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Bill· HJRESH.J.Res. 437 (100th)referred
United States · United States Congress · 22 December 1987
Makes continuing appropriations for FY 1988. Provides that the operations of the Government shall continue in the manner in existence prior to the Attorney General's opinion issued on April 25, 1980, and that the sanctions of the Anti-Deficiency Act which may occur as the result of such operations are suspended.
Resolution· HRESH.Res. 342 (100th)open
United States · United States Congress · 21 December 1987
Sets forth the rule for the consideration of a report from the Committee on Rules providing for the consideration of the conference report on H.J. Res. 395 (continuing appropriations).
Resolution· HRESH.Res. 343 (100th)passed
United States · United States Congress · 21 December 1987
Waives points of order against the conference report on H.J. Res. 395 (continuing appropriations) and against its consideration.
Resolution· HRESH.Res. 341 (100th)passed
United States · United States Congress · 21 December 1987
Waives points of order against the conference report on H.R. 3545 (budget reconciliation) and against its consideration.
Law· HJRESH.J.Res. 431 (100th)enacted
United States · United States Congress · 20 December 1987
Extends the deadline for availability of certain continuing appropriations for FY 1988 until December 21, 1987.
Resolution· HRESH.Res. 340 (100th)passed
United States · United States Congress · 20 December 1987
Sets forth the rule for the consideration of a joint resolution providing continuing appropriations for FY 1988.
Bill· SS. 1978 (100th)referred
United States · United States Congress · 19 December 1987
Repeals provisions of the Tax Reform Act of 1986 with respect to the taxation of both individual and corporate capital gains. Provides that the Internal Revenue Code (IRC) be applied and administered as if such provisions had not been enacted. Amends the IRC to decrease the capital gains tax rate for corporations from 28 percent to 20 percent. Amends the IRC to revise the method of calculating the deduction for capital gains of noncorporate taxpayers. Allows a capital gains deduction equal to: (1) 100 percent for assets held five years or longer; (2) 60 percent for assets held for between three and five years; and (3) 40 percent for assets held for between one and three years. Amends the Deficit Reduction Act of 1984 to increase the holding period required for long-term capital gain tax treatment of property acquired after 1986.
Bill· HRH.R. 3780 (100th)referred
United States · United States Congress · 17 December 1987
Amends employment tax provisions of the Internal Revenue Code and the Social Security Act to grant independent contractor status to any individual fish or shellfish processor whose compensation is based on the quantity of fish or shellfish peeled, shucked, filleted, or otherwise processed.
Bill· HRH.R. 3778 (100th)referred
United States · United States Congress · 17 December 1987
Amends the Internal Revenue Code to eliminate the limitation on the deductibility of policyholder loan interest incurred with respect to one or more life insurance policies when loan proceeds are used to fund post-retirement medical benefits under a nondiscriminatory employee benefit plan. (Under current law, an employer may not deduct such interest when the aggregate amount of loans per employee exceeds $50,000.)
Bill· SS. 1954 (100th)referred
United States · United States Congress · 16 December 1987
Amends the Internal Revenue Code to exclude from the gross income of Federal civilian officers and employees stationed outside the continental United States any amounts received as cost-of-living allowances in accordance with pay scales or salary plans adopted through administrative action pursuant to Federal law.
Bill· HRH.R. 3775 (100th)referred
United States · United States Congress · 16 December 1987
Taxpayers' Deficit Reduction Act - Amends the Internal Revenue Code to allow taxpayers who have overpaid their income tax liability to designate on their tax returns that a specified portion of such overpayment, rather than being credited or refunded, be used to reduce the public debt of the United States. Directs the Secretary of the Treasury to transfer these designated amounts to the special account for reduction of the public debt.
Law· HJRESH.J.Res. 426 (100th)enacted
United States · United States Congress · 16 December 1987
Waives the requirement that the enrollment of H.R. 3545 (or any other bill providing for reconciliation pursuant to the concurrent resolution on the budget for FY 1988) and of H.J. Res. 395 (or any other joint resolution making continuing appropriations for FY 1988) be printed on parchment.
Law· HJRESH.J.Res. 425 (100th)enacted
United States · United States Congress · 16 December 1987
Extends the deadline for availability of certain continuing appropriations for FY 1988 until December 18, 1987.
Bill· SS. 1940 (100th)referred
United States · United States Congress · 10 December 1987
Amends the Internal Revenue Code to provide that the amount of a qualified artistic charitable contribution for income tax deduction purposes shall be the fair market value of the property contributed (determined at the time of such contribution). Defines "qualified artistic charitable contribution" as the contribution of any literary, music, artistic, or scholarly composition, letter or memorandum, or similar property, but only if: (1) such property was created by the personal efforts of the taxpayer making the contribution no less than one year prior to the contribution; (2) there is included with the tax return a written appraisal of the fair market value of the property; and (3) the use of such property by the donee is related to the purpose or function constituting the basis for the donee's tax exemption. Limits the amount of qualified artistic charitable contributions available to a taxpayer in any taxable year to the taxpayer's artistic adjusted gross income, as defined in this Act. Prohibits public officials from taking a deduction for the donation of their papers if the papers were generated as the work product of such individuals while employed as officers or employees of the United States or of any State. Provides that alternative tax itemized deductions shall be determined without regard to the deduction for qualified artistic charitable contributions.
Bill· HRH.R. 3739 (100th)referred
United States · United States Congress · 10 December 1987
Amends the Internal Revenue Code to include as income, for purposes of the unrelated business income tax, amounts received by tax-exempt organizations in connection with the sale, rental, or other disposition of member, customer, or donor lists. Exempts certain charitable and veterans' organizations from this provision in the case of transactions involving like organizations.
Bill· HRH.R. 3730 (100th)open
United States · United States Congress · 9 December 1987
Requires that, for the purpose of the income tax deduction for medical expenses, expenditures for the acquisition, training, and maintenance of a service animal used to assist a handicapped individual be treated in the same manner as corresponding expenditures in connection with guide dogs for the blind. (Under Internal Revenue Service revenue rulings, these latter expenditures are treated as deductible.)
Bill· HRH.R. 3732 (100th)referred
United States · United States Congress · 9 December 1987
Incurable Disease Research and Treatment Act of 1987 - Amends the Internal Revenue Code to allow individuals to direct that all or part of their income tax refunds be contributed to the Incurable Disease Research and Treatment Trust. Establishes in the Treasury the Incurable Disease Research and Treatment Trust (trust fund) to distribute funds to qualified nonprofit incurable disease services organizations. Appropriates to the trust fund revenue equivalent to amounts designated for such purpose by individual taxpayers. Sets forth standards and procedures for the distribution of trust fund monies. Limits the amount that recipient organizations can pay for administrative expenses to ten percent of amounts received from the trust fund. Prohibits organizations receiving funds from: (1) failing to match payment; (2) failing to use payments properly; (3) incurring excessive administrative expenses; and (4) not complying with certain requests of the Commission on Incurable Diseases. Authorizes this Commission to inform State attorneys general of possible State law violations by organizations. Requires the Commission on Incurable Diseases to submit to specified congressional committees an annual report detailing trust fund expenditures. Establishes the Commission on Incurable Diseases to administer the distribution of funds to qualified incurable disease services organizations on a matching grant basis. Permits a maximum award of $100,000 to any single qualified organization in any fiscal year. Requires that: (1) at least 50 percent of amounts received into the trust fund in any year be paid to qualified organizations; and (2) monies in the trust fund be distributed within 180 days of their receipt in the fund. Sets forth criteria governing Commission powers, organization, and membership. Authorizes appropriations.
Resolution· HRESH.Res. 328 (100th)passed
United States · United States Congress · 9 December 1987
Sets forth the rule for the consideration of H.R. 1467 (endangered species programs funding).
Bill· SS. 1930 (100th)open
United States · United States Congress · 8 December 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· HRH.R. 3719 (100th)open
United States · United States Congress · 8 December 1987
Amends the Internal Revenue Code with respect to the targeted jobs income tax credit. Extends the credit to employees who begin work in 1989 through 1991. (Current law terminates the credit for employees who begin work after December 31, 1988.) Includes as a targeted group individuals aged 65 or older who are members of economically disadvantaged families. Revises the minimum employment period requirement for purposes of this credit.
Bill· SS. 1922 (100th)referred
United States · United States Congress · 4 December 1987
Amends the Internal Revenue Code to allow an individual a nonrefundable income tax credit for contributions made to a long-term health care savings account established to pay the long-term health care expenses of an individual. Sets the amount of the credit at the lesser of ten percent of the contribution or $200. Includes as legitimate long-term health care benefits those covering diagnostic, preventive, therapeutic, rehabilitative, and personal care services that are: (1) required by a chronically ill or disabled individual; and (2) provided by a qualified provider (other than a family member) in a nursing facility, including hospitals and nursing homes, or in a home (if home care is a substitute for care in a nursing facility). Provides that no account may have more than one beneficiary and that no individual may be a beneficiary of more than one account. Disallows the credit in the case of a beneficiary covered under an employee benefit plan that provides similar benefits. Identifies the criteria and requirements applicable to a long-term health care savings account. Excludes from gross income any payments and distributions from a long-term health care savings account as long as the amounts: (1) are used exclusively for the qualified health care expenses of the eligible beneficiary; or (2) are distributions of excess contributions before the due date of the tax return. Exempts the accounts themselves from taxation unless they cease to be proper long-term health care savings accounts because the beneficiary either engages in prohibited transactions or pledges the account as security. Establishes penalties in the form of additional tax when account funds or distributions are used for other than health care purposes. Requires that the trustee of such an account report to the Secretary of the Treasury and to the account's beneficiary on the maintenance of the account. Establishes: (1) a six percent excise tax on excess contributions to a long-term health care savings account; (2) a five percent excise tax on amounts connected with any prohibited transaction with respect to such an account; and (3) a penalty for failure to file required reports concerning the account.
Bill· HRH.R. 3706 (100th)referred
United States · United States Congress · 3 December 1987
Title I: Meeting Our Economic Problems With Essential Productive Jobs - Directs the appropriate congressional committees to study the current economic crisis with specific emphasis to long-term recovery, and a strong private sector based on a cooperative Government/industry partnership. Requires that findings be presented to the Congress by March 15, 1988. Requires the Board of Governors of the Federal Reserve System and the Federal Open Market Committee to take action as necessary to achieve and maintain a level of interest rates low enough to generate significant economic growth to reduce the current level of unemployment. Appropriates funds for FY 1988, for meeting economic problems with essential productive jobs, for the following purposes: (1) maintenance and repair of Federal buildings; (2) construction and reconstruction of the Nation's highways; (3) improvement of urban mass transportation systems; (4) rehabilitation of highway bridges which cross over the Northeast corridor rail transportation properties; (5) improvement of railroad infrastructure; (6) improvement of facilities and services for veterans; (7) public housing modernization; (8) community development; (9) a study to examine the competitiveness of American exports and the current trade crisis; (10) economic development assistance programs; (11) assistance to small businesses for the employment of additional personnel; (12) development and improvement of parks and recreation areas; (13) improvement and maintenance of the national forest system; (14) construction, repair, and improvements for Indian health facilities; (15) maintenance of wildlife service facilities; (16) rural development and resource conservation; (17) improvement of soil conservation activities; (18) modernization of Federal, State, and local prisons; (19) enhancement of water resource and hydroelectric power benefits; (20) acceleration of the completion of reclamation and irrigation projects; (21) emergency jobs for unemployed individuals, providing for the maintenance and rehabilitation of public facilities and the conservation, rehabilitation, and improvement of public lands; (22) employment and training assistance; (23) increased assistance to the unemployed through employment services; (24) assistance for child day care services; (25) health service activities at community and migrant health centers; (26) food distribution and emergency shelters; (27) construction and modernization of housing units for military families; (28) low income weatherization activities; and (29) Government procurement of domestically manufactured vehicles.
Bill· HRH.R. 3705 (100th)referred
United States · United States Congress · 3 December 1987
Makes appropriations for FY 1988 to resume payments to the Local Government Fiscal Assistance Trust Fund for State and local activities under the revenue sharing program at specified levels.
Bill· HRH.R. 3696 (100th)referred
United States · United States Congress · 3 December 1987
Middle-Income Family Higher Education Savings Act of 1987 - Amends the Internal Revenue Code to allow an individual an income tax deduction for contributions to a savings account established to pay the educational expenses (tuition, supplies, meals, and lodging) of the taxpayer's child at an institution of higher education or a vocational school. Limits the deduction to $1,000 per year per child. Provides that no account may have more than one beneficiary. Permits a deduction with respect to only one account in cases of multiple accounts for the same beneficiary. Disallows the deduction for contributions made to an account after the beneficiary either attains age 25 or graduates from an eligible educational institution. Permits the exclusion from the gross income of the recipient beneficiary of payments and distributions from an education savings account as long as such amounts: (1) are used for the educational expenses of that individual; or (2) are rolled over into an education savings account established for a sibling of that individual. Exempts the education savings accounts themselves from taxation unless they cease to be proper education savings accounts because either the contributor taxpayer or the beneficiary engages in prohibited transactions or the beneficiary pledges the account as security. Establishes penalties in the form of additional tax when account funds or distributions are improperly used. Requires that the trustee of an education savings account report to the Secretary of the Treasury and to the account's benefactor on the maintenance of the account. Identifies the criteria and requirements applicable to an education savings account. Provides that contributions to an education savings account shall not be subject to gift tax. Establishes: (1) a five percent excise tax on amounts connected with any prohibited transaction with respect to an education savings account; and (2) a penalty for failure to file required reports concerning the education savings account.
Resolution· HRESH.Res. 321 (100th)passed
United States · United States Congress · 2 December 1987
Sets forth the rule for the consideration of H.J. Res. 395 (continuing appropriations).
Bill· SS. 1890 (100th)referred
United States · United States Congress · 20 November 1987
Repeals provisions of the Tax Reform Act of 1986 relating to the taxation of individual capital gains. Provides that the Internal Revenue Code shall be applied and administered as if such provisions had not been enacted. Amends the Internal Revenue Code to revise the method of calculating the deduction for capital gains of noncorporate taxpayers. Allows a capital gains deduction equal to: (1) 80 percent for assets held eight years or longer; (2) 60 percent for assets held for between six and eight years; and (3) 40 percent for assets held for between four and six years. Increases the holding period required for long-term capital gain tax treatment.
Bill· SS. 1893 (100th)referred
United States · United States Congress · 20 November 1987
Tax Rate Freeze Act - Amends the Internal Revenue Code to extend the currently applicable individual income tax rates through 1990. (Under present law these rates apply only to tax year 1987.) Requires annual indexing of the rates to reflect inflation.
Bill· HRH.R. 3668 (100th)referred
United States · United States Congress · 20 November 1987
Stock Market Investment Act - Amends the Internal Revenue Code to permit an income tax deduction in the amount of dividends paid by a corporation. Disallows such a deduction by S corporations, regulated investment companies, real estate investment trusts, and personal holding companies. Repeals the income tax deductions currently permitted in connection with: (1) dividends received by a corporation; (2) dividends received by a corporation on the preferred stock of a public utility; and (3) dividends paid by a public utility on its preferred stock. Increases from 80 percent to 85 percent the deductible percentage of amounts received by a corporation from a qualified ten-percent owned foreign corporation.
Bill· HRH.R. 3664 (100th)open
United States · United States Congress · 19 November 1987
Amends the Internal Revenue Code to exclude from gross income the value of any Christa McAuliffe teacher fellowship.
Bill· HRH.R. 3663 (100th)referred
United States · United States Congress · 19 November 1987
Low-Income Housing Tax Act of 1987 - Amends the Internal Revenue Code (IRC) with respect to gain or loss on dispositions of property to provide that for purposes of determining the allowable depreciation and the amount of gain in connection with qualified low-income housing (as defined in this Act) or its disposition, the adjusted basis shall be increased to equal the adjusted cost of the housing. Provides for the recapture of benefits if the taxpayer fails to operate the housing in accordance with the relevant agreement or if there is a disposition of the property. Revises the IRC to waive the ten-year requirement for the low-income housing credit if: (1) the head of the governmental body responsible for administering the pertinent low-income housing program determines either that the availability of the credit would help to avoid default or mitigate loss to the government involved, or that the availability of the credit is necessary to enable the project to avoid default or to be retained for low-income use; or (2) the taxpayer acquires the building from a governmental body that acquired it by reason of default on any indebtedness. Excludes from the gross income of a noncorporate taxpayer any passive activity gain realized in connection with the disposition of a qualified low-income housing project to a qualified non-related party that agrees to continue the low-income housing use of the property. Requires that the property: (1) be held by the taxpayer for the five years preceding the disposition; and (2) be identified by a State or local government as necessary to meet certain low-income housing requirements. Revises the definition of "cooperative housing corporation" for purposes of the income tax deduction of taxes, interest, and business depreciated by a tenant-stockholder to delete the 80-percent income requirement for limited equity cooperative housing corporations. Requires that income derived from investment of the mandatory reserves of a limited equity cooperative housing corporation be treated, for purposes of the tax deduction incurred in transactions with members, as income derived by the corporation from its members. Provides for the recapture of such amounts if the corporation ceases to be a qualified limited equity cooperative housing corporation. Permits such a corporation to elect retroactive application of such treatment.
Resolution· HRESH.Res. 316 (100th)open
United States · United States Congress · 19 November 1987
Sets forth the rule for the consideration of a bill amending the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) with respect to final order and report dates.
Bill· HRH.R. 3655 (100th)referred
United States · United States Congress · 18 November 1987
Amends the Internal Revenue Code to allow a noncorporate taxpayer an income tax deduction for interest on indebtedness incurred to acquire an automobile.
Resolution· HRESH.Res. 309 (100th)passed
United States · United States Congress · 17 November 1987
Waives points of order against the conference report on H.R. 1748 (armed forces funding) and against its consideration.
Bill· SS. 1864 (100th)referred
United States · United States Congress · 12 November 1987
Tax-Exempt Bond Reform Act - Amends the Internal Revenue Code (IRC) to increase the volume cap applicable to a State's private activity bonds to the greater of $125 per resident or $400,000,000 (currently $50 per resident or $150,000,000). Excludes from such volume cap exempt facility bonds used to fund qualified residential rental projects. Excludes these same bonds as a tax preference item for purposes of the alternative minimum tax. Increases from ten percent to 25 percent the amount of tax-exempt government bond proceeds that may be used by a nongovernmental entity for private purposes without triggering treatment of the bond issue as a taxable private activity bond. Repeals the two percent restriction on issuance costs financed by an issue in connection with private activity bonds. Extends through 1993 the period during which qualified mortgage bonds may be issued. (Under current law, authority to issue these bonds expires as of 1989.) Increases the income eligibility criterion with respect to mortgagors under such bonds from 115 percent to 120 percent of median family income. Repeals provisions prescribing termination dates with respect to various small issue bonds. Provides for adjustments to the State bond volume cap to: (1) increase the ceiling when the amount of bond proceeds used to finance projects in economically depressed areas exceeds the amount of bond proceeds used in non-economically depressed areas; and (2) decrease the ceiling when the opposite occurs. Adds bonds used to finance air or water pollution control facilities to the IRC list of tax-exempt facility bonds. Directs the Secretary of the Treasury to provide by January 1, 1988, under the State and Local Government Services program that: (1) State and local governments be allowed to declare a split investment between demand-deposit and time-deposit securities; and (2) the weekly interest rate on the former be based on an index of short-term municipal rates unreduced by administrative fees. Revises the low-income housing income tax credit to set the credit for qualified low-income buildings at: (1) nine percent for new buildings not federally subsidized, including buildings financed by tax-exempt State and local government bonds; and (2) three percent for new federally subsidized buildings and for existing buildings. (The credit is currently based on specified percentages of present value.) Permits a housing credit agency a three-year carryover of unused housing credit dollar amounts. Extends the low-income housing credit through 1994. (Under current law the credit is due to expire as of 1990.)
Bill· SS. 1859 (100th)referred
United States · United States Congress · 10 November 1987
Prohibits any cost-of-living increase for FY 1988 for Federal payments or benefits. Declares that such increase that would have resulted for FY 1988 cannot be taken into account to determine such increase for any other fiscal year.
Bill· HRH.R. 3635 (100th)referred
United States · United States Congress · 10 November 1987
Repeals provisions of the Tax Reform Act of 1986 relating to the taxation of both individual and corporate capital gains. Provides that the Internal Revenue Code shall be applied and administered as if such provisions had not been enacted. (The capital gains tax rate for corporations would generally be 28 percent.) Amends the Internal Revenue Code to revise the method of calculating the deduction for capital gains of noncorporate taxpayers. Allows a capital gains deduction equal to: (1) 100 percent for assets held five years or longer; (2) 60 percent for assets held for between three and five years; and (3) 40 percent for assets held for between one and three years. Amends the Deficit Reduction Act of 1984 to increase the holding period required for long-term capital gain tax treatment of property acquired after 1986.
Resolution· HRESH.Res. 308 (100th)passed
United States · United States Congress · 10 November 1987
Waives points or order against the conference report on H.R. 1451 (older Americans programs) and against its consideration.
Bill· HRH.R. 3623 (100th)referred
United States · United States Congress · 9 November 1987
Amends the Internal Revenue Code to exclude from the gross income of Federal civilian officers and employees stationed outside the continental United States any amounts received as cost-of-living allowances in accordance with pay scales or salary plans adopted through administrative action pursuant to Federal law.
Bill· SS. 1843 (100th)referred
United States · United States Congress · 4 November 1987
Domestic Corporation Taxation Equality Act of 1987 - Amends the Internal Revenue Code to prohibit, with specified exceptions, the States from imposing tax on corporate taxpayers on a worldwide unitary basis unless a taxpayer unconditionally elects to be taxed on such a basis. Includes an express prohibition against the unitary method with respect to a domestic corporation whose average U.S. payroll, property, and sales represent less than 20 percent of its total payroll, property, and sales. Permits a State to tax dividends received by domestic corporations from their foreign affiliates only to the extent that the State excludes from the tax base of the U.S. corporation: (1) at least 85 percent of such dividends; or (2) the portion of such dividends that effectively bears no Federal income tax after application of the foreign tax credit.
Resolution· HRESH.Res. 302 (100th)passed
United States · United States Congress · 4 November 1987
Sets forth the rule for the consideration of H.J. Res. 394 (continuing appropriations).
Bill· HRH.R. 3599 (100th)referred
United States · United States Congress · 3 November 1987
Prohibits an increase in pay for Members of Congress during FY 1988.
Bill· SS. 1832 (100th)referred
United States · United States Congress · 29 October 1987
Amends the Internal Revenue Code to exclude from gross income any distribution from an individual retirement plan if: (1) the payee has attained age 59 1/2 on or before the date of the distribution; and (2) the distribution is used to pay premiums for an insurance policy covering at least 12 months of medically necessary care for the payee or a spouse meeting the same 59 1/2 year age requirement.
Bill· HRH.R. 3582 (100th)open
United States · United States Congress · 29 October 1987
Amends the Internal Revenue Code to allow an individual taxpayer an income tax deduction for cash contributions to a savings account established to pay the educational expenses (tuition, supplies, meals, and lodging) of a dependent at an institution of higher education or a vocational school. Limits the amount of the deduction to the lesser of $1,000 or the earned income includible in the taxpayer's gross income for the year. Disallows the deduction for contributions to an account maintained for any individual who has attained age 19. Provides that: (1) no account may have more than one beneficiary; and (2) no individual may be a beneficiary of more than one account. Permits the exclusion from gross income of payments and distributions from an education savings account as long as such amounts are used exclusively for the educational expenses of the eligible beneficiary or are distributions of excess contributions before the due date of the tax return. Exempts the accounts themselves from taxation (except for the tax on unrelated business income of a charitable organization) unless they cease to be proper education savings accounts because either the contributor-taxpayer engages in prohibited transactions or the account's beneficiary pledges the account as security. Imposes penalties in the form of additional tax when account funds or distributions are used for other than educational purposes. Requires that the trustee of an education savings account report to the Secretary of the Treasury and to the account's beneficiary on the maintenance of the account. Extends the deduction for contributions to an educational savings account to taxpayers who do not otherwise itemize deductions. Imposes a six percent excise tax on excess contributions to an education savings account. Provides that contributions to the account shall not be subject to gift tax. Imposes a five percent excise tax on amounts connected with any prohibited transaction with respect to an education savings account. Imposes a penalty for failure to file required reports. Excludes from the gross income of an individual any distributions from an education savings account used exclusively for that individual's educational expenses. Revises the definition of "qualified residence interest" for purposes of the income tax deduction for personal interest to distinguish between acquisition indebtedness and home equity indebtedness. Limits to $500,000 and $75,000 respectively the amount of indebtedness on which interest is deductible. Provides that for purposes of this deduction a boat or a mobile home used on a transient basis shall not be treated as a qualified second residence of the taxpayer.
Bill· HRH.R. 3581 (100th)open
United States · United States Congress · 29 October 1987
Amends the Internal Revenue Code to allow an individual taxpayer an income tax deduction for cash contributions to a housing savings account established for the exclusive benefit of an individual who has never owned his or her principal residence. Limits: (1) the amount of the tax year deduction to the lesser of $2,000 or the earned income includible in the taxpayer's gross income for that year; and (2) total deductions to $20,000. Provides that no individual may be a beneficiary of more than one account. Permits the exclusion from gross income of payments and distributions from a housing savings account as long as such amounts are used exclusively in connection with the purchase of a principal residence for the eligible beneficiary or are distributions of excess contributions before the due date of the tax return. Exempts the account itself from taxation (except for the tax on unrelated business income) unless it ceases to be a proper housing savings account because the taxpayer either engages in prohibited transactions or acquires a principal residence. Imposes penalties in the form of additional tax when account funds or distributions are used for other than the legitimate housing purposes for which the account was established. Requires that the trustee of a housing savings account file reports with the Secretary of the Treasury and with the account's beneficiary on the maintenance of the account. Extends the deduction for contributions to a housing savings account to taxpayers who do not otherwise itemize deductions. Imposes a six percent excise tax on excess contributions to a housing savings account. Provides that contributions to a housing savings account shall not be subject to gift tax. Imposes a five percent excise tax on amounts connected with any prohibited transaction with respect to a housing savings account. Imposes a penalty for failure to file reports required with respect to a housing savings account. Excludes from the gross income of an individual distributions from a housing savings account used in connection with the purchase of a principal residence for that individual. Revises the definition of "qualified residence interest" for purposes of the income tax deduction for personal interest to distinguish between acquisition indebtedness and home equity indebtedness. Limits to $500,000 and $75,000 respectively the amount of indebtedness on which interest is deductible. Provides that for purposes of this deduction a boat or a mobile home used on a transient basis shall not be treated as a qualified second residence of the taxpayer.
Law· HJRESH.J.Res. 395 (100th)enacted
United States · United States Congress · 29 October 1987
Makes continuing appropriations for FY 1988 for programs, projects, or activities as provided for in the following Acts as passed by the House of Representatives: (1) the Departments of Commerce, Justice, and State, the Judiciary, and Related Agencies Appropriations Act, 1988; (2) the District of Columbia Appropriations Act, 1988; (3) the Energy and Water Development Appropriations Act, 1988; (4) the Department of Housing and Urban Development-Independent Agencies Appropriations Act, 1988; (5) the Department of the Interior and Related Agencies Appropriations Act, 1988; (6) the Departments of Labor, Health and Human Services, and Education, and Related Agencies Appropriations Act, 1988; (7) the Legislative Branch Appropriations Act, 1988; (8) the Military Construction Appropriations Act, 1988; (9) the Department of Transportation and Related Agencies Appropriations Act, 1988; and (10) the Department of Treasury, Postal Service, and General Government Appropriations Act, 1988. Makes continuing appropriations for FY 1988 for programs, projects, or activities as provided for in the following Acts as reported to the House: (1) the Department of Defense Appropriations Act, 1988; (2) the Foreign Operations, Export Financing and Related Programs Appropriations Act, 1988; and (3) the Rural Development, Agriculture, and Related Agencies Appropriations Act, 1988. Makes appropriations in such amounts as may be necessary for continuing the following activities, not otherwise provided for in this joint resolution, which were conducted in FY 1987, under the terms and conditions provided in applicable appropriations Acts for FY 1987, at the current rate: (1) activities authorized by the Older Americans Act; (2) dislocated worker assistance programs authorized by the Job Training Partnership Act; (3) activities authorized by the Public Health Service Act and the Anti-Drug Abuse Act of 1986; (4) Work Incentives activities authorized under the Social Security Act; (5) child abuse and adoption opportunities activities authorized by the Child Abuse Prevention and Treatment Act and other specified Acts; (6) activities authorized by the Family Violence Prevention and Services Act; (7) activities authorized by the Developmental Disabilities and Assistance and Bill of Rights Act; (8) activities authorized by the Native American Programs Act; (9) activities of the United States Mint in the Department of the Treasury; and (10) activities of the White House Conference on Drug Abuse and Control in the Executive Office of the President. Makes appropriations and grants authority under this joint resolution from November 20, 1987, until: (1) enactment into law of an appropriation for any project or activity provided for in this resolution; (2) enactment of the applicable appropriations Act by both Houses without any provision for such project or activity; or (3) September 30, 1988, whichever first occurs. Allows appropriations required to be apportioned to be apportioned on a basis that indicates the need for a deficiency or supplemental appropriation to the extent necessary to permit payment of such pay increases as may be granted pursuant to law to civilian officers and employees and to retired and active military personnel. Makes appropriations to the U.S. Information Agency's Educational and Cultural Exchange Programs for exchange-related activities associated with the 1990 Goodwill Games. Amends the Immigration and Nationality Act (INA) to prohibit the Immigration and Naturalization Service (INS) from using status adjustment application fees to offset the costs of the special agricultural worker legalization program as long as, during the application period, the INS: (1) excludes from entry or deports aliens and fails to grant admission to the United States, work authorization, and an "employment authorized" endorsement or other appropriate work permit to any alien who presents a nonfrivolous application for adjustment of status; or (2) fails to permit any alien who presents a nonfrivolous application for adjustment of status to file such an application. Defines "nonfrivolous" application. Prohibits the use of funds appropriated in this or any other Act to deport or otherwise require departure from the United States of an alien who either is the spouse of a legalized person through a marriage entered into before November 6, 1986, or was the child of a legalized person as of that date. Appropriates funds in addition to any sums provided under this resolution, to the Commission on the Bicentennial of the Constitution for a grant to the We The People 200 Committee. Prohibits the use of FY 1988 funds for the Small Business Administration for the implementation of the small business set-aside provisions of: (1) the National Defense Authorization Act of 1987; or (2) the Defense Acquisition Improvement Act of 1986. Directs the Secretary of the Army to continue with planning, design, engineering, and construction of the Des Moines Recreational River and Greenbelt project. Modifies the project for flood protection on the Lower San Joaquin River, California, authorized by the Flood Control Act, to: (1) authorize the Secretary of the Army to perform specified actions in connection with clearing and snagging on such river from Stockton, California, to the Friant Dam; and (2) increase the estimated cost of such operations. Prohibits the use of funds appropriated under this or any other Act by the Department of the Interior to implement a reorganization of the Bureau of Reclamation. Directs that the McGee Creek Project of the Bureau of Reclamation not be deemed completed until all authorized components of the project are completed. Prohibits the Bureau from transfering title of the project to any other entity, requiring repayment of the project, or permitting refinancing of the project until the project is completed. Earmarks funds available for Energy, Supply, Research and Development Activities for grants for the Loma Linda University Medical Center Proton-Beam Demonstration Cancer Treatment Center and the Center for Physical and Environmental Science at East Central University, Ada, Oklahoma. Authorizes the Federal Energy Regulatory Commission (FERC) to extend the time period required for commencement of Construction Project No. 4506 for an additional two years upon application by the licensee if FERC determines that an additional extension is warranted under the Federal Power Act. Rescinds specified funds made available in FY 1985 and 1986 for expenses necessary to enable the President to carry out credit sale provisions of the Arms Export Control Act for the Republic of Korea. Amends the Foreign Operations, Export Financing and Related Programs Appropriations Act, 1988, to provide that, notwithstanding specified restrictions and numerical limitations specified in the INA, the Attorney General may admit qualified aliens if they are admissible as immigrants and they are issued an immigrant visa and depart from Vietnam during the two-year period beginning 90 days after the enactment of this Act. Permits the Attorney General to waive specified restrictions with respect to such aliens for humanitarian purposes, to assure family unity, or when it is otherwise in the public interest. Makes immigrant visas issued to such aliens valid for a period of eight months. Includes as a qualified alien an alien who, as of the date of the enactment of this Act, is residing in Vietnam and establishes, to the satisfaction of a consular or INS officer after a face-to-face interview, that the alien: (1) was born between January 1, 1962, and January 1, 1976, and was fathered by a U.S. citizen (a principal alien); (2) is the spouse or child of a principal alien and is accompanying, or following to join, the principal alien; or (3) subject to restrictions, is the principal alien's natural mother (or the spouse or child of such mother), or has acted in effect as the principal alien's mother, father, or next-of-kin (or is the spouse or child of such an alien), and is accompanying, or following to join, the principal alien. Requires the Attorney General to report to the Congress each of the next three years on the number of aliens granted visas and admitted and the number of waivers granted under this Act. Amends the Housing Act of 1937 to extend the period in which grantee rehabilitation activities must commence for purposes of rental rehabilitation and development grants from 36 to 48 months. Directs that any cooperative bank established under the law of any State which was directed by the State banking authority to obtain Federal deposit insurance between January 1, 1985, and January 1, 1987, be deemed an insured institution within the meaning of the Federal Home Loan Bank Act. Prohibits the use of funds for preparing necessary documentation for and issuance of a special use authorization permitting land use and occupancy and surface disturbing activities for any project to be constructed on Lewis Fork Creek in Madera County, California, at the site above, and adjacent to, Corlieu Falls bordering the Lewis Fork Creek National Recreation Trail, until a study is completed and submitted to the Congress: (1) by the U.S. Forest Service and the California Department of Parks and Recreation regarding the project's impact on the aesthetics of Corlieu Falls, together with a finding that the Lewis Fork Creek project will not substantially impact the flow at Corlieu Falls; and (2) by the U.S. Forest Service concerning the project's impact on the Chukchansi Indian Tribe, together with a finding that there will be no impact on the tribe's adjacent sacred hot springs. Authorizes the Secretary of Agriculture to conduct activities, except for urban rodent control, and to enter into agreements with States, local jurisdictions, individuals, and public and private organizations in the control of nuisance mammals and birds, and those that are reservoirs for zoonotic diseases, and to deposit any money collected under such agreements into the appropriation accounts, to be expended for Animal Damage Control activities. Excludes the Virginia Street Bridge in Charleston, West Virginia, from provisions requiring the apportionment of Federal highway funds for bridge rehabilitation or replacement. Authorizes appropriations and appropriates funds for a highway bypass project in the vicinity of Petoskey, Michigan. Earmarks funds to continue full postal service to the people of Holly Springs, including remodeling of a U.S. Post Office building in Holly Springs, Mississippi. Prohibits using funds made available under this Act to make a contract for the manufacture of distinctive paper for U.S. currency or securities, or to procure paper for passports, if such paper is manufactured outside of the United States or its possessions, or is procured from any corporation or other entity owned or controlled by non-U.S. citizens. (Makes an exception where no domestic manufacturer for such paper exists). Provides for interest on back pay awarded to Federal employees. Directs the Administrator of the General Services Administration to initiate the planning process necessary to design and construct a facility for the Social Security Administration in Wilkes-Barre, Pennsylvania. Increases the pay for Federal employees for FY 1988 by three percent, effective January 1, 1988. Limits amounts appropriated to provide for such adjustment to 35 percent of the increase in total pay for FY 1988.
Law· HJRESH.J.Res. 394 (100th)enacted
United States · United States Congress · 29 October 1987
Extends the deadline for availability of certain continuing appropriations for FY 1988 until November 20, 1987.
Resolution· HRESH.Res. 298 (100th)passed
United States · United States Congress · 29 October 1987
Sets forth the rule for the consideration of H.R. 3545 (budget reconciliation).
Bill· SS. 1825 (100th)referred
United States · United States Congress · 28 October 1987
Repeals provisions of the Tax Reform Act of 1986 relating to the taxation of both individual and corporate capital gains. Provides that the Internal Revenue Code shall be applied and administered as if such provisions had not been enacted. (The capital gains tax rate for corporations would generally be 28 percent.) Amends the Internal Revenue Code to revise the method of calculating the deduction for capital gains of noncorporate taxpayers. Allows a capital gains deduction equal to: (1) 100 percent for assets held five years or longer; (2) 60 percent for assets held for between three and five years; and (3) 40 percent for assets held for between one and three years. Amends the Deficit Reduction Act of 1984 to increase the holding period required for long-term capital gain tax treatment of property acquired after 1986.
Bill· HRH.R. 3570 (100th)open
United States · United States Congress · 28 October 1987
Education Savings Act of 1987 - Amends the Internal Revenue Code to permit an income tax exclusion to a taxpayer who transfers a qualified U.S. savings bond to an eligible institution of higher education or vocational school to pay the higher education expenses (tuition, fees, books, supplies, and equipment) of the taxpayer, spouse, or dependent. Excludes from gross income the lesser of: (1) the otherwise taxable amount involved in the transfer; or (2) the amount of the relevant higher education expenses. Phases out the permissible exclusion in the case of taxpayers having adjusted gross income of $75,000 or more, disallowing it entirely when income exceeds $150,000. Directs the Secretary of the Treasury to advise the general public of the program established by this Act. Amends Federal law to permit: (1) the type of transfer of U.S. savings bonds that would be necessary to effect the tax exclusions described in this Act; and (2) redemption of such bonds by recipient institutions.
Bill· HRH.R. 3561 (100th)referred
United States · United States Congress · 28 October 1987
Amends the Internal Revenue Code to: (1) raise from $5,000,000 to $25,000,000 the threshold amount of tax-exempt bonds that a small governmental unit may issue and still remain within the exception from arbitrage rebate requirements; and (2) increase from ten percent to 25 percent the amount of tax-exempt government bond proceeds that may be used by a nongovernmental entity for private purposes without triggering treatment of the bond issue as a taxable private activity bond. Limits the latter provision to governmental issuers whose reasonably anticipated amount of tax-exempt obligations to be issued during the calendar year is $25,000,000 or less. Caps at $25,000,000 the amount of bonds to which the issuer may apply the 25 percent private use test in any year.