Middle Income Tax Relief and Economic Growth Act of 1991

Summary

Middle Income Tax Relief and Economic Growth Act of 1991 - Title I: Tax Incentives - Amends the Internal Revenue Code provide a tax credit for certain middle income taxpayers. Makes permanent the tax credit for increasing research activities. Provides a one-year extension of: (1) the low-income housing credit; and (2) the authority to issue qualified mortgage bonds and mortgage credit certificates. Allows penalty-free withdrawals from individual retirement accounts for: (1) first-time homebuyers (or a parent or grandparent of a first-time homebuyer); (2) medical distributions; and (3) qualified educational expenses. Amends the Internal Revenue Code to allow a tax deduction for capital gains on small business stock held at least five years, based on a formula using the qualified small business net capital gain and the amount of the seed capital gain deduction. Provides for computing the seed capital gain deduction. Establishes a maximum capital gains rate for individuals and corporations with small business stock gain. Provides for the treatment of a corporation as a small business corporation if its stock does not exceed $5,000,000 (currently, $1,000,000). Adjusts such amount for inflation. Title II: Increased Obligation Ceilings Under Federal Transportation Trust Funds - Sets forth the obligation ceiling for Federal-aid highway programs for FY 1992 through 1997. Authorizes appropriations out of the Airport and Airway Trust Fund for airport development and planning grants. Establishes the obligation ceiling for such grants. Establishes the obligation ceiling for the discretionary capital grant program funded out of the Mass Transit Account of the Highway Trust Fund. Enacts specified sections of S. 1204, 102nd Cong., (Surface Transportation Efficiency Act of 1991) as passed by the Senate. Title III: Deficit Neutrality - Amends the Congressional Budget Act of 1974 to decrease the discretionary spending limit with respect to the defense category for FY 1993 and the discretionary category for FY 1994 and 1995. Requires such reductions to be achieved through reduction of discretionary appropriations in only the defense category. Establishes the defense spending limits from FY 1994 through 1997. Prohibits sequestration under the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) as a result of any reduction in tax revenues caused by application of this Act. Requires deficit neutrality in budget total adjustments.

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Timeline

1. 26 November 1991

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 26 November 1991

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

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Versions

• Introduced in Senate · — · Download file

Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 26 November 1991

  Open at official source

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Sponsors

• Sen. Sasser, Jim [D-TN] · D · Sponsor
• · ssfi00 · Standing

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