To amend certain provisions of the Internal Revenue Code of 1986 to simplify the application of such provisions.

Summary

Title I: Provisions Relating to Individuals - Amends the Internal Revenue Code to repeal the supplemental young child credit and increase the earned income credit. Sets forth a two-year residence rule for taxpayers who sell a residence pursuant to a divorce or marital separation for purposes of determining the rollover of gain on the sale of a principal residence. Provides an exception to the passive loss rules if the loss does not exceed $200. Title II: Tax-Exempt Bond Provisions - Repeals the five-percent disproportionate private business use test for private activity bonds. Changes from $5,000,000 or less to $10,000,000 or less the exception from rebate requirements for governmental units issuing bonds. Removes the limitation on investment in nonpurpose investments for arbitrage bonds. Provides an exception from rebate requirements after an initial temporary period. Title III: Administrative Provisions - Subtitle A: Deposit Requirements - Includes railroad retirement taxes under rules for deposits of social security and withheld income taxes. Revises such rules to change required days of deposits, take into account small depositors, and provide a safe harbor for depositors with a shortfall. Amends the Railrad Retirement Solvency Act of 1983 to conform to such revisions. Subtitle B: Provisions Related to Corporate Estimated Taxes - Revises the rules on required installments of estimated income tax by corporations where such corporations have no tax liability for a preceding year. Subtitle C: Miscellaneous Provisions - Allows corporations to disregard any letter or notice of assessment or proposed assessment of tax if the deficiency or proposed deficiency is less than $100,000. Title IV: Modification of Estate and Gift Tax Marital Deduction - Revises provisions concerning estate bequests to a surviving spouse to declare that a 'specific portion' of such estate only includes a portion determined on a fractional or percentage basis.

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Documents

2 official files

• Introduced in House (text)

  Introduced in House · EN

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• Introduced in House

  summary · EN · 26 June 1991

  Open at official source

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