H.R.11 - Revenue Act of 1992102nd Congress (1991-1992)
|Sponsor:||Rep. Rostenkowski, Dan [D-IL-8] (Introduced 01/03/1991)|
|Committees:||House - Ways and Means | Senate - Finance|
|Committee Reports:||H.Rept 102-631 Part 1; H.Rept 102-631 Part 1; H.Rept 102-1034 Part 1; H.Rept 102-1034 Part 1|
|Latest Action:||11/05/1992 Pocket Vetoed by President.|
|Major Recorded Votes:||10/08/1992 : Resolving Differences; 10/08/1992 : Resolving Differences; 10/06/1992 : Resolving Differences; 09/29/1992 : Passed Senate; 09/29/1992 : Passed Senate; 07/02/1992 : Passed House|
This bill has the status Pocket vetoed by President
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- Resolving Differences
- To President
- Pocket vetoed by President
Summary: H.R.11 — 102nd Congress (1991-1992)All Bill Information (Except Text)
Conference report filed in House (10/05/1992)
Revenue Act of 1992 - Title I: Provisions Relating to Distressed Urban and Rural Areas - Subtitle A: Urban Tax Enterprise Zones and Rural Development Investment Zones - Declares it to be the purpose of this Act to establish a demonstration program of providing incentives for the creation of tax enterprise zones in order to: (1) revitalize economically and physically distressed areas; (2) promote meaningful employment for zone residents; and (3) encourage individuals to reside in the zones in which they are employed.
Part I: Designation and Tax Incentives - Amends the Internal Revenue Code to provide for the designation of tax enterprise zones during calendar years after 1991 and before 1997: (1) by the Secretary of Housing and Urban Development, in the case of an urban tax enterprise zone; and (2) by the Secretary of Agriculture, in consultation with the Secretary of Commerce, in the case of a rural development investment zone.
Sets forth the eligibility criteria for such designation for urban tax enterprise zones.
Allows an enterprise zone employment credit to small employers as a general business credit of 7.5 percent of the qualified zone wages. Allows such credit for the first five years of the employee's employment.
Allows a deduction for the purchase of enterprise zone stock paid in cash.
Excludes from gross income 50 percent of qualified capital gain recognized on the sale or exchange of a new qualified zone asset held for more than five years.
Increases the limitation on expensing certain depreciable business assets.
Part II: Redevelopment Bonds for Tax Enterprise Zones - Sets forth special rules for tax-exempt redevelopment bonds which provide financing for tax enterprise zones for the first 60-month period after a zone is so designated.
Part III: Credit for Contributions to Certain Community Development Corporations - Allows a general business tax credit for contributions to selected community development corporations to provide employment of, and business opportunities for, low-income individuals who are residents of the operational area of the community.
Part IV: Indian Employment and Investment - Amends the Internal Revenue Code to establish an Indian reservation credit as an investment tax credit for investment in qualified Indian reservation property.
Allows businesses an employment credit of ten percent (30 percent in the case of an employer with at least 85 percent Indian employees) of the sum of the qualified wages and qualified employee health insurance costs paid or incurred during a taxable year.
Part V: Study - Requires the Secretary, in consultation with the appropriate Secretary, to contract with the National Academy of Sciences to report to the House Committee on Ways and Means and the Senate Committee on Finance on the effectiveness of the incentives provided by this subtitle in achieving its purposes.
Subtitle B: Permanent Extension of Certain Expiring Tax Provisions Primarily Affecting Urban Areas - Makes permanent after June 30, 1992, the low-income housing credit. Allows certain building owners to elect to use apartment size or family size in determining the credit's gross rent limitation.
Makes permanent after June 30, 1992: (1) the targeted jobs credit; and (2) the authority to issue qualified mortgage bonds and qualified mortgage credit certificates.
Subtitle C: Foster Care and Income Security - Part I: Child Welfare; Foster Care; Substance Abuse Treatment and Services - Amends part B (Child Welfare Services) of title IV of the Social Security Act to convert the Child Welfare program from an authorization to a capped entitlement program.
Requires maintenance of State effort under such program.
Sets forth a new formula for allotments to States under such program.
Requires the use of entitlement grants to develop or expand specialized child welfare services programs for families in crisis due to substance abuse.
Reserves funds for grants to State court systems to assess and improve procedures in child welfare cases.
Requires each State to periodically compile a detailed directory of programs designed to keep families together or reunify them or place children permanently, identifying which of such programs provides specialized child welfare services to families in crisis due to substance abuse.
Requires States to report on measures taken to comply with the Indian Child Welfare Act.
Allows the involvement of private parties in the development of State plans.
Amends title IV (Aid to Families with Dependent Children) (AFDC) of the Social Security Act to add a new part C, Comprehensive Service Projects, to grant States flexibility and resources to develop comprehensive and coordinated services.
Authorizes demonstration projects for the coordination of child and family services.
Makes children whose adoption has been set aside by a court eligible for foster care maintenance payments. Makes the adoptive parents of any such child with respect to whom foster care maintenance payments may be made eligible for adoption assistance payments.
Establishes a respite care program for foster parents with children who have special needs.
Expand the definition of children with special needs, for purposes of the adoption assistance program.
Directs the Secretary of HHS to establish an Advisory Committee on Foster Care Placement to study and report to the Secretary and the Congress on the implementation of specified requirements under State plans for foster care and adoption assistance.
Amends the Internal Revenue Code to allow an individual a deduction for adoption expenses paid for a child with special needs.
Requires the State plan to provide for a periodic reevaluation of foster care maintenance payments.
Revises requirements for dispositional hearings to determine the final status of a foster child.
Sets forth case plan requirements for placement of children in out-of-State foster care.
Sets forth provisions with respect to the treatment of assets of youth participating in the independent living program.
Eliminates the ceilings on Federal foster care payments to States and the States' authority to transfer unused foster care funds to the Child Welfare Services program.
Directs the Secretary of HHS to: (1) establish an advisory committee; and (2) issue final regulations for training of staff of agencies responsible for administering foster care and adoption assistance programs and for training of foster and adoptive parents.
Requires the Secretary to publish a model staff recruitment, training, and staff retention program for State and local child welfare agencies.
Sets forth provisions for grants for child welfare traineeships.
Amends title IV of the Social Security Act to add a new part G, Child Welfare Review System. Directs the Secretary of HHS to establish such system to: (1) review each State child welfare program to assess whether the requirements of such Act are being carried out; (2) impose financial penalties in cases of substantial failure to comply; and (3) provide technical assistance to any such program.
Requires the Secretary to establish a work group to advise on the planning and implementation of the system to be used for the collection of data relating to adoption and foster care.
Requires the Secretary to conduct, through contracts with independent research organizations, the following research and evaluation projects: (1) foster care evaluations; and (2) longitudinal child welfare data bases, and studies of child welfare population dynamics.
Requires the Secretary to conduct a study concerning child separation guidelines.
Directs the Secretary of HHS to conduct certain child welfare demonstration projects.
Directs the Secretary to appoint a Commission on the Evaluation of Disability in Children.
Part II: Other Income Security and Human Resources Provisions - Subpart A: Aid to Families with Dependent Children - Amends title IV of the Social Security Act to disregard for eligibility purposes certain income and resources designated for education, training, and employability.
Directs the Comptroller General to develop a methodology for determining the proportion of eligible children which are receiving child care under such title.
Subpart B: JOBS Program - Provides funding under title IV of the Social Security Act for the JOBS (Job Opportunities and Basic Skills Training Program) for FY 1993, 1994, and 1995.
Modifies the rules with respect to classroom instruction under the JOBS program.
Subpart C: Child Support Enforcement - Requires State agencies to report to credit bureaus on persons delinquent in child support payments.
Makes the Parent Locator Service available to the Office of Juvenile Justice and Delinquency Prevention.
Subpart D: Community Works Progress Demonstrations - Directs the Secretary of Labor to award grants to State and general local governments in urban areas to carry out community works progress projects under which employment and employment-related services are provided to certain noncustodial unemployed parents and AFDC recipients.
Subpart E: Research and Demonstration Provisions - Directs the Secretary of HHS to develop indicators, rates, and predictors of welfare dependency. Establishes an Advisory Board on Welfare Dependency to advise the Secretary.
Amends the Family Support Act of 1988 to extend the demonstration project to expand job opportunities and authorize appropriations for early childhood development projects.
Requires the Secretary of HHS and the Secretary of Agriculture to jointly report to the President and the Congress on the differences in program rules under the Food Stamp Program, AFDC, and Medicaid programs.
Subpart F: Supplemental Security Income - Clarifies certain supplemental security income (SSI) provisions with respect to children of active military members and cost-of-living adjustments in SSI benefits.
Subpart G: Other Income Security Provisions - States the effect of failure to carry out a State plan under the Social Security Act.
Allows an adult in a family to attest to the citizenship status of family members under AFDC and Medicaid.
Excludes certain income of Indians from interests held in trust or restricted lands as a resource.
Amends the Internal Revenue Code to require certain tax disclosures to the Railroad Retirement Board.
Title II: Growth Incentives - Subtitle A: Increased Savings - Part I: Retirement Savings Incentives - Subpart A: IRA Deduction - Amends the Internal Revenue Code to increase the income limits on individual retirement account (IRA) eligibility for participants in employer-sponsored plans.
Subpart B: Nondeductible Tax-Free IRAs - Allows the establishment of nondeductible tax-free special individual retirement accounts.
Part II: Penalty-Free Distributions - Allows penalty-free distributions from certain IRAs to purchase first homes, pay higher education or financially devastating medical expenses, or for use by the long-term unemployed.
Subtitle B: Economic Development Provisions - Part I: Investment in Real Estate - Subpart A: Modification of Passive Loss Rules - Provides for the treatment of rental and nonrental real estate activities under the limitations on losses from passive activities.
Subpart B: Provisions Relating to Real Estate Investments by Pension Funds - Modifies exceptions to the exclusion of real property acquired by a qualified organization from the meaning of acquisition indebtedness. Makes certain exceptions inapplicable to sales out of foreclosure by a financial institution.
Applies the meaning of acquisition indebtedness to investments in certain large partnerships where the principal purpose of partnership allocation is not tax avoidance.
Repeals the special rule for publicly traded partnerships with respect to the treatment of unrelated business taxable income.
Permits a tax-exempt title-holding company to receive unrelated business taxable income if the unrelated income is incidentally derived from the holding of real property.
Excludes from unrelated business taxable income gains from the sale, exchange or other disposition of real property acquired from financial institutions that are in conservatorship or receivership. Provides for the tax treatment of pension fund investments in real estate investment trusts.
Subpart C: Discharge of Indebtedness - Excludes from gross income the income from the discharge of qualified real property business indebtedness.
Part II: Extension of Certain Expiring Tax Provisions - Provides for temporary extensions of the following expiring tax provisions: (1) the credit for increasing research activities; (2) the tax exclusion of employer-provided educational assistance; (3) the excise tax on vaccines; (4) the treatment of certain railroad retirement benefits as received under employer plans; (5) the deduction of health insurance costs of self-employed individuals; (6) the credit for orphan drug clinical testing expenses; and (7) the authority to issue qualified small issue bonds.
Part III: Other Incentives - Eliminates the depreciation adjustment for computing adjusted current earnings.
Subtitle C: Repeal of Certain Luxury Excise Taxes; Imposition of Tax on Diesel Fuel Used in Noncommercial Boats - Repeals the luxury excise tax on boats, aircraft, jewelry, and furs.
Modifies the luxury excise tax on automobiles to index the threshold for inflation occurring after 1990 and make such tax applicable to the first retail sale.
Extends the current diesel fuel excise tax to diesel fuel used by motorboats.
Subtitle D: Credit for Portion of Employer Social Security Taxes Paid with Respect to Employee Cash Tips - Allows a general business credit for excess employer social security taxes paid with respect to employee cash tips.
Title III: Offsetting Revenue Increases - Subtitle A: General Provisions - Requires any dealer in securities that holds any security which is not in inventory at the close of any taxable year to: (1) recognize gain or loss as if the security were sold on the last business day of the taxable year; and (2) take into account any such gain or loss for such year (the mark-to-market requirement).
Requires taking into account: (1) certain Federal Savings and Loan Insurance Corporation (FSLIC) assistance as compensation for loss; and (2) any FSLIC assistance for any debt for determining whether such debt is worthless and in determining the amount of any addition to a reserve for bad debts arising from such worthlessness or partial worthlessness.
Establishes special rules for the rental use of a dwelling for less than 15 days per year.
Increases the depreciation recovery period for non-residential real property.
Modifies the deduction for moving expenses.
Extends the phase-in of the maximum rate for estate and gift taxes until 1998.
Denies the business travel expense deduction for spouses, dependents, or others.
Disallows a tax deduction for social club membership dues.
Increases the casualty loss deductible.
Requires additional substantiation for the deduction for meals and entertainment expenses.
Reduces passive activity losses and credits under the exclusion from gross income for the discharge of indebtedness. Repeals the stock for debt exception under such discharge.
Subtitle B: Estimated Tax Provisions - Modifies rules with respect to the failure of individuals and corporations to pay estimated income tax.
Subtitle C: Administrative Provisions - Disallows the payment of interest on certain overpayments of tax.
Increases the withholding rate for supplemental wage payments.
Subtitle D: Alternative Taxable Years - Revises provisions with respect to electing alternative taxable years. Allows a partnership, S corporation, or personal service corporation to elect a taxable year other than the required taxable year if the annual financial statements of the entity used for credit purposes or provided to the partners, shareholders, or other proprietors of the entity are based on a fiscal year ending in the same period as the taxable year elected.
Increases the amount of the required payment that must be made by a partnership or S corporation that elects a taxable year other than the required taxable year. Requires an initial payment for any taxable year that a partnership or S corporation first makes or changes a taxable year election to increase the deferral period.
Modifies the minimum distribution requirement for personal service corporations that elect a taxable year other than the required taxable year.
Title IV: Simplification Provisions - Subtitle A: Provisions Relating to Individuals - Part I: Provisions Relating to Earned Income Credit - Repeals certain interaction rules with respect to the medical expense deduction, the deduction for health insurance, and the dependent care credit.
Allows military personnel stationed outside the U.S. to be eligible for the earned income credit.
Part II: Provisions Relating to Rollover of Gain on Sale of Principal Residence - Allows gain to be rolled over from one residence to another in the order the residences are purchased and used, regardless of reasons for the sale of the old residence.
Sets forth a two-year residence rule for taxpayers who sell a residence pursuant to a divorce or marital separation for purposes of determining the rollover of gain on the sale of a principal residence.
Extends the rollover period where a taxpayer has substantial frozen deposits because of the bankruptcy or insolvency of a financial institution.
Part III: Other Provisions - Provides an exception to the passive loss rules if the loss does not exceed $200.
Permits the payment of taxes by credit cards to the extent provided by regulations.
Modifies the election to claim a child's unearned income on the parent's return.
Establishes a foreign tax credit limitation for individuals whose gross income is from sources outside the United States, consists entirely of qualified passive income, and the amount of creditable foreign taxes does not exceed $200.
Excludes certain personal transactions from foreign currency rules.
Limits the exclusion of combat pay from withholding to the amount excludable from gross income.
Requires the Secretary to report to specified congressional committees on expanded access to simplified individual income tax returns and other actions taken to simplify them.
Provides that the amount allowed as a deduction to rural mail carriers for the business expense of a vehicle shall be equal to qualified reimbursements. Amends the Technical and Miscellaneous Revenue Act of 1988 to repeal the rule on the business use of automobiles by rural mail carriers.
Subtitle B: Pension Simplification - Part I: Simplified Distribution Rules - Repeals: (1) the $5,000 limitation on the exclusion of employees' death benefits; and (2) the five-year forward income averaging for lump-sum distributions.
Establishes a method of taxing annuity payments by taking into account the investment in the contract and the number of anticipated payments.
Requires qualified plans to allow participants to elect to have distributions transferred directly to another qualified plan.
Part II: Increased Access to Pension Plans - Modifies certain simplified employee pensions with respect to allowable participants and participation requirements.
Allows local governments and tax-exempt organizations to participate in cash or deferred arrangements.
Authorizes the Secretary, as a condition of sponsorship, to prescribe rules defining the duties and responsibilities of certain master and prototype retirement plans.
Part III: Nondiscrimination Provisions - Redefines the term "highly compensated employee" for pension, profit sharing, stock bonus plan, etc. purposes. Makes such an employee one who is a five-percent owner or who has compensation from the employer in excess of $50,000. Provides a special rule where no employees are treated as highly compensated.
Provides alternative methods of satisfying the special nondiscrimination requirements applicable to elective deferrals and employer matching contributions.
Modifies the two-part nondiscrimination test for elective contributions under cash or deferred arrangements by permitting the use of the average deferral percentage for nonhighly compensated employees for the preceding year to be used in determining the permitted average deferral percentage for highly compensated employees for the current year.
Part IV: Miscellaneous Simplification - Revises the definition of a leased employee to mean one whose services are performed under the control of a service recipient, instead of one whose services are historically performed by employees.
Provides that the cost-of-living adjustment with respect to any calendar year is based on the increase in the applicable index as of the close of the calendar quarter ending September of the preceding calendar year. Requires the rounding of such amounts.
Establishes a contribution limit for owner-employees of retirement plans.
Eliminates the special vesting rule for multiemployer plans.
Permits certain employers to elect an alternative full funding limitation with respect to any defined benefit plan based solely on the accrued liability under such plan. Requires the Secretary to adjust the 150-percent current liability full funding limit for other plans if there is a revenue shortfall.
Allows rural cooperative plans which include cash or deferred arrangements to make distributions to participants after attainment of age 59 1/2.
Modifies the treatment of governmental plans with respect to limits on contributions and benefits.
Makes the social security retirement age the uniform retirement age for purposes of discrimination testing.
Makes uniform the penalty provisions applicable to certain pension reporting requirements.
Defines affiliated employers for Treasury regulation purposes with respect to tax-exemption.
Treats certain nonunion air pilots as a separate class of employees for nondiscrimination testing purposes.
Establishes a National Commission on Private Pension Plans to conduct a full review and study of retirement income policy.
Establishes special vesting rules for church plans.
Provides special rules for distributions of deferred compensation plans of State and local governments and tax-exempt organizations.
Provides that, for purposes of the excise tax, an employer reversion does not include certain amounts paid to the Federal Government by reason of certain government contracting regulations. Requires continuation of health coverage for employees, including retired employees, of failed financial institutions.
Declares that the health care continuation plan maintained by the Federal Deposit Insurance Corporation on June 25, 1992, and any other substantially similar plan maintained by such Corporation, satisfies continuation coverage requirements.
Subtitle C: Treatment of Large Partnerships - Part I: General Provisions - Establishes special rules for large partnerships (250 or more partners) with respect to: (1) determining the income tax of a partner; (2) computing the taxable income of a large partnership; and (3) treatment of contributed property. Provides that a large partnership does not include one where: (1) substantially all of the activities involve the performance of personal services by individuals owning interests in such partnerships; or (2) 50 percent or more of partnership assets consist of oil or gas properties.
Establishes simplified audit procedures for large partnerships. Requires a partner's return to be consistent with the partnership return.
Allows partnerships to take adjustments into account through an imputed underpayment procedure or a flow-through-to-partners procedure.
Authorizes and directs the Secretary to make adjustments at the partnership level in any partnership item to the extent necessary to have such item treated in the manner required, after notifying the partnership of such adjustment through certified or registered mail. Specifies certain restrictions on such adjustments.
Provides for judicial review of such adjustment with the Tax Court, the appropriate district court, or the Claims Court. Prohibits any adjustments from being made three years after the later of the date on which the return was filed, or the last day for filing such return, except in specified cases. Allows a partnership to file a request for an administrative adjustment of partnership items during such time periods and provides for judicial review where such request is not allowed in full.
Requires large partnerships to furnish information returns to partners by the first March 15 following the close of the partnership's tax year.
Authorizes the Secretary to require large partnerships, or any other partnership with 250 or more partners, to file their returns on magnetic media.
Part II: Provisions Related to TEFRA Partnership Proceedings - Revises and sets forth new provisions relating to TEFRA (Tax Equity and Fiscal Responsibility Act of 1982) partnership proceedings.
Provides for a declaratory judgment procedure in the Tax Court for treatment of non-partnership items with respect to an oversheltered return.
Provides for the partnership return to be determinative of the audit procedure to be followed.
Suspends the period of limitations for making assessments for a partner who is named in a bankruptcy petition. Provides a special rule for a tax matters partner in bankruptcy.
Permits a small partnership to have a C corporation as a partner.
Excludes a partial settlement agreement from the one-year limitation on assessment.
Provides that if a TEFRA statute extension agreement is entered into, that agreement also extends the statute of limitations for filing refund claims until six months after the expiration of the limitations period for assessments.
Provides a prepayment forum and a refund forum for raising the innocent spouse defense in TEFRA cases.
Provides that partnership level proceedings include a determination of the applicability of penalties at the partnership level. Allows partners to raise any partner-level defenses in a refund forum.
Specifies that an action to enjoin premature assessments of deficiencies attributable to partnership items may be brought in the Tax Court. Permits a party to appear before a court for the sole purpose of asserting that the period of limitations for assessing any tax attributable to partnership items has expired for that person.
Provides for the treatment of premature petitions filed by notice partners or five-percent groups.
Provides that the amount of the bond to stay assessment and collection should be based on the Tax Court's estimate of the aggregate liability of the parties to the action (and not all of the partners in the partnership).
Suspends interest where there is a delay in computational adjustment resulting from TEFRA settlements.
Grants a partner seven years (in lieu of three years) to request an administrative adjustment with respect to bad debts or worthless securities.
Subtitle D: Foreign Provisions - Part I: Simplification of Treatment of Passive Foreign Corporations - Repeals foreign personal holding company rules and foreign investment company rules. Exempts foreign corporations from the accumulated earnings tax and personal holding company rules. Provides for the treatment of personal service contracts under controlled foreign corporation rules.
Replaces repealed provisions with revised rules for passive foreign corporations. Provides for taxing U.S. income on stock in passive foreign corporations through three alternative methods: (1) mark-to-market; (2) current inclusion; and (3) interest charge on excess distributions.
Subjects less-than-25-percent shareholders of passive foreign corporations that are not U.S.-controlled, and who do not elect current inclusion, to the mark-to-market method or the interest-charge method for taxing income.
Provides that if a passive foreign corporation is U.S.-controlled then every U.S. person owning stock in such corporation is subject to income inclusions under a modified version of controlled foreign corporation rules.
Declares with regard to the mark-to-market method that: (1) if the fair market value of stock exceeds its adjusted basis, then the U.S. person shall include in gross income an amount equal to the amount of the excess; and (2) if the adjusted basis of stock exceeds the fair market value then the person shall be allowed a deduction equal to the lesser of the amount of such excess, or the unreversed inclusions.
Describes a passive foreign corporation as any foreign corporation if: (1) 60 percent or more of its gross income is passive income; (2) the average percentage of assets which produce passive income or which are held for the production of passive income is at least 50 percent; or (3) such corporation is registered under the Investment Company Act of 1940, either as a management company or as a unit investment trust.
Provides for the treatment of mark-to-market gain for purposes of the excise tax on undistributed income of regulated investment companies.
Part II: Treatment of Controlled Foreign Corporations - Provides that if a controlled foreign corporation sells or exchanges stocks in other foreign corporations, then gain recognized on such sale or exchange shall be included in the gross income of such corporation as a dividend to the same extent that it would have been included if such corporation were a U.S. person.
Authorizes the Secretary to prescribe simplified methods for determining the amount of increase of limitations on the foreign tax credit.
Revises provisions concerning: (1) determining pro rata share of gain from certain sales or exchanges of stock in certain foreign corporations; (2) basis adjustments in stock held by lower-tier foreign corporations; (3) determination of previously taxed income in redemptions through use of related corporations; and (4) treatment of branch profits tax exemptions or reductions.
Extends the application of the indirect foreign tax credit to certain controlled corporations below the third tier.
Requires the Secretary to report to specified congressional committees on a study of the investments by controlled foreign corporations in U.S. property.
Part III: Other Provisions - Establishes new rules for the translation of certain accrued foreign taxes. Modifies present rules for translating all other foreign taxes.
Permits the use of the simplified limitation on the foreign tax credit in determining the alternative minimum tax foreign tax credit.
Modifies the excise tax on outbound transfers to avoid income tax.
Subtitle E: Treatment of Intangibles - Allows an amortization deduction with respect to certain intangible property that is acquired and held by a taxpayer in connection with the conduct of a trade or business or an activity engaged in for the production of income.
Describes an amortizable intangible as: (1) goodwill; (2) going concern value; (3) certain specified types of intangible property that generally relate to workforce, information base, know-how, customers, suppliers, or other similar items; (4) any license, permit or other right granted by a governmental unit, agency, or instrumentality; (5) any covenant not to compete (or other arrangement to the extent that the arrangement has substantially the same effect as a covenant not to compete entered into in connection with the direct or indirect acquisition of an interest in a trade or business or substantial portion thereof; and (6) any franchise, trademark, or trade name.
Excludes from treatment as an amortizable intangible: (1) any interest in a corporation, partnership, trust, or estate; (2) any interest under an existing futures contract, foreign currency contract, national principal contract, interest in a trade or other similar financial contract; (3) any interest in land; (4) certain computer software; (5) certain interests in films, sound recordings, video tapes, books, or other similar property; (6) certain rights to receive tangible property or services; (7) certain interests in patents or copyrights; (8) any interest under an existing lease of tangible property; (9) any interest under an existing indebtedness (except for the deposit base and similar items of a financial institution); and (10) a franchise to engage in any professional sport, and any item acquired in connection with such a franchise.
Sets forth special rules governing the application of the amortization deduction.
Provides for the treatment of certain computer software and leased property depreciation deductions excluded from the amortization rules.
Continues the present-law treatment of certain contingent amounts that are paid or incurred on account of the transfer of a franchise, trademark, or trade name.
Provides for the treatment of assumption reinsurance transactions of insurance companies.
Requires the Secretary to report annually to the House Committee on Ways and Means and the Senate Committee on Finance on: (1) the implementation and effects of amendments made with respect to the amortization of goodwill and other intangibles; and (2) outstanding cases with respect to such amortization.
Provides for the treatment of certain payments to retired or deceased partners.
Subtitle F: Other Income Tax Provisions - Part I: Provisions Relating to Subchapter S Corporations - Provides for determining whether a corporation has one class of stock, thus qualifying as an S corporation.
Allows the Secretary to validate an invalid S corporation election by a small business corporation where the failure to properly elect S status was inadvertent or untimely.
Provides that adjustments for distributions by an S corporation during a taxable year are taken into account before applying the loss for a year in determining the amount in the accumulated adjustment account.
Repeals the rule that treats an S corporation in its capacity as a shareholder of another corporation as an individual. Repeals the rule that an S corporation may not be a member of an affiliated group of corporations. Eliminates the need to keep records of certain generally small amounts of earnings arising before 1983. Provides for the treatment of inherited stock.
Part II: Accounting Provisions - Revises the look-back method for long-term contracts and provides that for purposes of such method, only one rate of interest is to apply for each accrual period. Provides a method for capitalizing certain indirect costs. Provides a special rule for operators of licensed cotton warehouses with respect to accrual accounting.
Part III: Provisions Relating to Regulated Investment Companies - Repeals the requirement that less than 30 percent of the gross income of a regulated investment company be derived from the sale or disposition of any of the following which were held for less than three months: (1) stocks or securities; (2) options, futures, or forward contracts (other than those on foreign currencies); or (3) certain foreign currencies.
Requires a broker to include on an information return with respect to gross proceeds from any disposition of stock in an open-end regulated investment company: (1) the basis of the stock disposed of; and (2) the portion of gross proceeds attributable to stock held for more than one year and the portion not so attributable (using a first-in, first-out basis). Defines an open-end regulated investment company as one which offers for sale or has outstanding any redeemable security of which it is the issuer. Sets forth special rules for determining the basis of stock in such companies.
Permits a common trust fund to transfer substantially all its assets to a regulated investment company without gain or loss being recognized by the fund or its participants under specified circumstances.
Permits regulated investment companies to make such transfer to common trust funds.
Part IV: Tax-Exempt Bond Provisions - Repeals the $100,000 limitation on unspent proceeds under the one-year exception from arbitrage rebate requirements.
Exempts earnings on bond proceeds invested in bona fide debt service funds from the arbitrage rebate requirements and the penalty requirement of the 24-month exception if the spending requirements of that exception are otherwise satisfied.
Provides for the treatment of tax or revenue anticipation bonds as separate issues.
Increases the annual issuance limit for small issuers whose governmental bonds are not subject to rebate.
Repeals the debt service-based limitation on investment in certain nonpurpose investments.
Repeals certain expired provisions.
Allows tax-exempt financing for United Nations office buildings.
Provides for the tax treatment of tax-exempt bonds similar to that of governmental bonds.
Part V: Insurance Provisions - Provides for the treatment of life insurance variable contracts on retired lives and sets forth special rules for modified guaranteed contracts.
Part VI: Cooperatives - Provides for the discharge of indebtedness income from the prepayment of rural electrification loans.
Provides for the treatment of amounts received by tax-exempt cooperative telephone companies and cooperative housing corporations.
Part VII: Other Provisions - Provides that the taxable year of a partnership closes with respect to a partner whose entire interest in the partnership terminates, whether by death, liquidation, or otherwise.
Repeals the adjusted current earnings rule relating to the treatment of built-in-losses after a change of ownership.
Authorizes the Bureau of Land Management to use funds in the Reforestation Trust Fund.
Permits private charitable foundations to use common investment funds.
Modifies the credit for producing fuel from a nonconventional source.
Subtitle G: Estate and Gift Tax Provisions - Allows the right of recovery with respect to qualified terminable interest property (for which a marital deduction is allowed) to be waived in a will only by specific reference.
Provides that a transfer from a revocable trust within three years of death does not result in the inclusion of the transfer in the gross estate.
Revises the qualified terminable interest rules with respect to a trust and the marital deduction.
Provides that a trust created before the enactment of the Revenue Reconciliation Act of 1990 is treated as satisfying the withholding requirement if its trust instrument requires that all trustees be U.S. citizens or domestic corporations.
Directs the Secretary to prescribe procedures which provide that executors will have the opportunity to submit subsequent information on a recapture agreement in the filing of an estate tax return. Repeals certain throwback rules applicable to domestic trusts. Declares that certain cash rental of farmland does not cause recapture of the special estate tax valuation. Subtitle H: Excise Tax Simplification - Part I: Fuel Tax Provisions - Consolidates diesel and aviation fuel tax provisions. Consolidates the user credit and refund provisions for fuels excise taxes into a uniform refund procedure. Eliminates the waiver requirement for fuels tax refunds for cropdusters and other fertilizer applicators.
Provides exceptions to the mandatory information return requirement for certain sales of diesel and aviation fuels.
Part II: Provisions Related to Distilled Spirits, Wines, and Beer - Makes refunds available for imported bottled distilled spirits returned to distilled spirits plants.
Permits records of exportation to be maintained by the exporter for purposes of canceling or crediting bonds furnished when distilled spirits are removed from bonded premises.
Permits distilled spirits plants to maintain records of their activities at locations other than the premises where the operations covered by the records are performed.
Allows beer to be transferred without payment of tax from a brewery to a distilled spirits plant to be used in the production of distilled spirits regardless of whether the brewery is contiguous to the distilled spirits plant.
Repeals the requirement that wholesale liquor dealers post a sign outside their place of business indicating that they are wholesale liquor dealers.
Repeals the requirement that wine returned to bonded premises be unmerchantable in order for tax to be refunded to the proprietor of the bonded wine cellar to which the wine is delivered.
Allows the use of ameliorating material in certain wines made exclusively from a fruit or berry.
Allows domestically-produced beer to be withdrawn from the place of production without payment of tax for the official or family use of representatives of foreign governments or public international organizations.
Allows beer to be removed from a brewery without payment of tax for purposes of destruction.
Provides for imported beer to be withdrawn from customs custody for transfer to a brewery without payment of tax.
Part III: Other Excise Tax Provisions - Authorizes the exemption from registration requirements of certain tax-free sales. Makes small manufacturers exempt from the firearms excise tax.
Repeals expired provisions concerning piggy-back trailers and deep seabed mining.
Exempts certain ferry voyages from the excise tax on transportation by water.
Subtitle I: Administrative Provisions - Part I: General Provisions - Changes the threshold for withholding and paying social security taxes from $50 a quarter to $300 a year for domestic service in a private home. Requires employers of household employees to report any social security or Federal unemployment tax obligation for wages paid to such employees on their income tax returns. Includes a household employer's social security and employment taxes in the estimated tax provisions. Authorizes the Secretary to enter into agreements with States to collect State unemployment taxes in the same manner.
Allows reproductions of returns in digital image format by the Internal Revenue Service.
Requires the Comptroller General of the United States to conduct a study of available digital image technology and report to specified congressional committees.
Repeals: (1) the authority to disclose whether a prospective juror has been audited; and (2) special audit provisions regarding the tax treatment of subchapter S corporations.
Provides an explanation of the statute of limitations with respects to the return of a taxpayer.
Allows corporations to disregard any letter or notice of assessment or proposed assessment of tax if the deficiency or proposed deficiency is less than $100,000.
Part II: Tax Court Procedures - Provides that an order to refund an overpayment is appealable in the same manner as a decision of the Tax Court. Declares that the Tax Court shall not have jurisdiction over the validity or merits of the credits or offsets that reduce or eliminate the refund to which the taxpayer was otherwise entitled.
Provides that a taxpayer who seeks an award of administrative costs must apply for such costs with 90 days of the date on which the taxpayer was determined to be a prevailing party. Provides that a taxpayer who appeals a denial of administrative costs must petition the Tax Court within 90 days after the date that the IRS mails the denial notice.
Provides that a taxpayer must file a motion (rather than a petition) to seek a redetermination of interest in the Tax Court.
Provides that the net worth limitations applicable to individuals also apply to estates and trusts. Provides that individuals who file a joint tax return shall be treated as one individual for purposes of computing the net worth limitations.
Part III: Authority for Certain Cooperative Agreements - Authorizes the Secretary to enter into cooperative agreements with State tax authorities for purposes of enhancing joint tax administration.
Part IV: Other Provisions - Extends the authority of internal revenue enforcement officers to engage in undercover operations.
Authorizes the disclosure to certain Federal and State officials of information on returns relating to cash received in a trade or business.
Authorizes the Secretary to prescribe alternative methods of verifying IRS returns.
Title V: Taxpayer Bill of Rights 2 - Subtitle A: Taxpayer Advocate - Establishes in the IRS the Office of Taxpayers Advocate, headed by the Taxpayer Advocate, appointed by the President, by and with the advice and consent of the Senate. Requires the Office to: (1) assist taxpayers in resolving problems with the IRS; (2) identify areas in which taxpayers have problems in dealing with the IRS; (3) propose changes in the administrative practices of the IRS to mitigate such problems; and (4) identify potential legislative changes which may be appropriate to mitigate such problems. Requires the Taxpayer Advocate to annually report to specified congressional committees on Office activities.
Requires the Commissioner of Internal Revenue to establish procedures requiring a formal response to all recommendations submitted to the Commissioner by the Taxpayer Advocate.
Replaces the Office of the Ombudsman with the Office of the Taxpayer Advocate.
Revises the terms of a Taxpayer Assistance Order to: (1) allow the Order to require the Secretary of the Treasury to act within a specified time period; and (2) require the Secretary to take certain actions (currently, only to cease or refrain from taking certain actions).
Subtitle B: Modifications to Installment Agreement Provisions - Requires prior notification to taxpayers under an installment agreement to pay tax liability before altering, modifying, denying, or terminating such an agreement. Provides for administrative review of denials of requests for installment agreements.
Subtitle C: Interest - Requires the abatement of interest in the case of an assessment due to the unreasonable error or delay of an IRS act.
Extends from ten days to twenty-one days the period for which interest will not be imposed after notice and demand for payment, if such payment is less than $100,000.
Subtitle D: Joint Returns - Allows the disclosure of collection activities to an individual requesting such information in the case of a joint return where such individual is no longer married to or resides in the same household as the other joint filer.
Repeals the requirement to pay the full amount of tax before filing a joint return after filing separate returns.
Subtitle E: Collection Activities - Authorizes the Secretary, in certain cases, to: (1) withdraw a notice of a lien; (2) return property that has been levied upon; and (3) offer compromises in civil or criminal cases. Requires the Secretary, at the request of the taxpayer, to make reasonable efforts to notify credit reporting agencies and financial institutions of such withdrawal notice.
Requires prior notification to the taxpayer that the taxpayer is under examination and an explanation of the process.
Increases the dollar limit on the recovery of civil damages for unauthorized collection actions.
Revises provisions with respect to a designated summons concerning the standard of review and requirements for issuance.
Subtitle F: Information Returns - Requires payee statements to provide the phone number of the person providing payment.
Establishes civil damages for the fraudulent filing of information returns.
Requires the Secretary to make reasonable investigations to corroborate the accuracy of an information return when making a determination of a deficiency by a third party, when such return is disputed by the taxpayer.
Subtitle G: Modifications to Penalty for Failure to Collect and Pay Over Tax - Establishes requirements for preliminary notice proceedings for failure to pay tax.
Declares that a person shall not be liable for any penalty for failure to collect and pay over tax if such person: (1) is not a significant owner or highly compensated employee of the trade or business; (2) notifies the Secretary within ten days after such failure; and (3) such notification was before any notice by the Secretary with respect to such failure.
Authorizes the Secretary to disclose certain information where more than one person is liable for a penalty.
Directs the Secretary to ensure that IRS employees are aware of their responsibilities under the tax depository system, the circumstances under which they may be liable for penalties, and reporting responsibilities.
Exempts unpaid, volunteer board members of tax-exempt organizations from collection penalties.
Subtitle H: Awarding of Costs and Certain Fees - Allows a taxpayer who substantially prevails in any judicial tax proceeding to file a motion for an order for the IRS to disclose information relative to the case, including a justification for the IRS position taken during such case.
Increases the limit on attorney fees.
Provides that any failure to agree to an extension of time for the assessment of any tax shall not be taken into account in determining whether a prevailing party has exhausted all administrative remedies.
Subtitle I: Other Provisions - Revises provisions on the required content of tax due, deficiency, and other notices.
Provides for the treatment of returns prepared for or executed by the Secretary for purposes of certain tax penalties.
Requires any final, temporary, or proposed regulation issued by the Secretary to be applied prospectively from the date of publication in the Federal Register.
Requires notice to the taxpayer of the inability to associate any payment with any outstanding tax liability.
Prohibits Federal employees from enticing any taxpayer representative with a deferral or forgiveness of any tax due in exchange for information on such taxpayer.
Subtitle J: Form Modifications; Studies - Part I: Form Modifications - Directs the Secretary to: (1) ensure that taxpayers are aware of permission to pay tax in installments, extensions of time for payment of tax, and compromises of tax liability; (2) improve procedures for taxpayers to notify the Secretary of changes in names and addresses; and (3) include in a specified publication a section on the rights and responsibilities of divorced individuals.
Part II: Studies - Requires the Secretary to report to the tax-writing committees on: (1) a pilot program for appeals of certain enforcement actions (including lien, levy, and seizure actions); (2) a study on ways to assist the elderly, physically impaired, foreign-language speaking, and other taxpayers with special needs to comply with IRS laws; (3) the scope and content of the IRS taxpayer-rights education program for its officers and employees; and (4) cases involving complaints about misconduct of IRS employees and the disposition of such complaints.
Requires the Comptroller General to report to the tax-writing committees on: (1) a study of notices of deficiency; (2) the accuracy and clarity of 25 of the most commonly used IRS forms, notices, and publications and (3) a study of IRS employee-suggestion programs.
Title VI: Technical Corrections - Subtitle A: Revenue Provisions - Make technical corrections to amendments made by the Revenue Reconciliation Act of 1990 (Title XI of the Omnibus Budget Reconciliation Act of 1990) with respect to: (1) individual income tax provisions; (2) excise taxes; (3) certain revenue increases; (4) the extension of certain expiring tax provisions; (5) energy incentives; (6) small business incentives; (7) estate taxes; and (8) the repeal of expired or obsolete provisions.
Makes technical corrections to amendments made by Title XII (Pensions) of the Omnibus Budget Reconciliation Act of 1990 concerning: (1) treatment of hedge bond rules; (2) treatment of dispositions of U.S. real property interests; (3) treatment of passive activity credits; (4) treatment of credits attributable to working interests in oil and gas properties; (5) passive loss rules; (6) combat zone compensation; (7) certain corporate deductions; (8) interest paid by a U.S. branch of a foreign corporation; (9) sales of inventory property; (10) health care continuation rules; (11) real estate mortgage investment conduits (REMICS); (12) veterans' reemployment rights; (13) adjustment of health insurance tax contribution base; and (14) repeal of obsolete provisions.
Subtitle B: Tariff and Customs - Makes technical amendments to the Harmonized Tariff Schedule of the United States, the Consolidated Omnibus Budget Reconciliation Act of 1985, the Omnibus Trade and Competitiveness Act of 1988, and the Customs and Trade Act of 1990.
Title VII: Miscellaneous Revenue Provisions - Subtitle A: Provisions Primarily Affecting Individuals - Revises provisions of the Internal Revenue Code to expand the income exclusion for education bonds to: (1) include tuition and fees paid by a taxpayer for the enrollment of any individual (not just dependents) at an eligible institution; (2) eliminate age restrictions; and (3) require certain identifying information.
Requires gain recognized on the sale or exchange after December 31, 1993, of a principal residence to be reduced by the aggregate losses sustained on the sale or exchange after the date of enactment of this Act of prior principal residences of such individual which were not allowed as a deduction and which were not previously taken into account.
Excludes from gross income discharge-of-indebtedness income from the cancellation of a loan made by an educational organization designed to encourage its students to serve in occupations with unmet needs or in areas with unmet needs. Makes such exclusion inapplicable if such discharge is on account of services performed for an employer and the employer directly or indirectly provides funds for such discharge.
Allows rollovers into individual retirement accounts of military separation pay.
Provides special rules with respect to the nonrecognition of gain for principal residences compulsorily or involuntarily converted as a result of a presidentially-declared disaster. Requires the nonrecognition of gain of insurance proceeds for the contents of such residences. Allows insurance proceeds from personal property and real property to be lumped together into one common fund. Extends the time to replace a principal residence from two years to four years.
Excludes from gross income foster care payments made by Federal or State entities.
Allows penalty-free withdrawals from annuities to pay higher education expenses.
Waives certain limitations on the low-income housing credit and mortgage revenue bonds with respect to natural disaster areas.
Subtitle B: Charitable Contribution Provisions - Repeals the tax preference for the appreciated property charitable deduction. Requires a report to specified congressional committees on the development of a procedure for the advance determination of the value of charitable gifts.
Establishes substantiation requirements for charitable contributions of $750 or more.
Sets forth disclosure requirements for an organization that receives a quid pro quo contribution (payment made partly as a contribution and partly in consideration for goods or services provided to the payor by the donee organization). Imposes a penalty for failure to make such disclosure.
Requires certain nonprofit organizations to disclose their non-tax-exempt status.
Requires tax-exempt organizations to make their tax returns available for public inspection.
Subtitle C: Other Provisions Relating to Tax-Exempt Organizations - Establishes requirements for notifying charitable beneficiaries of charitable remainder trusts of their interests in such trusts, including copies of estate tax return filings on which a charitable deduction is claimed.
Applies the private inurement rule to tax-exempt civic leagues.
Requires the Secretary to report to specified congressional committees on the tax treatment of sponsorship payments received by tax-exempt organizations from corporations and other sponsors in connection with athletic and other events.
Provides for the treatment of royalty income received by olympic organizations.
Exempts charitable organizations from occupational and wagering taxes.
Provides that certain games of chance (other than bingo) shall not be treated as unrelated trade or business income.
Treats certain nonprofit organizations as a Blue Cross or Blue Shield organization for insurance tax purposes.
Provides for the tax-exempt treatment of Indian tribal governments for pension purposes.
Treats costs of private foundations in removing hazardous substances as qualified distributions.
Provides that unrelated business income does not include the exchange or rental of mailing lists by tax-exempt organizations.
Subtitle D: Employee Benefit Provisions - Requires that, for pre-1980 tax years, the income tax deductibility of flight training expenses be determined without considering whether the taxpayer received reimbursement through veterans' educational programs.
Provides for the tax treatment of certain securities transferred from a terminated pension plan and the treatment of disability benefits received by former police officers or firefighters.
Subtitle E: Tax-Exempt Bond Provisions - Increases the size of loans permitted under certain bond-financed programs.
Modifies the limitation on capital expenditures for small issue bonds.
Subtitle F: Other Income Tax Provisions - Increases the permissible shareholders of S corporations (small business corporations) from 35 to 50. Makes such corporations eligible for capital gain treatment when subdividing real property for sale.
Provides that the special rules applicable to the deferral of income and involuntary conversions relating to the sale of livestock on account of drought shall apply to other weather-related conditions.
Assigns the rental of tuxedos a two-year recovery period for depreciation purposes.
Exempts personal service corporations which use an accrual method of accounting for their last taxable year ending before the date of enactment of this Act from restrictions on deducting year-end regular compensation paid to any employee who is not a key employee.
Allows the deduction of a certain amount of the distributive share of expenses for the production of income by a partner in a partnership for purposes of the alternative minimum tax.
Allows certain small property and casualty insurance companies to determine alternative minimum taxable income and adjusted net book income without regard to underwriting income and expense.
Provides for the taxation of the income from the merger of Federal land bank associations and farm credit associations, except for income, gain, loss, or deduction properly allocable to loans made by the Federal land bank associations that have an initial term of at least ten years.
Restores the prior law treatment of corporate reorganizations by providing a special rule for determining issue price in the case of exchange of debt instruments in such reorganizations.
Excludes a deposit made by a policyholder under a qualified perpetual insurance policy from provisions governing the treatment of loans with below-market interest rates. Describes such a policy as one: (1) which provides insurance for property damage or casualty with respect to certain residential property (or the contents thereof); and (2) which is funded only by the policyholder placing a cash deposit (and does not provide for any periodic premiums) and such deposit is fully refundable upon cancellation.
Declares that any qualified distribution made by a Native Corporation shall not be treated as a distribution made out of earnings and profits.
Allows small property and casualty insurance companies a deduction for certain tentative taxable income.
Allows an insurance company to use its alternative tax net operating loss deduction to offset 100 percent (currently, 90 percent) of alternative minimum taxable income, if such insurance company is created by a State or instrumentality thereof and is operated on a not-for-profit basis exclusively to provide coverage to individuals or businesses for high-risk needs where coverage is not otherwise available or affordable.
Allows farmers' cooperatives to elect to treat as ordinary income or loss certain capital gains and losses from the disposition of assets used in conducting business with or for patrons.
Allows the inclusion of income derived from the sale or exchange of crops grown in a disaster area in the year following the year in which such sale or exchange occurred.
Permits Native Corporations to litigate the validity of their net operating losses under certain circumstances.
Applies passive loss limitations to timber activities.
Subtitle G: Provisions Relating to Taxes Other Than Income Taxes - Exempts trucks assembled by nonprofit educational organizations from the tax on heavy trucks and trailers sold at retail.
Exempts from the firearms tax certain reloaded previously-used shells and cartridges supplied by the customer (or another customer) and returned to him or her in a type and quantity identical to the ones supplied.
Exempts explosives handling equipment from the heavy truck tax.
Provides that the special estate tax valuation ten-year recapture rules shall cease to apply after 1992 in the case of property acquired from decedents dying before January 1, 1982.
Revises the employment tax treatment of certain crew members on fishing vessels with a crew of ten or fewer individuals.
Exempts services performed by full-time students for organized seasonal children's camps from social security taxes.
Subtitle H: Tax Treatment of Certain Cargo Containers - Provides for the treatment of qualified intermodal cargo containers for purposes of the investment tax credit.
Subtitle I: PBGC Report on Employers With Underfunded Plans - Requires the Pension Benefit Guaranty Corporation to report to the Congress on employers with underfunded pension plans.
Subtitle J: Studies and Reports - Part I: Studies - Requires reports on the following studies: (1) semi-conductor manufacturing equipment to determine the appropriate recovery period and class life for such equipment for depreciation purposes; (2) municipal bond funds; and (3) the deductibility of travel expenses by loggers.
Part II: American Citizens Annual Report - Requires the Secretary of the Treasury to distribute to all taxpayers (who so request) an annual report containing, at a minimum: (1) the most recent five-year actual trends in Federal receipts, expenditures, fund balances, assets and liabilities, and debts by major category or source; (2) a comparison of the actual budget totals for the most recent fiscal year to the budget projections; (3) statements from the President and congressional leadership regarding significant aspects of the Government's financial performance; and (4) any other relevant information on the Government's performance and contributions to economic growth, productivity, and investment in infrastructure.
Establishes an advisory committee to provide the Deputy Director with comments and suggestions on the design and content of the annual report.
Subtitle K: Mount Rushmore Commemorative Coin Act Amendments - Amends the Mount Rushmore Commemorative Coin Act to direct that specified surcharges shall be paid to the Mount Rushmore National Memorial Society of Black Hills to assist its efforts to improve and enlarge the Mount Rushmore National Memorial. Mandates that the remainder be returned to the Treasury for purposes of reducing the national debt.
Subtitle L: Annuity Benefits for Certain Ex-Spouses of Central Intelligence Agency Employees - Provides for the payment of survivor and retirement annuities to certain former spouses of employees of the Central Intelligence Agency.
Provides for the tax treatment of heart disease and hypertension disability benefits received by former police or fire department employees in specified calendar years.
Subtitle M: Repeal of Coast Guard Recreational Boat User Fee - Amends Federal law to provide a phased repeal of the boat user fee by FY 1995.
Regulates electronic filing and electronic provisions of access to and use of tariffs and essential terms of service contracts, including mandating and regulating fees.
Title VIII: Customs and Trade Provisions - Subtitle A: Trade Promotion - Amends the Trade Act of 1974 to remove the Union of Soviet Socialist Republics from the list of countries ineligible for designation as a beneficiary developing country under the Generalized System of Preferences.
Amends the Caribbean Basin Economic Recovery Act to authorize the Commissioner of Customs to make a grant to assist an institution of higher education in establishing in Texas a Center for the Study of Western Hemispheric Trade, which shall promote and study trade between Western Hemisphere countries. Authorizes appropriations.
Subtitle B: Customs and Trade Agency Authorization and Reports; Competitiveness Policy Council - Part I: Authorizations and Reports - Amends the Tariff Act of 1930 to authorize appropriations for FY 1993 and 1994 for the United States International Trade Commission.
Amends the Customs Procedural Reform and Simplification Act of 1978 to authorize appropriations for FY 1993 and 1994 for the United States Customs Service for: (1) noncommercial and commercial operations; and (2) the air and marine interdiction programs.
Amends the Trade Act of 1974 to authorize appropriations for FY 1993 and 1994 for the Office of the United States Trade Representative.
Amends the Tariff Act of 1930 to authorize appropriations for FY 1993 and 1994 for the Customs Forfeiture Fund.
Repeals the East-West Trade Statistics Monitoring System and specified provisions concerning Customs personnel airport work shift regulations.
Requires the Secretary of the Treasury to report to specified congressional committees on: (1) the causes for the high attrition rates experienced by the United States Customs Service in its Southwest region, with particular focus on border ports of entry; (2) plans for staffing at full capacity on a port-by-port basis each of the facilities that has been or will be improved under the Southwest Border Capital Improvements Program; (3) the feasibility of moving the Customs Service office from downtown Portland, Oregon, to the vicinity of the Portland airport; and (4) the feasibility of placing drug enforcement agents in the Medford/Grants Pass area in Oregon.
Part II: Competitiveness Policy Council - Amends the Competitiveness Policy Council Act to: (1) change the name of the Competitiveness Policy Council to the National Competitiveness Policy Commission (Commission); and (2) reauthorize the Commission through FY 1994 at reduced levels.
Amends the National Competitiveness Policy Commission Act to make technical changes with respect to Commission duties, powers, staff and reporting requirements.
Subtitle C: Customs Modernization - Customs Modernization and Informed Compliance Act - Part I: Improvements in Customs Enforcement - Amends the Tariff Act of 1930 to revise customs procedures with respect to: (1) electronic transmission of forged, altered, or false data to the United States Customs Service with regard to the entry of imported merchandise; (2) penalties for failure to declare imported controlled substances; (3) examination and detention of imported merchandise; (4) certain recordkeeping requirements; (5) examination of books and witnesses; (6) review of protests by the Customs Service; (7) a repeal of a provision relating to the reliquidation on account of fraud; (8) penalties relating to manifests, false drawback or refund claims, and for fraud, gross negligence, and negligence; (9) unlawful unlading or transshipment; (10) public access to Customs Service interpretative rulings and decisions; and (11) seizure of imported merchandise.
Part II: National Customs Automation Program - Directs the Secretary of the Treasury (Secretary) to establish the National Customs Automation Program which shall be an automated and electronic system for the processing of commercial imports.
Provides for electronic data transmission relating to: (1) remote location filing; (2) effective date of rates of duty on imported merchandise; (3) merchandise manifests; (4) imported merchandise invoices; (5) entry and release of imported merchandise; (6) admissibility in administrative and judicial proceedings of electronically transmitted information; (7) appraisement and liquidations of imported merchandise; (8) the payment of duties; (9) abandonment and damage to imported merchandise; (10) protests of Customs Service decisions; (11) refunds and errors; (12) bonds and other security; and (13) customs house brokers.
Requires a refund (drawback) of duties (less one per cent of such duties) on articles produced in the United States with imported merchandise that have been destroyed under Customs Service supervision, provided such articles have not been used prior to such destruction.
Sets forth provisions with respect to customs officer's immunity in regard to the appraisement of or collection of duties on imported merchandise.
Part III: Miscellaneous Amendments to the Tariff Act of 1930 - Amends the Tariff Act of 1930 to require masters of vessels that have visited a hovering vessel or received merchandise while outside the U.S. territorial sea to report their arrival to the nearest customs facility.
Provides for the electronic transmission of vessel documentation to the Customs Service.
Requires the following vessels to report to the nearest Customs Service facility within 24 hours (or other period of time) as provided after arrival to a U.S. port: (1) vessels from a foreign port; (2) foreign vessels from a domestic port; (3) U.S. vessels having bonded or foreign merchandise for which entry has not been made; or (4) vessels which visited a hovering vessel or received merchandise outside the U.S. territorial sea. Authorizes the Secretary to permit masters of vessels to make preliminary entry of their vessel with the Customs Service in lieu of or before formal entry is made.
Exempts from entry and clearance requirements certain passenger vessels on excursion from the U.S. Virgin Islands to the British Virgin Islands and returning, U.S. documented vessels with recreational endorsement, or (as under current law) undocumented U.S. pleasure vessels not engaged in trade, except such vessels must comply upon arrival with specified customs reporting requirements and navigation laws and must not have visited any hovering vessel. Prohibits merchandise, passengers, or baggage from being unladen from any vessel required to make entry or vehicle required to report its arrival until such entry or report of arrival is made and a permit for unlading has been issued by the Customs Service. Authorizes the issuance of such permits through electronic data transmission.
Requires every importer of record of merchandise to make and file electronically or otherwise a declaration stating whether such merchandise is imported pursuant to a purchase or purchase agreement and that all other required documents are true and correct.
Requires persons who gained any benefit from, or met any obligation to the United States as the result of the prior exportation of merchandise that has returned as undeliverable to inform the Customs Service of the return of such merchandise within a reasonable time.
Provides for electronic data transmission of entry information to complete any incomplete entry of imported merchandise.
Declares entered or unentered merchandise that remains in customs custody for six months, with an extension at the importer's request of up to a year (currently, for merchandise that remains in custody for one year), and in which duties, taxes, fees, storage, and other charges have not been paid, to be unclaimed merchandise which shall be appraised and sold by the Customs Service at public auction. Authorizes the sale of imported gunpowder and other explosive merchandise that if permitted to remain in a bonded warehouse for six months (currently, one year) would depreciate in value to the extent that its sale would be insufficient to pay such duties, taxes, fees, storage, and other charges.
Authorizes the Customs Service, in lieu of sale, to provide notice to interested parties that, unless, within 30 days of such notice, the subject merchandise is entered or withdrawn for consumption and payment made of all duties, taxes, and fees, transfer and storage charges and other expenses that title to such merchandise shall be deemed to vest in the United States. Authorizes the Secretary to pay a party that has lost a substantial interest in merchandise by virtue of title vesting in the United States, and can establish that it did not receive a vesting notice, an amount from the Customs Forfeiture Fund equal to what such party would have received if such merchandise had been sold and a proper claim filed. Requires any surplus of the proceeds from the sale of such merchandise to be deposited into the Fund if a claim for such surplus is not filed with the Customs Service.
Authorizes the Secretary to prescribe regulations for the declaration and entry of merchandise whose value does not exceed a certain amount, not more than $2,500 (currently not greater than $1,250), and/or when different commercial facilitation and risk considerations that may vary for different classes or kinds of merchandise or different classes of transactions may dictate.
Requires the Secretary upon seizure and forfeiture of imported merchandise bearing a counterfeit mark to dispose of such merchandise more than 90 days (currently, one year) after such forfeiture.
Authorizes withdrawal of imported merchandise from a warehouse for transfer to a foreign trade zone.
Authorizes the Customs Service to order the destruction or other appropriate disposition of vessels, vehicles, aircraft, merchandise, or baggage that has been seized under the customs laws if it determines that the expense of keeping such items is disproportionate to their value (currently applies only to items of less than $1,000 in value).
Authorizes the use of funds from the Customs Forfeiture Fund for the payment of: (1) certain transfer and storage charges and expenses; and (2) claims against Customs Service employees.
Requires actions for fraud, gross negligence, and negligence, false drawback or refund claims, and restoration of lawful duties with respect to imported merchandise to be instituted within five years after the alleged violation or discovery of such fraud.
Requires the Customs Service to be reimbursed the administrative cost and expense incurred in collecting fees on behalf of other Federal agencies.
Authorizes the Secretary to settle, for no more than $50,000 in each case, claims for personal injury, death, or damage to, or loss of, privately owned property caused by an investigative or law enforcement officer of the Customs Service.
Authorizes the Secretary to contract with persons for collection services to recover indebtedness arising under the customs laws, provided the Customs Service has exhausted all administrative efforts to collect such indebtedness.
Part IV: Miscellaneous Provisions and Consequential and Conforming Amendments to Other Laws - Amends the Harmonized Tariff Schedule of the United States to exempt from such Schedule articles which are returned within 45 days after being exported from the United States as undeliverable and which have not left the custody of the carrier or foreign customs service. Prohibits such exportations from satisfying any requirement for exportation in order to receive a benefit from, or meet an obligation to, the United States as a result of such exportation.
Declares that certain railway locomotives and railway freight cars on which no duty is owed are not subject to the entry or release requirements for imported merchandise under the Tariff Act of 1930.
Exempts instruments of international trade, such as containers, lift vans, rail cars and locomotives, truck cabs and trailers, etc., from formal entry procedures. Requires them to be accounted for however, when imported to and exported from the United States through the manifesting procedures required for international carriers by the U.S. Customs Service.
Amends the Internal Revenue Code and other specified Federal law with respect to: (1) certain expenditures from the Harbor Maintenance Trust Fund; and (2) coastwise trade vessels and U.S. vessels visiting foreign ports.
Amends Federal law to grant the Court of International Trade exclusive jurisdiction of any civil action for review decisions of the Customs Service that deny, suspend, or revoke accreditation of private customs laboratories. Bars the commencement of such actions unless brought before such Court within 60 days of such decisions.
Requires the Commissioner of Customs to report to the Congress each fiscal year after FY 1992 on the collection of duties imposed under the antidumping and countervailing duty laws.
Amends the Omnibus Budget Reconciliation Act of 1987 to authorize the Commissioner of Customs to obtain from the operators of centralized cargo examination stations information on fees paid for the provision of services at such stations. Requires the Commissioner to report to specified congressional committees on the payment of such fees.
Amends the Customs and Trade Act of 1990 to require the Commissioner of Customs to: (1) devise a methodology for estimating the level of compliance with the U.S. customs laws; and (2) evaluate the extent to which such compliance was obtained during the 12-month period preceding the 60th day before each fiscal year 1993 through 1995. Directs the Commissioner to initiate, and submit to the Congress, a compliance review of certain carrier services.
Subtitle D: Customs Officer Pay Reform - Revises the overtime pay system for U.S. Customs Service inspectors.
Authorizes the Secretary of the Treasury to pay up to five percent of basic pay to any inspector who makes substantial use of a foreign language in the performance of official duties.
Includes overtime pay in the calculation of retirement annuities for inspectors, up to an amount equal to 50 percent of the annual overtime pay limitation.
Provides canine enforcement officers overtime compensation in the same manner applicable to customs inspectors.
Subjects premium pay for work performed at night or on Sundays or holidays and compensation for second commutes to the annual overtime pay limitation.
Authorizes the Secretary to promulgate regulations to insure callback assignments are commensurate with the overtime compensation authorized for such work and to prevent the disproportionate assignment of overtime work to inspectors who are near retirement.
Requires the Comptroller General to review user fees used to finance inspectional services and to identify additional cost savings.
Subtitle E: Miscellaneous Trade Provisions - Amends the Trade Act of 1974 to authorize certain economically affected persons to request the U.S. Trade Representative (USTR) to review whether a foreign country is in material compliance with the terms of a bilateral trade agreement to which the United States is a party. Prescribes guidelines for such a review. Provides that nothing in this Act may be construed as requiring actions that are inconsistent with U.S. international obligations, including the General Agreement on Tariffs and Trade.
Amends the Harmonized Tariff Schedule of the United States to exclude certain footwear assembled in Caribbean Basin beneficiary countries from duty-free treatment.
Title IX: Income Security and Human Resource Amendments - Subtitle A: Amendments Relating to Old-Age, Survivors, and Disability Insurance Program - Amends title XI of the Social Security Act to prohibit the misuse of symbols, emblems, or names in referring to Social Security programs and agencies.
Amends the Omnibus Budget Reconciliation Act of 1990 to make more explicit the requirement that the Social Security Administration maintain telephone access to its local offices at the level generally available on September 30, 1989.
Requires the HHS Secretary to ensure that toll-free telephone service by SSA is maintained at a level at least equal to that in effect on the date of enactment of this Act.
Amends the OASDI program to permit States which already collect social security numbers for purposes permitted under current law to use those numbers for jury selection purposes.
Extends to all States the option to provide State and local policemen and firemen who participate in a public retirement system with social security coverage under their voluntary agreements with the HHS Secretary.
Exempts ministers who were American citizens and residents of Canada, before the 1984 totalization agreement between the United States and Canada, who failed to file a tax return or pay social security taxes on self-employment income, from the payment of such taxes and related penalties owed to the United States. Provides that the ministers' social security earnings records will not be credited for years in which such social security taxes were not paid.
Eliminates the rounding distortion in the calculation of the OASDI contribution and benefit base and the earnings test exempt amounts.
Repeals the facility-of-payment provision.
Authorizes, under certain circumstances, the disclosure of information regarding the mortality status of individuals for purposes of epidemiological or similar research.
Increases penalties for unauthorized disclosure of social security information.
Increases from three months to four months the time to file annual earnings reports.
Disqualifies certain convicted felons as representative payees.
Eliminates State restrictions on the use of death certificates to correct OASDI and other Federal benefit program information. Provides for Social Security Administration death information to be given to States free of charge. Restricts the use of social security account numbers by States which have not contracted to participate in the program providing for the exchange of death information.
Requires an HHS study and report to specified congressional committees on improvements in gathering and reporting such information.
Prohibits the misuse of Department of Treasury names and symbols. Establishes penalties for such misuse.
Subtitle B: Human Resources Provisions - Amends the Social Security Act to make technical corrections related to provisions concerning old-age, survivors, and disability insurance in the Omnibus Budget Reconciliation Act of 1990.
Title X: Medicare Provisions - Subtitle A: Provisions Relating to Part A - Requires the Secretary of HHS to use the day outlier methodology in effect for FY 1992 for payment of discharges occurring on or after January 1, 1993, and before July 1, 1993.
Modifies the Essential Access Community Hospital program, including the length of stay requirement for State designation of rural primary care hospitals.
Amends Medicare to provide that a change in classification of hospitals from one area to another may not result in a reduction in the wage index for an urban area if the area has a wage index below the rural wage index for the State, or if the urban area is located in a State without any rural areas.
Extends authorized appropriations for the rural health transition grant program.
Provides that all hospitals classified as regional referral centers on September 30, 1992, shall retain such status through September 30, 1994. Provides that hospitals which fail to qualify as regional referral centers for FY 1993 as a result of a decision by the Medicare Geographic Classification Review Board shall be provided by the Secretary of HHS with an opportunity to decline the reclassification.
Revises Medicare-dependent, small rural hospital payment provisions.
Extends additional payments for the hemophilia clotting factor furnished through September 30, 1994.
Prohibits the Secretary from recouping from or otherwise reducing payments to hospitals in New Jersey because of alleged overpayments which occurred during the period of a statewide hospital reimbursement demonstration project.
Allows the care of hospital inpatients receiving qualified psychologist services to be supervised by a clinical psychologist to the extent such supervision is permitted under State law.
Allows graduate medical education to be provided in a hospital-owned community health center.
Requires a study on the feasibility and desirability of establishing joint medical facilities among the Department of Defense, the Department of Veterans' Affairs, and other public and private entities, including an analysis of changes needed in Medicare and Medicaid to facilitate such medical centers.
Requires home health agencies and skilled nursing facilities to notify Medicare beneficiaries of the hospice benefit under Medicare, under certain conditions.
Directs the Secretary to begin collecting data on employee compensation and paid hours of employment in skilled nursing facilities (SNFs) to compute a wage index to adjust Medicare SNFs payments.
Requires the Secretary to continue any rural hospital demonstration project at least through December 31, 1995.
Subtitle B: Provisions Relating to Part B - Amends Medicare part B (Supplementary Medical Insurance) to reinstate separate payment for electrocardiogram (EKG) interpretations performed or ordered to be performed as part of or in conjunction with a visit to or consultation with a physician.
Repeals provisions providing reduced Medicare payments to new physicians and other practitioners during their first four years of practice.
Prohibits the Secretary from modifying the methodology for determining the amount of time that may be billed for anesthesia services until January 1, 1997.
Requires the Secretary to study and report to specified congressional committees on the data necessary to review and revise geographical indices.
Prohibits nonparticipating physicians and suppliers from billing or collecting an actual charge in excess of the Medicare limiting charge. Requires the Secretary to report to the Congress on the extent to which actual charges exceed Medicare limiting charges, the number and types of services involved, and the average amount of excess charges.
Requires the Secretary to report to the Congress on a study of the relative values for pediatric services to determine whether there are significant variations in the resources used in providing similar services to different populations.
Requires carriers to provide limiting charge information on the explanation of Medicare benefits form relating to physician services.
Extends eligibility for designation as eye or eye and ear hospitals to hospitals that otherwise meet current law criteria but on October 1, 1987, operated as an eye or eye and ear specialty hospital or as a separate eye or eye and ear unit of a general acute care hospital which operates less than 20 percent of the beds that it operated on such date and has discontinued a substantial portion of its other acute care operations.
Extends the cap on payments for intraocular lenses through 1994.
Requires the Secretary to provide for national standards which suppliers of medical equipment and supplies must meet in order to receive payment for items furnished.
Prohibits unsolicited telephone contracts from supplies of durable medical equipment to Medicare beneficiaries.
Modifies anti-kickback provisions.
Amends Medicare to specify the circumstances under which Medicare beneficiaries are not financially liable for covered items furnished by suppliers on an unassigned basis.
Provides for a freeze in reasonable charges for parenteral and enteral nutrients, supplies, and equipment during 1993.
Removes aspirators and nebulizers from the category of DME items requiring frequent and substantial servicing, and includes supplies relating to aspirators and nebulizers in the category of inexpensive and other routinely purchased equipment.
Adds payment rules for ostomy supplies, tracheostomy supplies, urologicals, surgical dressings, and other medical supplies.
Revises payment provisions for services furnished by a certified registered nurse anesthetist who is medically directed.
Modifies the limitation on the late enrollment penalty.
Provides for Medicare coverage of: (1) oral cancer drugs that contain the same active ingredients as anticancer drugs covered by Medicare when administered intravenously; and (2) speech-language pathology and audiology services.
Extends municipal health service demonstration projects until 1997.
Treats certain Indian health programs and facilities as federally-qualified health centers.
Extends the influenza vaccination demonstration project.
Subtitle C: Provisions Relating to Parts A and B - Modifies provisions relating to physician ownership and referral.
Adjusts procedures to determine graduate medical education costs.
Extends the periods during which Medicare covers immunosuppressive drug therapy following a transplant procedure.
Revises provisions with respect to Medicare secondary payers.
Directs the Secretary to provide a method for outreach services to individuals who are likely to be eligible for Medicaid payment of their Medicare out-of-pocket expenses.
Requires the Secretary to extend the waivers for social health maintenance organization demonstration projects.
Repeals peer review organization precertification requirements for certain surgical procedures.
Modifies hospital conditions of participation with respect to discharge planning to include an evaluation of a patient's need for hospice services.
Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings) to adjust discretionary spending limits with respect to Medicare administrative costs.
Adjusts Medicare capitation payments to account for regional variations in application of the secondary payor provisions.
Subtitle D: Provisions Relating to Medicare Supplemental Insurance Policies - Revises certain standards for Medicare supplemental insurance policies.
Title XI: Authorization for Additional Assistance to Distressed Communities - Subtitle A: National Public-Private Partnership Programs - Expresses the sense of the Congress that public-private partnerships between government and community-based organizations offer an opportunity to empower residents of low-income distressed communities and to forge innovative solutions to the challenges confronting these communities, and that increased resources should be invested in such partnerships.
Authorizes appropriations to promote certain national public-private partnerships for FY 1993 through 2002. Specifies amounts to be available only for projects or activities that directly and principally benefit the residents of tax enterprise zones.
Subtitle B: Block Grant Funding for Eligible Programs - Authorizes appropriations for FY 1993 through 2002 for urban enterprise zones and rural development investment zones. Provides for the allocation and use of such amounts for carrying out selected programs within such zones. Specifies the eligible programs in the areas of: (1) crime and criminal justice; (2) job training; (3) education; (4) health and nutrition; and (5) housing and community development. Sets forth requirements for applying for funding.
Establishes an interagency council to provide administrative assistance for functions under this title. Requires the council, one year after enactment of this Act, to report to the Congress on: (1) any alternative methods or systems for allocation of amounts made available for enterprise zones; and (2) any problems experienced in the implementation and administration of this subtitle.
Subtitle C: Other Programs - Amends the Housing and Community Development Act of 1974 to waive the cap on assistance under the community development block grant program for units of general local government located within or containing an urban tax enterprise zone.
Authorizes the Secretary of Housing and Urban Development to make loan guarantees for such units of local government for development activities.
Amends the Job Training Partnership Act to establish the youth adult employment demonstration program to assist young adults with education, job training, and employment services in tax enterprise zones.
National Community Economic Partnership Act of 1992 - Authorizes the Secretary of HHS to provide nonrefundable lines of credit to community development corporations for the establishment, maintenance or expansion of revolving loan funds to be utilized to finance projects intended to provide business and employment opportunities for low-income, unemployed, or underemployed individuals and to improve the quality of life in urban and rural areas.
Provides assistance to community development corporations to upgrade the management and operating capacity of such corporations and to enhance the resources available to enable such corporations to increase their community economic development activities.
Requires the Secretary to award grants to organizations to enable them to undertake programs involving research, testing, studies, or demonstrations related to community economic development.
Directs the Secretary to develop and promulgate joint community development activity programs with other agencies.
Enterprise Capital Access Fund Demonstration Program - Establishes a demonstration program to provide loans and technical assistance grants to nonprofit financial intermediaries in order to finance business and employment opportunities, low-income housing opportunities, and neighborhood revitalization projects.
Establishes within HUD an Office of Community Banking to carry out this title.
Amends the Cranston-Gonzalez National Affordable Housing Act to authorize an enterprise zone youthbuild program.
Directs the Secretary of Labor, in consultation with the Secretary of Transportation, to establish a Reverse Commuting Demonstration Program to test the effects of assisting residents of poor inner-city areas to commute to job sites in other areas of the city or surrounding suburbs.
Directs the Comptroller General to report to the Congress on an assessment of the market availability of insurance for businesses and residences located in central cities and distressed urban areas and the impact of the availability of such insurance on the economic development or redevelopment of such areas.
Title XII: High Seas Driftnet Fisheries Enforcement - High Seas Driftnet Fisheries Enforcement Act - Subtitle A: High Seas Large-Scale Driftnet Fishing - Requires: (1) publication of a list of nations whose nationals or vessels conduct large-scale driftnet fishing beyond the exclusive economic zone of any nation; (2) barring from leaving or entering U.S. ports any large-scale driftnet fishing vessel documented in the United States or in such countries; and (3) prohibition of importation from those countries of fish, fish and fish products, and sport fishing equipment.
Mandates certification under the Fishermen's Protective Act of 1967 of any country: (1) for which that import prohibition is insufficient to terminate such fishing; or (2) that retaliates against the United States because of that import prohibition.
Amends the Marine Mammal Protection Act to modify requirements regarding documentary evidence that certain tuna was not harvested with driftnets meeting specified criteria after listed dates.
Excludes from the definition of "large-scale driftnet fishing," as used in this Act, specified use, until January 1, 1994, of certain nets in the northeast Atlantic Ocean.
Subtitle B: Fisheries Conservation Programs - Amends the Fisherman's Protective Act of 1967 to authorize, when certification is made under the Act, a prohibition on the importation of any products (currently, of fish products or wildlife products) from the offending country.
Adds references to the District of Columbia and territories or possessions of the United States to the definition of "United States" under the Act. Removes provisions defining: (1) "fish products" and "wildlife products"; and (2) the "taking" of wildlife products to include certain conduct whether or not the conduct is legal under the laws of the offending country.
Mandates a memorandum of understanding between the Secretary of the Department in which the Coast Guard is operating, the Secretary of Commerce, and the Secretary of Defense regarding increasing the effectiveness of enforcement of domestic laws and international agreements that conserve and manage living marine resources of the United States.
Declares that it is the sense of the Congress that the President should address environmental issues during multilateral, bilateral, and regional trade negotiations and take certain actions regarding environmental concerns and the General Agreement on Tariffs and Trade (GATT).
Subtitle C: Fisheries Enforcement in Central Bering Sea - Central Bering Sea Fisheries Enforcement Act of 1992 - Prohibits U.S. vessels and nationals from fishing in the Central Bering Sea except in accordance with an international fishery agreement involving the United States and the Russian Federation. Mandates civil penalties and permit sanctions for violations.
Mandates: (1) publication of a list of nations whose nationals fish in that area, except in accordance with such an agreement; (2) withholding or revocation of clearance for any fishing vessel documented in such a nation; and (3) denial of entry for any violating vessel.
Prohibits any permitted fishing vessel from fishing in, or any processing facility from receiving fish from, an area under the authority of the North Pacific Fishery Management Council if the vessel is owned by any person that also owns or controls a fishing vessel documented in such a nation.
Terminates this title seven years after enactment.
Subtitle D: Miscellaneous Provisions - Amends the Marine Mammal Protection Act of 1972 to modify requirements regarding imports from intermediary nations.
Authorizes the Secretary of State to extend the reemployment rights of a U.S. employee who, on a specified date, was serving with the Intergovernmental Panel on Climate Change.
Amends the Magnuson Fishery Conservation and Management Act to modify the term of office of members of Regional Fishery Management Councils.
Modifies the maximum amount of fees which may be assessed to pay for implementation of fisheries research plans.
Title XIII: Federal Debt Management Responsibility - Amends Federal law to limit the issuance of proceeds of Treasury obligations to lend any amount to a newly established Government-related corporation, unless: (1) such corporation is a designated qualified corporation; or (2) such borrowing is approved in advance in an appropriations Act.
Directs the Secretary of the Treasury to annually report to the Congress on the impact on the public debt of borrowing by Government-related corporations.