Comprehensive Base Closure Reform and Recovery Act of 1992

Summary

Comprehensive Base Closure Reform and Recovery Act of 1992 - Title I: Environmental Restoration At Military Installations To Be Closed - Requires, with respect to each military installation which is on the National Priorities List (for substantial environmental cleanup) under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 and which is to be closed under Federal base closure Acts or otherwise by the Department of Defense (DOD): (1) that at least 75 percent of the environmental remedial action required under Federal law be completed before the installation is closed or substantial reductions in its operations have occurred; and (2) that all of the required remedial action be occurred no later than two years after such installation is closed or substantially reduced. Defines a "substantial reduction" as the reassignment of more than 50 percent of its personnel. Title II: Tax Incentives Relating to Federal Military Base Closures and Realignments - Amends the Internal Revenue Code to treat any former employee of a Federal military installation whose job was terminated by reason of its closing or realignment as a member of a targeted group for purposes of the targeted jobs credit allowed to employers. Reduces the depreciation recapture rate for businesses that acquire buildings on such bases. Increases the amount which may be expensed for the cost of new equipment placed in service. Provides for the treatment of amounts paid as compensation for losses which may be or have been sustained in a private sale of a residence as part of the amount realized on the sale of the residence. Title III: Economic Adjustment and Conversion Assistance - Amends the Defense Economic Adjustment, Diversification, Conversion, and Stabilization Act of 1990 (the Act, for purposes of this title) to direct the Economic Development Administration, in making economic adjustment assistance available under this Act, to ensure that funds are reserved for communities identified as the most substantially and seriously affected by the closure or realignment of a military installation or the curtailment, completion, elimination, or realignment of a major defense contract or subcontract. Extends through FY 1995 the authorization of appropriations under the Act for such economic adjustment assistance. Directs the Secretary of Defense to establish a program to guarantee loans made by approved lenders to civilian DOD employees employed at or in connection with a U.S. military installation to be closed or realigned pursuant to Federal law. Limits to $10,000 per employee the total amount of loans to be guaranteed. Outlines provisions concerning loan guaranty applications and certificates, approved lenders, and guaranteed loan default procedures. Requires the average amount of assistance authorized to be made available by the Secretary to a State or local government directly and adversely affected by the closure of a military installation for planning community adjustments and economic diversification to be at least $250,000 per year during the course of such closure. Amends the Act to extend through FY 1995 the authorization of appropriations for the provision of training, adjustment assistance, and employment services to employees adversely affected by Federal closures of U.S. military installations. Directs the Secretary to convey to an eligible political subdivision of a State or to the State all right, title, and interest of the United States in a military installation closed in such area pursuant to a base closure law. Directs the Secretary, as soon as practicable after an installation has been identified for closure, but in no event later than the date on which the installation is closed, to transmit to the appropriate State and political subdivisions, communities, and counties advance notification of the Secretary's intention to make a conveyance of the property of the installation. Provides the order of priority for the conveyance of property. Directs the Secretary, in addition to real property conveyed, to convey any related personal property appropriate for use by the recipient in connection with use of the real property. Prohibits the payment of any consideration for conveyances under this title. Authorizes the President to waive property conveyance requirements for national security reasons or if the value of the installation is so high that a conveyance would constitute an undue windfall to the community and would not be necessary for its economic recovery. Directs the President to certify such determinations to the Congress with respect to each waiver. Limits the total amounts of waivers authorized. Specifies time periods for such waiver determinations and certifications. Directs the Secretary, prior to and after the conveyance of any real property pursuant to this title, to provide economic adjustment and community planning assistance to communities near the closed military installation until such time as the economic stability of such communities is achieved. Provides funding sources for such assistance from base closure accounts. Authorizes the Secretary and the head of any other Federal department or agency to continue, on or after the date on which the closure of an installation is approved by the President, to obligate funds for making improvements to the property that will facilitate its conveyance and that are consistent with the use to be made of the property by its recipient. Directs the Secretary, in entering into contracts with private entities as part of the closure or realignment of a military installation under a base closure law, including environmental restoration contracts, to give preference to local businesses and small business concerns.

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2 official files

• Introduced in House (text)

  Introduced in House · EN

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• Introduced in House

  summary · EN · 10 March 1992

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