Economic Resurgence and Jobs for America Act

Summary

TABLE OF CONTENTS: Title I: Investment Tax Credit Title II: Capital Gains Tax Reduction Title III: Incentives For Redevelopment of Closed Military Bases Title IV: Use of Transferred Defense Funds For Provision of Services to Certain Dislocated Defense Workers Under Job Training Partnership Act Economic Resurgence and Jobs for America Act - Title I: Investment Tax Credit - Amends the Internal Revenue Code to reinstate a five-percent investment tax credit for property placed in service after December 31, 1992. Repeals provisions of the Revenue Reconciliation Act of 1990 concerning the elimination of expired or obsolete investment tax credit provisions. Title II: Capital Gains Tax Reduction - Amends the Internal Revenue Code to reduce the individual and corporate capital gains rate from 34 percent to 15 percent. Reduces such tax to 7.5 percent for low- and middle-income taxpayers. Provides for the phaseout of personal exemptions and the overall limitation on itemized deductions to take into account adjusted gross income which has been reduced by net capital gain. Requires indexing, based on the gross national product deflator, of the adjusted basis of certain assets (corporate stock and tangible property that is a capital asset of property used in a trade or business) that have been held for more than one year at the time of sale or other transfer, solely for the purpose of determining gain or loss. Provides for indexing the limitation on capital losses of noncorporate taxpayers. Title III: Incentives for Redevelopment of Closed Military Bases - Excludes from gross income 100 percent of any qualified capital gain recognized on the sale or exchange of a qualified closed base asset held for more than five years. Excludes property acquired after November 30, 1997. Excludes rental real estate activity near a closed base from passive loss rules. Increases the deduction for expensing depreciable business assets in the case of a closed base business. Treats loss on a closed base asset as an ordinary loss. Provides special rules for redevelopment bonds that provide financing for closed military bases. Imposes penalties in cases of loans made to businesses that cease to be closed based businesses. Title IV: Use of Transferred Defense Funds for Provision of Services to Certain Dislocated Defense Workers Under Job Training Partnership Act - Amends the Job Training Partnership Act to require the use of defense funds in the program for employment and training assistance to individuals who have been terminated, laid off, or so notified, due to a closure of a military base. Provides for the transfer of defense reinvestment and economic growth funds for such program.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 10 June 1993

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• Introduced in House (PDF)

  Introduced in House · EN · 10 June 1993

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• Introduced in House

  summary · EN · 10 June 1993

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