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Bill· HRH.R. 4242 (100th)referred
United States · United States Congress · 23 March 1988
Amends the Internal Revenue Code to prohibit the imposition of excise tax on the sale of diesel fuel to any purchaser (or purchaser for resale to a second purchaser) for any off-highway business use. (Although fuel sold for many off-highway uses is tax-exempt under current law, provisions of the Revenue Act of 1987 require purchasers to pay the tax and subsequently apply for a refund based on the nontaxable use.)
Bill· HRH.R. 4221 (100th)open
United States · United States Congress · 22 March 1988
Section 457 Clarification Act of 1988 - Amends Internal Revenue Code accounting rules governing the year of inclusion of compensation deferred under qualified plans of State and local governments and of private tax-exempt organizations. Declares the rules to be inapplicable to both nonelective deferred compensation and basic employee benefits, including bona fide vacation plans, sick leave plans, sabbatical leave, and similar benefits.
Bill· HRH.R. 4219 (100th)referred
United States · United States Congress · 22 March 1988
Family Care Package of 1988 - Amends the Internal Revenue Code to revise the income tax personal exemption deduction, permitting a taxpayer to deduct amounts with respect to qualified dependents, as follows: (1) $5,000 for any child under age six; (2) $4,000 for any child between the ages of six and 19; (3) $5,000 for a person (including a spouse) mentally or physically incapable of self-care; and (4) $4,000 for any person aged 55 or older (including a spouse). Applies the $5,000 amount authorized for a handicapped dependent if a dependent is both handicapped and at least 55 years old. Repeals the dependent care tax credit as of tax year 1989.
Resolution· HRESH.Res. 410 (100th)passed
United States · United States Congress · 22 March 1988
Sets forth the rule for the consideration of H. Con. Res. 268 (congressional budget).
Resolution· HCONRESH.Con.Res. 268 (100th)open
United States · United States Congress · 22 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 $705,750,000,000 for FY 1989, $760,250,000,000 for FY 1990, and $816,700,000,000 for FY 1991. Sets the amount by which the aggregate levels of Federal revenues should be reduced at $400,000,000 for FY 1989, $500,000,000 for FY 1990, and $500,000,000 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) $68,150,000,000 for FY 1990; and (3) $73,400,000,000 for FY 1991. Sets the appropriate levels of total new budget authority at $973,600,000,000 for FY 1989, $1,023,300,000,000 for FY 1990, and $1,083,100,000,000 for FY 1991. States that the appropriate levels of total budget outlays are $884,400,000,000 for FY 1989, $931,950,000,000 for FY 1990, and $979,050,000,000 for FY 1991. Sets the amount of the deficit at $178,650,000,000 for FY 1989, $171,700,000,000 for FY 1990, and $162,350,000,000 for FY 1991. Sets the appropriate levels of the public debt at $2,823,400,000,000 for FY 1989, $3,062,900,000,000 for FY 1990, and $3,287,500,000,000 for FY 1991. Sets forth the appropriate levels of total Federal credit activity as follows: (1) $28,000,000,000 for new direct loan obligations and $111,300,000,000 for new primary loan guarantee commitments for FY 1989; (2) $26,850,000,000 for new direct loan obligations and $122,950,000,000 for new primary loan guarantee commitments for FY 1990; and (3) $26,650,000,000 for new direct loan obligations and $132,500,000,000 for new primary loan guarantee commitments for FY 1991. 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 1989 through 1991. Expresses the sense of the Congress, in light of the resources required to combat narcotic traffic, that the committees of jurisdiction should enact legislation to allow the private sector to perform nonemergency towing and other nonessential Coast Guard functions and that the resulting savings should be used to increase funding for the Coast Guard for law enforcement, military readiness, and emergency search and rescue functions.
Law· HRH.R. 4211 (100th)enacted
United States · United States Congress · 21 March 1988
Amends the National Ocean Pollution Planning Act of 1978 to: (1) establish an Under Secretary for Oceans and Atmosphere in the Department of Commerce; and (2) eliminate the position of Administrator of the National Oceanic and Atmospheric Administration. Substitutes the Under Secretary for the Administrator for purposes of the Act. Makes the Director of the National Ocean Pollution Program Office responsible for the administration of the National Ocean Pollution Program. Requires the National Ocean Pollution Policy Board to report simultaneously to the Office of Management and Budget (OMB) and the Congress on all department and agency budget requests relating to the comprehensive Federal plan on ocean pollution. (Currently such report does not need to be submitted simultaneously to OMB and the Congress.) Extends through FY 1990 the authorization of appropriations to carry out the purposes of the National Ocean Pollution Planning Act of 1978. Requires that certain information regarding ocean pollution research activities associated with the Great Lakes be disseminated by June 1 annually to governmental agencies and other persons interested in such information. (Currently such information must be disseminated in a timely manner.)
Law· HRH.R. 4210 (100th)enacted
United States · United States Congress · 21 March 1988
Amends title II (monitoring and research programs for ocean and coastal dumping) of the Marine Protection, Research, and Sanctuaries Act of 1972 to require the Secretary of Commerce to ensure that the comprehensive and continuing program of research into the long-range effects of pollution, overfishing, and man-induced changes of ocean ecosystems is consistent with the comprehensive plan relating to ocean pollution developed under the National Ocean Pollution Planning Act of 1978. Directs the Under Secretary of Commerce to report to the Congress on October 31 of each year on the title II monitoring and research programs carried out by the National Oceanic and Atmospheric Administration and the Environmental Protection Agency and the amount of funds allocated to each of such programs. Authorizes appropriations under title II through FY 1990.
Law· HRH.R. 4209 (100th)enacted
United States · United States Congress · 21 March 1988
Amends title I (regulation of ocean dumping) of the Marine Protection, Research, and Sanctuaries Act of 1972 to authorize appropriations through FY 1991.
Bill· HRH.R. 4206 (100th)referred
United States · United States Congress · 21 March 1988
Amends the Department of Defense Appropriations Act, 1988 to require, as a condition to the appropriation of funds for naval operation and maintenance, that any work under the New Threat Upgrade overhaul program which was assigned by the Navy to be performed by a specified public shipyard as of a specified date shall be contracted for performance by that shipyard.
Resolution· HCONRESH.Con.Res. 267 (100th)referred
United States · United States Congress · 21 March 1988
Sets forth the concurrent resolution on the budget for FY 1989 and the appropriate budget levels for FY 1990 and 1991. Sets forth levels and amount 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 $953,000,000,000 for FY 1989, $1,036,000,000,000 for FY 1990, and $1,112,000,000,000 for FY 1991. Sets the amount by which the aggregate levels of Federal revenues should be increased at $56,000,000,000 for FY 1989, $83,000,000,000 for FY 1990, and $76,000,000,000 for FY 1991. Designates the following amounts of Federal revenues for Federal Insurance Contributions Act revenues: (1) $65,000,000,000 for FY 1989; (2) $70,000,000,000 for FY 1990; and (3) $75,000,000,000 for FY 1991. Sets the appropriate levels of total new budget authority at $1,228,000,000,000 for FY 1989, $1,293,000,000,000 for FY 1990, and $1,377,100,000,000 for FY 1991. States that the appropriate levels of total budget outlays are $1,088,700,000,000 for FY 1989, $1,138,300,000,000 for FY 1990 and $1,186,600,000,000 for FY 1991. Sets the amount of the deficit at $135,700,000,000 for FY 1989, $102,300,000,000 for FY 1990, and $74,600,000,000 for FY 1991. Sets the appropriate levels of the public debt at $2,176,500,000,000 for FY 1989, $2,278,800,000,000 for FY 1990, and $2,353,400,000,000 for FY 1991. Sets forth the appropriate levels of total Federal credit activity as follows: (1) $35,000,000,000 for new direct loan obligations and $111,000,000,000 for new primary loan guarantee commitments for FY 1989; (2) $34,000,000,000 for new direct loan obligations and $122,000,000,000 for new primary loan guarantee commitments for FY 1990; and (3) $34,000,000,000 for new direct loan obligations and $132,000,000,000 for new primary loan guarantee commitments for FY 1991. 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 1989 through 1991.
Bill· SS. 2195 (100th)open
United States · United States Congress · 18 March 1988
Amends the Department of Transportation Act regarding local rail service assistance to authorize appropriations for FY 1989 through 1991. Decreases the Federal share of rail service assistance program costs from 70 percent to 60 percent. Provides that the Federal share of costs to rehabilitate rail properties for the purpose of facilitating rail freight service shall be 70 percent.
Bill· SS. 2187 (100th)referred
United States · United States Congress · 17 March 1988
Amends the Internal Revenue Code to allow 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. Sets the maximum credit amount as the total employee tax withheld from the taxpayer's wages during the year under the Federal Insurance Contributions Act. 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.
Bill· HRH.R. 4194 (100th)open
United States · United States Congress · 17 March 1988
Repeals provisions of the Revenue Act of 1987 that imposed excise tax on wholesale sales of diesel and aviation fuels. Provides that the Internal Revenue Code be applied and administered as if such provisions had not been enacted.
Bill· HRH.R. 4192 (100th)open
United States · United States Congress · 17 March 1988
Amends the Internal Revenue Code with respect to the excise tax on diesel and aviation fuels. Prohibits imposition of the tax on the sale of these fuels by a producer or importer for use by the purchaser in a nontaxable use (defined to include, among other uses, any off-highway business use, use as supplies for vessels or aircraft, State or local governmental use, and use by a nonprofit educational organization). Permits the exemption only if both the seller and purchaser have registered with the Secretary of the Treasury. Requires producers, importers, and purchasers taking part in reduced-tax sales to file with the Secretary information returns containing specified data. Requires producers and importers, in addition, to furnish corresponding statements to their purchasers. Establishes penalties for failure to file required returns.
Bill· HRH.R. 4200 (100th)referred
United States · United States Congress · 17 March 1988
Authorizes appropriations for the Maritime Administration for FY 1989 for: (1) payment of operating-differential subsidy obligations; (2) research and development activities; (3) operations and training activities; and (4) national security support capabilities, including for the National Defense Reserve Fleet and the Ready Reserve Force. Authorizes appropriations for the Federal Maritime Commission for FY 1989. Amends the Merchant Marine Act, 1936 to revise Federal provisions relating to the making of student incentive payments to individuals enrolled in State maritime academies. Excludes, until October 1, 1990, certain classes of vessels intended for offshore oil and gas exploration or development or for operation of inland waterways from coverage under Federal ship mortgage insurance provisions of the Merchant Marine Act, 1936.
Bill· HRH.R. 4195 (100th)referred
United States · United States Congress · 17 March 1988
Amends part A (Aid to Families with Dependent Children) (AFDC) of title IV of the Social Security Act to deny Federal payments for AFDC program administrative costs to States in which State or local taxes are imposed on benefits under title II (Old Age, Survivors and Disability Insurance) of the Act.
Bill· HRH.R. 4201 (100th)referred
United States · United States Congress · 17 March 1988
Amends the Internal Revenue Code to permit an individual income tax deduction of up to $7,500 of premiums paid or incurred by the taxpayer for a life insurance contract having as its exclusive beneficiary the trust of one disabled member of the taxpayer's family. Sets forth qualifying criteria for such contracts and for their beneficiary trusts, including a $750,000 limitation on transfers of contract proceeds to the trust. Excludes amounts of trust distributions from the gross income of the disabled individual when specified conditions are met, including income restrictions. Includes insurance contract proceeds in the gross estate of the trust beneficiary for estate tax purposes and excludes them from the estate of the contract holder.
Bill· HRH.R. 4197 (100th)referred
United States · United States Congress · 17 March 1988
Amends the Tax Reform Act of 1986 to create a special rule for the income tax treatment of amounts received, but not as an annuity, under an annuity, endowment, or life insurance contract in connection with certain State plans permitting employee withdrawals of their contributions.
Bill· HRH.R. 4191 (100th)referred
United States · United States Congress · 17 March 1988
Amends the Internal Revenue Code to exclude from gross income any amount of assignments of personal injury liability payments whose recipient becomes a secured creditor of the assignee.
Bill· SS. 2176 (100th)referred
United States · United States Congress · 16 March 1988
Motor Fuels Excise Tax Relief Act of 1988 - Amends the Internal Revenue Code to exempt from the gasoline excise tax any sale of gasoline to: (1) a State or local government (or to a purchaser for resale to such government) for its exclusive use; or (2) a nonprofit educational organization for its exclusive use. Permits wholesale distributors of gasoline who have registered with the Secretary of the Treasury and posted the required bond to pay the gasoline tax (in lieu of the person otherwise liable for the tax). Requires that the reduced gasoline tax rate (3.4 cents instead of 9.1 cents) be applied with respect to gasoline used to produce gasohol after the time of the relevant removal or sale. Prohibits the imposition of the excise tax on diesel and aviation fuels on the sale of these fuels to any purchaser (or purchaser for resale) for use in any off-highway business use. (Although fuel used for such purposes is generally tax-exempt under current law, provisions of the Revenue Act of 1987 require purchasers to pay the tax and subsequently apply for a refund based on the nontaxable use of the fuel.) Directs the Secretary of the Treasury to study and report to specified congressional committees concerning motor fuels excise tax collection procedures, in the interest of determining methods that will provide the least onerous treatment of tax-exempt entities and at the same time raise necessary revenue.
Bill· SS. 2172 (100th)referred
United States · United States Congress · 16 March 1988
Declares that the State of Maryland Deposit Insurance Fund Corporation shall not be liable for any Federal income tax liability or deficiency directly, indirectly, or as a successor or transferee of the Maryland Savings Share Insurance Corporation.
Bill· HRH.R. 4175 (100th)open
United States · United States Congress · 16 March 1988
Amends the Internal Revenue Code with respect to the excise tax on diesel and aviation fuels. Prohibits imposition of the tax on the sale of these fuels to any purchaser (or purchaser for resale to a second purchaser) for use on a farm for farming purposes. (Although fuel sold for these purposes is tax-exempt under current law, provisions of the Revenue Act of 1987 require purchasers to pay the tax and subsequently apply for a refund based on nontaxable uses of the fuel.)
Bill· HRH.R. 4172 (100th)open
United States · United States Congress · 16 March 1988
Amends the Internal Revenue Code with respect to the excise tax on diesel and aviation fuels. Prohibits imposition of the tax on the sale of these fuels to any purchaser (or purchaser for resale to a second purchaser) for use: (1) on a farm for farming purposes; or (2) in a vessel in commercial waterway transportation.
Bill· HRH.R. 4179 (100th)referred
United States · United States Congress · 16 March 1988
Amends the Internal Revenue Code with respect to the corporate income tax exclusion of contributions to the capital of the taxpayer. Includes as a qualifying contribution any amount of money or property received by a regulated public utility (a utility required to provide electric energy, gas, water, or sewage disposal services) that: (1) is a contribution in aid of construction (as defined by regulations to be promulgated by the Secretary of the Treasury); (2) meets certain expenditure requirements; and (3) is not included in the taxpayer's rate base. Excludes amounts paid as customer connection fees.
Bill· HRH.R. 4184 (100th)referred
United States · United States Congress · 16 March 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 employers, before the election, of all the material facts concerning the plan, including its terms and asset transfer provisions. Applies these requirements only when: (1) at least 30 percent of a corporation's employees are not represented by a collective bargaining unit; and (2) the plan entails transfers of assets from a defined benefit plan and is proposed by employees represented by a collective bargaining unit in a corporation having more than one such unit.
Bill· HRH.R. 4176 (100th)referred
United States · United States Congress · 16 March 1988
Amends the Internal Revenue Code with respect to individuals who are members of certain established religious sects and who, as adherents of sect beliefs, are conscientiously opposed to accepting benefits of any public or private insurance that makes payments in the event of death, old age, or disability or that funds Social Security type programs. Waives: (1) the required submission of a taxpayer identification number (TIN) in connection with such individuals' deposits or accounts in a financial institution; and (2) any required inclusion of the TIN by the financial institution in its paperwork.
Bill· SS. 2166 (100th)referred
United States · United States Congress · 15 March 1988
Amends the Internal Revenue Code with respect to the excise tax on diesel and aviation fuels. Prohibits imposition of the tax on the sale of these fuels to any purchaser (or purchaser for resale) for use in mineral extraction and processing and for the off-highway transportation of minerals and ores from extraction sites to treatment locations.
Bill· SS. 2168 (100th)referred
United States · United States Congress · 15 March 1988
Amends the Internal Revenue Code to exempt from the gasoline excise tax any sale of gasoline to a State or local government (or to a purchaser for resale to such government) for its exclusive use. Prohibits the imposition of excise tax on the sale of diesel fuel to any purchaser (or purchaser for resale to a second purchaser) for any use not as a fuel in a diesel-powered highway vehicle or a diesel-powered train. (Although fuel sold for such off-highway uses is generally tax-exempt under current law, provisions of the Revenue Act of 1987 require purchasers to pay the tax and subsequently apply for a refund based on the nontaxable use.)
Resolution· SRESS.Res. 394 (100th)open
United States · United States Congress · 15 March 1988
Expresses the sense of the Senate that FY 1989 funding for Federal-aid highway and mass transit programs should be at levels established by the Surface Transportation and Uniform Relocation Assistance Act of 1987.
Bill· HRH.R. 4151 (100th)open
United States · United States Congress · 15 March 1988
Amends the Internal Revenue Code to direct the Secretary of the Treasury to issue regulations exempting the following from the excise tax on diesel and aviation fuels: (1) diesel fuel for use in a diesel-powered train (to the extent of 15 cents per gallon); (2) aviation fuel for use in commercial aviation; (3) fuel used other than as motor fuel; (4) fuel for use by a State or local government; and (5) fuel for use on a farm for farming purposes. (Under current law, the Secretary is authorized to issue such regulations with respect to all but the last item. Although fuel sold for farm use is already tax-exempt, provisions of the Revenue Act of 1987 require purchasers to pay the tax and subsequently apply for a refund.)
Bill· HRH.R. 4154 (100th)referred
United States · United States Congress · 15 March 1988
Community Revitalization Tax Act of 1988 - Amends Internal Revenue Code income tax accounting rules limiting passive activity losses and credits to eliminate the disallowance of credits in this context. Revises the limitation on the general business credit to allow a maximum annual credit equal to the first $20,000 of an individual taxpayer's income tax liability plus 20 percent of any excess liability. Amends provisions that reduce the investment credit base by nonqualified nonrecourse financing amounts to apply them to certain qualified rehabilitation property as if the property were subject to the at-risk rules associated with the low-income housing credit. Permits a tax-exempt organization to offset the amount of any general business credit against its unrelated business income tax liability. Revises the definition of "qualifying distribution" for purposes of the tax on a private foundation's failure to distribute income. Includes as qualifying any amount of interest foregone on a below-market loan made to a tax-exempt organization to operate a qualified low-income building. Includes as a qualified rehabilitation expenditure for tax credit purposes any expenditure in connection with the rehabilitation of a low-income building leased to a tax-exempt entity. Permits a pooled income fund having substantially all of its assets invested exclusively in qualified low-income buildings to have one or more corporations as income beneficiaries, each with a 20-year life.
Bill· HRH.R. 4149 (100th)referred
United States · United States Congress · 15 March 1988
Truth in Government Spending Act - Amends the Internal Revenue Code to direct the Secretary of the Treasury to include on the first page of instruction booklets for individual income tax returns a graphic presentation, in a prescribed form, depicting the following fiscal year information on an individual taxpayer basis: (1) the previous balance of the public debt and resultant interest incurred; and (2) purchase and payments information with respect to specific categories, including defense, agricultural subsidies, foreign aid, criminal justice, welfare, social security, and Medicare.
Bill· SS. 2160 (100th)referred
United States · United States Congress · 14 March 1988
Amends the Internal Revenue Code to provide that the amount of a qualified artistic charitable contribution for income tax deduction purposes shall be the fair market value of the property contributed (determined at the time of the contribution). Defines "qualified artistic charitable contribution" as the contribution of any literary, music, artistic, or scholarly composition, letter or memorandum, or similar property, but only if: (1) such property was created by the personal efforts of the taxpayer making the contribution no less than one year prior to the contribution; (2) there is included with the tax return a written appraisal of the fair market value of the property; and (3) the use of such property by the donee is related to the purpose or function constituting the basis for the donee's tax exemption. Limits the amount of qualified artistic charitable contributions available to a taxpayer in any taxable year to the taxpayer's artistic adjusted gross income, as defined in this Act. Prohibits public officials from taking a deduction for the donation of their papers if the papers were generated as their work product while employed as officers or employees of the United States or of any State.
Resolution· HRESH.Res. 400 (100th)referred
United States · United States Congress · 14 March 1988
Expresses the sense of the House of Representatives that FY 1989 funding for Federal-aid highway and mass transit programs should be at levels established by the Surface Transportation and Uniform Relocation Assistance Act of 1987.
Bill· HRH.R. 4129 (100th)open
United States · United States Congress · 10 March 1988
Farmer Fuel Tax Relief Act - Amends the Internal Revenue Code to prohibit imposition of the excise tax on the sale of diesel or aviation fuel to any purchaser (or purchaser for resale to a second purchaser) for use on a farm for farming purposes. (Although fuel sold for these purposes is tax-exempt under current law, provisions of the Revenue Act of 1987 require purchasers to pay the tax and subsequently apply for a refund based on nontaxable uses of the fuel.) Permits wholesale distributors of gasoline who have registered with the Secretary of the Treasury and posted the required bond to pay the gasoline tax (in lieu of the person otherwise liable for the tax.) Prohibits imposition of the gasoline tax on the sale or removal of gasoline by any person (or for resale to a second person) for use on a farm for farming purposes. Requires that the reduced gasoline tax rate (3.4 cents instead of 9.1 cents) be applied with respect to gasoline used to produce gasohol after the time of the relevant removal or sale.
Bill· HRH.R. 4142 (100th)referred
United States · United States Congress · 10 March 1988
Requires that, for pre-1980 tax years, the Federal income tax deductibility of flight training expenses be determined without considering whether the taxpayer received reimbursement through veterans' educational programs.
Bill· HJRESH.J.Res. 490 (100th)referred
United States · United States Congress · 10 March 1988
Title I: Housing and Urban Development - Makes FY 1988 supplemental appropriations for the following Department of Housing and Urban Development homeless programs authorized by the Stewart B. McKinney Homeless Assistance Act: (1) single room occupancy dwelling rehabilitation; (2) emergency shelter grants; (3) supportive housing demonstration program; and (4) supplemental assistance for facilities to assist the homeless. Makes FY 1988 supplemental appropriations for the Federal Emergency Management Agency's emergency food and shelter program. Title II: Health and Human Services - Makes FY 1988 supplemental appropriations for the following Department of Health and Human Services homeless programs authorized by the Stewart B. McKinney Homeless Assistance Act: (1) health services; (2) community mental health services (alcohol, drug abuse, and mental health); and (3) emergency community services.
Resolution· HCONRESH.Con.Res. 263 (100th)referred
United States · United States Congress · 10 March 1988
Declares that the Congress should begin the immediate consideration of additional deficit reduction measures as part of the current budget process in order to achieve the FY 1989 fixed maximum deficit target.
Bill· HRH.R. 4117 (100th)open
United States · United States Congress · 9 March 1988
Amends the Internal Revenue Code with respect to the excise tax on diesel and aviation fuels. Prohibits imposition of the tax on the sale of these fuels to any purchaser (or purchaser for resale to a second purchaser) for use on a farm for farming purposes or for any other-off-highway business use. (Although fuel sold for these purposes is generally tax-exempt under current law, provisions of the Revenue Act of 1987 require purchasers to pay the tax and subsequently apply for a refund based on the nontaxable use of the fuel.)
Law· HRH.R. 4124 (100th)enacted
United States · United States Congress · 9 March 1988
Authorizes appropriations for the Atlantic Striped Bass Conservation Act for FY 1989 through 1991. Makes such Act effective until the end of FY 1991. Extends the funding of striped bass studies under the Anadromous Fish Conservation Act to the end of FY 1991.
Bill· HRH.R. 4123 (100th)referred
United States · United States Congress · 9 March 1988
Amends the National Aquaculture Act of 1980 to extend the authorization of appropriations through FY 1991.
Bill· HRH.R. 4114 (100th)referred
United States · United States Congress · 9 March 1988
Community Ratepayer Protection Act of 1988 - Amends the Internal Revenue Code to repeal provisions that tax bonds issued as part of an issue if the amount of the proceeds to be used to acquire nongovernmental output property exceeds the lesser of five percent or $5,000,000. (Output property includes such facilities as electric generating and transmission systems and gas distribution systems.)
Bill· HRH.R. 4119 (100th)referred
United States · United States Congress · 9 March 1988
Job Enhancement for Families Act - 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.
Bill· HRH.R. 4108 (100th)referred
United States · United States Congress · 8 March 1988
Amends the Internal Revenue Code to require a domestic building and loan association to include in its gross income any assistance from the Federal Savings and Loan Insurance Corporation in excess of $200,000,000 in connection with reorganizations of financially troubled thrift institutions. Revises a special rule pertaining to certain loss carryforwards and built-in losses following an ownership change in title 11 (Bankruptcy) or similar cases involving financial institutions. Disallows application of the rule when it is reasonable to expect that FSLIC assistance exceeding $200,000,000 will be associated with the ownership change.
Bill· SS. 2146 (100th)referred
United States · United States Congress · 4 March 1988
Directs the Bureau of Reclamation to expend $1,000,000 of the funds made available to the North Loup division, Nebraska, in FY 1988 for the Davis Creek Dam.
Bill· SS. 2149 (100th)open
United States · United States Congress · 4 March 1988
Amends the Internal Revenue Code to include supplemental student loan programs (not federally guaranteed) within the 18-month extended arbitrage period applied to qualified student loan bond proceeds. Makes permanent this extended arbitrage period (currently applicable only to bonds issued before 1989). Makes permanent the provision exempting qualified student loan bonds from arbitrage rebate payment requirements. (The exception currently applies only to bonds issued before 1989.) Brings supplemental student loan programs within this aribtrage rebate exception. Allows corporations authorized to issue qualified scholarship funding bonds to make or acquire loans under supplemental student loan programs. (Such corporations may currently acquire only federally-guaranteed student loan notes.)
Bill· SS. 2136 (100th)referred
United States · United States Congress · 4 March 1988
Amends Federal law relating to Interstate highway construction funds to provide that any State which voluntarily reduces the period of availability of apportioned funds for any fiscal year shall be ineligible to receive funds for the succeeding fiscal year.
Bill· SS. 2128 (100th)referred
United States · United States Congress · 3 March 1988
Amends the Internal Revenue Code to prohibit the imposition of excise tax on the sale of diesel fuel to any purchaser (or purchaser for resale) for use by a fishery vessel.
Bill· SS. 2129 (100th)referred
United States · United States Congress · 3 March 1988
Amends the Internal Revenue Code to exempt from the required application of uniform inventory cost capitalization rules any animal produced in a farming business, regardless of the animal's preproductive period.
Bill· SS. 2125 (100th)referred
United States · United States Congress · 3 March 1988
Amends the Internal Revenue Code to terminate, as of January 1, 1989, the permitted exclusion from the taxable gross income of U.S. citizens and residents working abroad of: (1) foreign earned income; and (2) eligible housing expenses.