Miscellaneous Revenue Act of 1992

Summary

Amends the Internal Revenue Code to repeal the requirement that less than 30 percent of the gross income of a regulated investment company be derived from the sale or disposition of any of the following which were held for less than three months: (1) stocks or securities; (2) options, futures, or forward contracts (other than those on foreign currencies); or (3) certain foreign currencies. Requires a broker to include on an information return with respect to gross proceeds from any disposition of stock in an open-end regulated investment company: (1) the basis of the stock disposed of; and (2) the portion of gross proceeds attributable to stock held for more than one year and the portion not so attributable (using a first-in, first-out basis). Defines an open-end regulated investment company as one which offers for sale or has outstanding any redeemable security of which it is the issuer. Sets forth special rules for determining the basis of stock in such companies. Disregards amounts included in gross income by reason of any expense reimbursement received by a regulated investment company for purposes of the requirement that at least 90 percent of its income be derived from investments.

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

Timeline

1. 24 June 1991

   Referred

   Referred to the Subcommittee on Select Revenue Measures.

   Source: Committee

2. 24 June 1991

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

3. 24 June 1991

   Introduced

   Introduced in House

   Source: IntroReferral

4. 24 June 1991

   Introduced

   Introduced in House

   Source: IntroReferral

5. 17 September 1991

   Committee

   Subcommittee Hearings Held.

   Source: Committee

6. 20 March 1992

   Committee

   See H.R.4210.

   Source: Committee

7. 9 July 1992

   Committee

   Committee Consideration and Mark-up Session Held.

   Source: Committee

8. 9 July 1992

   Reported

   Ordered Reported Amended in the Nature of a Substitute by Voice Vote.

   Source: Committee

9. 21 July 1992

   Passed

   Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.

   Source: Floor

10. 21 July 1992

    Floor

    DEBATE - The House proceeded with forty minutes of debate.

    Source: Floor

11. 21 July 1992

    Floor

    Considered under suspension of the rules.

    Source: Floor

12. 21 July 1992

    Floor

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

    Source: Floor

13. 21 July 1992

    Calendars

    Placed on the Union Calendar, Calendar No. 369.

    Source: Calendars

14. 21 July 1992

    Reported

    Reported (Amended) by the Committee on Ways and Means. H. Rept. 102-668.

    Source: Committee

15. 21 July 1992

    Reported

    Reported (Amended) by the Committee on Ways and Means. H. Rept. 102-668.

    Source: Committee

16. 21 July 1992

    Passed

    The title of the measure was amended. Agreed to without objection.

    Source: Floor

17. 21 July 1992

    Passed

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

    Source: Floor

18. 21 July 1992

    Passed

    On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.

    Source: Floor

19. 23 July 1992

    Introduced

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

    Source: IntroReferral

20. 5 October 1992

    Committee

    See H.R.11.

    Source: Committee

Votes

No vote records are attached yet.

Versions

• Engrossed in House · undated · Official file
• Introduced in House · undated · Official file
• Referred in Senate · undated · Official file
• Reported in House · undated · Official file

Documents

6 official files

• Reported in House (text)

  Reported in House · EN

  ViewDownloadOpen at official source

• Referred in Senate (text)

  Referred in Senate · EN

  ViewDownloadOpen at official source

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Engrossed in House (text)

  Engrossed in House · EN

  ViewDownloadOpen at official source

• Passed House amended

  summary · EN · 21 July 1992

  Open at official source

• Introduced in House

  summary · EN · 24 June 1991

  Open at official source

Sponsors

• Rep. Rostenkowski, Dan [D-IL-8] · D · Sponsor
• Rep. Andrews, Michael [D-TX-25] · D · Sponsor
• Rep. McGrath, Raymond J. [R-NY-5] · R · Sponsor
• Rep. Anthony, Beryl, Jr. [D-AR-4] · D · Sponsor
• Rep. Kennelly, Barbara B. [D-CT-1] · D · Sponsor
• Rep. Archer, Bill [R-TX-7] · R · Sponsor
• Rep. Thomas, William M. [R-CA-20] · R · Sponsor
• Rep. Russo, Martin A. [D-IL-3] · D · Cosponsor
• · ssfi00 · Standing
• · hswm00 · Standing

Related records

• related to → Revenue Act of 1992
• related to ← Tax Fairness and Economic Growth Act of 1992