Real Jobs for America Act of 1993

Summary

TABLE OF CONTENTS: Title I: Investment and Savings Incentives Subtitle A: Reductions in Cost of Capital and Tax Penalties on Investment Subtitle B: Investment in Business Subtitle C: Increased Savings Through Individual Retirement Accounts Subtitle D: Incentives for Private Businesses to Hire New Employees Title II: Deficit Reductions Subtitle A: Extension of the Caps on Discretionary Spending Subtitle B: Spending Cuts Real Jobs for America Act of 1993 - Title I: Investment and Savings Incentives - Subtitle A: Reductions in Cost of Capital and Tax Penalties on Investment - Amends the Internal Revenue Code to require indexing of certain assets (corporate stock, certain tangible property, and a principal residence) that have been held for more than three years at the time of sale or other transfer, solely for the purpose of determining gain or loss. Modifies the method of determining the depreciation deduction for certain personal property placed in service after June 30, 1993. Eliminates the depreciation adjustment for computing adjusted current earnings for such property. Subtitle B: Investment in Small Business - Increases the dollar limitation, with an inflation adjustment, on the deduction for expensing depreciable business assets. Subtitle C: Increased Savings Through Individual Retirement Accounts - Removes the limitation on the retirement savings deduction for active participants in certain pension plans. Provides a cost-of-living adjustment for such deduction. Allows individuals to establish individual retirement plus accounts with tax treatment similar to that for individual retirement plans. Makes contributions to such accounts nondeductible. Allows distributions from certain retirement plans without penalty to purchase first homes, pay higher education expenses and financially devastating medical expenses, and assist certain unemployed individuals. Treats certain disaster victims as first-time homebuyers. Requires contributions to an individual retirement plan (other than an individual retirement plus account) to be held for five years prior to distribution. Subtitle D: Incentives for Private Businesses to Hire New Employees - Allows employers a refundable credit for the employment taxes paid on the qualified wages of new employees hired during July 1, 1993, and June 30, 1994. Repeals the luxury excise tax on passenger vehicles, boats, aircraft, jewelry, and furs. Exempts from such tax parts for accessories installed for use on passenger vehicles by disabled individuals. Provides for the treatment of rental and nonrental real estate activities under the limitation on losses from passive activities. Title II: Deficit Reductions - Subtitle A: Extension of the Caps on Discretionary Spending - Reduces discretionary spending limits for the defense, international, and domestic categories for FY 1993 through 1995. Establishes the level of such limits for FY 1996 through 1998. Subtitle B: Spending Cuts - Rescinds a specified amount of budgetary resources for Federal administrative expenses. Eliminates the lump sum retirement benefit for Federal employees unless such employees have a life-threatening affliction or other critical medical condition. Requires employers to report group health plan information on wage forms. Amends title XVIII (Medicare) of the Social Security Act to establish a data bank for the collection of information on Medicare secondary payer situations and health insurance information. Expresses the sense of the Congress that the reductions in discretionary spending required by this Act be achieved by reducing, modifying, eliminating, closing, or terminating specified Federal programs.

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

Timeline

1. 28 May 1993

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 28 May 1993

   Introduced

   Sponsor introductory remarks on measure. (CR S6840-6841, S6846-6848)

   Source: IntroReferral

3. 28 May 1993

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

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Versions

• Introduced in Senate · 28 May 1993 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 28 May 1993

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 28 May 1993

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 28 May 1993

  Open at official source

Sponsors

• Sen. Roth Jr., William V. [R-DE] · R · Sponsor
• Rep. Lott, Trent [R-MS-5] · R · Sponsor
• Sen. Dole, Robert J. [R-KS] · R · Sponsor
• Sen. Simpson, Alan K. [R-WY] · R · Sponsor
• Rep. Cochran, Thad [R-MS-4] · R · Sponsor
• Sen. Nickles, Don [R-OK] · R · Sponsor
• Sen. Mack, Connie, III [R-FL] · R · Sponsor
• Rep. Craig, Larry E. [R-ID-1] · R · Sponsor
• Sen. Bennett, Robert F. [R-UT] · R · Sponsor
• Sen. Hatch, Orrin G. [R-UT] · R · Sponsor
• Sen. Wallop, Malcolm [R-WY] · R · Sponsor
• Sen. Thurmond, Strom [R-SC] · R · Sponsor
• Sen. Stevens, Ted [R-AK] · R · Sponsor
• Sen. Helms, Jesse [R-NC] · R · Sponsor
• Sen. Murkowski, Frank H. [R-AK] · R · Sponsor
• Sen. Burns, Conrad R. [R-MT] · R · Sponsor
• Sen. Coats, Daniel [R-IN] · R · Sponsor
• Rep. Smith, Bob [R-NH-1] · R · Sponsor
• Sen. Faircloth, Lauch [R-NC] · R · Sponsor
• Rep. Gregg, Judd [R-NH-2] · R · Sponsor
• · ssfi00 · Standing

Related records

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