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Bill· HRH.R. 2015 (100th)referred
United States · United States Congress · 8 April 1987
Deficit Reduction Gasoline Surtax Act of 1987 - Amends the Internal Revenue Code to increase by nine cents per gallon the excise tax imposed on gasoline and gasohol. Decreases by one cent (from 5-2/3 cents to 4-2/3 cents per gallon) the tax imposed on certain sales of gasoline that has been separated from gasohol. Directs the Secretary of the Treasury to pay to certain users of gasoline for noncommercial aviation purposes a credit, determined in accordance with a specified formula, to offset the increased gasoline tax paid. Exempts from the surtax: (1) gasoline used on farms; (2) gasoline used for certain nonhighway purposes or by local transit systems; and (3) fuels not used for taxable purposes. Imposes a floor stocks tax on taxable gasoline which, on the effective date of the excise tax increase, is held by a dealer for sale and with respect to which the increase has not been paid. Sets the amount of such tax to equal the amount of the excise tax increase, nine cents per gallon. Establishes in the Treasury the Deficit Reduction Trust Fund. Appropriates to such trust fund the revenues raised by the tax surcharge. Limits the use of such funds to the retirement of outstanding obligations of the United States.
Bill· HRH.R. 1988 (100th)referred
United States · United States Congress · 8 April 1987
United States Olympic Checkoff Act - Amends the Internal Revenue Code to allow taxpayers to designate on their income tax returns a contribution of one dollar of their income tax refunds and any voluntary cash contributions for use by the U.S. Olympic Committee. Establishes in the Treasury a U.S. Olympic Trust Fund. Appropriates to such trust fund amounts equal to the amounts designated on tax returns. Directs the Secretary of the Treasury to pay such amounts to the U.S. Olympic Committee at least quarterly. Allows specified administrative expenses of the Department of the Treasury to be paid from such trust fund.
Resolution· HCONRESH.Con.Res. 102 (100th)referred
United States · United States Congress · 8 April 1987
Sets forth the concurrent resolution on the budget for FY 1988 and the appropriate budgetary levels for FY 1989 and 1990. Sets forth levels and amounts of Federal revenues, new budget authority, budget outlays, and deficits for FY 1988 through 1990 for purposes of determining whether the maximum defict 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 $672,000,000,000 for FY 1988, $712,000,000,000 for FY 1989, and $776,700,000,000 for 1990. Sets the amount by which the aggregate levels of Federal revenues should be increased at $12,000,000,000 for FY 1988, $11,600,000,000 for FY 1989, and $12,600,000,000 for FY 1990. Designates the following amounts of Federal revenues for Federal Insurance Contributions Act revenues: (1) $59,700,000,000 for FY 1988; (2) $63,900,000,000 for FY 1989; and $68,900,000,000 for FY 1990. Sets the appropriate levels of total new budget authority at $902,700,000,000 for FY 1988, $957,400,000,000 for FY 1989, and $995,700,000,000 for FY 1990. States that the appropriate levels of total budget outlays are $836,100,000,000 for FY 1988, $875,500,000,000 for FY 1989, and $914,900,000,000 for FY 1990. Sets the amount of the deficit at $164,400,000,000 for FY 1988, $163,500,000,000 for FY 1989, and $138,200,000,000 for FY 1990. Sets the appropriate levels of the public debt at $2,580,400,000,000 for FY 1988, $2,810,900,000,000 for FY 1989, and $3,014,000,000,000 for FY 1990. Sets forth the appropriate levels of total Federal credit activity as follows: (1) $33,205,303,000 for new direct loan obligations and $149,583,221,000 for new primary loan guarantee commitments for FY 1988; (2) $31,907,373,000 for new direct loan obligations and $150,748,217,000 for new primary loan guarantee commitments for FY 1989; and (3) $30,617,576,000 for new direct loan obligations and $158,306,087,000 for new primary loan guarantee commitments for FY 1990. Sets forth the levels of budget authority, budget outlays, new direct obligations, and new primary loan guarantee commitments for each major functional category for FY 1988 through 1990. Requires all standing committees of the House of Representatives to make recommendations for FY 1988 for programs within their jurisdiction necessary to carry out proposed reductions in the deficit of $30,000,000,000 and submit such recommendations to the House Budget Committee. Directs the House Committee on Ways and Means to report changes in the law within the jurisdiction of that committee sufficient to increase revenues in FY 1988 by $12,000,000,000 and submit its recommendations to the House Budget Committee. Requires the House Committee on Government Operations to recommend proposed legislation to eliminate any constitutional defects in the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act). Directs the Committee on the Budget to report to the House a reconciliation bill or resolution carrying out such recommendations. Directs the Congressional Budget Office to review such recommendations.
Bill· SS. 938 (100th)open
United States · United States Congress · 7 April 1987
Department of Justice Appropriation Authorization Act, Fiscal Years 1988 and 1989 - Title I - Authorizes appropriations for FY 1988 and 1989 to the Department of Justice for: (1) general administration, salaries, and expenses; (2) the General Administration Working Capital Fund; (3) the United States Parole Commission; (4) general legal activities; (5) the Antitrust Division; (6) the Foreign Claims Settlement Commission; (7) the United States Marshals Service; (8) the support of U.S. prisoners in non-Federal institutions; (9) fees and expenses of witnesses; (10) the Community Relations Service; (11) United States Attorneys; (12) the United States Trustee System Fund; (13) the Assets Forfeiture Fund; (14) the Federal Bureau of Investigation (FBI); (15) the Drug Enforcement Administration (DEA); (16) the Immigration and Naturalization Service (INS); and (17) the Federal Prison System. Allows up to $75,000 of the funds authorized to the Department to be made available for official reception and representation expenses. Authorizes appropriations for FY 1988 and 1989 for increases in salary and employee benefits authorized by law. Allows the Administration to request increases in the amount of appropriations authorized by this Act for FY 1989. Title II - Provides general authorizations for: (1) travel expenses; (2) construction of new law enforcement facilities; (3) purchasing and leasing motor vehicles; (4) purchasing and leasing firearms and ammunition; (5) leasing surveillance sites; (6) the acquisition, maintenance, and operation of aircraft; (7) miscellaneous and emergency expenses; (8) official reception and representation expenses; (9) meetings; (10) services of experts and consultants; (11) services of interpreters and translators; (12) the payment of rewards; (13) insurance; and (14) benefits for employees serving overseas. Provides guidelines for the use of appropriations by the Attorney General for: (1) the FBI; (2) the DEA; (3) the INS; (4) the Bureau of Prisons; and (5) the United States Marshals Service. Provides guidelines with respect to the authorizations and exemptions which may be utilized for undercover operations conducted by the FBI, the DEA, the INS, and the U.S. Marshals Service. Allows the FBI to establish and collect fees for the processing of noncriminal employment and licensing fingerprint cards. Title III - Authorizes the Attorney General to make payments for assistance to individuals under the Refugee Education Assistance Act of 1980. Grants the Associate Attorney General authority to: (1) approve certain civil rights prosecutions; (2) approve prosecutions for flight to avoid service of process; (3) summon special grand juries; (4) request a judicial grant of immunity; and (5) object to the disclosure of classified information under the Classified Information Procedures Act. Grants specially designated Assistant Attorneys General authority to approve certain civil rights prosecutions. Grants the Deputy Attorney General authority to approve prosecutions for flight to avoid service of process. Authorizes the Attorney General to make payment from appropriations for the support of U.S. prisoners in non-Federal institutions. Authorizes appropriations for the Federal Prison Industries, Incorporated. Authorizes the Attorney General to host the annual meeting of the General Assembly of INTERPOL and to periodically sponsor INTERPOL conferences. Authorizes the Foreign Claims Settlement Commission to: (1) hire motor vehicles and purchase insurance for official motor vehicles used abroad; (2) advance funds abroad and to other Government departments and agencies; and (3) employ aliens abroad. Title IV - Allows the Attorney General to accept, subject to specified restrictions, gifts for the purpose of aiding or facilitating the work of the Department. Allows funds authorized to be appropriated under this Act to be used to: (1) train foreign law enforcement personnel; and (2) contract for the safekeeping, evaluation, treatment, care, and subsistence of persons held under legal authority. States that none of the sums authorized to be appropriated under this Act may be used to overturn or alter the per se prohibition of resale price maintenance, in effect under Federal antitrust laws, or for the obligation or expenditure through a reprogramming of funds which: (1) creates new programs; (2) eliminates a program, project, or activity; (3) increases funds or personnel for any project or activity for which funds have been denied or restricted; (4) relocates an office or employees; (5) reorganizes offices, programs, or activities; (6) contracts out functions presently performed by Federal employees; or (7) under certain circumstances, involves funds exceeding $250,0000 or ten percent of the existing program funds. Requires the Attorney General to perform periodic evaluations of the efficiency and effectiveness of Department programs and supporting activities. Sets forth certain reporting requirements. Title V - Makes technical changes to the United States Code.
Bill· SS. 932 (100th)referred
United States · United States Congress · 7 April 1987
Profit-Sharing Incentive Act of 1987 - Amends the Internal Revenue Code to exclude from gross income for income tax purposes the lesser of: (1) 25 percent of the nondeferred cash distribution received by an employee from a qualified profit-sharing plan in a given taxable year; or (2) $3,000. Limits such exclusion to nondeferred cash distributions that exceed five percent of the wages received during the plan year from the employer maintaining the plan. Sets forth criteria to be met by a profit-sharing plan in order to qualify its distributions for such tax treatment, including requirements relating to: (1) the plan's principal purpose; (2) a fixed formula for profit distributions; (3) changes in such formula; (4) plan approval by the Secretary of the Treasury; and (5) nondiscrimination in according plan benefits. Restricts use of such income exclusion to taxable years 1989 through 2001. Adds the amount of the excluded nondeferred profit-sharing distribution as a tax preference item for purposes of determining alternative minimum tax liability. Directs the Secretary of the Treasury to study and report to the Congress on the effect of the exclusion on productivity and on full employment. Requires both the Secretary of Labor and the Director of the Federal Mediation and Conciliation Service to collect statistics and prepare studies relating to profit-sharing plans in the United States.
Bill· SS. 931 (100th)referred
United States · United States Congress · 7 April 1987
Small Business Capital Formation Act of 1987 - Repeals provisions of the Tax Reform Act of 1986 which eliminated the exclusion for long-term capital gains of individuals. Amends the Internal Revenue Code to permit any noncorporate taxpayer an income tax deduction of 25 percent of the gain from an investment in the stock of a small business whose outstanding stock is valued at less than $10,000,000. Limits such deduction to a taxpayer who: (1) is the initial acquirer of the particular stock; and (2) holds such stock for at least four years. Limits the maximum marginal tax rate on the income for such investments to 21 percent for individual taxpayers. Adds the amount of the deduction for capital gain from such investments as a tax preference item for purposes of determining alternative minimum tax liability.
Bill· HRH.R. 1965 (100th)referred
United States · United States Congress · 7 April 1987
Freezes all spending in the Federal budget at FY 1987 levels beginning with FY 1988. Permits increased spending in any program only if such spending is wholly offset by equivalent increases in revenue or reductions in spending in other programs. Amends the Congressional Budget and Impoundment Control Act of 1974 to exclude revenues and outlays for the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund in the Federal deficit determinations for purposes of the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act).
Bill· HRH.R. 1973 (100th)referred
United States · United States Congress · 7 April 1987
Farm Employment and Enterprise Development Act of 1987 - Title I: Designation of Enterprise Zones - Amends the Internal Revenue Code to provide for the designation of enterprise zones by the Secretary of Agriculture (Secretary) for purposes of providing tax and regulatory relief and improving local services. Specifies that States and local governments shall nominate areas for such designation. Limits to 100 the total number of areas which may be designated as enterprise zones. Limits the period during which: (1) the Secretary has authority to designate such zones; and (2) the designations may remain in effect. Authorizes the Secretary to designate such zones only if: (1) the area is within the jurisdiction of a local government; (2) the boundary of the area is continuous; (3) the area has a population of at least 1,000 or is entirely within an Indian reservation; and (4) the area meets specified unemployment and poverty requirements. Requires nominating local governments, as a condition of the Secretary's designation, to agree in writing to follow a course of action which may include reducing tax rates, improving local services, simplifying or streamlining regulation of business, and providing job training to residents of the area. Describes areas to which the Secretary must give preference in selecting nominated areas for designation as enterprise zones. Requires the Secretary to report to the Congress every four years on the effects of such enterprise zones' designation in accomplishing the purposes of this Act. Requires that any property tax reduction effected by a local government under the terms of this Act be disregarded for purposes of determining the eligibility of a State or local government for Federal assistance or benefits. States that the designation of an enterprise zone shall not give displaced persons from such an area any rights or benefits under the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970. Provides that such enterprise zones shall be treated for all purposes under Federal law as labor surplus areas. Title II: Federal Income Tax Incentives - Subtitle A: Credits for Employers and Employees - Allows employers located in rural enterprise zones a nonrefundable income tax credit for qualified increased employment expenditures and employment of the disadvantaged. Allows a three-year carryback and a 15-year carryover of such credit. Sets the amount of such credit at ten percent of the increase in payroll (taking into account $17,500 in wages per year per employee) plus a specified percentage of wages paid to certain disadvantaged workers through the first 20 years of the enterprise zone designation. Phases out such credit in the last four years of the enterprise zone designation. Disallows a deduction for the portion of wages taken into account for such credit. Allows a nonrefundable income tax credit to enterprise zone employees for five percent of wages earned (taking into account up to $10,500 per year). Phases out such credit in the last four years of the enterprise zone designation. Subtitle B: Credits for Investment in Tangible Property in Enterprise Zones - Allows businesses an additional investment tax credit for investments made in certain enterprise zone construction property located in enterprise zones. Limits such credit to ten percent for new enterprise zone construction property, including rental property. Requires that the property subject to such credit be located in an enterprise zone, be predominantly used in the zone, be either constructed, reconstructed, renovated, etc. during the period of zone designation or acquired during such period, and not be acquired from relatives or related corporations. Requires the recapture of such credit upon the early disposition of the property. Provides for a phase-out of the tax credit as the enterprise zone ends. Provides for an adjustment to the basis of the enterprise zone construction property to reflect the tax credit. Subtitle C: Nonrecognition of Qualified Enterprise Zone Capital Gain Where Acquisition of Enterprise Zone Business Property - Provides for the nonrecognition of capital gain on the sale of property if, within one year after such sale, the taxpayer acquires qualified replacement property (generally defined as property related to an enterprise zone or to a business within such a zone). Limits such nonrecognition of gain to the amount by which the gain does not exceed the cost of the replacement property. Sets forth special rules and provisions relating to this subtitle. Subtitle D: Deduction for Purchase of Enterprise Stock - Allows a taxpayer to deduct up to $100,000 of the aggregate amount paid during the taxable year for the purchase of enterprise stock on the original issue of such stock by a qualified issuer. Requires that the gain from the disposition of the stock be treated as ordinary income. Includes provisions to govern situations in which: (1) the stock is transferred within three years of its purchase; or (2) the issuer ceases to be a qualified issuer of enterprise stock within five years of its issue. Requires the basis of such stock to be reduced by the amount of the deduction. Exempts this deduction from calculations with respect to the limitation of an individual taxpayer's miscellaneous itemized deductions to two percent of adjusted gross income. Subtitle E: Rules Relating to Industrial Development Bonds - Provides that limitations on the cost recovery deductions for property financed with tax-exempt bonds shall not apply to enterprise zone property. Provides that the termination of the small issue exemption shall not apply to bonds whose proceeds are used to finance facilities in such enterprise zones. Modifies certain small issue volume limitations with respect to enterprise zone facilities. Requires that five percent of the private activity bond volume cap of a State that has at least one enterprise zone shall be set aside for use only in such zones. Subtitle F: Ordinary Loss Deduction for Securities of Enterprise Zone Business Which Become Worthless - Permits an ordinary loss deduction for securities of enterprise zone businesses which become worthless during the taxable year. Subtitle G: Increase in Research Credit for Research Conducted in Enterprise Zones - Increases from 20 to 30 percent the tax credit for increasing research conducted in enterprise zones. Subtitle H: Sense of the Congress with Respect to Tax Simplification - Expresses the sense of the Congress that the Internal Revenue Service should simplify the administration and enforcement of any provision of the Internal Revenue Code affected by this Act. Subtitle I: Regulations - Directs the Secretary of the Treasury to issue regulations to carry out the provisions of this Act not later than six months after the date of enactment. Title III: Regulatory Flexibility - Revises the definition of "small entity" for purposes of the analysis of regulatory functions to include qualified business, government, and nonprofit enterprises operating within enterprise zones. Authorizes Federal agencies, upon request by a designating government, to waive or modify rules and regulations pertaining to the implementation of projects or activities within an enterprise zone. Requires agencies to approve such request if the resulting benefits of job creation, community development, or economic revitalization outweigh the public interest in retaining the rule unchanged. Disallows waiver or modification of a rule that would directly violate a statutory requirement (including the Davis-Bacon Act and Fair Labor Standards Act) or present a danger to the public health and safety. Provides that such waivers or modifications of a rule shall remain in effect only as long as the affected zone designation. Amends the Department of Housing and Urban Development Act to direct the Secretary of Housing and Urban Development to promote the coordination of all enterprise zone programs and to consolidate all periodic reports required under such programs into one summary report. Title IV: Establishment of Foreign-Trade Zones in Enterprise Zones - Requires the Foreign-Trade Board to consider on a priority basis and to expedite the processing of applications for the establishment of foreign-trade zones within enterprise zones. Requires the Secretary of the Treasury to give priority to, and expedite applications for, the establishment of ports of entry necessary to establish such zones. States that, to the maximum extent practicable, foreign-trade zones should be established within enterprise zones.
Resolution· HRESH.Res. 139 (100th)passed
United States · United States Congress · 7 April 1987
Sets forth the rule for the consideration of H. Con. Res. 93 (congressional budget).
Resolution· HCONRESH.Con.Res. 98 (100th)referred
United States · United States Congress · 7 April 1987
Sets forth the concurrent resolution on the budget for FY 1988 and the appropriate budgetary levels for FY 1989 and 1990. Sets forth levels and amounts of Federal revenues, new budget authority, budget outlays, and deficits for FY 1988 through 1990 for purposes of determining whether the maximum defict 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 $673,200,000,000 for FY 1988, $705,400,000,000 for FY 1989, and $753,700,000,000 for 1990. Sets the amount by which the aggregate levels of Federal revenues should be increased at $4,500,000,000 for FY 1988, $0 for FY 1989, and $0 for FY 1990. Designates the following amounts of Federal revenues for Federal Insurance Contributions Act revenues: (1) $60,150,000,000 for FY 1988; (2) $64,250,000,000 for FY 1989; and $68,350,000,000 for FY 1990. Sets the appropriate levels of total new budget authority at $866,400,000,000 for FY 1988, $914,400,000,000 for FY 1989, and $969,200,000,000 for FY 1990. States that the appropriate levels of total budget outlays are $817,900,000,000 for FY 1988, $849,600,000,000 for FY 1989, and $882,100,000,000 for FY 1990. Sets the amount of the deficit at $144,700,000,000 for FY 1988, $144,200,000,000 for FY 1989, and $128,400,000,000 for FY 1990. Sets the appropriate levels of the public debt at $2,427,600,000,000 for FY 1988, $2,528,500,000,000 for FY 1989, and $2,599,900,000,000 for FY 1990. Sets forth the appropriate levels of total Federal credit activity as follows: (1) $35,860,000,000 for new direct loan obligations and $112,700,000,000 for new primary loan guarantee commitments for FY 1988; (2) $33,000,000,000 for new direct loan obligations and $114,200,000,000 for new primary loan guarantee commitments for FY 1989; and (3) $30,790,000,000 for new direct loan obligations and $118,300,000,000 for new primary loan guarantee commitments for FY 1990. Sets forth the levels of budget authority, budget outlays, new direct obligations, and new primary loan guarantee commitments for each major functional category for FY 1988 through 1990. Requires the following House Committees to report changes in laws within their jurisdiction and make recommendations sufficient to reduce budget outlays by a specified amount for each fiscal year: (1) Agriculture; (2) Armed Services; (3) Banking, Finance and Urban Affairs; (4) the District of Columbia; (5) Energy and Commerce; (6) Foreign Affairs; (7) Interior and Insular Affairs; (8) Post Office and Civil Service; (9) Public Works and Transportation; (10) Small Business; (11) Veterans' Affairs; and (12) Ways and Means. Directs the Committee on the Budget to report to the House a reconciliation bill or resolution carrying out all such recommendations. Directs the House Committee on Ways and Means to report changes in laws within its jurisdiction sufficient to increase revenues by $4,500,000,000 in FY 1988.
Resolution· HCONRESH.Con.Res. 95 (100th)open
United States · United States Congress · 7 April 1987
Sets forth the concurrent resolution on the budget for FY 1988 and the appropriate budgetary levels for FY 1989 and 1990. Sets forth levels and amounts of Federal revenues, new budget authority, budget outlays, and deficits for FY 1988 through 1990 for purposes of determining whether the maximum defict 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 $690,350,000,000 for FY 1988, $728,650,000,000 for FY 1989, and $776,000,000,000 for 1990. Sets the amount by which the aggregate levels of Federal revenues should be increased at $19,850,000,000 for FY 1988, $21,950,000,000 for FY 1989, and $23,100,000,000 for FY 1990. Designates the following amounts of Federal revenues for Federal Insurance Contributions Act revenues: (1) $59,700,000,000 for FY 1988; (2) $63,850,000,000 for FY 1989; and $68,950,000,000 for FY 1990. Sets the appropriate levels of total new budget authority at $901,600,000,000 for FY 1988, $949,250,000,000 for FY 1989, and $973,050,000,000 for FY 1990. States that the appropriate levels of total budget outlays are $833,750,000,000 for FY 1988, $863,800,000,000 for FY 1989, and $886,750,000,000 for FY 1990. Sets the amount of the deficit at $143,400,000,000 for FY 1988, $135,150,000,000 for FY 1989, and $110,750,000,000 for FY 1990. Sets the appropriate levels of the public debt at $2,565,100,000,000 for FY 1988, $2,776,400,000,000 for FY 1989, and $2,996,300,000,000 for FY 1990. Sets forth the appropriate levels of total Federal credit activity as follows: (1) $34,500,000,000 for new direct loan obligations and $148,700,000,000 for new primary loan guarantee commitments for FY 1988; (2) $33,800,000,000 for new direct loan obligations and $150,150,000,000 for new primary loan guarantee commitments for FY 1989; and (3) $33,000,000,000 for new direct loan obligations and $158,000,000,000 for new primary loan guarantee commitments for FY 1990. 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 1988 through 1990. Requires the following House committees to report changes in laws within their jurisdiction and make recommendations which provide spending authority sufficient to achieve specified savings in budget authority and outlays in FY 1988, 1989, and 1990: (1) Agriculture; (2) Banking, Finance, and Urban Affairs; (3) Education and Labor; (4) Energy and Commerce; (5) Interior and Insular Affairs; (6) Merchant Marine and Fisheries; and (7) Ways and Means. Requires the House Committee on Ways and Means to report changes in laws within the jurisdiction of that committee sufficient to increase revenues by $18,000,000,000 in FY 1988, $19,000,000,000 in FY 1989, and $20,000,000,000 in FY 1990. Directs the Committee on the Budget to report to the House of Representatives a reconciliation bill or resolution to carry out all such recommendations. Requires certain revenues increased through legislation in FY 1988 through 1990 to be used solely for the purpose of reducing the Federal deficit. Directs the President to establish a deficit reduction account in the Treasury.
Bill· HRH.R. 1957 (100th)open
United States · United States Congress · 6 April 1987
Makes permanent the income tax credit for qualified research expenditures by repealing the provisions of the Internal Revenue Code that would terminate such credit for expenses incurred or paid after 1988.
Bill· HRH.R. 1959 (100th)referred
United States · United States Congress · 6 April 1987
Amends the Internal Revenue Code to exclude from self-employment income, for Social Security tax purposes, certain payments under the conservation acreage reserve program. Prohibits an income tax deduction for expenses incurred as a result of participation in such program.
Bill· HRH.R. 1938 (100th)referred
United States · United States Congress · 2 April 1987
Public Pension Parity Act of 1987 - Amends the Internal Revenue Code to exclude from gross income amounts received under a government pension that are not attributable to services covered under the social security system. Limits the amount of such exclusion to the amount of maximum excludable social security benefits reduced by the social security benefits received during the taxable year which were excluded from gross income. Defines the "maximum excludable social security benefit" as the individual benefit an individual could receive if fully covered by the Social Security Program, one and one-half times such amount for joint returns, or three-fourths such amount for married individuals filing separately.
Bill· HRH.R. 1921 (100th)referred
United States · United States Congress · 2 April 1987
Small Business Competitiveness Act of 1987 - Title I: Small Business Tax Simplification - Amends the Internal Revenue Code to state that no employer shall be required to deposit before 15 days after the end of the month any taxes required to be deducted or withheld if the aggregate amount of such taxes during that month is $5,000 or less (currently $3,000). Provides for an inflation adjustment of this threshold amount. Applies the rulemaking provisions of the Administrative Procedure Act (and thereby the provisions of the Regulatory Flexibility Act), without regard to the exception for interpretative rules, to all rules and regulations prescribed by the Secretary of the Treasury with respect to the Internal Revenue Code. Title II: Health Insurance Equity - Amends the Internal Revenue Code to increase from 25 percent to 100 percent the amount of health insurance costs permitted as an income tax deduction for self-employed individuals. Title III: Fair Trade - Establishes in the Office of the U.S. Trade Representative (USTR) a Fair Trade Advocates Office (Office) to assist certain industries in: (1) preparing cases under the trade laws; (2) obtaining remedies and benefits under such laws; and (3) pursuing appeals of certain cases undertaken by the USTR. Bases such assistance on the nonreviewable decision by the USTR that the particular industry, by virtue of its size, lack of adequate resources, or vulnerability in the competitive marketplace, is unable to obtain effective advocacy or to pursue its own case. Directs any agency responsible for administering a trade law to provide the Office with technical and other assistance in the interest of obtaining benefits and remedies under such law. Title IV - Amends the Internal Revenue Code to provide for the nonrecognition of gain, upon taxpayer election, in certain cases involving the sale or exchange of any of the following, which must have been held continuously by the taxpayer during the five years preceding the sale or exchange: (1) an interest as a proprietor in a proprietorship, or as a partner in a closely held partnership (where the taxpayer holds at least 80 percent of the capital interest); (2) stock in a closely held corporation (where the taxpayer holds at least 80 percent of the value of the stock); or (3) property used by a proprietor in the business of the proprietorship. Permits such nonrecognition of gain only when, within 18 months of the given sale or exchange, the taxpayer either: (1) purchases like interest, stock, or property; or (2) makes a nondeductible contribution to an individual retirement plan.
Bill· HRH.R. 1933 (100th)referred
United States · United States Congress · 2 April 1987
Long-Term Care Insurance for the Elderly Act of 1987 - Amends the Internal Revenue Code to allow tax-free distributions from an individual retirement account or an individual retirement annuity for the purchase of long-term care insurance coverage when: (1) the entire amount received is used to buy such insurance for the individual within 90 days of its receipt; and (2) the individual has reached age 59 and one-half by the date of the distribution. Describes the method, based on the taxpayer's adjusted gross income for the taxable year, for determining the applicable percentage of the distribution or payment amount to which tax-free treatment will be accorded. Requires the Secretary of Health and Human Services to submit to the Congress, within one year after this Act's enactment, a proposal for the regulation of long-term care insurance policies, including minimum standards and an evaluation of the various catastrophic and long-term care policies currently available.
Bill· HRH.R. 1925 (100th)referred
United States · United States Congress · 2 April 1987
Repeals specified provisions of the Tax Reform Act of 1986 that eliminated: (1) an income tax deduction for long-term capital gains of individuals; and (2) preferential treatment of the capital gains of both noncorporate and corporate taxpayers. (The repeal thus restores such preferential treatment.) Provides that the Internal Revenue Code (IRC) shall be applied and administered as if such provisions had not been enacted. Amends the IRC to remove retroactivity in the repeal of provisions relating to the investment tax credit (thus making the repeal effective January 1, 1987, instead of January 1, 1986). Amends the IRC to require an inflation adjustment, based on the gross national product deflator, to the adjusted basis of certain assets (corporate stock and real property held for more than one year that is a capital asset or property used in a trade or business) at the time of sale or exchange, solely for the purpose of determining gain or loss on such assets. Excludes from such treatment: (1) creditors' interests; (2) options; (3) net lease property in the case of a lessor; (4) preferred stock with fixed dividends; and (5) stock in small business corporations, personal holding companies, and certain foreign corporations. Describes the means of deriving the: (1) indexed basis for an asset; (2) applicable inflation ratio; and (3) gross national product deflator.
Bill· HRH.R. 1919 (100th)referred
United States · United States Congress · 2 April 1987
Amends the Internal Revenue Code to impose an additional excise tax on gasoline, diesel fuel, and special motor fuels. Sets the rate of such tax at 25 cents per gallon. Provides that such tax shall be in addition to the excise tax currently imposed on gasoline, diesel fuel, and special motor fuels. Specifies that revenues raised by such additional taxes shall not be transferred to the Highway Trust Fund or the Airport and Airway Trust Fund. Provides that specified exemptions to such excise taxes shall not apply to the additional taxes imposed by this Act.
Bill· HRH.R. 1924 (100th)referred
United States · United States Congress · 2 April 1987
Repeals the limitations enacted by the Tax Reform Act of 1986 on individual retirement account (IRA) deductions for active participants in certain pension plans. Amends the Internal Revenue Code to permit a nonworking or the lesser-earning spouse filing a joint income tax return to include the spouse's compensation in calculations made to determine the maximum amount permitted as a deduction for qualified retirement contributions (thus permitting such a taxpayer to deduct up to $2,000).
Bill· HRH.R. 1891 (100th)open
United States · United States Congress · 1 April 1987
Equity in Interstate Competition Act of 1987 - Empowers any State and the District of Columbia to require a person to collect a State sales tax imposed with respect to the sale of tangible personal property if: (1) the destination of sale is in such State; and (2) such person engages in regular or systematic soliciting of sales in such State and has, within a specified one-year period, gross receipts from the sale of such property that exceed either $500,000 within the State or $12,500,000 nationally. Sets forth certain requirements that will qualify certain local sales taxes for treatment as State sales taxes. Prohibits a State from requiring any person who collects a State sales tax to make an accounting for the receipts of such tax on the basis of the geographical location at which the taxable transaction occurs. Limits the authority of the State to require a taxpayer to: (1) file more than four tax returns reporting the amount of such tax collected or required to be collected in any one-year period; or (2) file a return and remit the receipts of such tax more frequently than once in a calendar quarter, or before the expiration of the 20-day period beginning on the last day of the period for which such return is required to be filed. Provides that any person required by a State to collect a State sales tax shall be subject to the laws of that State relating to such tax.
Bill· HRH.R. 1903 (100th)referred
United States · United States Congress · 1 April 1987
Provides that the Prince Edward School Foundation and any successor organization to the Prince Edward School Foundation shall not be treated as organized and operated exclusively for any tax-exempt purposes during the period beginning on October 3, 1984, and ending at the later of: (1) two years after the date of enactment of this Act; or (2) the close of a period of two consecutive years during which the Prince Edward Academy has more than a token number of black students in attendance, black teachers on the faculty, and black individuals in administrative and clerical positions.
Bill· HRH.R. 1904 (100th)referred
United States · United States Congress · 1 April 1987
Equality in Education Act of 1987 - Amends the Internal Revenue Code to deny tax-exempt status to any educational institution which has been found to have a policy of racial discrimination against any group in enrollment, hiring, or in other areas until such institution clearly and convincingly demonstrates abandonment of such policy through enrollment, hiring, or the taking of other vigorous, affirmative, and continued corrective action with respect to such group.
Bill· HRH.R. 1892 (100th)referred
United States · United States Congress · 1 April 1987
Amends the Internal Revenue Code to provide that the total amount paid by a self-employed taxpayer for his or her health insurance premiums will be allowed as a business deduction.
Resolution· HCONRESH.Con.Res. 93 (100th)open
United States · United States Congress · 31 March 1987
Sets forth the concurrent resolution on the budget for FY 1988 and the appropriate budgetary levels for FY 1989 and 1990. Sets forth levels and amounts of Federal revenues, new budget authority, budget outlays, and deficits for FY 1988 through 1990 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 $659,900,000,000 for FY 1988, $700,400,000,000 for FY 1989, and $764,100,000,000 for 1990. Sets the amount by which the aggregate levels of Federal revenues should be increased at $0 for FY 1988, $0 for FY 1989, and $0 for FY 1990. Designates the following amounts of Federal revenues for Federal Insurance Contributions Act revenues: (1) $59,700,000,000 for FY 1988; (2) $63,850,000,000 for FY 1989; and $68,950,000,000 for FY 1990. Sets the appropriate levels of total new budget authority at $842,600,000,000 for FY 1988, $889,100,000,000 for FY 1989, and $926,000,000,000 for FY 1990. States that the appropriate levels of total budget outlays are $804,500,000,000 for FY 1988, $819,000,000,000 for FY 1989, and $854,100,000,000 for FY 1990. Sets the amount of the deficit at $144,600,000,000 for FY 1988, $118,600,000,000 for FY 1989, and $90,000,000,000 for FY 1990. Sets the appropriate levels of the public debt at $2,558,050,000,000 for FY 1988, $2,758,600,000,000 for FY 1989, and $2,932,400,000,000 for FY 1990. Sets forth the appropriate levels of total Federal credit activity as follows: (1) $29,400,000,000 for new direct loan obligations and $131,100,000,000 for new primary loan guarantee commitments for FY 1988; (2) $24,600,000,000 for new direct loan obligations and $107,500,000,000 for new primary loan guarantee commitments for FY 1989; and (3) $20,800,000,000 for new direct loan obligations and $86,900,000,000 for new primary loan guarantee commitments for FY 1990. 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 1988 through 1990. Requires House and Senate committees to: (1) submit recommendations to eliminate the full amount of the deficit excess for FY 1988; and (2) report changes in the law within their jurisdictions which provide spending authority sufficient to reduce budget authority and outlays. Requires the Committees on the Budget of the House and Senate to report to the House and Senate a reconciliation bill or resolution carrying out such recommendations.
Resolution· HCONRESH.Con.Res. 92 (100th)referred
United States · United States Congress · 31 March 1987
Sets forth the concurrent resolution on the budget for FY 1988 and the appropriate budgetary levels for FY 1989 and 1990. Sets forth levels and amounts of Federal revenues, new budget authority, budget outlays, and deficits for FY 1988 through 1990 for purposes of determining whether the maximum defict 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 $674,450,000,000 for FY 1988, $712,800,000,000 for FY 1989, and $761,650,000,000 for 1990. Sets the amount by which the aggregate levels of Federal revenues should be increased at $6,100,000,000 for FY 1988, $8,000,000,000 for FY 1989, and $8,600,000,000 for FY 1990. Designates the following amounts of Federal revenues for Federal Insurance Contributions Act revenues: (1) $61,650,000,000 for FY 1988; (2) $66,500,000,000 for FY 1989; and $71,050,000,000 for FY 1990. Sets the appropriate levels of total new budget authority at $900,100,000,000 for FY 1988, $948,200,000,000 for FY 1989, and $985,200,000,000 for FY 1990. States that the appropriate levels of total budget outlays are $821,900,000,000 for FY 1988, $857,300,000,000 for FY 1989, and $885,400,000,000 for FY 1990. Sets the amount of the deficit at $147,400,000,000 for FY 1988, $144,500,000,000 for FY 1989, and $123,800,000,000 for FY 1990. Sets the appropriate levels of the public debt at $2,573,000,000,000 for FY 1988, $2,790,800,000,000 for FY 1989, and $2,986,700,000,000 for FY 1990. Sets forth the appropriate levels of total Federal credit activity as follows: (1) $27,150,000,000 for new direct loan obligations and $128,350,000,000 for new primary loan guarantee commitments for FY 1988; (2) $23,150,000,000 for new direct loan obligations and $129,500,000,000 for new primary loan guarantee commitments for FY 1989; and (3) $22,100,000,000 for new direct loan obligations and $130,450,000,000 for new primary loan guarantee commitments for FY 1990. Sets forth the levels of budget authority, budget outlays, new direct obligations, and new primary loan guarantee commitments for each major functional category for FY 1988 through 1990. Requires House and Senate committees to: (1) make recommendations for FY 1988, 1989, and 1990 for programs within their jurisdiction to carry out the proposed reductions in the deficit; and (2) report changes in the law within their jurisdiction and make recommendations which provide spending authority sufficient to achieve savings in budget authority and outlays in FY 1988. Requires the Committees on the Budget of the House and the Senate to report to the House and Senate a reconciliation bill or resolution carrying out such recommendations.
Bill· SS. 882 (100th)referred
United States · United States Congress · 30 March 1987
Provides that any payment received under a milk production termination program established by the Agricultural Act of 1949 shall be subject to taxation in the taxable year of actual receipt of such payment. Provides that provisions of the Internal Revenue Code relating to the recapture of the investment tax credit shall not apply with respect to any facility which is subject to the provisions of a milk production termination program established by the Agricultural Act of 1949.
Bill· HRH.R. 1849 (100th)referred
United States · United States Congress · 30 March 1987
Directs the Secretary of Defense, during FY 1988, to initiate full-scale development and testing of systems and components of the Strategic Defense Initiative (SDI) in order to achieve an initial deployed operational capability for such systems and components during 1993. Outlines SDI deployment requirements. Directs the Secretary, no later than 90 days after the enactment of this Act, to report to the Congress identifying additional funding requirements necessary to achieve the above goal.
Bill· HRH.R. 1859 (100th)referred
United States · United States Congress · 30 March 1987
Amends the Federal Election Campaign Act of 1971 to authorize appropriations for the Federal Election Commission for FY 1988.
Bill· SS. 865 (100th)open
United States · United States Congress · 27 March 1987
Authorizes appropriations for FY 1988 and 1989 for civil defense programs under the Federal Civil Defense Act of 1950.
Bill· SS. 846 (100th)open
United States · United States Congress · 26 March 1987
Energy Security Act of 1987 - Repeals provisions of the Internal Revenue Code that identify intangible drilling costs as a tax preference item for purposes of determining alternative minimum tax liability. Treats certain geological and geophysical costs as intangible drilling and development costs that a taxpayer may elect either to capitalize or to deduct for income tax purposes. Establishes a percentage depletion of 27.5 percent for new, enhanced, or stripper production of domestic oil and natural gas for purposes of calculating the deduction for depletion. Exempts the deduction attributable to such production from the taxable income limitation applicable to independent producers and royalty owners. Disallows percentage depletion for lease bonuses, advance royalties, or similar payments with respect to new, enhanced, or stripper production of oil and gas. Increases: (1) from 50 to 100 percent the net income limitation on percentage depletion applicable to oil and gas wells; and (2) from 65 to 100 percent the taxable income limitation on the percentage depletion deduction for oil and gas property. Permits a percentage depletion income tax deduction for proven oil and gas wells that have been transferred to a new owner. (Current law disallows the deduction after such a transfer.) Applies the exemption of stripper well oil from the windfall profit tax after a transfer of such a well to a new owner. (Current law disallows the exemption after such a transfer.) Revises a special windfall profit tax rule affecting the statute of limitations applicable to underpayments of the tax. (The statute of limitations on assessments for windfall profit tax liability would commence at the same time as that on the taxpayer's income tax return.) Limits the applicability of such rule revision to returns filed after February 29, 1980. Repeals the windfall profit tax on domestic crude oil.
Bill· SS. 829 (100th)open
United States · United States Congress · 25 March 1987
Amends the Tariff Act of 1930 to authorize appropriations for FY 1988 for the International Trade Commission. Amends the Customs Procedural Reform and Simplification Act of 1978 to authorize appropriations for FY 1986 for the U.S. Customs Service. Earmarks specified amounts for: (1) the operation and maintenance of the air interdiction program of the Service; (2) rents incurred in connection with the provision of customs services outside the United States; (3) research; and (4) reception and representation expenses. Authorizes imposition of a limit on the total amount of payments that may be made in FY 1988 from the Customs User Fee Account for expenses incurred by the Secretary of the Treasury in providing nonreimbursable overtime customs inspectional services. Authorizes the Commissioner of Customs, during FY 1988, to: (1) purchase not more than 500 replacement motor vehicles; (2) rent passenger motor vehicles; and (3) purchase uniforms. Requires the Commissioner of Customs to notify the Senate Committee on Finance and the House Committee on Ways and Means of any action which would: (1) result in a significant reduction in force of employees (other than by attrition) or in hours of operation of any U.S. Customs Service office or port of entry; (2) eliminate or relocate an office of the Service; (3) eliminate a port of entry; or (4) reduce the number of employees assigned to an office or port of entry of the Service. Directs the Secretary to establish the Advisory Committee on Commercial Operations of the U.S. Customs Service which shall: (1) provide advice to the Secretary on matters relating to the commercial operations of the Service; and (2) submit an annual report to the Senate Committee on Finance and the House Committee on Ways and Means concerning Advisory Committee operations and recommendations regarding Service commercial operations. Amends the Trade Act of 1974 to authorize appropriations for the Office of the United States Trade Representative for FY 1988, out of which only a specified amount may be used for entertainment and representation expenses. Amends the Consolidated Omnibus Budget Reconciliation Act of 1985 to provide that user fees collected by the Service shall be deposited as offsetting receipts in the Customs User Fee Account. Authorizes and directs the Secretary to pay from such account all salaries and expenses of the Service incurred in conducting commercial operations, provided that a dollar limitation on such payments is established in the applicable appropriation act. Revises the method of calculation of fees charged by the Service for the processing of merchandise, with exceptions, imported into the United States after September 30, 1987. Prohibits, with exceptions, the importation of the following products believed to have been produced by forced labor in the Soviet Union: (1) gold ore; (2) agriculture machinery; (3) tractor generators; (4) tea; (5) crude petroleum; (6) motor fuel; and (7) kerosene. Allows the importation of such products upon Presidential certification to the Congress that: (1) such products are not being produced by forced labor; or (2) such prohibition affects U.S. security interests.
Bill· SS. 832 (100th)referred
United States · United States Congress · 25 March 1987
Federal Fiscal Procedures Improvement Act of 1987 - Title I: Two-Year Budget Cycle - Amends the Congressional Budget and Impoundment Act of 1974 to revise the Federal and congressional budget processes by establishing a two-year budgeting cycle. Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to provide enforceable deficit targets for odd-numbered fiscal years. Defines a two-fiscal-year budget period as the period of two consecutive fiscal years beginning on October 1 of any odd-numbered year. Sets forth a revised timetable for a biennial budget. Requires the Congress, by September 30 of each odd-numbered year, to complete action on the concurrent resolution on the budget, all regular appropriation bills, and the reconciliation bill or resolution for the two-fiscal-year budget period beginning on October 1 of that year. Requires the President, by the following January 15th, to transmit to the Congress any revisions the President may desire in such budget. Requires the Director of the Congressional Budget Office, by the following March 31, to transmit to the Committees on the Budget of the House and the Senate, any revisions of the Office's fiscal policy report needed due to the President's revisions or changing economic conditions. Requires each Congress, by the last day of the second session, to complete action on bills and resolutions authorizing new budget authority for the two-fiscal-year budget period beginning on October 1 of the succeeding odd-numbered calendar year. Makes it out of order in the House or the Senate, unless waived or suspended by a three-fifths vote, to consider any regular appropriation bill for a budget period until the Committee on Appropriations of that House has reported all of the regular appropriation bills. Requires all regular appropriation bills to be reported to the House by June 1 and passed by the House by June 15 of each odd-numbered year. Requires all regular appropriation bills to be reported by the Senate by June 30 and passed by the Senate by July 31 of each odd-numbered year. Permits a change in budget accounts of the President's budget or estimates of outlays and proposed budget authority only in consultation with the House and Senate Appropriations and Budget Committees and the committees having jurisdiction over the affected programs and activities. Sets forth technical and conforming amendments. Title II: Procedures for Expedited Rescissions - Sets forth procedures for the expedited consideration by the Congress of rescission bills submitted by the President. Title III: Budgetary Treatment of Credit Transactions of the United States Government - Establishes procedures for the budgetary treatment and financing of Federal direct loan and loan guarantee programs. Defines "subsidy" as: (1) the difference between the face value of a direct loan and the estimated proceeds from the sale of the loan in the investment securities markets; and (2) the estimated net cost to the Government to reinsure a loan guarantee with a private insurer. Makes any direct loan obligation of a Federal agency an obligation of the Federal Credit Revolving Fund. Requires each agency to include in its budget proposal for a fiscal year: (1) the planned level of new direct loan obligations; and (2) the estimated subsidy associated with such obligations. Prohibits an agency from making a direct loan obligation unless: (1) funds have been appropriated for the loan subsidy; or (2) the use of funds otherwise available to the agency for the subsidy has been limited. Provides that the subsidy amount shall constitute the obligation of the agency and the difference between such amount and the face value of the loan shall constitute the obligation of the Fund. Requires the subsidy to be paid as the loan is disbursed. Requires the Secretary of the Treasury to sell direct loans to the private sector. Makes any loan guarantee commitment of a Federal agency a commitment of the Fund. Requires each agency to include in its budget proposal for a fiscal year: (1) the level of new loan guarantee commitments; and (2) the estimated subsidy associated with such commitments. Prohibits an agency from making a loan guarantee commitment unless: (1) funds have been appropriated for the guarantee subsidy; or (2) the use of funds otherwise available to the agency for the subsidy has been limited. Provides that the subsidy amount shall constitute the obligation of the agency. Requires the subsidy to be paid to the Fund when the underlying loan agreement is executed. Directs the Secretary to purchase reinsurance of loan guarantees from private insurers. Establishes the Fund within the Department of the Treasury to serve as a central revolving fund and financing mechanism for all new Federal direct loans and loan guarantees. Directs the Secretary to receive into the Fund: (1) subsidy payments from Federal agencies; (2) payments due the Government for direct loans; (3) proceeds from the sale of direct loans and from the sale of any collateral received as the result of defaults on direct or guaranteed loans; and (4) fees due the Government for loan guarantees. Sets forth the Secretary's duties in managing the Fund, which include: (1) disbursing direct loans to borrowers according to agency loan agreements; (2) making claim payments for guaranteed loans in default that have not been reinsured; (3) identifying separately the credit activity of each agency; (4) requiring uniform reporting by agencies on loan performance, borrower characteristics, and debt collection efforts; and (5) estimating the subsidy amount for each direct loan and loan guarantee. Requires the head of each agency authorized to make or guarantee loans to: (1) request annual appropriations for the subsidized portions of agency loans; (2) conduct loan programs within the lower of appropriations limitations for such programs or annual appropriations available to cover subsidy costs; and (3) pay to the Fund all relevant loan collections. Provides for the budgetary treatment of direct loan and loan guarantee subsidies as agency obligations and of financing requirements of credit programs exceeding agency subsidies as Fund obligations. Authorizes the Secretary to use the proceeds of the sale of any securities issued under the Second Liberty Bond Act to: (1) finance direct loans to the extent not covered by agency subsidy payments and direct loan sales; and (2) pay claims, resulting from federally-guaranteed loans, in excess of Fund reserves. Authorizes the appropriation of funds necessary to liquidate debt incurred by the Fund due to operating losses. Authorizes appropriations to agencies for subsidies associated with proposed direct loan obligations and proposed loan guarantee commitments. Includes as "deposit insurance agencies" the Federal Deposit Insurance Corporation, the Federal Savings and Loan Insurance Corporation, the National Credit Union Administration, and the Securities and Exchange Commission. Provides that: (1) obligations of deposit insurance agencies to make direct loans to the public or to assume loan assets shall remain obligations of such agencies; and (2) commitments to guarantee loans shall remain commitments of such agencies. Requires each deposit insurance agency to include in its budget proposal the estimated subsidy costs associated with proposed direct loan obligations and loan guarantee commitments. Requires no appropriations or limitations on the use of funds otherwise available for subsidies. Makes technical and conforming amendments. Prohibits a Federal agency other than the Department of the Treasury from issuing, selling, or guaranteeing an obligation that is ordinarily financed in investment securities markets unless such obligation may be held by only the Secretary. Permits the Secretary to waive such prohibition under specified circumstances. Deems any obligation guaranteed by a Federal agency and financed by the Secretary to be a direct loan of the Fund. Provides that purchases by the Secretary of obligations issued by local public bodies and guaranteed by a Federal agency shall be upon such terms as necessary to avoid an increase in borrowing costs of such bodies. Authorizes such an agency to make payments to the Secretary to offset the Secretary's costs of purchasing such obligations. Title IV: Sequestration Procedures - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to revise sequestration procedures. Directs the Comptroller General to submit the General Accounting Office's (GAO) initial and revised sequestration reports for a fiscal year to the Director of the Office of Management and Budget (OMB). (Current law requires such reports to be submitted to the President.) Requires the GAO reports to contain the Comptroller General's views concerning the estimates, determinations, and specifications contained in the report submitted by the Directors of OMB and the Congressional Budget Office (CBO). Requires the Director of OMB to issue to the President and the Congress: (1) on September 1 preceding the fiscal year, an initial sequestration report based on the initial GAO report, providing the same items of information as contained in the OMB-CBO report, and explaining any deviations between the estimates, determinations, and specifications included and the views of the Comptroller General in the GAO report; and (2) on October 15, a revised report as necessary in light of the revised GAO report. Requires such revised report to contain the same estimated amounts of budget authority, outlays, spending authority, revenues, obligation limitations, obligated balances, unobligated balances, loan guarantee commitments, and direct loan obligations as contained in the initial report unless a change is required because legislation is enacted, a final regulation is promulgated, or notice of a sale of assets is published after such initial report. Requires the President to issue any necessary initial sequestration order on September 3 (currently, September 1) and the final order on October 17 (currently, October 15). Requires the President's initial and final orders to be in accordance with the initial and revised OMB (currently, GAO) reports. Terminates procedures providing for sequestration from national defense accounts through the termination or modification of existing contracts. Requires the Directors of OMB and CBO and the Comptroller General, by July 25 preceding each fiscal year, to submit to the Temporary Joint Committee on Deficit Reduction a report proposing economic assumptions for specified items for use in preparing sequestration reports for each such fiscal year. Directs the Committee, before September 15, to report a joint resolution which: (1) specifies amounts for economic assumptions, within the range of amounts submitted by the Directors and the Comptroller, to be used by OMB, CBO, and GAO for sequestration reports for the upcoming fiscal year; and (2) directs the President to modify the most recent sequestration order for such fiscal year to implement the amount specified for each economic assumption. Requires each Director or the Comptroller General to use the amounts he or she proposed in preparing sequestration reports if such joint resolution is not enacted. Sets forth rules by which the Directors and the Comptroller General, in preparing sequestration reports for a fiscal year, shall calculate budget outlays resulting from specified items of budgetary resources for an account for purposes of determining budget outlays for non-defense programs for such fiscal year. Requires the Directors, in determining the amount of budget base outlays resulting from obligated balances for defense and non-defense programs for a fiscal year, to use the methodology they used in determining such outlays in the sequestration report for FY 1986. Requires the Directors and the Comptroller General, in preparing initial and final sequestration reports for a fiscal year, to assume that: (1) only those regulations which have been promulgated as final regulations by August 15 (with respect to initial reports) or October 5 (with respect to final reports) will be in effect during such fiscal year; and (2) only those sales of assets by the Government for which a notice has been published in the Federal Register by August 15 (for initial reports) or October 5 (for final reports) will occur during such fiscal year. Requires the Directors and the Comptroller General, in preparing sequestration reports, to: (1) include amounts of budget resources and budget outlays necessary to pay for any adjustments for Federal statutory pay systems or military pay enacted by law; and (2) assume that the percentage of the amounts of budget resources and budget outlays necessary to pay for such adjustments that will be absorbed by all Federal agencies will not exceed the average of the percentage of such amounts absorbed by all agencies for the three most recently completed pay adjustment absorption fiscal years. Requires the budget base, for purposes of determining sequestration reductions for a fiscal year, to be determined assuming the continuation of current law with respect to entitlements funded through annual appropriation Acts and with respect to the Food Stamp Act of 1977. Requires the Comptroller General's report to the Congress on the compliance of the President's sequestration order with sequestration procedures to include information on the compliance of OMB's sequestration reports with such procedures and any recommendations for improving such procedures. Exempts the budget account for Washington Metropolitan Area Transit Authority interest payments from reduction pursuant to a sequestration order. Restores the provisions of the Balanced Budget and Emergency Deficit Control Act of 1985 as in effect before enactment of this Act if provisions of law are enacted which: (1) establish the Comptroller General as an officer in the executive branch; or (2) establish an independent agency in the executive branch to carry out the functions of the Comptroller General. Requires an affirmative vote of three-fifths of the members of the Senate to sustain an appeal of the ruling of the Chair on a point of order raised under certain sequestration procedures in the Senate. Title V: Miscellaneous Fiscal Reforms - Amends the Congressional Budget Act to make it out of order in the House or the Senate, unless waived or suspended by a three-fifths' vote, to consider any bill or resolution that provides for budget outlays or new budget authority for nondefense discretionary spending in excess of the appropriate allocation of outlays or authority after the Congress has completed action on the concurrent resolution on the budget. Provides for automatic continuing appropriations where a regular appropriations bill does not become law prior to the beginning of two-fiscal-year budget cycle. Lists the categories of projects and activities to be funded under such automatic appropriations, which include: (1) the executive departments; (2) the legislative branch; (3) foreign assistance and related programs; and (4) the government of the District of Columbia. Expresses the sense of the Congress that a balanced budget amendment to the Constitution should be adopted by the Congress and ratified by the Senate.
Bill· HRH.R. 1810 (100th)open
United States · United States Congress · 25 March 1987
Amends the Internal Revenue Code to make permanent the tax exclusion for amounts received under qualified group legal services plans. (Present law terminates such exclusion after December 31, 1987.)
Bill· HRH.R. 1798 (100th)open
United States · United States Congress · 25 March 1987
Savers and Investors Act of 1987 - Amends the Internal Revenue Code to exempt any tax deferred account (defined in this Act) from taxation, except for taxes imposed on the unrelated business income of certain tax-exempt organizations. Requires such an account to be in the form of a trust created for the exclusive benefit of an individual or beneficiary. Enumerates other qualifying criteria and limitations governing the accounts. Taxes account distributions as ordinary income, but permits a tax-free rollover from one account to another. Lists special rules in connection with an account's loss of tax-exempt status. Requires the account trustee to report account data to the Secretary of the Treasury and to the investor.
Bill· HRH.R. 1806 (100th)referred
United States · United States Congress · 25 March 1987
Repeals the provision of the Tax Reform Act of 1986 which prohibits the imposition of certain excise taxes on investments by private foundations in technology transfer service organizations.
Bill· HRH.R. 1799 (100th)open
United States · United States Congress · 25 March 1987
Amends Internal Revenue Code income tax provisions relating to the nonrecognition of gain from the sale of a taxpayer's principal residence to provide that in cases when a taxpayer dies after the sale of the old residence and before the purchase of a new one: (1) his or her consent to the allotment, in accordance with regulations, between spouses of certain gain on the sale will be presumed; and (2) the requirement that the new residence be used as the principal residence of the taxpayer will not apply.
Law· HRH.R. 1777 (100th)enacted
United States · United States Congress · 25 March 1987
Title I: Authorization of Appropriations - Department of State Authorization Act for Fiscal Years 1988 and 1989 - Authorizes appropriations for FY 1988 and 1989 for the Department of State for: (1) administration of foreign affairs; (2) international organizations and conferences; (3) international commissions; and (4) other activities. Title II: Miscellaneous Provisions - Authorizes the use of funds available to an agency for administrative expenses for diplomatic officials abroad. Amends the State Department Basic Authorities Act to revise the authority of special agents of the Department of State and the Foreign Service to allow such agents to make felony arrests without warrant if such agent has reasonable grounds to believe that a suspect has committed or is committing a felony violation. (Present law requires that there must be reasonable cause and that the suspect must be in or fleeing the immediate area of such a violation.) Amends the Foreign Service Act of 1980 to allow the carry-over into the following fiscal year of senior foreign service (SFS) performance pay. Provides that Fascell Fellows may be: (1) deemed to be Federal employees for purposes of the Foreign Service Act of 1980 and all other laws governing Federal employment; or (2) compensated through a contractual agreement under specified provisions of the State Department Basic Authorities Act of 1956. Requires the Secretary of State to administer and regulate specified areas of the Department of State Building in Washington, D.C., so as to preserve the museum character of such areas. Outlines certain authorities of the Secretary to acquire, sell, and lend articles of furniture, fixtures, and decorative objects of the areas which the Secretary declares to be of historic or artistic interest. Amends the State Department Basic Authorities Act to authorize the Secretary of State to obtain insurance on the contents of the Diplomatic Rooms of the Department of State. Amends the Foreign Service Act of 1980 to eliminate and revise certain reporting requirements of the Department of State concerning equal employment opportunity programs and professional development programs. Amends the International Claims Settlement Act of 1949 to authorize the Secretary of the Treasury to invest amounts held in claims settlement funds in public debt securities. Requires that interest earned on such investments be used to pay claims. Requires the Secretary of State to deduct from funds received from foreign governments and other sources as a result of an international arbitration or other international dispute settlements up to five percent of moneys due a private U.S. claimant as reimbursement for expenses incurred. Authorizes the Secretary of State to accept reimbursement for certain extraordinary expenses incurred in pursuing a claim on behalf of corporations, firms, and individuals against a foreign government or other foreign entity. Amends the United States-India Fund for Cultural, Educational, and Scientific Cooperation Act to permit the use of funds appropriated for the initial capitalization of the U.S.-India Fund as well as interest earnings generated there from for the purposes of such Fund. Amends the Foreign Service Act of 1980 to authorize limited appointments in the Foreign Service to be extended for continued service as: (1) consular agents; (2) family members; (3) career candidates when appropriate in order to remedy a matter cognizable under the Foreign Service grievance system; or (4) career employees of another Federal agency serving in a Foreign Service position on detail from that agency. Amends the State Department Basic Authorities Act to establish a pay authority for the director of the International Communications Policy Bureau and for the Director of the Office of Foreign Missions at the Executive IV level. Amends the Foreign Service Act of 1980 to provide survivor annuities to former spouses of Foreign Service employees who were divorced from Foreign Service employees prior to February 15, 1981. Allows health insurance benefits to former spouses of Foreign Service employees who were divorced prior to May 7, 1985. Reduces the salary levels of Ambassadors at large from Executive level II to Executive level IV. Provides that such reduction shall not apply to incumbents in such positions. Amends the State Department Basic Authorities Act of 1956 to authorize the Department of State to construct, or acquire by purchase or gift, a permanent residence within the Washington, D.C., area for future Secretaries of State. Prohibits the Department from using any appropriated funds to finance such contruction or acquisition. Authorizes the Department to insure such residence and its related real or personal property. Expresses the findings of the Congress that, with the adoption of United Nations General Assembly Resolution 41/213, the United Nations has taken a step toward fundamental reform of its decisionmaking procedures on program budget matters. Amends the Foreign Relations Authorization Act, Fiscal Years 1986 and 1987 to urge the President to seek the adoption and implementation by the United Nations specialized agencies of decisionmaking procedures on budgetary matters which assure that sufficient attention in paid to the views of the United States and other member states who are major financial contributors to the United Nations' assessed budgets. Provides that no payment may be made for an assessed contribution to a specialized agency of the United Nations in excess of 20 percent of the total budget of the agency unless the President determines that such agency has adopted or has made substantial progress toward adopting procedures which assure that attention is paid to the views of major financial contributors. Provides that no payment may be made for assessed contributions to the United Nations in excess of 20 percent of its total annual budget unless the President determines that the consensus based on decisionmaking procedure established by General Assembly Resolution 41/213 is being implemented and its results respected by the General Assembly. Authorizes appropriations for such additional sums as may be necessary to pay the full United States assessed contributions for calendar years 1987 and 1988 to the United Nations, its specialized agencies, and other international organizations. Title III: United States Information Agency - United States Information Agency Authorization Act, Fiscal Years 1988 and 1989 - Authorizes appropriations for FY 1988 and 1989 for the United States Information Agency (USIA). Amends the United States Information and Educational Exchange Act of 1948 to increase from 25 to 40 years the authorized duration of USIA leases of real property. Authorizes the USIA to lease, maintain, and operate aircraft. Provides that payments received by the USIA in connection with English teaching, motion picture, and television programs may be credited to the USIA's applicable appropriation. Amends the Mutual Educational and Cultural Exchange Act of 1961 to authorize the Director of the USIA to facilitate the placement in the United States and other countries of educational and cultural television programs and motion pictures produced as cooperative ventures between the USIA and foreign governmental institutions, individuals, or public or private organizations. Authorizes the Director of the USIA to enter into an agreement with the Government of Pakistan for the establishment of a fund for which the United States will provide a one time only grant for English language training or other cultural, educational, and scientific programs of mutual interest. Authorizes the Director to make available to the fund up to the equivalent of $598,176 in foreign currencies owned by the United States in Pakistan or owed to the United States by the Government of Pakistan. Title IV: Board for International Broadcasting - Authorizes appropriations for the Board for International Broadcasting for FY 1988 and 1989.
Bill· HRH.R. 1808 (100th)open
United States · United States Congress · 25 March 1987
Suspends through FY 1989 the military education program for civilian technicians of the Army National Guard. Directs the Secretary of Defense, no later than December 31, 1988, to report to the Senate and House Armed Services Committees on the Military Education Program of the Army National Guard concerning the cost-effectiveness and other characteristics of such program.
Bill· HRH.R. 1824 (100th)referred
United States · United States Congress · 25 March 1987
Hostile Areas Exploration Incentive Act of 1987 - Amends the Internal Revenue Code to allow nonrefundable income tax credits for costs incurred in the exploration and production of oil or gas in areas on the outer continental shelf where the water depth is at least 600 feet (domestic frontier areas) and areas located north of the 49th parallel (Arctic areas). Sets the rates of the credits as follows; (1) for the exploration credit, 15 percent of the exploration and drilling costs incurred; and (2) for the production credit, $5 per barrel or barrel-of-oil equivalent. Reduces the credit for exploration or production in water depths between 600 and 1,199 feet. Limits the amount of each credit based on the average price of domestic crude oil. Provides for inflation adjustments to such limitation. Allows a three-year carryback and 15-year carryover of any unused credits.
Bill· HRH.R. 1779 (100th)referred
United States · United States Congress · 25 March 1987
Residential Lot Interest Expense Conforming Act of 1987 - Amends the Internal Revenue Code to treat a residential lot as a qualified residence for the purpose of the mortgage interest income tax deductions when the taxpayer has purchased such lot for the purpose of building a dwelling unit. Provides for recapture if the lot is used in a trade or business or held for investment.
Bill· SS. 826 (100th)open
United States · United States Congress · 24 March 1987
Amends the Internal Revenue Code to allow an income tax deduction for 80 percent of a taxpayer's State and local sales taxes, income taxes, real property taxes, and personal property taxes.
Bill· SS. 819 (100th)referred
United States · United States Congress · 24 March 1987
Repeals specified provisions of the Tax Reform Act of 1986 that eliminated the income tax deduction for State and local sales taxes. Provides that the Internal Revenue Code of 1986 shall be applied and administered as if such provisions had not been enacted. Amends the Internal Revenue Code to permit a taxpayer to select an income tax deduction for either: (1) State and local income taxes; or (2) State and local sales taxes.
Bill· SS. 817 (100th)referred
United States · United States Congress · 23 March 1987
Amends the Tax Reform Act of 1986 to provide that the required study of the source rules for sales of inventory shall be conducted by the Secretary of the Treasury in conjunction with the Secretary of Commerce and the United States Special Trade Representative or their delegates. (Present law requires that such study be performed solely by the Secretary of the Treasury.) Extends from September 30, 1987, to September 30, 1988, the date by which such study must be submitted to specified Committees of the Congress.
Law· HRH.R. 1748 (100th)enacted
United States · United States Congress · 23 March 1987
Department of Defense Authorization Act, 1988/1989 - Title I: Procurement - Authorizes appropriations for FY 1988 and 1989 to the Army, Navy and Marine Corps, and the Air Force for aircraft, missiles, weapons, ammunition, shipbuilding and conversion, and other procurement. Authorizes appropriations for FY 1988 and 1989 for the following: (1) the defense agencies; (2) the chemical weapons demilitarization program; and (3) certain authority provided to the Secretary of Defense in connection with the NATO Airborne Warning and Control System (AWACS) program. Title II: Research, Development, Test, and Evaluation - Authorizes appropriations for FY 1988 and 1989 to the Army, Navy, Air Force, and the defense agencies for research, development, test, and evaluation. Authorizes additional appropriations for each such fiscal year for unbudgeted amounts for salary, retirement, and other employee benefits for certain civilian employees of the Department of Defense (DOD). Title III: Operation and Maintenance - Authorizes appropriations for FY 1988 and 1989 for operation and maintenance for the Army, the Navy, the Marine Corps, the Air Force, the defense agencies, the reserve components of the armed forces, the National Guard, the National Board for the Promotion of Rifle Practice, defense claims, the Court of Military Appeals, and for environmental restoration. Authorizes additional appropriations for such fiscal years for unbudgeted increases in fuel costs, increases resulting from inflation, and for unbudgeted amounts for salary, retirement, and other employee benefits of certain DOD employees. Authorizes appropriations for FY 1988 and 1989 for working capital funds for the armed forces and the defense agencies. Title IV: Personnel Authorizations - Authorizes end strengths for active-duty and reserve components of the Army, the Navy, the Air Force, and the Marine Corps for FY 1988 and 1989. Authorizes end strength reductions for the Selected Reserve components of the armed forces for each such fiscal year, as prescribed. Authorizes increases for each such fiscal year in the number of certain personnel authorized to be on active duty in support of the reserve components. Title V: Civilian Personnel - Exempts civilian DOD employees from certain end strength limitations contained in Federal armed forces provisions, such exemption being in effect during FY 1988 and 1989. Title VI: Military Training Student Loads - Authorizes the average military training student loads for FY 1988 and 1989. Provides for the adjustment of such student loads consistent with manpower strengths authorized under this Act. Title VII: General Provisions - Repeals the following: (1) the current Federal requirement of a separate budget request for the procurement of equipment for the reserve components of the armed forces; (2) the European troop strength limitation as contained in the Department of Defense Authorization Act, 1985; (3) the limitation of expenditures under the Department of Defense Authorization Act, 1987 for development of the Bigeye binary chemical bomb, the Space Defense System, and the testing of anti-satellite weapons; and (4) the required reduction in the number of officers serving on active-duty in the armed forces, as contained in the Department of Defense Authorization Act, 1987. Repeals a specified provision of the Department of Defense Authorization Act, 1987 requiring the President to make certain certification to the Congress before certain amendments made under such Act concerning the payment of lodging and per diem expenses for military members can take effect. Provides, instead, that such amendments shall take effect no later than 90 days after the enactment of this Act. Repeals specified provisions of the Department of Defense Authorization Act, 1987 and the Department of Defense Appropriations Act, 1987 concerning certain limitations on the establishment of a federally-funded research and development center for the Strategic Defense Initiative program. Provides, instead, for the obligation and expenditure of funds for such program.
Bill· SS. 800 (100th)open
United States · United States Congress · 19 March 1987
Authorizes appropriations for FY 1988 for the Maritime Administration and the Federal Maritime Commission. Amends the Merchant Marine Act, 1936 to revise the guidelines for student incentive payment agreements. Applies such revised guidelines to individuals who commence attendance after calendar year 1986 at a State maritime academy.
Bill· SS. 792 (100th)reported
United States · United States Congress · 19 March 1987
Amends the Foreign Assistance Act of 1969 to authorize appropriations for the Inter-American Foundation for FY 1988 and 1989.
Bill· SS. 798 (100th)referred
United States · United States Congress · 19 March 1987
Reduction of the Deficit and Public Debt Revenue Act of 1987 - Amends the Internal Revenue Code to impose an excise tax on gasoline and diesel fuel in addition to the present nine cents per gallon tax on such fuels. Sets the rate of such tax at: (1) ten cents per gallon after October 1, 1987; (2) 20 cents per gallon after October 1, 1988; and (3) 30 cents per gallon after October 1, 1989. Imposes a floor stock excise tax of ten cents per gallon on gasoline. Establishes within the Treasury the Public Debt Repayment Trust Fund. Transfers to such trust fund 50 percent of the revenues raised by such additional tax. Appropriates trust fund amounts for the payment of interest on the public debt and payment of U.S. obligations included in the public debt.
Bill· HRH.R. 1739 (100th)referred
United States · United States Congress · 19 March 1987
Amends the National Climate Program Act to extend the authorization of appropriations through FY 1988 and 1989.
Bill· HRH.R. 1740 (100th)referred
United States · United States Congress · 19 March 1987
Amends the Commercial Space Launch Act to authorize appropriations for FY 1988 and 1989.
Bill· HRH.R. 1738 (100th)referred
United States · United States Congress · 19 March 1987
Amends the Internal Revenue Code to increase from $50,000 to $150,000 the amount of employer-provided group-term life insurance the cost of which may be excluded from the gross income of an employee.