Miscellaneous Tax Provisions Extension Act of 1985

Summary

Miscellaneous Tax Provisions Extension Act of 1985 - Amends the Internal Revenue Code to extend the income tax credit for increasing research activities from December 31, 1985, until July 31, 1986. Reduces the amount of such credit from 25 percent to 20 percent of such expenditures. Allows such credit for basic research payments to qualified organizations. Revises certain definitions and special rules related to such credit. Extends the targeted jobs income tax credit from December 31, 1985, until July 31, 1986. Reduces the amount of such credit from the sum of 50 percent of first year wages and 25 percent of second year wages to 40 percent of first year wages. Requires that an individual must be employed for at least 14 days in order to be taken into account for such credit. Extends from December 31, 1985, until August 1, 1986, the income tax exclusions for educational assistance programs and group legal plans. Extends from December 31, 1985, until July 31, 1986, provisions relating to the awarding of attorney's fees to a prevailing taxpayer in Federal tax cases. Extends the increase in the excise tax on cigarettes until August 1, 1986. Extends from December 31, 1985, until July 31, 1986, the moratorium of specified net operating loss carryover rules. Revises special rules concerning the allocation of research and experimental expenditures to income from sources within the United States. Extends such rules from August 1, 1985, until August 1, 1986. Extends until July 31, 1986, the special rules relating to the filing of tax returns and payment of taxes by spouses of individuals missing in action during the Vietnam conflict. Provides a limited tax exclusion for the value of lodging furnished by certain educational institutions to employees. Specifies that such exclusion shall be effective until August 1, 1986. Extends from December 31, 1985, until August 1, 1986, the income tax deduction for expenditures to remove architectural and transportation barriers to the handicapped and elderly. Extends until August 1, 1986, the residential energy tax credit for solar renewable energy source expenditures. Extends the energy investment tax credit for solar and geothermal property until July 31, 1986. Extends until July 31, 1986, the reduction in the excise tax on fuel used by taxicabs.

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Timeline

1. 19 December 1985

   Committee

   See H.R.3128.

   Source: Committee

2. 19 December 1985

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

3. 19 December 1985

   Failed

   Unanimous Consent Request to Consider Measure Rejected in House.

   Source: Calendars

4. 19 December 1985

   Reported

   Rules Committee Resolution H.Res.350 Reported to House.

   Source: Floor

5. 19 December 1985

   Floor

   Committee on Rules Granted a Rule Providing One Hour of Debate; Waiving all Points of Order Against Consideration of the of the Bill.

   Source: Floor

6. 19 December 1985

   Introduced

   Introduced in House

   Source: IntroReferral

7. 19 December 1985

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 19 December 1985

  Open at official source

Sponsors

• Rep. Rostenkowski, Dan [D-IL-8] · D · Sponsor
• · hswm00 · Standing

Related records

• related to → Consolidated Omnibus Budget Reconciliation Act of 1985
• related to → A resolution providing for the consideration of the bill (H. R. 3992) to amend the Internal Revenue Code of 1954 to extend for a temporary period certain tax provisions which would otherwise expire at the end of 1985, and for other purposes.