill of Rights - Subtitle A: Taxpayer Rights - 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 the statement to specified congressional committees and to distribute the final statement to all taxpayers the Secretary contacts with respect to the determination or collection of any tax (other than in connection with providing tax forms). Requires the IRS, upon taxpayer request, to permit any taxpayer to record any interview regarding the determination or collection of any tax. Authorizes the IRS interviewer to record the interview if the taxpayer has been given prior notice and is provided with a transcript of the recording. Requires the interviewer to explain to the taxpayer the audit or collection process, including the taxpayer's rights with respect to the relevant process. Directs the Secretary to issue regulations with respect to the time and place of certain taxpayer interviews and examinations of taxpayer records. Requires the Secretary to abate any portion of any penalty or addition to tax attributable to erroneous advice in writing given to a taxpayer by an IRS officer or employee in response to the taxpayer's specific inquiry. Authorizes the IRS Ombudsman, upon application filed by a taxpayer, to issue a Taxpayer Assistance Order if, in the determination of the Ombudsman, the taxpayer is suffering or is about to suffer a significant hardship as a result of the manner in which the Secretary is administering the internal revenue laws. Allows the terms of the Taxpayer Assistance Order to require the Secretary to release property of the taxpayer levied upon or to cease or refrain from certain actions. Directs the Secretary to issue regulations with respect to Taxpayer Assistance Orders, including provisions to assure full, fair, and impartial due process for affected taxpayers. Amends the Inspector General Act of 1978 and other Federal law to establish an Office of Inspector General within the Department of the Treasury and a corresponding Office of Assistant Commissioner (Inspection) within the IRS. Transfers to such Offices the existing audit and investigation units of the Department. Sets forth criteria with respect to: (1) the authority of the Inspector General to conduct an investigation; and (2) the authority of the Secretary in cases of audits or investigations requiring access to sensitive or confidential information. Allows the Secretary to prohibit investigations under specified circumstances. Restricts disclosures by the Inspector General of tax returns and return information. Prohibits records of tax enforcement results from being used to evaluate certain IRS personnel or to impose or suggest production quotas. Requires any temporary regulation issued by the Secretary to be issued as a proposed regulation as well. Directs the Secretary to submit proposed regulations to the Administrator of the Small Business Administration for comment on their impact on small business. Amends the Internal Revenue Code to specify required contents for tax due notices and deficiency notices, including the basis of the deficiency and a breakdown of the total amount into tax, interest, and penalty. Authorizes the Secretary to enter into an agreement with a taxpayer under which the taxpayer may pay tax liability in installments if the Secretary determines that such an agreement will facilitate collection of the liability. Permits the Secretary, after proper notice and a hearing, to modify or annul the agreement upon the finding that the financial condition of the affected taxpayer has significantly changed. Permits the Secretary to modify or annul an agreement if the taxpayer fails to pay any installment or any other tax liability when due or fails to provide requested financial information. Establishes in the IRS the Office for Taxpayers Services, under the supervision of an Assistant Commissioner of Internal Revenue. Directs the Assistant Commissioner to: (1) be responsible for telephone, walk-in, and educational services, and for the design and production of tax and information forms; and (2) prepare annually for presentation to specified congressional committees a joint report (with the Taxpayer Ombudsman for the IRS) on the quality of taxpayer services. Subtitle B: Levy and Lien Provisions - 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. 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; and (2) provide an express exemption, except under limited circumstances specified in this Act, for the taxpayer's principal residence 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 the fair market value of the levied property. Permits the Secretary to demand surrender of bank accounts only after 21 days in escrow have passed since service of the notice of levy on the accounts. Adds to current law a number of situations in which the Secretary must release a levy. Applies to jeopardy levies the administrative and judicial procedures currently applicable to jeopardy assessments. Permits a taxpayer to bring a civil action against the United States in the Tax Court for judicial review of jeopardy levies and assessments. (Under current law an action for judicial review of jeopardy assessments may be filed only in district court.) Increases the time during which a taxpayer may petition for review. Describes jurisdictional requirements. Allows an administrative appeal of tax liens and requires the immediate issuance of a certificate of release of any lien determined to have been erroneously filed. Subtitle C: Proceedings by Taxpayers - Authorizes an award of reasonable administrative costs to the prevailing party in proceedings by taxpayers before the IRS. Permits a taxpayer to bring a civil action for damages resulting from: (1) the failure of any Federal officer or employee to release a tax lien on the taxpayer's property; and (2) the careless, reckless, or intentional disregard of internal revenue laws by any Federal officer or employee, unless the taxpayer is contributorily negligent. Authorizes a damage award, to a $10,000 maximum, to the United States in cases of frivolous or groundless taxpayer claims. Subtitle D: Tax Court Jurisdiction - Grants to the Tax Court jurisdiction to enjoin premature assessments if the taxpayer has filed a timely petition for review. Provides for review of such injunctive orders by the U.S. Court of Appeals. Grants to the Tax Court jurisdiction to enforce payment of refunds of overpayment and interest to taxpayers. Places on the Secretary the burden of proof of justifying any failure to refund, credit, or offset relevant amounts with respect to a taxpayer. Entitles a prevailing taxpayer to reasonable litigation costs and an interest rate of 120 percent of the overpayment rate with respect to refunds. Grants to the Tax Court jurisdiction to: (1) review jeopardy assessment sales of assets; (2) redetermine interest under certain circumstances when a taxpayer claims an overpayment of interest; and (3) modify decisions in certain estate tax cases whose payment dates have been extended. Vests in the Tax Court original jurisdiction over any civil action against the Secretary for the recovery of any tax, additions to tax, and penalties with respect to income, estate, gift, and certain excise taxes. Title II: Excise Tax Provisions - Prohibits, with limited exceptions, the imposition of the excise tax on diesel and aviation fuels in connection with sales to a purchaser for use in public intercity, local, or school buses or for statutorily nontaxable uses (includes off-highway business uses, State or local government uses, and shipping uses). Sets forth registration requirements for both sellers and purchasers participating in exempt sales. Establishes reporting requirements for producers and importers and penalties for failure to report. Permits expedited procedures for refunds or income tax credits with respect to retail sales of diesel and aviation fuel employed in nontaxable uses. Provides for the payment of interest in connection with such refunds. Treats marine retailers of taxable fuel as producers for purposes of the excise tax on diesel and aviation fuels. Excludes from determinations of the distilled spirits tax credit for wine content and flavors content any wine alcohol that exceeds two and one-half percent of the finished product. Exempts from the occupational tax on distilled spirits plants proprietors of plants producing 10,000 or fewer proof gallons per year exclusively for fuel use. Doubles the rate of the gas guzzler tax. Title III: Miscellaneous Provisions - Extends for one year to July 1, 1989, the provisions of the Deficit Reduction Act of 1984 relating to the collection of nontax debts owed to Federal agencies.
United States · United States Congress · 29 March 1988
Amends Internal Revenue Code provisions governing the earned income tax credit to: (1) increase the credit percent from 14 percent to 16 percent (19 percent for taxpayers having more than one dependent child in the household); and (2) increase from $5,714 to $6,500 the amount of earned income subject to the credit.
United States · United States Congress · 29 March 1988
Amends the Internal Revenue Code to impose a 300 percent excise tax on amounts received by a communication services provider from any telephone subscriber in payment of any charge to prevent a phone connection to a "dial-it service" (service that permits multiple callers to listen to a message or to talk with other callers through a central connection). Prohibits the pass-through of the tax to ratepayers.
United States · United States Congress · 29 March 1988
Amends the Revenue Act of 1987 to delay until October 1, 1988, the imposition of excise tax on wholesale sales of diesel and aviation fuels. (Under current law the tax applies to sales after March 31, 1988.)
United States · United States Congress · 29 March 1988
Amends the Internal Revenue Code to allow an income tax credit for farmers' or ranchers' charitable contributions of certain agricultural products. Sets the amount of the credit at ten percent of the taxpayer's choice of either the wholesale market price or the most recent sale price of the product. Describes products eligible for the credit. Disallows the credit with respect to amounts permitted as tax deductions.
United States · United States Congress · 28 March 1988
Department of Defense Amended Budget Authorization Act, 1989 - Title I: Procurement - Authorizes appropriations to the Army, the Navy and Marine Corps, and the Air Force for FY 1989 for the following: (1) aircraft; (2) missiles; (3) weapons and tracked combat vehicles; (4) ammunition; (5) shipbuilding and conversion; and (6) other procurement. Authorizes appropriations to the defense agencies for FY 1989. Authorizes appropriations for FY 1989 for the destruction of lethal chemical weapons. Amends the Department of Defense Authorization Act, 1982 to add recognition of a recent Memorandum of Understanding and other follow-on support agreements to the authority provided to the Secretary of Defense in connection with the NATO Airborne Warning and Control Systems (AWACS) program. Title II: Research, Development, Test, and Evaluation - Authorizes appropriations for FY 1989 for the armed forces and the defense agencies for research, development, testing, and evaluation. Title III: Operation and Maintenance - Authorizes appropriations for FY 1989 for operation and maintenance for the following: (1) the armed forces and the armed forces reserves; (2) the defense agencies; (3) the National Guard; (4) the National Board for the Promotion of Rifle Practice; (5) defense claims; (6) the Court of Military Appeals; and (7) environmental restoration, defense. Authorizes appropriations for FY 1989 for the working capital funds of the armed forces and the defense agencies. Title IV: Personnel Authorizations - Part A: Active Forces - Authorizes end strengths for active-duty forces for FY 1989. Part B: Reserve Forces - Authorizes end strengths for the reserve forces for FY 1989. Authorizes the Secretary of Defense to waive such end strengths in a specified percentage and requires such end strengths to be reduced in a specified manner. Authorizes end strengths for reserves on active duty in support of the reserves for FY 1989. Increases the number of members in certain grades authorized to be on active duty in support of the reserves. Authorizes average military training student loads for the armed forces, the reserves, and the National Guard for FY 1989. Requires the adjustment of such student loads consistent with the end strengths for active and reserve forces. Title V: General Provisions - Repeals a current Federal provision requiring the Congress to authorize end strengths for civilian personnel of the Department of Defense as of the end of each fiscal year. Increases the authorized maximum annual limitation for cross-servicing agreements with allied countries (amounts used for mutual defense of the United States and NATO countries).
United States · United States Congress · 24 March 1988
Amends the Internal Revenue Code to permit a taxpayer a nonrefundable 15 percent income tax credit for long-term health insurance costs paid for the benefit of the taxpayer, spouse, or a parent of either. Limits the annual amount of the credit to $300 ($600 if the insurance covers two or more individuals). Reduces the credit percentage as income increases above specified levels ($43,150 single; $71,900 joint). Permits a taxpayer to include as tax-deductible medical expenses any amounts incurred for the long-term health care of a nondependent parent of either the taxpayer or spouse.
United States · United States Congress · 23 March 1988
National Aeronautics and Space Administration Authorization Act, 1989 - Authorizes FY 1989 appropriations to the National Aeronautics and Space Administration (NASA) for specified activities relating to: (1) research and development; (2) space flight, control, and data communications; (3) construction of facilities; and (4) research and program management, including scientific consultations. Permits appropriations for the first two categories to be used for certain items of a capital nature (other than land acquisition) required for the performance of research and development contracts, and for grants to nonprofit educational and research organizations to augment their research facilities. Prohibits the use of these funds for the construction of any major facility whose estimated cost exceeds $500,000, unless the Administrator of NASA notifies specified congressional leadership and committees. Permits upward variances of funds for facilities construction under circumstances outlined in this Act. Authorizes certain fund transfers and makes available specified funds for the construction and modification of laboratories and other installations. Requires the Administrator to notify specified congressional leadership and committees of the nature, cost, and need for such construction before expending the funds in question. Prohibits, until 30 days following congressional receipt of the Administrator's full explanation, the use of funds appropriated pursuant to this Act for any program that: (1) has been eliminated by the Congress; (2) is in excess of the amount actually authorized for the particular program (except for construction of facilities); or (3) has not been presented to either of the relevant congressional committees. Authorizes the Administrator, for a two-year period, to hire up to 15 individuals. Waives Federal retirement limitations or reduction requirements if retired civil servants are hired. Amends the National Aeronautics and Space Act of 1958 to permit the Administrator to prohibit the public disclosure of certain technical data requiring an export license. Declares it to be the sense of the Congress that it is in the national interest to consider geographical distribution, whenever feasible, in allotting Federal research funds and that NASA should explore ways to do so.
United States · United States Congress · 23 March 1988
Amends the Revenue Act of 1987 to delay until October 1, 1988, the imposition of excise tax on wholesale sales of diesel and aviation fuels. (Under current law the tax applies to sales after March 31, 1988.)