Tax Extension Act of 1998

Summary

TABLE OF CONTENTS: Title I: Extension of Expiring Provisions Subtitle A: Tax Provisions Subtitle B: Trade Provisions Title II: Other Tax Provisions Title III: Revenue Offset Title IV: Technical Corrections Tax Extension Act of 1998 - Title I: Extension of Expiring Provisions - Subtitle A: Tax Provisions - Amends the Internal Revenue Code (IRC) to temporarily extend provisions concerning the: (1) research credit; (2) work opportunity credit; (3) welfare-to-work credit; (4) contribution of stock to private foundations; (5) subpart F exemption for active financing income; (6) credit for producing fuel from a nonconventional source; and (7) disclosure of return information on income contingent student loans. Subtitle B: Trade Provisions - Amends the Trade Act of 1974 to extend the Generalized System of Preferences through December 31, 1999. Amends the Trade Act of 1974 to authorize appropriations for trade adjustment assistance (TAA) for workers, firms, and the training of workers adversely affected by import competition under the North American Free Trade Agreement transitional adjustment assistance program. Terminates the TAA programs July 1, 1999. Title II: Other Tax Provisions - Provides, starting January 1, 2002, for the deduction of 100 percent of the health insurance costs of self-employed individuals. Amends the Agricultural Market Transition Act to disregard specified payment options provided by the Emergency Farm Financial Relief Act. Permanently extends income averaging for farmers. Allows, for taxable year 1998, nonrefundable personal credits to fully offset regular tax liability. Title III: Revenue Offset - Amends provisions concerning liquidation of corporate subsidiaries to provide that if a corporation receives a distribution from a regulated investment company or a real estate investment trust which is considered as being in complete liquidation of such company or trust, then, notwithstanding other specified IRC provisions, such corporation shall recognize and treat as a dividend from such company or trust an amount equal to the deduction for dividends paid allowable to such company or trust by reason of such distribution. Title IV: Technical Corrections - Revises provisions of the IRC, the Internal Revenue Service Restructuring and Reform Act of 1998, the Taxpayer Relief Act of 1997, the Tax Reform Act of 1984, the Transportation Equity Act for the 21st Century, and title II (Old Age, Survivors and Disability Insurance) of the Social Security Act.

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Timeline

1. 10 October 1998

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 10 October 1998

   Introduced

   Sponsor introductory remarks on measure. (CR S12324-12325, S12328-12336)

   Source: IntroReferral

3. 10 October 1998

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 10 October 1998 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 10 October 1998

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 10 October 1998

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 10 October 1998

  Open at official source

  Leesvertaling

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  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Roth Jr., William V. [R-DE] · R · Sponsor
• Sen. Moynihan, Daniel Patrick [D-NY] · D · Sponsor
• Sen. Chafee, John H. [R-RI] · R · Sponsor
• Sen. Baucus, Max [D-MT] · D · Sponsor
• Sen. Grassley, Chuck [R-IA] · R · Sponsor
• Sen. Rockefeller, John D., IV [D-WV] · D · Sponsor
• Sen. Hatch, Orrin G. [R-UT] · R · Sponsor
• Sen. Breaux, John B. [D-LA] · D · Sponsor
• Sen. D'Amato, Alfonse [R-NY] · R · Sponsor
• Sen. Conrad, Kent [D-ND] · D · Sponsor
• Sen. Murkowski, Frank H. [R-AK] · R · Sponsor
• Sen. Graham, Bob [D-FL] · D · Sponsor
• Sen. Jeffords, James M. [I-VT] · R · Sponsor
• Sen. Moseley-Braun, Carol [D-IL] · D · Sponsor
• Sen. Mack, Connie, III [R-FL] · R · Sponsor
• Sen. Bryan, Richard H. [D-NV] · D · Sponsor
• Sen. Kerrey, J. Robert [D-NE] · D · Sponsor
• · ssfi00 · Standing

Related records

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