Making Work Requirements Work Act of 1996

Summary

TABLE OF CONTENTS: Title I: Grants to States for Operation of Work Programs Title II: Revenue Offsets Subtitle A: Corporate Reforms Subtitle B: Foreign Provisions Subtitle C: Accounting Provisions Title III: Repeal of Prototype Demonstration of Advanced Nuclear Reactor Technology Making Work Requirements Work Act of 1996 - Title I: Grants Grants to States for Operation of Work Programs - Amends title IV (Temporary Assistance for Needy Families) (TEA) of the Social Security Act, as amended by the Personal Responsibility and Work Opportunity Reconciliation Act of 1996, to establish a program of supplemental grants to States for operation of work programs. Makes appropriations for such grants for FY 1997 through 2002. Title II: Revenue Offsets - Amends the Internal Revenue Code in various ways to provide revenue offsets under subtitles A, B, and C. Subtitle A: Corporate Reforms - Repeals the percentage depletion allowance for certain nonfuel minerals mined on Federal lands. Subtitle B: Foreign Provisions - Revises the definition of foreign personal holding company income which is includable in gross income to include net income from notional principal contracts (except for dealers) as well as payments in lieu of dividends. Modifies foreign tax credit carryback and carryover periods to eliminate the second carryback year and add sixth and seventh carryover years. Modifies foreign tax credit rules applicable to dual capacity taxpayers state that certain amounts paid or accrued to a foreign country or U.S. possession shall not be considered a tax. Revises rules relating to foreign oil and gas income to: (1) provide for separate basket treatment for foreign tax credits; and (2) eliminate deferral for foreign oil and gas extraction income. Subtitle C: Accounting Provisions - Prohibits suspense accounts for family corporations required to use the accrual method of accounting. Requires a ten-year phase-out of existing accounts. Title III: Repeal of Prototype Demonstration of Advanced Nuclear Reactor Technology - Amends the Energy Policy Act of 1992 to repeal the mandate and authorization of appropriations for: (1) commercialization of advanced light water reactor technology; and (2) the prototype demonstration program for advanced nuclear reactor technology.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 2 August 1996

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• Introduced in House (PDF)

  Introduced in House · EN · 2 August 1996

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• Introduced in House

  summary · EN · 2 August 1996

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