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Bill· HRH.R. 4380 (99th)reported
United States · United States Congress · 12 March 1986
Chapter I - Makes supplemental appropriations for FY 1986 to the: (1) Small Business Administration for the Disaster Loan Fund; and (2) courts of appeals, district courts, and other judicial services for salaries of supporting personnel and fees of jurors and commissioners. Chapter II - Makes supplemental appropriations for FY 1986 to the Corps of Engineers--Civil for flood control and coastal emergencies. Chapter III - Makes supplemental appropriations for FY 1986 to the Federal Emergency Management Agency for disaster relief. Chapter IV - Makes supplemental appropriations for FY 1986 to the Department of Education for impact aid. Chapter V - Makes supplemental appropriations for FY 1986 to the Department of Transportation for the Federal Aviation Administration. Chapter VI - Title I - Provides that the Secretary of Agriculture should return to a farm program available under the Charter of the Commodity Credit Corporation and other specified law. Permits the use of funds available to the Secretary only to implement a conservation reserve program which, with specified restrictions, limits payments to land which has been devoted to the production of either basic agricultural commodities or major crops during crop years 1984 and 1985. Permits Commodity Credit Corporation funds to be used to carry out Federal Crop Insurance Corporation programs only to the extent or in such amounts as provided in advance in appropriation Acts, effective FY 1987. Directs the Secretary to transfer up to a specified amount from the Corporation to the Animal and Plant Health Inspection Service for a cost-sharing program with Florida for: (1) compensation for infected nursery stock destroyed in fighting the outbreak of citrus canker in 1984; and (2) current and continuing operating expenses of a citrus canker eradication and control program. Directs the Secretary to use up to a specified amount of Corporation funds to control and eradicate avian influenza. Title II - Provides that: (1) persons who farmed in 1985 and who have made a bona fide effort for the last two years to meet their financial obligations to the Farmers Home Administration should be eligible for a production loan from the Administration upon showing inability to obtain financing from private sources; (2) their debt with the Administration should be deferred for 1986 and such additional period as is necessary to determine what part of their debt is due to the failure to offer surplus commodities in world trade at competitive prices since 1980; and (3) the Administration Administrator, by April 1986, should determine which farmers are unable to make payments of principal and interest due to circumstances beyond their control and, thereby, qualify for assistance under this title. Title III - Makes supplemental appropriations for FY 1986 to the: (1) Soil Conservation Service for watershed and flood prevention operations; (2) Agricultural Stabilization and Conservation Service for the emergency conservation program; and (3) Food Safety and Inspection Service.
Resolution· HRESH.Res. 398 (99th)passed
United States · United States Congress · 12 March 1986
Waives points of order against the consideration of the conference report, and an amendment reported from conference in disagreement, on H.J. Res. 534 (Department of Agriculture supplemental appropriation for Commodity Credit Corporation operations).
Resolution· HRESH.Res. 397 (99th)passed
United States · United States Congress · 12 March 1986
Sets forth the rule for the consideration of H. Con. Res. 296 (congressional budget).
Resolution· HCONRESH.Con.Res. 297 (99th)referred
United States · United States Congress · 12 March 1986
Sets forth the congressional budget for the Government for FY 1987. Specifies the following budgetary levels for FY 1987: (1) $653,314,000,000 as the recommended level of Federal revenue; (2) $20,000,000,000 as the amount by which the aggregate level of Federal revenue should be increased; (3) $866,421,000,000 as the appropriate level of total new budget authority; (4) $796,256,000,000 as the appropriate level of total budget outlays; (5) $142,942,000,000 as the amount of the deficit in the budget which is appropriate in light of economic conditions and all other relevant factors; (6) $2,307,000,000,000 as the appropriate level of the public debt; (7) $37,503,295,000 as the appropriate level of total new direct loan obligations; and (8) $88,147,100,000 as the appropriate level of total new primary loan guarantee commitments. Specifies the appropriate levels of total new budget authority, budget outlays, Federal revenue, and the deficit, including receipts and disbursements of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund, for FY 1987 for purposes of the maximum deficit amount mandated by the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) and the Congressional Budget Act of 1974 only. Sets forth the levels of budget authority, budget outlays, new direct loan obligations, and new primary loan guarantee commitments for each major functional category for FY 1987. Requires certain House committees, within 30 days after final action on this resolution, to submit to the House Budget Committee recommended changes in laws within their jurisdictions sufficient to reduce budget authority or outlays or to increase revenues by specified amounts in FY 1987. Requires the Budget Committee to report a reconciliation bill or resolution carrying out such recommendations without any substantive revision.
Resolution· SRESS.Res. 364 (99th)open
United States · United States Congress · 11 March 1986
Expresses the sense of the Senate that: (1) any tax reform legislation should reduce income taxes on small businesses; (2) any reduction in corporate tax rates should apply to each income tax bracket; (3) the phaseout of graduated corporate tax rates should not occur at an income level below that established by current law; and (4) the maximum corporate tax rate should not apply to a level of income below that established by current law.
Bill· HRH.R. 4368 (99th)referred
United States · United States Congress · 11 March 1986
Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to exempt cost-of-living increases in civil service retirement and disability programs, (including the Central Intelligence Agency retirement and disability system, the Comptrollers General retirement system, the Foreign Service retirement and disability system, the judicial survivors' annuities system, the National Oceanic and Atmospheric Administration retirement system, the Coast Guard retirement system, the Public Health Service commissioned officers retirement system, and the Tax Court judges survivors' retirement system), military retirement benefits and certain railroad retirement benefits from reduction under the President's sequestration order. Makes this Act effective for fiscal years beginning after October 1, 1986.
Bill· HRH.R. 4365 (99th)referred
United States · United States Congress · 11 March 1986
Interstate Sales Tax Collection Act of 1986 - Allows any State or political subdivision to require retailers engaged in business in that State to collect a State and local sales or use tax on the sale or use of tangible personal property shipped or delivered into that State or political subdivision. Amends the Internal Revenue Code to require interstate retailers to file information returns with the Internal Revenue Service for the purpose of assisting States in the collection of such sales or use taxes. Authorizes disclosure of such information to State tax officials. Imposes penalties for failure to file such information returns.
Bill· HRH.R. 4363 (99th)referred
United States · United States Congress · 11 March 1986
Chapter I - Makes supplemental appropriations for FY 1986 to the: (1) Small Business Administration for the Disaster Loan Fund; and (2) courts of appeals, district courts, and other judicial services for salaries of supporting personnel and fees of jurors and commissioners. Chapter II - Makes supplemental appropriations for FY 1986 to the Corps of Engineers--Civil for flood control and coastal emergencies. Chapter III - Makes supplemental appropriations for FY 1986 to the Federal Emergency Management Agency for disaster relief. Chapter IV - Makes supplemental appropriations for FY 1986 to the Department of Education for impact aid. Chapter V - Makes supplemental appropriations for FY 1986 to the Department of Transportation for the Federal Aviation Administration. Chapter VI - Title I - Makes supplemental appropriations for FY 1986 to the Department of Agriculture for the Commodity Credit Corporation. Provides that the Secretary of Agriculture should return to a farm program available under the Charter of the Commodity Credit Corporation and other specified law. Permits the use of funds available to the Secretary only to implement a conservation reserve program which, with specified restrictions, limits payments to land which has been devoted to the production of either basic agricultural commodities or major crops during crop years 1984 and 1985. Directs the Secretary to transfer up to a specified amount from the Corporation to the Animal and Plant Health Inspection Service for a cost-sharing program with Florida for: (1) compensation for infected nursery stock destroyed in fighting the outbreak of citrus canker in 1984; and (2) current and continuing operating expenses of a citrus canker eradication and control program. Directs the Secretary to use up to a specified amount of Corporation funds to control and eradicate avian influenza. Title II - Provides that: (1) persons who farmed in 1985 and who have made a bona fide effort for the last two years to meet their financial obligations to the Farmers Home Administration should be eligible for a production loan from the Administration upon showing inability to obtain financing from private sources; (2) their debt with the administration should be deferred for 1986 and such additional period as is necessary to determine what part of their debt is due to the failure to offer surplus commodities in world trade at competitive prices since 1980; and (3) the Administration Administrator, by April 1986, should determine which farmers are unable to make payments of principal and interest due to circumstances beyond their control and, thereby, qualify for assistance under this title. Title III - Makes supplemental appropriations for FY 1986 to the: (1) Soil Conservation Service for watershed and flood prevention operations; (2) Agricultural Stabilization and Conservation Service for the emergency conservation program; and (3) Food Safety and Inspection Service. Specifies the amount available to the Farmers Home Administration for insured operating loans.
Bill· SS. 2166 (99th)open
United States · United States Congress · 10 March 1986
Tax-Exempt Bond Reform Act of 1986 - Amends the Internal Revenue Code to replace the term "industrial development bonds" with the new term "quasi-governmental bonds." Defines "quasi-governmental bond" as any obligation: (1) which is issued as part of an issue more than 25 percent of the net proceeds of which are to be used directly or indirectly in any trade or business carried on by any person other than a governmental unit; and (2) the payment of the principal or interest on which is, to the extent of more than 25 percent, secured by an interest in property used or to be used in a trade or business or in payments with respect of property, or to be derived from payments in respect of property, or borrowed money, used or to be used in trade or business. Sets forth rules concerning the use of proceeds in ways which will not be considered to be used in a trade or business carried on by other than a governmental unit. Provides that an issue of obligations will not be treated as quasi-governmental bonds if 95 percent or more of the proceeds are to be used to provide projects for residential rental or limited-equity cooperative property if certain conditions are satisfied. Provides that certain issues will not be treated as quasi-governmental bonds if 95 percent or more of the net proceeds of the issue are used for certain specified activities. Provides that when 95 percent or more of the net proceeds of an industrial park or small issue are used for such purposes, then the bonds are tax-exempt. Repeals the termination date for the small issue industrial development bond exemption. Sets forth the definition of "principal user" for purposes of certain facilities. Provides that obligations where 95 percent of the proceeds are to be used by nonprofit organizations in activities which do not constitute unrelated trade or businesses shall not be treated as quasi-governmental bonds. Provides that qualified mortgage bonds, qualified veterans' mortgage bonds, qualified student loan bonds, and qualified tax-increment bonds will not be treated as quasi-governmental bonds. Modifies the requirements with respect to tax-exempt bonds used for low-income housing involving residential or limited-equity cooperative property. Makes other modifications with respect to quasi-governmental bonds. Modifies the definition of "arbitrage bond" for purposes of determining the tax-exemption for such bonds. Repeals the exception for obligations used for educational institutions. Makes modifications in certain special rules relating to arbitrage bonds. Provides that certain irrigation dams shall be treated as air or water pollution control facilities if certain conditions are met for purposes of quasi-governmental bonds. Makes modifications with respect to qualified scholarship funding bonds, federally guaranteed obligations, and qualified steam generating or alcohol producing facilities. Provides that an obligation is federally guaranteed if more than five percent of the net proceeds of such issue is used to make loans guaranteed by the Federal Government or invested in federally insured deposits. Requires public approval for quasi-governmental bonds. Requires certain informational reporting to the Secretary of the Treasury with respect to quasi-governmental bonds. Substitutes the term "quasi-governmental" for the term "private activity". Increases the dollar amount of the State ceiling on quasi-governmental bonds to $225 multiplied by the State's population or $260,000,000. Provides special rules for allocating the volume cap with respect to States with constitutional home rule cities. Modifies the refunding rules with respect to student loan bonds, qualified mortgage bonds, and qualified veterans' mortgage bonds. Substitutes the term "private loan bonds" for the term "consumer loan bonds." Requires that more than five percent of the net proceeds of the issue must be used for certain purposes in order to be classified as private loan bonds. Makes various modifications in the definition and requirements for qualified student loan bonds and tax-increment bonds. Provides that the tax-exempt status of an obligation issued for the purpose of the advance refunding of a tax-exempt obligation or quasi-governmental bonds will not be allowed unless certain conditions are satisfied. Provides rules for the change in use or ownership of facilities financed by certain tax-exempt obligations. Defines "net proceeds" to mean the proceeds of an issue reduced by insurance costs and a reasonably required reserve and replacement fund. Makes certain changes in the provisions concerning the mortgage credit certificate program. Directs the Secretary of the Treasury to amend the regulations relating to the arbitrage requirements to eliminate the provision which permits a higher yield on purpose obligations if the issuer elects to waive the benefits of the temporary period provisions. Provides a penalty for failure to file certain reports on compliance with the qualified residential project rules. Makes certain technical and conforming amendments to the Internal Revenue Code and to the securities laws. Provides that, generally, the effective date for these provisions will apply to obligations issued after the date of enactment of this Act. Sets forth other effective dates for specific provisions. Provides that tax-exempt financing of low income housing, or of water, sewer, and solid waste facilities will not effect the depreciation of such property. Prohibits the deduction of interest expenses of financial institutions allocable to tax-exempt securities. Sets forth the formula for making such allocation. Provides that a certain percentage of tax-exempt interest received by an insurance company shall be subtracted from the amount of losses incurred by the company in calculating taxable income. Provides that an individual is not required to report on tax returns either the tax-exempt interest received or the receipt of State and local tax payments.
Law· HRH.R. 4354 (99th)enacted
United States · United States Congress · 10 March 1986
National Bureau of Standards Authorization Act for Fiscal Year 1987 - Authorizes appropriations for FY 1987 to the Secretary of Commerce (the Secretary) for the following activities performed by the National Bureau of Standards: (1) measurement research and standards; (2) materials science and engineering; (3) engineering measurements and standards; (4) computer science and technology; and (5) research support activities. Authorizes appropriations for FY 1987 to the Secretary for: (1) the activities of the Office of Productivity, Technology and Innovation; and (2) the patent licensing activities of the National Technical Information Service.
Bill· HRH.R. 4356 (99th)open
United States · United States Congress · 10 March 1986
Department of Justice Appropriation Authorization Act, Fiscal Year 1987 - Authorizes appropriations for FY 1987 to the Department of Justice for: (1) general administration; (2) the United States Parole Commission; (3) general legal activities; (4) the Antitrust Division; (5) the Foreign Claims Settlement Commission of the United States; (6) United States marshals; (7) United States attorneys; (8) United States trustees; (9) support of U.S. prisoners in non-Federal institutions; (10) fees and expenses of witnesses; (11) the Community Relations Service; (12) the Federal Bureau of Investigation (FBI); (13) the Immigration and Naturalization Service; (14) the Drug Enforcement Administration (DEA), and (15) the Federal Prison System. Authorizes appropriations for specified purposes, including: (1) travel expenses for family members accompanying officers and employees on temporary duty or during orientation or training; (2) expenses incurred while attending meetings; (3) increases in salary, pay, retirement, or other employee benefits; and (4) undercover investigative operations of the FBI or DEA necessary for the detection and prosecution of crimes against the United States and for the collection of foreign intelligence or counterintelligence. Requires the FBI and the DEA to report annually to the Congress on undercover investigative operations. Requires notice to specified congressional committees before certain funds are reprogrammed. Directs the Attorney General to perform periodic evaluations of the overall efficiency and effectiveness of the Department of Justice. Provides funds for Cuban and Haitian entrants. Requires the Attorney General to report to each House of the Congress within 30 days of determining to contest, refrain from defending, or refrain from enforcing any provision of Federal law. Prohibits any funds appropriated by this Act from being used to overturn or alter the per se prohibition against resale price maintenance in effect under the Federal antitrust laws. Prohibits the use of funds to reopen any discrimination litigation that resulted in a decree or judgment requiring distinctions based on class membership or to obtain the entry or modification of a consent decree in any civil action providing for equal rights unless the Attorney General provides for notice and a hearing.
Bill· HRH.R. 4353 (99th)referred
United States · United States Congress · 10 March 1986
Amends the Environmental Quality Improvement Act of 1970 to authorize appropriations for FY 1987 through 1989 for the Office of Environmental Quality and the Council on Environmental Quality.
Bill· HRH.R. 4357 (99th)referred
United States · United States Congress · 10 March 1986
Provides that the Internal Revenue Service may not, before July 1, 1987, enforce its regulations relating to substantiation requirements for the deductions attributable to the business use of vehicles. Requires the Internal Revenue Service to follow the regulations in effect prior to the enactment of the Tax Reform Act of 1984. Prohibits the issuance of any regulations with respect to the substantiation requirements before July 1, 1987.
Resolution· HCONRESH.Con.Res. 296 (99th)failed
United States · United States Congress · 10 March 1986
Sets forth the concurrent resolution on the budget for FY 1987 and the appropriate budgetary levels for FY 1988 and 1989. Recommends levels of Federal revenues of $636,100,000,000 for FY 1987, $690,400,000,000 for FY 1988, and $732,500,000,000 for FY 1989. Sets the amounts by which the aggregate levels of Federal revenues should be increased at $6,000,000,000 for FY 1987, $5,700,000,000 for FY 1988, and $6,100,000,000 for FY 1989. Sets the appropriate levels of total new budget authority at $887,700,000,000 for FY 1987, $923,100,000,000 for FY 1988, and $954,400,000,000 for FY 1989. States that the appropriate levels of total budget outlays are $795,400,000,000 for FY 1987, $817,100,000,000 for FY 1988, and $843,800,000,000 for FY 1989. Sets the amounts of the deficits in the budget which are appropriate in light of economic conditions and all other relevant factors at $159,300,000,000 for FY 1987, $126,700,000,000 for FY 1988, and $111,300,000,000 for FY 1989. Specifies the appropriate levels of total new budget authority, budget outlays, Federal revenues, and deficits, including receipts and disbursements of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund for FY 1987 through 1989, for purposes of the maximum deficit amount mandated by the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) and the Congressional Budget Act of 1974 only. States that the appropriate levels of the public debt are $2,317,350,000,000 for FY 1987, $2,506,500,000,000 for FY 1988, and $2,681,900,000,000 for FY 1989. Sets forth the appropriate levels of total Federal credit activity as follows: (1) $30,600,000,000 for new direct loan obligations, $79,800,000,000 for new primary loan guarantee commitments, and $55,350,000,000 for new secondary loan guarantee commitments for FY 1987; (2) $28,000,000,000 for new direct loan obligations, $81,700,000,000 for new primary loan guarantee commitments, and $51,900,000,000 for new secondary loan guarantee commitments for FY 1988; and (3) $24,800,000,000 for new direct loan obligations, $83,300,000,000 for new primary loan guarantee commitments, and $52,650,000,000 for new secondary loan guarantee commitments for FY 1989. Sets forth the levels of budget authority, budget outlays, new direct loan obligations, and new loan guarantee commitments for each major functional category for FY 1987 through 1989.
Bill· SS. 2155 (99th)open
United States · United States Congress · 7 March 1986
Amends the Internal Revenue Code to repeal the provisions which provide that a regulated investment company does not qualify for conduit treatment (no taxation at the corporate level) if 30 percent or more of its gross income is derived from the sale (or other disposition) of stock or securities held for less than three months. Expands the definition of permitted income of regulated investment companies to provide that "securities" has the same meaning as it does under the Investment Company Act of 1940. Provides that foreign currency gains are included in the definition of qualifying income as well as other income with respect to a regulated investment company's business of investing in stocks, securities, or income from gains from options or futures contracts. Permits the Secretary of the Treasury to issue regulations which exclude from qualifying income foreign currency gains that are not ancillary to the company's principal business of investing in stock or securities (or options and futures thereon). Provides that each separate portfolio in a series fund will be treated as a separate corporation for purpose of eligibility for conduit treatment of a regulated investment company. Extends to 60 days the period for mailing various notices to shareholders of regulated investment companies. Expands the definition of "third-party recordkeepers" to include regulated investment companies with respect to certain protections in connection with summonses that are served for obtaining records. Establishes a transition rule for series funds that had been treated for tax purposes as a single corporation.
Bill· HRH.R. 4347 (99th)referred
United States · United States Congress · 6 March 1986
Requires that the Secretary of Transportation's apportioned allocation to a State for the Federal-aid highway program not be less than 100 percent (previously 85 percent) of the percentage of the estimated tax payments attributable to highway users in that State paid into the Highway Trust Fund.
Bill· HRH.R. 4349 (99th)referred
United States · United States Congress · 6 March 1986
Amends the Internal Revenue Code to allow a deduction for amounts paid by or on behalf of an individual to an individual health services account. Limits the amount of the allowable deduction to any individual for any taxable year to $2,000. Defines "individual health services account" as a trust created or organized exclusively to pay qualified health expenses of the distributee. Sets forth various requirements for the trust. Defines "qualified health expenses" as amounts paid for: (1) care of the distributee at a skilled nursing facility; (2) care of the distributee at an intermediate care facility; (3) care at any other long-term facility which provides nursing or custodial care; (4) home health care of the distributee prescribed by, and under the supervision of, a qualified physician; (5) Medicare supplemental policies for the distributee; or (6) health services supplemental policies for the distributee. Defines a "health services supplemental policy" as a health insurance policy or other health benefit plan offered by a private entity to an individual which provides reimbursement for expenses incurred, or services for, catastrophic and long-term care. Requires the Secretary of the Treasury to establish minimum requirements and standards for the certification of health services supplemental policies and procedures for the Secretary to certify policies submitted to the Secretary. Requires any amount distributed from an individual health services account to be included in the gross income of the distributee for the taxable year in which the distribution is received. Imposes a ten percent penalty on distributions which are not used exclusively for qualified health expenses. Permits the exclusion of ten percent of a distribution from an individual health services account where the distribution is used exclusively to pay qualified health expenses of the distributee, if the distributee has attained the age of 59 and one-half. Provides that only 80 percent of any distribution used exclusively to pay for Medicare supplemental policies or health services supplemental policies shall be included in income of the distributee, regardless of the age of the distributee. Provides that an individual health services account will be exempt from taxation unless the distributee engages in prohibited transactions with the account. Treats as a distribution from the account any portion of the account used as security for a loan. Provides that the individual health services account will terminate on the death of the distributee. Allows the deduction for amounts paid to a health services savings account to be taken in arriving at adjusted gross income. Imposes a tax penalty on excess contributions to an individual health services account, on prohibited transactions, and on failure to file certain information reports. Directs the Secretary, in consultation with various interested groups, to report to the Congress, not later than one year after the date of enactment of this Act, on a regulatory program to provide for the application of minimum standards with respect to health services supplemental policies. Amends title XVIII (Medicare) of the Social Security Act to provide Medicare benefits for catastrophic care. Provides that each individual enrolled under Medicare shall be deemed to have elected this coverage unless the individual files a notice that such coverage is not wanted. Requires the Secretary of Health and Human Services to determine the monthly actuarial rate for enrollees for the catastrophic coverage option. Provides that the monthly premiums for each individual covered under this month shall be the amount equal to the monthly actuarial rate for enrollees.
Bill· HRH.R. 4339 (99th)referred
United States · United States Congress · 6 March 1986
Amends the Internal Revenue Code to provide an interest rate assumption in computing the unfunded vested benefits of a multiemployer retirement plan. Specifies that such a plan shall assume an interest rate which is equal to the average yield to maturity on bills, bonds, and notes of the United States maturing during periods in which the liabilities for the benefits mature.
Bill· HRH.R. 4317 (99th)referred
United States · United States Congress · 5 March 1986
Targeted Fiscal Assistance Act of 1986 - Amends Federal law to replace the general revenue sharing program with the Targeted Fiscal Assistance (TFA) program. Authorizes appropriations for TFA for FY 1987 through 1989. Provides for special allocations of TFA funds for Indian tribes, Alaskan native villages, and the District of Columbia. Directs the Secretary of the Treasury to allocate TFA funds to each State (for subsequent allocation to local governments) according to a specified formula based on the need factor, the general tax effort factor, and the relative fiscal gap factor, as defined in this Act, for each State. Entitles local governments to a portion of such State funds according to a specified formula based on the following factors, as defined in this Act, for each unit of local government in a State relative to all units in such State: (1) the unit's population; (2) the unit's general tax effort factor; and (3) the unit's relative income factor. Eliminates provisions allowing State variation of local government allocations. Sets forth maximum and minimum limitations on local government entitlements.
Bill· HRH.R. 4321 (99th)referred
United States · United States Congress · 5 March 1986
Amends the Internal Revenue Code to provide that individuals who provide adult family foster care may elect to exclude from gross income any amounts received for such care. Limits such exclusion to amounts received for the care of up to ten qualified adults. Defines a "qualified adult" as any individual who: (1) has attained age 18; and (2) has been placed in an adult family home by a State or local agency or by a tax-exempt organization licensed as an adult family care-placing agency.
Resolution· HRESH.Res. 390 (99th)passed
United States · United States Congress · 5 March 1986
Provides, with respect to the consideration of H.R. 3128 (spending and revenue provisions), that the House shall be considered to have: (1) receded from its disagreement to the Senate amendment thereto; and (2) concurred in the Senate amendment with an amendment.
Resolution· HCONRESH.Con.Res. 294 (99th)referred
United States · United States Congress · 5 March 1986
Expresses the sense of the Congress that the Internal Revenue Service should be provided with adequate resources to enforce the internal revenue laws of the United States.
Resolution· HCONRESH.Con.Res. 295 (99th)referred
United States · United States Congress · 5 March 1986
Sets forth the concurrent resolution on the budget for FY 1987 and the appropriate budgetary levels for FY 1988 and 1989. Recommends levels of Federal revenues of $622,900,000,000 for FY 1987, $680,300,000,000 for FY 1988, and $729,400,000,000 for FY 1989. Sets the amounts by which the aggregate levels of Federal revenues should be increased at zero for FY 1987, $9,800,000,000 for FY 1988, and $12,400,000,000 for FY 1989. Sets the appropriate levels of total new budget authority at $839,800,000,000 for FY 1987, $901,200,000,000 for FY 1988, and $934,100,000,000 for FY 1989. States that the appropriate levels of total budget outlays are $786,600,000,000 for FY 1987, $824,300,000,000 for FY 1988, and $846,700,000,000 for FY 1989. Sets the amounts of the deficits in the budget which are appropriate in light of economic conditions and all other relevant factors at $163,700,000,000 for FY 1987, $144,000,000,000 for FY 1988, and $117,300,000,000 for FY 1989. Specifies the appropriate levels of total new budget authority, budget outlays, Federal revenues, and deficits, including receipts and disbursements of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund for FY 1987 through 1989, for purposes of the maximum deficit amount mandated by the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) and the Congressional Budget Act of 1974 only. States that the appropriate levels of the public debt are $2,251,400,000,000 for FY 1987, $2,359,500,000,000 for FY 1988, and $2,431,500,000,000 for FY 1989. Sets forth the appropriate levels of total Federal credit activity as follows: (1) $35,670,000,000 for new direct loan obligations, $84,500,000,000 for new primary loan guarantee commitments, and $68,187,000,000 for new secondary loan guarantee commitments for FY 1987; (2) $33,838,000,000 for new direct loan obligations, $87,900,000,000 for new primary loan guarantee commitments, and $71,074,000,000 for new secondary loan guarantee commitments for FY 1988; and (3) $33,238,000,000 for new direct loan obligations, $90,800,000,000 for new primary loan guarantee commitments, and $73,958,000,000 for new secondary loan guarantee commitments for FY 1989. Sets forth the levels of budget authority, budget outlays, new direct loan obligations, and new loan guarantee commitments for each major functional category for FY 1987 through 1989.
Bill· SS. 2136 (99th)open
United States · United States Congress · 4 March 1986
Provides that any requirement to substantiate a deduction under the Internal Revenue Code with respect to the business use of a vehicle must be based on regulations in effect before the Tax Reform Act of 1984.
Resolution· SRESS.Res. 360 (99th)referred
United States · United States Congress · 4 March 1986
Expresses the sense of the Senate that current funding levels for Federal law enforcement and related agencies that provide domestic internal security protection from terrorists should be maintained through FY 1991.
Bill· HRH.R. 4292 (99th)referred
United States · United States Congress · 4 March 1986
Federal Tax Delinquency Amnesty Act of 1986 - Provides for a one-time amnesty from criminal and civil tax penalties for a taxpayer who: (1) files a written statement with specified information concerning any underpayment of tax; (2) pays the amount of such underpayment when filing the statement; and (3) within 30 days of notification of 50 percent of the amount of interest payable on any tax delinquent amount, pays the amount of such interest or delinquency. Permits installment payments in certain cases. Defines the amnesty period as the six-month period which begins on July 1, 1985, or the six-month period beginning the first July 1 after the enactment of this Act. Applies such amnesty to all payments relating to tax years ending by December 31, 1983, or taxable events occurring before January 1, 1984. Disallows such amnesty where: (1) the taxpayer was contacted before a statement was filed; (2) there was fraud in seeking amnesty; (3) a criminal investigation is pending; or (4) the income involved is illegal source income. Authorizes appropriations to administer such amnesty program and to employ 3,000 additional Internal Revenue Service agents. Amends the Internal Revenue Code to increase criminal and civil tax penalties by 50 percent.
Bill· HRH.R. 4299 (99th)referred
United States · United States Congress · 4 March 1986
Provides that any requirement to substantiate a deduction under the Internal Revenue Code with respect to the business use of a vehicle must be based on regulations in effect before the Tax Reform Act of 1984.
Bill· HRH.R. 4286 (99th)referred
United States · United States Congress · 28 February 1986
Tax Amnesty, Enforcement, and Deficit Reduction Act of 1986 - Provides for a one-time tax amnesty from criminal and civil tax penalties for a taxpayer who: (1) files a written statement with specified information concerning any underpayment of tax; (2) pays the amount of such underpayment when filing the statement; and (3) within 30 days of notification of the amount of interest payable on any tax delinquent amount, pays the amount of such interest or delinquency. Permits installment payments in certain cases. Defines the amnesty period as the six-month period beginning on the first June 30 after the date of the enactment of this Act. Disallows such amnesty where: (1) any penalty (or addition to tax) had been assessed before the first day of the amnesty period; (2) there was fraud in seeking amnesty; or (3) a criminal investigation is pending. Provides that the amnesty provisions apply only to underpayments of Federal tax for taxable periods ending before January 1, 1985. Authorizes appropriations to inform the general public about the operation of the amnesty provisions. Requires the Secretary of the Treasury to submit to the Congress not later than six months after enactment of this Act a plan for increasing Internal Revenue Service enforcement personnel by 2,500 additional agents on an estimate of revenues needed to implement such increase. Requires that any and all revenues raised through the tax amnesty authorized by this Act shall be devoted exclusively to a reduction in the budget deficit for the year in which those revenues are collected.
Bill· SS. 2120 (99th)referred
United States · United States Congress · 27 February 1986
Superfund Interim Financing Act of 1986 - Amends the Internal Revenue Code to reimpose the environmental excise tax on petroleum and petroleum products at their original rates, beginning April 1, 1986. Specifies that the proceeds from such excise tax will be designated to repay the advances from the Hazardous Substance Response Trust Fund (Superfund). Terminates the excise tax on hazardous wastes received at hazardous waste disposal facilities. Amends the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 to authorize appropriations for a repayable advance to Superfund for FY 1986 in an amount not to exceed $861,300,000.
Bill· HRH.R. 4265 (99th)open
United States · United States Congress · 27 February 1986
Suspends, from March 1, 1986, to March 5, 1986, application of the presidential sequestration order under the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) which requires FY 1986 milk price support payment reductions.
Bill· HRH.R. 4278 (99th)referred
United States · United States Congress · 27 February 1986
Anti-Terrorism Tax Act of 1986 - Amends the Internal Revenue Code to deny the foreign tax credit for taxes paid to any country identified as repeatedly providing support for acts of international terrorism. Requires the Secretary of State to identify foreign countries which repeatedly provide support for acts of international terrorism.
Bill· SS. 2110 (99th)open
United States · United States Congress · 26 February 1986
Tax Gap Act of 1986 - Title I: Internal Revenue Service Publicity Campaign and Public Relations Program - Establishes a publicity campaign and public relations program to be conducted by the Secretary of the Treasury to inform the taxpaying public regarding tax reform, tax evasion, and other tax matters aimed at increasing compliance with the tax laws. Provides for a variety of publicity techniques to be used to institute the publicity campaign and public relations program. Authorizes appropriations. Title II: Increased Taxpayer Compliance Through Improved Enforcement Activities and Strengthened Penalties and Information Reporting Requirements - Part I: Increased Audits - Directs the Secretary to initiate a highly publicized audit program targeted at: (1) the unreported legal source income for the period between 1981 and 1986; and (2) any other sector the Secretary determines to be growing in noncompliance. Authorizes additional appropriations to increase by 2,500 the number of audit examiners so as to double the number of returns audited each taxable year. Part II: Public Disclosure of Certain Taxpayers - Permits the public disclosure of the identity of taxpayers where delinquent taxes are in excess of $10,000 or the delinquent taxpayer has become subject to enforcement actions. Part III: Revision of Certain Penalties, Etc. - Provides penalties for: (1) failure to file certain information returns; (2) failure to furnish certain payee statements; and (3) failure to include certain information on certain returns and statements. Establishes certain waiver provisions, definitions, and special rules relating to the filing of information returns and statements. Increases the penalty for failure to pay tax in certain cases from 0.5 percent per month to one percent per month. Modifies the provisions relating to the tax penalty in instances involving negligence and fraud. Increases the tax penalty for substantial underpayment of tax liability from ten percent to 20 percent. Part IV: Information Reporting Provisions - Requires real estate brokers to report certain real estate transactions to the Internal Revenue Service. Requires the head of every Federal executive agency which enters into any contract to report to the Internal Revenue Service certain information relating to the person with whom such agency contracts. Requires the information reporting of State and local government income tax refunds and real and personal property taxes. Requires any tax-exempt interest received for the taxable year to be shown on the tax return for such year. Part V: Additional Authorizations - Authorizes additional appropriations for the Internal Revenue Service to increase the level of return processing and taxpayer service activities, to increase tax fraud and collection activities, and to increase litigation activities. Title III: Tax Amnesty - Provides for a one-time amnesty from criminal and civil tax penalties for a taxpayer who: (1) files a written statement with specified information concerning any underpayment of tax; (2) pays the amount of such underpayment when filing the statement; and (3) within 30 days of notification of the amount of interest payable on any tax delinquent amount, pays the amount of such interest or delinquency. Permits installment payments in certain cases. Provides that where there is a dispute with regard to an amount of the delinquent tax and it is resolved in favor of the taxpayer, the Secretary shall refund such amount with interest at the six-month Treasury bill rate. Defines the amnesty period as a six-month period with a beginning date during calendar year 1987 which is selected by the Secretary. Disallows such amnesty where: (1) there has been an underpayment assessed and a notice of deficiency with respect to the underpayment was mailed, or the taxpayer was put on notice of a substantive question of the taxpayer's tax liability; (2) there was fraud in seeking amnesty; or (3) a criminal investigation is pending. Provides that the amnesty provisions apply only to underpayments of Federal tax for taxable periods ending before January 1, 1986. Authorizes appropriations to inform the general public about the operation of the amnesty provisions.
Bill· SS. 2108 (99th)open
United States · United States Congress · 26 February 1986
Provides that Federal tax reform legislation based on the President's tax reform proposal submitted to the Congress on May 29, 1985, shall not take effect before January 1, 1987.
Bill· SS. 2111 (99th)open
United States · United States Congress · 26 February 1986
Amends the Internal Revenue Code to limit the reduction in the credit against the unemployment tax for employers in States which have outstanding loans from the Federal unemployment insurance trust fund and which have a specified rate of unemployment. Allows such limitation only in States which: (1) have not decreased unemployment tax efforts; (2) have not taken any action to reduce the solvency of unemployment compensation programs; and (3) have an unemployment rate of at least eight percent and 25 percent or more above the national average unemployment rate.
Resolution· SCONRESS.Con.Res. 110 (99th)open
United States · United States Congress · 26 February 1986
Expresses the sense of the Congress that the effective date for tax reform proposals should be no earlier than January 1, 1987, for those items of tax reform, such as the depreciation schedules, at-risk provisions, amendments to the alternative minimum tax, and investment interest limitations which would result in a lessening of investment in low- and moderate-income multifamily housing in 1986.
Resolution· SCONRESS.Con.Res. 111 (99th)open
United States · United States Congress · 26 February 1986
Expresses the sense of the Congress, and instructs its committees and conferees, that the Congress will not approve any provisions in H.R. 3838 or in similar legislation that would adversely affect the tax-exempt status of the bonds or other obligations of the States or their political subdivisions and instrumentalities which comply with current law and which are issued prior to: (1) January 1, 1987; or (2) any later date provided in enacted law.
Bill· HRH.R. 4253 (99th)open
United States · United States Congress · 26 February 1986
Tax Gap Act of 1986 - Title I: Internal Revenue Service Publicity Campaign and Public Relations Program - Establishes a publicity campaign and public relations program to be conducted by the Secretary of the Treasury to inform the taxpaying public regarding tax reform, tax evasion, and other tax matters aimed at increasing compliance with the tax laws. Provides for a variety of publicity techniques to be used to institute the publicity campaign and public relations program. Authorizes appropriations. Title II: Increased Taxpayer Compliance Through Improved Enforcement Activities and Strengthened Penalties and Information Reporting Requirements - Part I: Increased Audits - Directs the Secretary to initiate a highly publicized audit program targeted at: (1) the unreported legal source income for the period between 1981 and 1986; and (2) any other sector the Secretary determines to be growing in noncompliance. Authorizes additional appropriations to increase by 2,500 the number of audit examiners so as to double the number of returns audited each taxable year. Part II: Public Disclosure of Certain Taxpayers - Permits the public disclosure of the identity of taxpayers where delinquent taxes are in excess of $10,000 or the delinquent taxpayer has become subject to enforcement actions. Part III: Revision of Certain Penalties, Etc. - Provides penalties for: (1) failure to file certain information returns; (2) failure to furnish certain payee statements; and (3) failure to include certain information on certain returns and statements. Establishes certain waiver provisions, definitions, and special rules relating to the filing of information returns and statements. Increases the penalty for failure to pay tax in certain cases from 0.5 percent per month to one percent per month. Modifies the provisions relating to the tax penalty in instances involving negligence and fraud. Increases the tax penalty for substantial underpayment of tax liability from ten percent to 20 percent. Part IV: Information Reporting Provisions - Requires real estate brokers to report certain real estate transactions to the Internal Revenue Service. Requires the head of every Federal executive agency which enters into any contract to report to the Internal Revenue Service certain information relating to the person with whom such agency contracts. Requires the information reporting of State and local government income tax refunds and real and personal property taxes. Requires any tax-exempt interest received for the taxable year to be shown on the tax return for such year. Part V: Additional Authorizations - Authorizes additional appropriations for the Internal Revenue Service to increase the level of return processing and taxpayer service activities, to increase tax fraud and collection activities, and to increase litigation activities. Title III: Tax Amnesty - Provides for a one-time amnesty from criminal and civil tax penalties for a taxpayer who: (1) files a written statement with specified information concerning any underpayment of tax; (2) pays the amount of such underpayment when filing the statement; and (3) within 30 days of notification of the amount of interest payable on any tax delinquent amount, pays the amount of such interest or delinquency. Permits installment payments in certain cases. Provides that where there is a dispute with regard to an amount of the delinquent tax and it is resolved in favor of the taxpayer, the Secretary shall refund such amount with interest at the six-month Treasury bill rate. Defines the amnesty period as a six-month period with a beginning date during calendar year 1987 which is selected by the Secretary. Disallows such amnesty where: (1) there has been an underpayment assessed and a notice of deficiency with respect to the underpayment was mailed, or the taxpayer was put on notice of a substantive question of the taxpayer's tax liability; (2) there was fraud in seeking amnesty; or (3) a criminal investigation is pending. Provides that the amnesty provisions apply only to underpayments of Federal tax for taxable periods ending before January 1, 1986. Authorizes appropriations to inform the general public about the operation of the amnesty provisions.
Law· HJRESH.J.Res. 534 (99th)enacted
United States · United States Congress · 26 February 1986
Makes a supplemental appropriation for FY 1986 to the Department of Agriculture for Commodity Credit Corporation operations. States that Corporation programs shall retain the goal of meeting domestic and export requirements.
Bill· SS. 2100 (99th)open
United States · United States Congress · 25 February 1986
Federal Tax Amnesty and Improved Tax Compliance Act of 1986 - Title I: Amnesty From Criminal and Civil Penalties - Provides for a one-time amnesty from criminal and civil tax penalties for a taxpayer who: (1) files a written statement with specified information concerning any underpayment of tax; and (2) pays the amount of such underpayment when filing the statement, together with the interest due thereon. Permits installment payments in certain cases. Provides that where the taxpayer fails to pay any installment payment when due, the balance in the account shall be due immediately. Defines the amnesty period as the six-month period which ends on September 30, 1987. Disallows such amnesty where: (1) there has been an underpayment assessed and a notice of deficiency with respect to the underpayment was mailed or the taxpayer was put on notice of a substantive question of the taxpayer's tax liability; (2) there was fraud in seeking amnesty; or (3) a criminal investigation is pending. Provides that the amnesty provisions apply only to underpayments of Federal tax for taxable periods ending before January 1, 1985. Authorizes appropriations to inform the general public about the operation of the amnesty provisions. Title II: Compliance Provisions - Subtitle A: Increase in Compliance Personnel - Expresses the sense of the Congress that, in addition to other appropriated funds, there be appropriated to the Secretary of the Treasury, for revenue enforcement and compliance programs, such an amount as may be cost effective of the revenue attributable to the amnesty program. Authorizes appropriations for an additional 2,500 compliance personnel for the Internal Revenue Service through FY 1989. Subtitle B: Denial of Federal Contracts, Licenses, etc., to Taxpayers with Tax Delinquent Accounts - Prohibits the award of any Federal contract to any person who has a tax delinquent account. Provides that no Federal business license may be issued with respect to any person who has a tax delinquent account. Provides an exception for public health business licenses or business licenses specified in regulations issued by the Secretary of the Treasury. Subtitle C: Inflation Adjustment of Criminal and Civil Monetary Penalties - Provides for an annual cost-of-living adjustment in the criminal and civil tax monetary penalties beginning in 1987. Specifies the method for calculating the annual adjustment. Subtitle D: Revision of Certain Penalties - Provides penalties for: (1) failure to file certain information returns; (2) failure to furnish certain payee statements; and (3) failure to include certain information on certain returns and statements. Establishes certain waiver provisions, definitions, and special rules relating to the filing of information returns and statements. Increases the penalty for failure to pay tax in certain cases from 0.5 percent per month to one percent per month. Modifies the provisions relating to the tax penalty in instances involving negligence and fraud.
Bill· SS. 2090 (99th)open
United States · United States Congress · 24 February 1986
Provides that the Internal Revenue Service, during the moratorium period beginning January 1, 1986, and ending June 30, 1987, may not enforce its regulations relating to the substantiation requirements with respect to deductions for the business use of vehicles. Directs that the determination of any amount includible in gross income with respect to the personal use of an employer-provided vehicle during the moratorium period shall be made without regard to temporary regulations issued by the Secretary of the Treasury. Prohibits the Secretary, during the moratorium period, from issuing any regulations relating to the substantiation requirements with respect to deductions for the business use of vehicles or with respect to amounts included in income for the personal use of employer-provided vehicles.
Bill· SS. 2088 (99th)open
United States · United States Congress · 24 February 1986
Benefit-from-Harm Denial Act - Amends the Internal Revenue Code to deny a taxpayer's personal exemption deduction for a child who is born alive after an induced abortion or an attempt to perform an abortion and dies as a result of such procedure . Denies the deduction for abortion expenses unless the abortion was performed to save the life of the mother. Denies the personal exemption deduction for the spouse or a dependent of the taxpayer if the taxpayer intentionally causes the death of such spouse or dependent. Requires a court determination of an intentional cause of death.
Bill· SS. 2085 (99th)referred
United States · United States Congress · 20 February 1986
Amends the Agricultural Act of 1949 to provide that, notwithstanding the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) and the sequestration order issued by the President under such Act on February 1, 1986, FY 1986 dairy expenditure reductions shall be implemented through more reduction in the price received by milk producers (assessments) rather than through a reduction in Commodity Credit Corporation payments for dairy product purchases. States that such reductions shall be no greater than needed (but not to exceed 12 cents per hundredweight) to achieve the reduction in milk support expenditures required by such order.
Bill· SS. 2086 (99th)open
United States · United States Congress · 20 February 1986
Options Simplification and Clarification Act of 1986 - Amends the Internal Revenue Code to revise the qualified covered call rules relating to the tax treatment of gains and losses of listed option contracts. Redefines a "deep-in-the-money option" as an option having a strike price which is less than 85 percent of the applicable stock price. Revises the special year-end rule to provide that qualified covered calls cannot be used for straddling purposes. Treats an equity option as a contract marked to market at the end of the taxable year. Repeals provisions denying such treatment to limited partners holding such marked to market contracts. Provides that any gain recognized upon the termination of certain options to sell ("married put") in a closing transaction shall be includible immediately as short-term or long-term capital gain depending on the holding period of the option. Provides that any loss incurred in such a transaction shall not be deducted but shall be reflected by adjusting of the stock with which the option was identified. Authorizes the Secretary of the Treasury to issue regulations to extend similar treatment to covered calls and straddles generally. Allows options dealers to elect to establish an options dealer account as an alternative method of accounting for mixed straddles. Provides that such an account shall: (1) be established for a designated class of activities; (2) consist of positions marked to market upon being placed in the account and at the end of the year; (3) net at the end of each taxable year any gains and losses realized on all positions in the account; and (4) treat net gain or loss as 43 percent long-term capital gain or loss and 57 percent short-term capital gain or loss. Revises the method of computing interest and carrying charges in the case of straddles. Allows any options dealer or commodities dealer to elect to use an alternative method of computing capitalized interest and carrying charges.
Bill· SS. 2079 (99th)referred
United States · United States Congress · 19 February 1986
Amends the Legislative Reorganization Act of 1946 to require that the annual rate of pay for Members of Congress be reduced by 4.3 percent for FY 1986. Requires, during any other fiscal year, that such pay be reduced by the percentage of reduction in outlays for non-defense programs required by the President's sequestration order under the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act).
Bill· HRH.R. 4175 (99th)open
United States · United States Congress · 19 February 1986
Authorizes appropriations for the Maritime Administration for FY 1987 for: (1) payment of operating-differential subsidy obligations; (2) research and development activities; (3) operations and training activities; and (4) ocean freight differential cost obligations. Authorizes appropriations for the Federal Maritime Commission for FY 1987.
Law· HRH.R. 4184 (99th)enacted
United States · United States Congress · 19 February 1986
National Science Foundation Authorization Act for Fiscal Years 1987 and 1988 - Authorizes appropriations to the National Science Foundation (NSF) for FY 1987 and 1988. Lists categories for which 1987 funds may be made available. Limits amounts of FY 1987 and 1988 funds which may be used for official consultation, representation, or other extraordinary expenses, and for NSF expenses incurred outside the United States. Prohibits the transfer of funds among the listed categories from exceeding ten percent unless: (1) written notice is given to the Speaker of the House, the President of the Senate, and the appropriate authorizing committees; and (2) 30 days have passed after such notice. Amends the National Science Foundation Act of 1950 to remove from the list of responsibilities of the NSF the requirement to maintain a current register of scientific and technical personnel. Removes the limitation that requires the NSF to only award scholarships and graduate fellowships for scientific study or work within the limits of funds made available specifically for such purposes pursuant to appropriations under such Act. Repeals title IX (Science Information Service) of the National Defense Education Act.
Bill· HRH.R. 4180 (99th)open
United States · United States Congress · 19 February 1986
Authorizes appropriations for FY 1987 and 1988 for civil defense programs under the Federal Civil Defense Act of 1950.
Bill· HRH.R. 4169 (99th)referred
United States · United States Congress · 18 February 1986
Prohibits the President's sequestration order for FY 1986 under the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) from taking effect until the U.S. Supreme Court issues its final order on the appeal of the judgment of the U.S. District Court for the District of Columbia in Civil Actions 85-3945 and 85-4106 providing that the sequestration procedure is unconstitutional.
Resolution· HCONRESH.Con.Res. 286 (99th)referred
United States · United States Congress · 18 February 1986
States that the Congress agrees, and instructs its committees and conferees, that any provisions of tax reform legislation (including H.R. 3838) limiting net operating loss carrybacks under the Internal Revenue Code shall not apply with respect to agricultural banks.
Bill· SS. 2067 (99th)referred
United States · United States Congress · 6 February 1986
States that the Congress disapproves the proposed deferral of budget authority 86-49 for the urban development action grant program set forth in the special message transmitted by the President to the Congress on February 5, 1986.