Revenue Act of 1992

Summary

Enterprise Zone Tax Incentives Act of 1991 - Declares it to be the purpose of this Act to establish a demonstration program of providing incentives for the creation of tax enterprise zones in order to: (1) revitalize economically and physically distressed areas; (2) promote meaningful employment for zone residents; and (3) encourage individuals to reside in the zones in which they are employed. Title I: Designation and Tax Incentives - Amends the Internal Revenue Code to provide for the designation of tax enterprise zones by the Secretary of Housing and Urban Development during calendar years 1992 through 1995. Sets forth eligibility criteria for rural areas. Sets forth the eligibility criteria for such designation, including: (1) a population of not less than 4,000; (2) pervasive poverty, unemployment, and general distress; (3) a high unemployment rate; and (4) a required course of action designed to reduce the various burdens borne by employers or employees in the area. Provides that a course of action under private entities may not be federally funded and may include: (1) a reduction of tax rates or fees; (2) an increase in public services; (3) a reduction in government paperwork requirements; (4) business community commitments to provide jobs and job training; (5) special preference to minority contractors; (6) gifts of land for the operation of neighborhood businesses; (7) pooled health insurance; (8) loans by local financial institutions for business start-ups; and (9) special preference to low-income housing projects and private activity bonds. Allows an enterprise zone employment credit to small employers as a general business credit of ten percent of the qualified zone wages paid plus qualified zone employee health insurance costs. Allows such credit for the first five years of the employee's employment. Makes the rehabilitation credit available for buildings in the tax enterprise zone that are at least 30 years old. Allows a 60-month amortization period (in lieu of depreciation) for child care facilities. Allows the deferral of capital gain for ten years if the gain is reinvested in tax enterprise zone property. Limits the dollar amount of deferred gain. Declares that loss on any qualified zone corporate investment shall be treated as an ordinary loss. Sets forth limitations on the aggregate amounts of zone incentives to be allocated by the governmental official responsible for making such allocations in the tax enterprise zone. Allows for purposes of the low-income housing credit any parts of low-income rental buildings that are used for child care centers for children of zone residents to be included in the basis for such credit. Title II: Establishment of Foreign-Trade Zones in Tax Enterprise Zones - Requires enterprise zones to receive priority in the designation of foreign trade zones. Title III: Studies - Requires the Secretary of the Treasury and the Comptroller General each to report to the House Committee on Ways and Means and the Senate Committee on Finance on the effectiveness of the incentives provided by this Act in achieving its purposes.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 3 January 1991

   Introduced

   Introduced in House

   Source: IntroReferral

2. 3 January 1991

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

3. 3 January 1991

   Introduced

   Introduced in House

   Source: IntroReferral

4. 24 April 1991

   Referred

   Referred to the Subcommittee on Select Revenue Measures.

   Source: Committee

5. 25 June 1991

   Committee

   Subcommittee Hearings Held.

   Source: Committee

6. 11 July 1991

   Committee

   Subcommittee Hearings Held.

   Source: Committee

7. 25 June 1992

   Reported

   Ordered to be Reported (Amended) by Voice Vote.

   Source: Committee

8. 25 June 1992

   Committee

   Committee Consideration and Mark-up Session Held.

   Source: Committee

9. 30 June 1992

   Calendars

   Placed on the Union Calendar, Calendar No. 348.

   Source: Calendars

10. 30 June 1992

    Reported

    Reported (Amended) by the Committee on Ways and Means. H. Rept. 102-631.

    Source: Committee

11. 30 June 1992

    Reported

    Reported (Amended) by the Committee on Ways and Means. H. Rept. 102-631.

    Source: Committee

12. 2 July 1992

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: Floor

13. 2 July 1992

    Vote

    On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays (2/3 required): 356 - 55 (Roll No. 268).

    Source: Floor

14. 2 July 1992

    Vote

    Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays (2/3 required): 356 - 55 (Roll No. 268).

    Source: Floor

15. 2 July 1992

    Floor

    DEBATE - The House proceeded with forty minutes of debate.

    Source: Floor

16. 2 July 1992

    Floor

    Considered under suspension of the rules.

    Source: Floor

17. 2 July 1992

    Floor

    Mr. Rostenkowski moved to suspend the rules and pass the bill, as amended.

    Source: Floor

18. 21 July 1992

    Introduced

    Received in the Senate and read twice and referred to the Committee on Finance.

    Source: IntroReferral

19. 29 July 1992

    Reported

    Committee on Finance. Ordered to be reported with an amendment in the nature of a substitute favorably.

    Source: Committee

20. 3 August 1992

    Calendars

    Placed on Senate Legislative Calendar under General Orders. Calendar No. 590.

    Source: Calendars

21. 3 August 1992

    Reported

    Committee on Finance. Reported to Senate by Senator Bentsen with an amendment in the nature of a substitute. Without written report.

    Source: Committee

22. 3 August 1992

    Reported

    Committee on Finance. Reported to Senate by Senator Bentsen with an amendment in the nature of a substitute. Without written report.

    Source: Committee

23. 11 August 1992

    Floor

    Measure laid before Senate by unanimous consent.

    Source: Floor

24. 12 August 1992

    Floor

    Considered by Senate.

    Source: Floor

25. 23 September 1992

    Floor

    Considered by Senate.

    Source: Floor

26. 24 September 1992

    Floor

    Considered by Senate.

    Source: Floor

27. 25 September 1992

    Floor

    Considered by Senate.

    Source: Floor

28. 26 September 1992

    Floor

    Considered by Senate.

    Source: Floor

29. 29 September 1992

    ResolvingDifferences

    Senate insists on its amendments, asks for a conference, appoints conferees Bentsen; Moynihan; Baucus; Boren; Mitchell; Pryor; Packwood; Dole; Roth; Danforth; Chafee.

    Source: ResolvingDifferences

30. 29 September 1992

    Floor

    Considered by Senate.

    Source: Floor

31. 29 September 1992

    Vote

    Passed/agreed to in Senate: Passed Senate with amendments by Yea-Nay Vote. 70-29. Record Vote No: 249.

    Source: Floor

32. 30 September 1992

    ResolvingDifferences

    Mr. Archer moved that the House instruct conferees.

    Source: ResolvingDifferences

33. 30 September 1992

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: ResolvingDifferences

34. 30 September 1992

    ResolvingDifferences

    The Speaker appointed conferees - from the Committee on Ways and Means for consideration of the House bill, and the Senate amendment, and modifications committed to conference: Rostenkowski, Gibbons, Pickle, Rangel, Stark, Archer, Vander Jagt, and Crane.

    Source: ResolvingDifferences

35. 30 September 1992

    Passed

    On motion that the House disagree to the Senate amendment, and agree to a conference Agreed to without objection.

    Source: ResolvingDifferences

36. 30 September 1992

    ResolvingDifferences

    The previous question was ordered without objection.

    Source: ResolvingDifferences

37. 30 September 1992

    Floor

    DEBATE - The House proceeded with one hour of debate on the Archer motion to instruct conferees. The instructions contained in the motion require the managers on the part of the House to disagree to sections 3102 and 3103 of the Senate amendment, which provide for extension of phaseout of personal exemption for high-income taxpayers and for the extension of overall limitation on itemized deductions for high-income taxpayers, respectively.

    Source: Floor

38. 30 September 1992

    ResolvingDifferences

    Mr. Rostenkowski asked unanimous consent that the House disagree to the Senate amendment, and agree to a conference.

    Source: ResolvingDifferences

39. 30 September 1992

    Floor

    Message on Senate action sent to the House.

    Source: Floor

40. 2 October 1992

    Floor

    Message on House action received in Senate.

    Source: Floor

41. 2 October 1992

    ResolvingDifferences

    The Speaker appointed additional conferees - from the Committee on Agriculture for consideration of secs. 7123, 7126 and title VIII of the House bill, and secs. 7171 and 7173 and title VIII of the Senate amendment, and modifications committed to conference: de la Garza, Tallon, and Coleman (MO).

    Source: ResolvingDifferences

42. 4 October 1992

    Passed

    Conferees agreed to file conference report.

    Source: ResolvingDifferences

43. 4 October 1992

    Passed

    Conference committee actions: Conferees agreed to file conference report.

    Source: ResolvingDifferences

44. 5 October 1992

    Floor

    DEBATE - The House resumed debate on the conference report on H.R. 429.

    Source: Floor

45. 5 October 1992

    ResolvingDifferences

    Conference report H. Rept. 102-1034 filed.

    Source: ResolvingDifferences

46. 5 October 1992

    ResolvingDifferences

    Conference report filed: Conference report H. Rept. 102-1034 filed.

    Source: ResolvingDifferences

47. 6 October 1992

    Floor

    Cloture motion on the conference report presented in Senate.

    Source: Floor

48. 6 October 1992

    ResolvingDifferences

    Conference papers: Senate report and managers' statement and message on House action held at the desk in Senate.

    Source: ResolvingDifferences

49. 6 October 1992

    Vote

    On agreeing to the conference report Agreed to by the Yeas and Nays: 208 - 202 (Roll no. 482).

    Source: ResolvingDifferences

50. 6 October 1992

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: ResolvingDifferences

51. 6 October 1992

    Vote

    Conference report agreed to in House: On agreeing to the conference report Agreed to by the Yeas and Nays: 208 - 202 (Roll no. 482).

    Source: ResolvingDifferences

52. 6 October 1992

    ResolvingDifferences

    The previous question was ordered without objection.

    Source: ResolvingDifferences

53. 6 October 1992

    Floor

    DEBATE - The House proceeded with one hour of debate on the conference report.

    Source: Floor

54. 6 October 1992

    ResolvingDifferences

    Mr. Rostenkowski brought up conference report H. Rept. 102-1034 for consideration under the provisions of H. Res. 609.

    Source: ResolvingDifferences

55. 6 October 1992

    Passed

    Rule H. Res. 609 passed House.

    Source: Floor

56. 6 October 1992

    Reported

    Rules Committee Resolution H. Res. 609 Reported to House. Rule provides for consideration of the conference report to H.R. 11. All points of order against the conference report and against its consideration shall be waived. The Conference report shall be considered as read when called up.

    Source: Floor

57. 8 October 1992

    ResolvingDifferences

    Conference report considered in Senate.

    Source: ResolvingDifferences

58. 8 October 1992

    Vote

    Conference report agreed to in Senate: Senate agreed to conference report by Yea-Nay Vote. 67-22. Record Vote No: 270.

    Source: ResolvingDifferences

59. 8 October 1992

    Vote

    Cloture on the conference report invoked in Senate by Yea-Nay Vote. 80-10. Record Vote No: 268.

    Source: Floor

60. 13 October 1992

    Floor

    Message on Senate action sent to the House.

    Source: Floor

61. 24 October 1992

    Floor

    Presented to President.

    Source: Floor

62. 24 October 1992

    President

    Presented to President.

    Source: President

63. 5 November 1992

    President

    Pocket Vetoed by President.

    Source: President

64. 5 November 1992

    President

    Pocket Vetoed by President.

    Source: President

Votes

Versions

• Engrossed Amendment Senate · — · Download file
• Engrossed in House · — · Download file
• Enrolled Bill · — · Download file
• Introduced in House · — · Download file
• Referred in Senate · — · Download file
• Reported in House · — · Download file
• Reported to Senate · — · Download file

Documents

10 official files

• Reported to Senate (text)

  Reported to Senate · EN

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• Reported in House (text)

  Reported in House · EN

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• Referred in Senate (text)

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• Introduced in House (text)

  Introduced in House · EN

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• Enrolled Bill (text)

  Enrolled Bill · EN

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• Engrossed in House (text)

  Engrossed in House · EN

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  Vertaal document

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• Engrossed Amendment Senate (text)

  Engrossed Amendment Senate · EN

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• Conference report filed in House

  summary · EN · 5 October 1992

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• Passed House amended

  summary · EN · 2 July 1992

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• Introduced in House

  summary · EN · 3 January 1991

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Sponsors

• Rep. Rostenkowski, Dan [D-IL-8] · D · Sponsor
• Rep. Rangel, Charles B. [D-NY-15] · D · Sponsor
• Rep. Archer, Bill [R-TX-7] · R · Sponsor
• Rep. Stark, Fortney Pete [D-CA-13] · D · Sponsor
• Rep. Jacobs, Andrew, Jr. [D-IN-10] · D · Sponsor
• Rep. Ford, Harold E. [D-TN-9] · D · Sponsor
• Rep. Matsui, Robert T. [D-CA-5] · D · Sponsor
• Rep. Kennelly, Barbara B. [D-CT-1] · D · Sponsor
• Rep. Coyne, William J. [D-PA-14] · D · Sponsor
• Rep. Andrews, Michael [D-TX-25] · D · Sponsor
• Rep. Moody, Jim [D-WI-5] · D · Sponsor
• Sen. Cardin, Benjamin L. [D-MD] · D · Sponsor
• Rep. McDermott, Jim [D-WA-7] · D · Sponsor
• Rep. Vander Jagt, Guy [R-MI-9] · R · Sponsor
• Rep. McGrath, Raymond J. [R-NY-5] · R · Sponsor
• Rep. Sundquist, Don [R-TN-7] · R · Sponsor
• Rep. Johnson, Nancy L. [R-CT-5] · R · Sponsor
• Sen. Dorgan, Byron L. [D-ND] · D · Cosponsor
• Rep. Machtley, Ronald K. [R-RI-1] · R · Cosponsor
• Rep. Serrano, Jose E. [D-NY-15] · D · Cosponsor
• Rep. Stearns, Cliff [R-FL-6] · R · Cosponsor
• Rep. Rahall, Nick J., II [D-WV-3] · D · Cosponsor
• Rep. McCloskey, Frank [D-IN-8] · D · Cosponsor
• Rep. Shays, Christopher [R-CT-4] · R · Cosponsor
• Rep. Sharp, Philip R. [D-IN-2] · D · Cosponsor
• Rep. Zimmer, Dick [R-NJ-12] · R · Cosponsor
• Rep. DeLauro, Rosa L. [D-CT-3] · D · Cosponsor
• Rep. Mfume, Kweisi [D-MD-7] · D · Cosponsor
• Rep. Morrison, Sid [R-WA-4] · R · Cosponsor
• Rep. Gejdenson, Sam [D-CT-2] · D · Cosponsor
• Rep. Darden, George (Buddy) [D-GA-7] · D · Cosponsor
• Rep. Neal, Stephen L. [D-NC-5] · D · Cosponsor
• · ssfi00 · Standing
• · hswm00 · Standing

Related records

• related to → Expressing the sense of the House of Representatives with respect to legislation relating to the amortization of goodwill and certain other intangibles.
• related to → Enterprise Zone Jobs-Creation Act of 1991
• related to → Waiving points of order against the conference report to accompany the bill (H.R. 11) to amend the Internal Revenue Code of 1986 to provide tax incentives for the establishment of tax enterprise zones, and for other purposes, and against the consideration of such conference report.
• related to ← Recreational Boat User Fee Relief Act
• related to ← To amend the Internal Revenue Code of 1986 to clarify that amounts paid to acquire certain intangible items are treated as being paid for goodwill.
• related to ← To make a technical amendment to the Mount Rushmore Commemorative Coin Act to conform to the intent of Congress.
• related to ← Trade Agreements Compliance Act of 1991
• related to ← To provide that for taxable years beginning before 1980 the Federal income tax deductibility of flight training expenses shall be determined without regard to whether such expenses were reimbursed through certain veterans educational assistance allowances.
• related to ← To amend the Internal Revenue Code of 1986 to repeal the taxation of social security and tier 1 railroad retirement benefits.
• related to ← Intangibles Amortization Clarification Act of 1991
• related to ← Sewer and Water Fee Deductibility Act of 1991

Showing 11 of 131 related records.