High Value Economic Growth Act of 1993

Summary

TABLE OF CONTENTS: Title I: Economic Growth Incentives Title II: Revenue Offsets Subtitle A: General Provisions Subtitle B: Electromagnetic Spectrum Function Subtitle C: Other Provisions High Value Economic Growth Act of 1993 - Title I: Economic Growth Incentives - Amends the Internal Revenue Code to allow a first-time homebuyer who purchases a principal residence a tax credit for the purchase price of such residence, with limitations. Allows an additional depreciation deduction of 15 percent of the adjusted basis of certain equipment which is acquired in 1993. Requires such deduction to be taken in the taxable year after the year property was placed in service. Allows the special deduction in computing the alternative minimum tax. Allows penalty free-withdrawals from qualified retirement plans during 1992 for: (1) the acquisition costs of a principal residence of a first-time homebuyer who is the taxpayer or the child or grandchild of the taxpayer; or (2) the purchase of a new passenger automobile. Excludes certain rental real estate activities from treatment as a passive activity for purposes of determining passive activity losses and credits. Modifies exceptions to the exclusion of real property acquired by a qualified organization from the meaning of acquisition indebtedness. Applies the meaning of acquisition indebtedness to investments in certain large partnerships where the principal purpose of partnership allocations is not tax avoidance. Repeals the special rule for publicly traded partnerships with respect to the treatment of unrelated business taxable income. Title II: Revenue Offsets - Subtitle A: General Provisions - Amends the Higher Education Technical Amendments of 1991 to eliminate the statute of limitations on the collection of guaranteed student loans. Increases the base tax rate on ozone-depleting chemicals. Eliminates the different rates for initially listed chemicals and newly listed chemicals. Requires dealers in stock or securities to use the mark to market inventory accounting methods. Disallows interest on overpayments when certain refunds have been made. Subtitle B: Electromagnetic Spectrum Function - Emerging Telecommunications Technologies Act of 1993 - Directs the Secretary of Commerce and the Chairman of the Federal Communications Commission (FCC), at least semiannually, to conduct joint spectrum planning meetings with respect to future spectrum needs. Requires a report annually to the President on the meetings and any resulting recommendations. Directs the Secretary to submit to the President a report identifying bands of reallocable frequencies. Sets forth criteria for identifying, and recommending for reassignment, such frequencies. Directs the Secretary to convene a private sector advisory committee to submit to the Secretary, the FCC, and specified congressional committees recommendations for the reform of the process of allocating the electromagnetic spectrum between Federal and non-Federal use. Directs the Secreary, as part of the final report, to include a time-table for the effective dates by which the President shall, within 15 years, withdraw or limit assignments on frequencies specified in the report. Directs the President, after receiving the final report from the Secretary, to provide for the withdrawal or limitation of assignment to U.S. Government stations. Authorizes the President to substitute alternative frequencies in the interest of national security, important governmental needs, public health or safety, or Federal financial considerations. Authorizes appropriations to provide for the incremental costs directly attributable to the loss of the use of the frequency reassigned or otherwise limited under this Act. Sets forth directives for the FCC regarding the distribution of frequencies. Authorizes the President to reclaim reassigned frequencies for reassignment to Government stations. Directs the FCC to use competitive bidding procedures during spectrum reallocation pursuant to this Act. Subtitle C: Other Provisions - Amends Federal law to extend provisions regarding lump sum withdrawal of retirement contributions for civil service retirees from October 1995 to October 1996. Amends the Omnibus Budget Reconciliation Act of 1990 to extend the collection of Patent and Trademark Office user fees from 1995 to 1996. Establishes the amount to be collected in 1996. Amends the Consolidated Omnibus Budget Reconciliation Act of 1985 to provide an extension of customs user fees from 1995 to 1996. Amends the Internal Revenue Code to extend the requirement for information returns on veterans' benefits from September 30, 1992, until September 30, 1998. Revises veterans law with respect to housing loan default procedure to take into account losses sustained on the resale of property. Amends the Social Security Act and Federal law to apply cetain Medicare limits to the Federal Employee Health Benefits Program for enrollees aged 65 or older.

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

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

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

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 21 January 1993

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 21 January 1993

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 21 January 1993

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.