Summary: H.R.2649 — 102nd Congress (1991-1992)All Information (Except Text)

There is one summary for H.R.2649. Bill summaries are authored by CRS.

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Introduced in House (06/13/1991)

Free Market Assistance and Technological Innovation Act - Title I: Free Market Assistance Contributions - Amends the Internal Revenue Code to allow a charitable deduction for corporate contributions to private businesses in Eastern European emerging free market countries. Describes such free market assistance contribution (FMAC) as any contribution of property to a qualified business organization, if: (1) the property is to be used by the donee organization solely for carrying out a trade or business in such country; (2) the property is not transferred by the donee organization in exchange for money, other property, or services; and (3) the donor corporation receives a written statement from such organization on the use and disposition of the property. Allows contributions of related shipping services or expenses.

Requires the Secretary to designate as an Eastern European emerging free market country any Eastern European country taking steps toward: (1) political pluralism; (2) economic reform; (3) respect for internationally recognized human rights; and (4) a willingness to build a friendly relationship with the United States.

Authorizes the Secretary of Commerce to allocate the deductible FMAC amounts to each qualified corporation, up to a specified annual limitation.

Establishes a two-year period after the enactment of this Act during which such deduction is applicable.

Directs the Secretary of Commerce to establish an information collection and dissemination program to facilitate and coordinate FMACs.

Title II: Extension of Research Provisions - Extends the credit for increasing research activities from December 31, 1991, to December 31, 1992. Extends the rule for the allocation of research and experimental expenditures to the first three taxable years (currently, the first two taxable years) beginning after August 1, 1989, and on or before August 1, 1992 (currently, 1991).

Title III: Tax Treatment of FSLIC Financial Assistance - Provides that acquirers of savings and loan institutions cannot deduct losses or expenses that have been reimbursed by the Federal Savings and Loan Insurance Corporation (FSLIC), the FSLIC Resolution Fund, or the Resolution Trust Corporation. Makes such provision applicable to FSLIC assistance paid with respect to any asset or debt disposed of on or after January 1, 1981.

Title IV: Tax Treatment of Losses from Certain Exchanges of Debt Pools - Amends the Internal Revenue Code to prohibit a loss from being recognized by a corporation from the transfer of any debt pool in exchange for consideration part or all of which consists of a substantially identical debt pool.