Description of Tax Provisions Expiring in 1991 and 1992U.S. Government Printing Office, 1991 - 27 pages |
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102D CONGRESS 1992 budget proposal 1992 expiring tax allocated and apportioned authority to issue Budget Reconciliation Act business energy tax charitable organization computing credit for qualified December 31 DEFRA disadvantaged summer youth economically disadvantaged summer eligible enacted energy tax credits excise tax expiring tax provisions finance fiscal year 1992 foreign source income foreign source taxable foreign tax credit gross receipts group legal services jobs tax credit Legislative Background Miscellaneous Revenue Act Omnibus Budget Reconciliation orphan drug place-of-performance Present Law President's Budget Proposal President's fiscal Qualified mortgage bonds qualified research expenses qualified small-issue bonds R&D expenses research credit scheduled to expire self-employed September 30 solar and geothermal source taxable income summer youth employees TAMRA targeted group targeted jobs tax tax credit limitations tax credit sec Tax Reform Act taxable years beginning taxpayer Technical and Miscellaneous tion trade or business U.S. source U.S. tax liability Vaccine Injury Windfall Profit Tax
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Page 4 - Public Law 98-611 adopted a $5,000 annual limit on the exclusion; this limit was subsequently raised to $5,250 in the Tax Reform Act of 1986. The Technical and Miscellaneous Revenue Act of 1988 made the exclusion inapplicable to graduate-level courses. The restriction on graduate-level courses was repealed by the Omnibus Budget Reconciliation Act of 1990, effective for taxable years beginning after December 31, 1990.
Page 10 - ... definitely be allocated to some item or class of gross income. The remainder, if any, shall be included in full as net income from sources within the United States.
Page 7 - QMB authority for authority to issue mortgage credit certificates ("MCCs") (sec. 25). MCCs entitle homebuyers to nonrefundable income tax credits for a specified percentage of interest paid on mortgage loans on their principal residences. Once issued, an MCC remains in effect as long as the loan remains outstanding and the residence being financed continues to be the certificate-recipient's principal residence.
Page 20 - For purposes of paragraph (1), the term 'geothermal deposit' means a geothermal reservoir consisting of natural heat which is stored in rocks or in an aqueous liquid or vapor (whether or not under pressure).
Page 18 - These monies are to be used by the Internal Revenue Service (IRS) and Department of Labor to inform employers of the credit program. Legislative Background...
Page 23 - For purposes of the credit, qualified fuels include: (1) oil produced from shale and tar sands; (2) gas produced from geopressured brine, Devonian shale, coal seams, a tight formation, or biomass...
Page 8 - Act of 1980 imposed restrictions on the ability of State and local governments to issue tax-exempt bonds to finance mortgage loans on single-family, owner-occupied residences. The 1980 Act provided that interest on mortgage subsidy bonds would be exempt from taxation only if the bonds were "qualified veterans' mortgage bonds" or "qualified mortgage bonds.
Page 17 - ... low-income building, the building owner generally must receive a credit allocation from the appropriate credit authority. An exception is provided for property which is substantially financed with the proceeds of tax-exempt bonds subject to the State's private-activity bond volume limitation. The low-income...
Page 8 - ... limitation, capital expenditures during a 6-year period) are taken into account if (1) they are used with respect to a facility located in the same incorporated municipality or the same county (but not in any incorporated municipality) as the facility being financed with the qualified small-issue...
Page 16 - Permanent extension of the tax credit for low-income rental housing (sec. 14142 of the bill and sec. 42 of the Code) PRESENT LAW A tax credit is allowed in annual installments over 10 years for qualifying newly constructed or substantially rehabilitated low-income rental housing.