Text: S.2122 — 102nd Congress (1991-1992)All Information (Except Text)

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S 2122 IS
102d CONGRESS
1st Session
S. 2122
To amend the Internal Revenue Code of 1986 to  extend certain expiring
provisions, and for other purposes.
IN THE SENATE OF THE UNITED STATES
November 27 (legislative day, NOVEMBER 23), 1991
Mr. BENTSEN introduced the following bill; which was read twice and referred
to the Committee on Finance
A BILL
To amend the Internal Revenue Code of 1986 to extend certain expiring
provisions, and for other purposes.
  Be it enacted by the Senate and House of Representatives of the United
  States of America in Congress assembled,
SECTION 1. SHORT TITLE; AMENDMENT OF 1986 CODE.
  (a) SHORT TITLE- This Act may be cited as the `Tax Extension Act of 1991'.
  (b) AMENDMENT OF 1986 CODE- Except as otherwise expressly provided,
  whenever in this Act an amendment or repeal is expressed in terms of an
  amendment to, or repeal of, a section or other provision, the reference
  shall be considered to be made to a section or other provision of the
  Internal Revenue Code of 1986.
TITLE I--6-MONTH EXTENSION OF CERTAIN EXPIRING TAX PROVISIONS
SEC. 101. ALLOCATION OF RESEARCH AND EXPERIMENTAL EXPENDITURES.
  (a) EXTENSION- Paragraph (5) of section 864(f) (relating to allocation of
  research and experimental expenditures) is amended to read as follows:
  `(5) YEARS TO WHICH RULE APPLIES-
  `(A) IN GENERAL- This subsection shall apply to the taxpayer's first 3
  taxable years beginning after August 1, 1989, and on or before August
  1, 1992.
  `(B) REDUCTION- Notwithstanding subparagraph (A), in the case of the
  taxpayer's first taxable year beginning after August 1, 1991, this
  subsection shall only apply to qualified research and experimental
  expenditures incurred during the first 6 months of such taxable year.'
  (b) EFFECTIVE DATE- The amendment made by subsection (a) shall apply to
  taxable years beginning after August 1, 1989.
SEC. 102. RESEARCH CREDIT.
 (a) EXTENSION- Subsection (h) of section 41 (relating to credit for increasing
 research activities) is amended--
  (1) by striking `December 31, 1991' each place it appears and inserting
  `June 30, 1992', and
  (2) by striking `January 1, 1992' each place it appears and inserting
  `July 1, 1992'.
  (b) CONFORMING AMENDMENT- Subparagraph (D) of section 28(b)(1) is amended
  by striking `December 31, 1991' and inserting `June 30, 1992'.
  (c) EFFECTIVE DATE- The amendments made by this section shall apply to
  taxable years ending after December 31, 1991.
SEC. 103. EMPLOYER-PROVIDED EDUCATIONAL ASSISTANCE.
  (a) EXTENSION-
  (1) IN GENERAL- Subsection (d) of section 127 (relating to educational
  assistance programs) is amended by striking `December 31, 1991' and inserting
  `June 30, 1992'.
  (2) SPECIAL RULE- In the case of any taxable year beginning in 1992,
  only amounts paid before July 1, 1992, by the employer for educational
  assistance for the employee shall be taken into account in determining
  the amount excluded under section 127 of the Internal Revenue Code of 1986
  with respect to such employee for such taxable year.
  (b) EFFECTIVE DATE- The amendment made by this section shall apply to
  taxable years beginning after December 31, 1991.
SEC. 104. EMPLOYER-PROVIDED GROUP LEGAL SERVICES PLANS.
 (a) EXTENSION-
  (1) IN GENERAL- Subsection (e) of section 120 (relating to amounts received
  under qualified group legal services plans) is amended by striking `December
  31, 1991' and inserting `June 30, 1992'.
  (2) SPECIAL RULE- In the case of any taxable year beginning in 1992,
  only amounts paid before July 1, 1992, by the employer for coverage for
  the employee, his spouse, or his dependents, under a qualified group legal
  services plan for periods before July 1, 1992, shall be taken into account in
  determining the amount excluded under section 120 of the Internal Revenue
  Code of 1986 with respect to such employee for such taxable year.
  (b) EFFECTIVE DATE- The amendment made by this section shall apply to
  taxable years beginning after December 31, 1991.
SEC. 105. TARGETED JOBS CREDIT.
  (a) IN GENERAL- Paragraph (4) of section 51(c) (relating to termination)
  is amended by striking `December 31, 1991' and inserting `June 30, 1992'.
  (b) EFFECTIVE DATE- The amendment made by this section shall apply to
  individuals who begin work for the employer after December 31, 1991.
SEC. 106. ENERGY INVESTMENT CREDIT FOR SOLAR AND GEOTHERMAL PROPERTY.
  Subparagraph (B) of section 48(a)(2) (relating to energy percentage)
  is amended by striking `December 31, 1991' and inserting `June 30, 1992'.
SEC. 107. LOW-INCOME HOUSING CREDIT.
  (a) EXTENSION-
  (1) Paragraph (1) of section 42(o) is amended--
  (A) by striking `, for any calendar year after 1991',
  (B) by inserting before the comma at the end of subparagraph (A) `to any
  amount allocated after June 30, 1992', and
  (C) by striking `1991' in subparagraph (B) and inserting `June 30, 1992'.
  (2) Paragraph (2) of section 42(o) is amended--
  (A) by striking `1992' each place it appears and inserting `July 1, 1992',
  (B) by striking `December 31, 1991' in subparagraph (B) and inserting
  `June 30, 1992',
  (C) by striking `December 31, 1993' in subparagraph (B) and inserting
  `June 30, 1994', and
  (D) by striking `January 1, 1994' in subparagraph (C) and inserting `July
  1, 1994'.
  (b) EFFECTIVE DATE- The amendments made by this section shall apply to
  calendar years after 1991.
SEC. 108. QUALIFIED MORTGAGE BONDS.
  (a) IN GENERAL- Subparagraph (B) of section 143(a)(1) (defining qualified
  mortgage bond) is amended by striking `December 31, 1991' each place it
  appears and inserting `June 30, 1992'.
  (b) MORTGAGE CREDIT CERTIFICATES- Subsection (h) of section 25 (relating
  to interest on certain home mortgages) is amended by striking `December 31,
  1991' and inserting `June 30, 1992'.
  (c) EFFECTIVE DATES-
  (1) BONDS- The amendment made by subsection (a) shall apply to bonds issued
  after December 31, 1991.
  (2) CERTIFICATES- The amendment made by subsection (b) shall apply to
  elections for periods after December 31, 1991.
SEC. 109. QUALIFIED SMALL ISSUE BONDS.
  (a) IN GENERAL- Subparagraph (B) of section 144(a)(12) (relating to
  termination dates) is amended by striking `December 31, 1991' and inserting
  `June 30, 1992'.
  (b) EFFECTIVE DATE- The amendment made by this section shall apply to
  bonds issued after December 31, 1991.
SEC. 110. HEALTH INSURANCE COSTS OF SELF-EMPLOYED INDIVIDUALS.
  (a) EXTENSION-
  (1) IN GENERAL- Paragraph (6) of section 162(l) (relating to special rules
  for health insurance costs of self-employed individuals) is amended by
  striking `December 31, 1991' and inserting `June 30, 1992'.
  (2) SPECIAL RULE- In the case of any taxable year beginning in 1992--
  (A) only amounts paid before July 1, 1992, by the individual for insurance
  coverage for periods before July 1, 1992, shall be taken into account in
  determining the amount deductible under section 162(l) of the Internal
  Revenue Code of 1986 with respect to such individual for such taxable
  year, and
  (B) for purposes of subparagraph (A) of section 162(l)(2) of such Code,
  the amount of the earned income described in such subparagraph taken into
  account for such taxable year shall be the amount which bears the same
  ratio to the total amount of such earned income as the number of months
  in such taxable year ending before July 1, 1992, bears to the number of
  months in such taxable year.
  (b) EFFECTIVE DATE- The amendment made by this section shall apply to
  taxable years beginning after December 31, 1991.
SEC. 111. EXPENSES FOR DRUGS FOR RARE CONDITIONS.
  (a) IN GENERAL- Subsection (e) of section 28 (relating to clinical testing
  expenses for certain drugs for rare diseases or conditions) is amended by
  striking `December 31, 1991' and inserting `June 30, 1992'.
  (b) EFFECTIVE DATE- The amendment made by this section shall apply to
  taxable years ending after December 31, 1991.
SEC. 112. CHARITABLE CONTRIBUTIONS OF APPRECIATED PROPERTY.
  Subparagraph (B) of section 57(a)(6) (relating to appreciated property
  charitable deduction) is amended by adding at the end thereof the following
  new sentence: `In the case of a contribution made before July 1, 1992, in
  a taxable year beginning in 1992, such term shall not include any tangible
  personal property.'
TITLE II--MODIFICATION TO CORPORATE ESTIMATED TAX PROVISIONS
SEC. 201. TEMPORARY INCREASE IN AMOUNT OF CORPORATE ESTIMATED TAX PAYMENTS.
  (a) GENERAL RULE- Subsection (d) of section 6655 (relating to amount of
  required installment) is amended by adding at the end thereof the following
  new paragraph:
  `(3) TEMPORARY INCREASE IN AMOUNT OF INSTALLMENT BASED ON CURRENT YEAR TAX-
  In the case of any taxable year beginning after 1991 and before 1997--
  `(A) Paragraph (1)(B)(i) and subsection (e)(3)(A)(i) shall be applied
  by substituting for `90 percent' each place it appears the current year
  percentage determined under the following table:
  `In the case of any taxable
--The current year
  year beginning in--
--percentage is:
  1992
--93
  1993 or 1994
--94
  1995 or 1996
--95.
  `(B) Appropriate adjustments to the table contained in subsection
  (e)(2)(B)(ii) shall be made to reflect the provisions of subparagraph (A).'
  (b) CONFORMING AMENDMENT- Paragraph (1) of section 6655(e) is amended
  by striking `modified by subsection (d)(2)' and inserting `modified by
  paragraphs (2) and (3) of subsection (d)'.
  (c) EFFECTIVE DATE- The amendments made by subsection (a) shall apply to
  taxable years beginning after December 31, 1991.