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Bill· HRH.R. 1726 (100th)referred
United States · United States Congress · 19 March 1987
Repeals specified provisions of the Tax Reform Act of 1986 that eliminated income averaging. Provides that the Internal Revenue Code of 1986 (IRC) shall be applied and administered as if such provisions had not been enacted. Amends the IRC to permit qualified farmers to use income averaging. Defines "qualified farmer" as a person: (1) actively engaged in the trade or business of farming; (2) whose gross income for the three preceding taxable years is at least 50 percent attributable to farming; (3) whose farming business or trade has been substantially affected in the first preceding taxable year by a natural disaster in the United States or by a major disaster or emergency so designated by the President; and (4) whose farming enterprise has sustained, as a result of such disasters, at least a 30 percent loss of normal per acre or per animal production, based on specified criteria.
Bill· HRH.R. 1732 (100th)referred
United States · United States Congress · 19 March 1987
Amends the Internal Revenue Code to require the Internal Revenue Service to reimburse State and local law enforcement agencies that provide information which substantially contributes to the recovery of Federal taxes. Limits the amount of such reimbursement to ten percent of the sum ultimately recovered.
Bill· SS. 766 (100th)reported
United States · United States Congress · 18 March 1987
Department of State Authorization Act for fiscal years 1988 and 1989 - (Title I omitted) - 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 the purchase of liability insurance 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 an agent to make felony arrests without warrant if such an 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 from 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 settlement 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 therefrom 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 construction 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 is 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.
Bill· SS. 767 (100th)reported
United States · United States Congress · 18 March 1987
United States Information Agency Authorization Act, Fiscal Years 1988 and 1989 - Authorizes appropriations for FY 1988 and 1989 for the United States Information Agency (Agency). Amends the United States Information and Educational Exchange Act of 1948 to authorize the Secretary of State to purchase, maintain, and operate facilities for radio transmission of information about U.S. policies, including the leasing of associated real property (either within or outside the United States) for periods not to exceed 40 years (currently not to exceed 25 years). Authorizes the Secretary, or any Government agency, in carrying out the provisions of the Act to lease, maintain, and operate aircraft. Authorizes payments received by or for the use of the Agency in connection with English-teaching, motion picture, and television programs conducted by the Agency to be credited to the Agency's applicable appropriation. Amends the Mutual Educational and Cultural Exchange Act of 1961 to authorize the Director of the United States Information Agency to facilitate the placement in the United States and other countries of educational and cultural television programs and motion pictures produced by the Agency and foreign governmental institutions, individuals, or public or private organizations. Authorizes the Director to enter into an agreement with Pakistan for the establishment of a fund for which the United States will provide a one time grant for English language training or other cultural, educational, and scientific programs of mutual interest. Requires U.S. representatives on any board created to administer such fund to be designated by the Director predominantly from U.S. agencies. Authorizes the Director to make available to the fund up to $598,176 in foreign currencies owned by the United States in Pakistan or owed to the United States by Pakistan.
Bill· SS. 774 (100th)referred
United States · United States Congress · 18 March 1987
Long-Term Care Savings Account Act of 1987 - Amends the Internal Revenue Code to allow an income tax deduction for contributions made to a savings account established to pay the long-term care expenses of an individual. Defines "long-term care expenses" as expenses incurred for any item or service medically necessary or prudent for the care of the beneficiary of such an account. Limits such deduction to $2,000 (adjusted for inflation) annually. Provides that only the beneficiary, the spouse of the beneficiary, and the parents of the beneficiary may contribute to such an account. Provides that no account may have more than one beneficiary and that no individual may be the beneficiary of more than one account. Permits a tax exclusion for income accumulated in such savings accounts as long as such amounts are used exclusively for long-term care expenses. Sets forth penalties for the use of account funds for other than long-term care purposes. Extends the deduction for contributions to a long-term care savings account to taxpayers who do not otherwise itemize deductions.
Bill· HRH.R. 1692 (100th)open
United States · United States Congress · 18 March 1987
Employee Educational Assistance Act of 1987 - Amends the Internal Revenue Code to make permanent the income tax exclusion for employee educational assistance programs. (Present law terminates such exclusion as of December 31, 1987.) Requires, for every taxable year beginning after 1988, an annual cost of living adjustment of the maximum excludable amount. Waives the maximum excludable amount for any educational assistance furnished by certain educational institutions to graduate students engaged in teaching or research activities for such organization.
Bill· HRH.R. 1706 (100th)referred
United States · United States Congress · 18 March 1987
Amends the Tax Reform Act of 1986 to repeal the provision which disallows the treatment of certain technical personnel as self-employed individuals for employment tax purposes.
Bill· HRH.R. 1709 (100th)open
United States · United States Congress · 18 March 1987
Self-Insured Workers' Compensation Funds Tax Exempt Status Clarification Act of 1987 - Amends the Internal Revenue Code to provide tax-exempt status to any corporation, fund, or trust whose principal purpose is to function as a self-insured workers' compensation or workers' disability fund.
Bill· HRH.R. 1682 (100th)referred
United States · United States Congress · 18 March 1987
Amends the Tax Reform Act of 1986 to provide that the repeal of the three-year basis recovery rule applicable to employees' annuities shall apply only to individuals whose annuity starting date is more than 90 days after the enactment of this Act.
Bill· HRH.R. 1705 (100th)referred
United States · United States Congress · 18 March 1987
Amends the Tax Reform Act of 1986 to repeal provisions which limited the income tax deduction for contributions to individual retirement accounts. Specifies that the Internal Revenue Code shall be applied and administered as if such provisions had not been enacted.
Bill· HRH.R. 1681 (100th)referred
United States · United States Congress · 18 March 1987
Amends the Tax Reform Act of 1986 to repeal provisions which eliminated the three-year use of the basis recovery rule in computing the amount of an employee's retirement benefits includable in gross income. Provides that the Internal Revenue Code shall be applied and administered as if such provisions had not been enacted.
Bill· HRH.R. 1691 (100th)referred
United States · United States Congress · 18 March 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.
Resolution· HRESH.Res. 125 (100th)referred
United States · United States Congress · 18 March 1987
Expresses the sense of the House of Representatives that the Internal Revenue Service should define a "non-resident" as any person whose permanent principal, actual dwelling place in fact is not the United States.
Bill· SS. 756 (100th)referred
United States · United States Congress · 17 March 1987
Radon Mitigation Clarification Act of 1987 - Provides that, for purposes of the medical care expense tax deduction, amounts paid for necessary home improvements to mitigate measured harmful levels of radon gas exposure shall be treated as expenses paid for medical care and in the same manner as amounts paid for other home improvements which qualify as expenses paid for medical care.
Bill· HRH.R. 1641 (100th)open
United States · United States Congress · 17 March 1987
Amends the Tax Reform Act of 1986 to delay for one year revision of the taxable years of partnerships, S corporations, personal service corporations, and trusts. Reduces by one year the transition period for such revision.
Bill· HRH.R. 1654 (100th)referred
United States · United States Congress · 17 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.
Bill· HRH.R. 1642 (100th)referred
United States · United States Congress · 17 March 1987
Amends the Internal Revenue Code to increase the percentage depletion allowance for oil and natural gas from 15 percent to 27 1/2 percent.
Bill· HRH.R. 1655 (100th)referred
United States · United States Congress · 17 March 1987
Amends the Internal Revenue Code to require the Secretary of the Treasury to adjust the maximum amount that may be deferred for the taxable year under State and local government deferred compensation plans for increases in the cost of living in accordance with regulations prescribed by the Secretary.
Law· HRH.R. 1612 (100th)enacted
United States · United States Congress · 16 March 1987
Amends the Earthquake Hazards Reduction Act of 1977 to authorize appropriations to carry out specified provisions of such Act through FY 1989.
Bill· HRH.R. 1627 (100th)referred
United States · United States Congress · 16 March 1987
Amends title II (monitoring and research programs for ocean and coastal dumping) of the Marine Protection, Research, and Sanctuaries Act of 1972 to authorize appropriations through FY 1989.
Bill· HRH.R. 1613 (100th)referred
United States · United States Congress · 16 March 1987
Amends the Internal Revenue Code to increase the amount of the percentage depletion allowance for oil and gas wells from 15 percent to 27 1/2 percent.
Bill· SS. 740 (100th)reported
United States · United States Congress · 12 March 1987
Board for International Broadcasting Authorization Act, Fiscal Years 1988 and 1989 - Amends the Board for International Broadcasting Act of 1973 to authorize appropriations for FY 1988 and 1989 to carry out such Act. Requires that appropriations that exceed the amounts needed to fund Radio Free Europe/Radio Liberty, Incorporated shall be placed in reserve to cover currency losses in the future. Deletes the provision that earmarks specified amounts for transmitter facilities modernization. Changes the method of certification of service for retirement credit purposes of employees of specified broadcast entities.
Bill· HRH.R. 1581 (100th)open
United States · United States Congress · 12 March 1987
Delays for one year, from 1987 until 1988, implementation of the increase from 80 percent to 90 percent in the current year liability test for estimated tax payments by individuals. Authorizes the Secretary of the Treasury to waive individual estimated tax penalties for taxpayers filing a withholding allowance certificate (W-4 form) or W-4A form (revised W-4) by June 1, 1987. Prohibits an addition to any tax imposed on underpayments of estimated tax installments by corporations due on or before June 15, 1987, under certain circumstances (thus permitting corporations to use their 1986 tax in determining certain estimated tax installment amounts). Amends the Internal Revenue Code (IRC) to allow employers to elect to have revised withholding certificates put into effect more promptly than is required under current law. Amends IRC provisions dealing with estimated income tax payments by corporations. Establishes the amount of the penalty for underpayment of estimated tax at the amount of the underpayment for the period of underpayment, plus interest on such amount. Revises the schedule for the payment of estimated tax installments. Specifies that the amount of the required annual estimated tax payment shall be the lesser of: (1) 90 percent of the current tax shown on the taxpayer's return (corporations having a taxable income of at least $1,000,000 for any taxable year during a specified period must use this option); (2) 100 percent of the preceding year's tax liability; or (3) an amount equal to the tax computed at the rates applicable to the taxable year but based on the data and law relevant to the preceding taxable year. Permits lower estimated tax payments if the taxpayer can show that the installment payments or adjusted seasonal installments made over the year were adequate for each quarter based on annualized income and adjusted seasonal installment concepts described in this bill. Exempts from an estimated tax penalty any taxpayer whose tax liability is less than $40. Requires an addition to income tax when an adjustment of overpayment of estimated income tax by a corporation, made before the 15th day of the third month following the close of the taxable year, is found to be excessive. Repeals provisions of the IRC dealing with installment payments of estimated income tax by corporations.
Bill· HRH.R. 1591 (100th)referred
United States · United States Congress · 12 March 1987
Amends the Internal Revenue Code to deny an income tax deduction for medical expenses incurred in connection with abortions, unless the life of the mother would be endangered by carrying the fetus to term.
Bill· HRH.R. 1590 (100th)referred
United States · United States Congress · 12 March 1987
1987 Tax Amnesty Act - Provides for a one-time tax amnesty from criminal and civil tax penalties for a taxpayer who: (1) files a written statement with specified information concerning any underpayment of tax; (2) pays the amount of such underpayment when filing the statement; and (3) within 30 days of notification of the amount of interest payable on any tax delinquent amount, pays the amount of such interest or delinquency. Permits installment payments in certain cases. Disallows such amnesty where: (1) the taxpayer was contacted concerning an underpayment and the underpayment was assessed prior to the beginning of the amnesty period; (2) there was fraud in the seeking of amnesty; or (3) a criminal investigation is pending. Defines the amnesty period as the one-year period beginning on the date of enactment of this Act. Provides that the amnesty provisions apply only to underpayments of Federal tax for taxable periods ending before January 1, 1987. Requires the Secretary of the Treasury to establish a special account into which funds recovered by such program must be deposited. Specifies that funds deposited in such account shall be used to retire the public debt.
Bill· SS. 716 (100th)open
United States · United States Congress · 11 March 1987
Amends the Internal Revenue Code to require deductions for research and experimental expenditures to be allocated to income from sources within the United States. Repeals a provision of the Tax Reform Act of 1986 which establishes a one-year requirement that 50 percent of such expenditures be allocated to U.S. income and the remainder on the basis of gross sales or gross income.
Bill· SS. 719 (100th)referred
United States · United States Congress · 11 March 1987
Amends the Internal Revenue Code to provide that specified minimum tax and accounting rules applicable to installment obligations shall not apply to obligations arising from sales of property by nondealers. Allows taxpayers to elect to have the amendments made by this Act regarding minimum tax not apply to dispositions made before January 1, 1987.
Bill· HRH.R. 1566 (100th)referred
United States · United States Congress · 11 March 1987
Amends the Internal Revenue Code to require that certain information relating to fund raising must be included on tax returns made by tax-exempt organizations. Specifies the information required as: (1) the name and address of each person engaged in fund raising on behalf of the organization; (2) the gross amount raised by such person; (3) the amount of compensation received by such person; (4) a description of the activities performed by such person on behalf of the organization; and (5) a description of the other fund raising activities of the organization, the amount raised from such activities, and the expenses incurred for such activities.
Bill· HRH.R. 1563 (100th)referred
United States · United States Congress · 11 March 1987
Amends the Internal Revenue Code to disallow an income tax deduction for any tobacco and tobacco product sale promotion expenses. Defines "tobacco and tobacco products" as any small cigarette, large cigarette, cigar, or smokeless tobacco product, including snuff and chewing tobacco.
Bill· HRH.R. 1545 (100th)referred
United States · United States Congress · 11 March 1987
Amends the Internal Revenue Code to impose a minimum income tax of ten percent on individual economic income which exceeds the following exemption amount: (1) $50,000 for joint returns; (2) $40,000 for single returns; and (3) $25,000 for married individuals filing separate returns. Defines "economic income" as income received or accrued reduced by the sum of ordinary and necessary expenses paid or incurred in the production of such income plus a reasonable allowance for the diminution in the value of property used in the production of such income. Imposes a ten percent minimum tax on the net income of a corporation exceeding $50,000.
Bill· HRH.R. 1560 (100th)referred
United States · United States Congress · 11 March 1987
Amends the Internal Revenue Code to allow a tax deduction for interest on refinanced indebtedness secured by a qualified residence, when the indebtedness was incurred and secured on or before August 16, 1986, but such refinancing occurred after August 16, 1986. Requires that the principal amount after refinancing not exceed the principal amount before refinancing (even though the latter, when originally incurred, exceeded the cost basis for the residence plus improvements).
Bill· HJRESH.J.Res. 184 (100th)open
United States · United States Congress · 11 March 1987
Constitutional Amendment - Prohibits Federal outlays in any fiscal year (excluding outlays for repaying debt principal) from exceeding: (1) total estimated receipts for that fiscal year (excluding receipts derived from borrowing); or (2) a specified percentage of the gross national product (GNP) for the most recent 12-month period for which the President may determine such amount. Provides that the applicable percentage of GNP shall be 23 percent, 22 percent, 21 percent, and 20 percent for the first, second, third, and each subsequent fiscal year, respectively, to which this article applies. Permits the Congress to supersede such prohibition and provide for a specific excess of outlays only by passing, by a two-thirds vote of each House, a bill which becomes law. Directs the President, before each fiscal year, to transmit to the Congress a proposed statement of receipts and outlays for such year consistent with this article. Prohibits total receipts for any fiscal year as set forth in an adopted statement from increasing, except as a result of an increase in national income, unless a bill providing for specific additional receipts is passed by a two-thirds vote of each House of Congress and such bill becomes law. Permits the Congress to waive this article for any fiscal year for which a declaration of war is in effect.
Bill· HRH.R. 1534 (100th)referred
United States · United States Congress · 10 March 1987
Amends the Internal Revenue Code to include as members of a targeted group for purposes of the targeted jobs credit: (1) certain low income individuals aged 55 or older; and (2) dislocated workers.
Bill· HRH.R. 1525 (100th)referred
United States · United States Congress · 10 March 1987
Provides that any requirement to substantiate a deduction under the Internal Revenue Code with respect to the business use of a vehicle must be based on regulations in effect before enactment of the Tax Reform Act of 1984.
Bill· HRH.R. 1528 (100th)referred
United States · United States Congress · 10 March 1987
Amends the Internal Revenue Code to exempt from the windfall profit tax an amount of crude oil equal to an amount of residual fuel oil used in enhanced recovery processes. Defines "enhanced recovery process" as any process: (1) for increasing the ultimate total recovery of oil from a reservoir which is designed to modify any property of any fluid in the reservoir or the reservoir rock; or (2) for displacing or controlling the flow rate or flow pattern in the reservoir.
Bill· HRH.R. 1503 (100th)referred
United States · United States Congress · 10 March 1987
Amends the Internal Revenue Code to allow the use of distributions from individual retirement accounts and individual retirement annuities for the purchase of a principal home by a first-time homebuyer.
Bill· HJRESH.J.Res. 176 (100th)referred
United States · United States Congress · 10 March 1987
Prohibits the United States from carrying out a test of the Space Defense System (antisatellite weapon) involving the miniature homing vehicle against an object in space until the President certifies to the Congress that the Soviet Union has conducted, after enactment of this Act, a test against an object in space of a dedicated antisatellite weapon. Provides that such prohibition expires on October 1, 1988. Declares that the President should seek with the Soviet Union a mutual and verifiable treaty which limits the testing, deployment, and use of any antisatellite weapon.
Bill· HRH.R. 1486 (100th)referred
United States · United States Congress · 9 March 1987
Amends part A (General Provisions) of title XI of the Social Security Act to increase the total amount of Federal payments which may be made to Puerto Rico under title XIX (Medicaid) of the Act.
Bill· HRH.R. 1489 (100th)open
United States · United States Congress · 9 March 1987
Self-Insured Workers' Compensation Funds Tax Exempt Status Clarification Act of 1987 - Amends the Internal Revenue Code to provide tax-exempt status to any corporation, fund, or trust whose principal purpose is to function as a self-insured workers' compensation or workers' disability fund.
Bill· HRH.R. 1480 (100th)referred
United States · United States Congress · 9 March 1987
Amends the Internal Revenue Code to include certain low-income individuals aged 55 or older as members of a targeted group for purposes of the targeted jobs credit.
Bill· SS. 675 (100th)open
United States · United States Congress · 6 March 1987
Amends the Endangered Species Act of 1973 to extend the authorization of appropriations through FY 1992.
Bill· SS. 670 (100th)referred
United States · United States Congress · 6 March 1987
Tax Reform Reform Act of 1987 - Amends the Tax Reform Act of 1986 to restore: (1) a deduction for two-earner married couples (five percent of either $10,000 or the qualified earned income of the spouse with the lower income, whichever is less); and (2) income averaging for qualified farmers. Amends the Internal Revenue Code to: (1) increase the maximum individual income tax rate to 35 percent; (2) eliminate the phase-out of personal exemptions; and (3) include net capital gain in the calculation of phase-out of the 15-percent rate (thus setting a 28 percent maximum individual long-term capital gains rate).
Bill· SS. 684 (100th)referred
United States · United States Congress · 6 March 1987
Amends the Internal Revenue Code to make permanent the targeted jobs income tax credit. (Present law terminates such credit for employees who begin work after December 31, 1988.) Makes permanent the authorization of appropriations with respect to the certification requirements of such tax credit.
Bill· SS. 685 (100th)referred
United States · United States Congress · 6 March 1987
Amends the Deficit Reduction Act of 1984 to make permanent the authority of the Internal Revenue Service to offset tax refunds against defaulted Federal student loans.
Bill· SS. 660 (100th)referred
United States · United States Congress · 6 March 1987
Targeted Fiscal Assistance Act of 1987 - Amends the Consolidated Omnibus Budget Reconciliation Act of 1985 to repeal provisions that terminated the general revenue sharing program. Restores program provisions as they existed before enactment of such Act. Replaces the general revenue sharing program with the Targeted Fiscal Assistance (TFA) program. Authorizes appropriations for TFA for FY 1988 through 1990. Provides for special allocations of TFA funds for Indian tribes, Alaskan native villages, and the District of Columbia. Directs the Secretary of the Treasury to allocate TFA funds to each State (for subsequent allocation to local governments) according to a specified formula based on the need factor, the general tax effort factor, and the relative fiscal gap factor, as defined in this Act, for each State. Entitles local governments to a portion of such State funds according to a specified formula based on the following factors, as defined in this Act, for each unit of local government relative to all units in such State: (1) the unit's population; (2) the unit's general tax effort factor; and (3) the unit's population. Eliminates provisions allowing State variation of local government allocations. Revises procedures for determining maximum and minimum limitations on local government entitlements.
Law· HRH.R. 1467 (100th)enacted
United States · United States Congress · 5 March 1987
Amends the Endangered Species Act of 1973 to extend the authorization of appropriations through FY 1992.
Bill· HRH.R. 1450 (100th)referred
United States · United States Congress · 5 March 1987
Amends the Tax Reform Act of 1986 to allow a deduction for State, local, and foreign income, war profits, and excess profits taxes and State and local general sales taxes, but only to the extent their aggregate exceeds one percent of adjusted gross income. Requires taxes paid in connection with an acquisition or disposition of property, to the extent they are not deductible, to be treated as: (1) part of the cost of the acquired property; or (2) a reduction in the amount realized on disposition.
Bill· HRH.R. 1465 (100th)referred
United States · United States Congress · 5 March 1987
Amends the Internal Revenue Code to treat single purpose commodity storage structures as a qualified agricultural structure for purposes of the investment tax credit and the accelerated cost recovery system.
Bill· HRH.R. 1449 (100th)referred
United States · United States Congress · 5 March 1987
Child Health Incentives Reform Plan - Amends the Internal Revenue Code to deny employers an income tax deduction for group health plan expenses unless such plan includes first-dollar coverage for pediatric preventive health care with respect to any child under age 21. Defines "pediatric preventive health care" for purposes of qualification for such income tax deduction.
Bill· HRH.R. 1441 (100th)referred
United States · United States Congress · 5 March 1987
Amends the Tax Reform Act of 1986 to extend for one year (from April 16, 1987, to April 16, 1988) the waiver of estimated tax penalties for underpayments by individuals attributable to such Act.