Summary: S.2325 — 102nd Congress (1991-1992)All Information (Except Text)

There is one summary for S.2325. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (03/06/1992)

Family Security Initiatives Act of 1992 - Title I: Tax Provisions - Amends the Internal Revenue Code to increase the earned income tax credit for eligible individuals with two or more qualifying children. Repeals the credit's interaction with the medical expense deduction and the deduction for health insurance costs of the self-employed. Terminates the supplemental young child credit.

Increases the base tax rate on ozone-depleting chemicals. Eliminates the different rates for initially listed chemicals and newly listed chemicals.

Disallows a trade or business expense deduction for certain employee remuneration in excess of $1,000,000 for a taxable year.

Title II: Medicare Provisions - Amends the title XVIII (Medicare) of the Social Security Act to add as program benefits: (1) influenza and tetanus-diphtheria booster vaccinations; and (2) well-child care services. Increases certain monthly premiums to finance such additional benefits.

Title III: Health Care of Coal Miners - Coal Industry Retiree Health Benefit Act of 1991 - Amends the Internal Revenue Code to establish the Coal Industry Retiree Health Benefit Corporation to administer a program for the provision of retiree health benefits in the coal industry.

Establishes the Coal Industry Retiree Benefit Fund for the deposit of all amounts received by the Corporation. Requires the following payments to the Corporation: (1) a premium on each hour worked in coal production by employees paid by each person that produces bituminous coal for use or sale; (2) a per-ton premium obligation on bituminous coal importers; and (3) an annual per beneficiary premium paid by each last signatory operator and each other employer.

Sets forth the eligibility requirements for benefits for orphan miners, and spouses and dependents of orphan miners or deceased coal miners. Requires the Corporation to provide specified medical and death benefits to such persons. Directs the Corporation to develop managed care rules applicable to the payment of benefits.

Establishes the United Mine Workers of America 1991 Benefit Fund as an employee welfare benefit plan consisting of the merger of excess assets from certain closed plans. Sets forth eligibility requirements for benefits from such Fund.

Requires the last signatory operator of any individual receiving retiree health care benefits as of February 1, 1993, from an individual employer plan maintained pursuant to a coal wage agreement to provide retiree health care benefits to such individual.

Provides for the determination and disposition of excess pension assets to the Corporation or the 1991 Benefit Fund.

Provides for treatment as a sham transaction any transaction whose principal purpose is to evade or avoid liability under this Act. States that a bona fide, arm's-length sale of an entity subject to liability under this Act to an unrelated party shall not by itself be sufficient to establish a principal purpose to evade or avoid such liability.