S.1685 - American Family Income and Economic Security Act of 1996104th Congress (1995-1996)
|Sponsor:||Sen. Kerry, John F. [D-MA] (Introduced 04/18/1996)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 04/18/1996 Read twice and referred to the Committee on Finance. (All Actions)|
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Summary: S.1685 — 104th Congress (1995-1996)All Information (Except Text)
Introduced in Senate (04/18/1996)
TABLE OF CONTENTS:
Title I: American Family Economic Security
Subtitle A: Wage Security
Subtitle B: Retirement Security
Subtitle C: Health Security
Subtitle D: Employee Security
Title II: Incentives for Lifelong Learning
Title III: High-Wage Jobs for American Families
Subtitle A: Business Incentives
Subtitle B: Preservation of American Jobs
Subtitle C: Promotion of Long-Term Investments in
Title IV: Miscellaneous Provisions
American Family Income and Economic Security Act of 1996 - Title I: American Family Economic Security - Subtitle A: Wage Security - Amends the Fair Labor Standards Act of 1938 to raise the minimum wage.
Subtitle B: Retirement Security - Part I: IRA Deduction - Amends the Internal Revenue Code (Code) to increase individual retirement account (IRA) income limitations. Provides inflation adjustments for deductible amounts and income limitations.
Part II: Nondeductible Tax-Free IRAs - Establishes special nondeductible tax-free IRAs.
Part III: Penalty-Free Distributions - Permits distributions from certain qualified retirement plans without penalty for: (1) first home purchases; (2) higher education expenses; (3) financially devastating medical expenses; or (4) certain unemployed persons.
Part IV: Plan Loans - Establishes defined contribution plan loan requirements.
Subtitle C: Health Security - Part I: Definitions - Defines specified terms.
Part II: Health Care Access, Portability, and Renewability - Subpart A: Group Market Rules - Provides for: (1) guaranteed availability and renewability of health plan coverage; and (2) coverage portability and limitations on preexisting condition exclusions; (3) special enrollment periods; and (4) health plan disclosures.
Subpart B: Individual Market Rules - Provides for: (1) individual health plan marketability; (2) guaranteed renewability; and (3) State flexibility in individual market reforms.
Subpart C: COBRA Clarifications - Amends the Public Health Service Act, the Employee Retirement Income Security Act, and the Code with respect to plan coverage periods.
Subpart D: Private Health Plan Purchasing Cooperatives - Defines "health plan purchasing cooperative." Sets forth requirements and certification provisions.
Part II (sic): Application and Enforcement of Standards - Subjects a health plan issuer to standards that may be imposed by a State upon its group or individual health plans.
Part III: Miscellaneous Provisions - Amends the Public Health Service Act to permit health maintenance organizations (HMOs) to offer plans with deductibles to individuals with medical savings accounts.
(Sec. 182) Directs the Secretary of Health and Human Services to conduct an health coverage availability study.
(Sec. 183) Expresses the sense of the Senate Committee on Labor and Human Resources regarding the need to reform and maintain Medicare, and to provide increased choice for seniors.
Subtitle D: Employee Security - Amends the Code to permit a credit for employer expenses for certain on-site day-care facilities.
(Sec. 192) Makes permanent the (employee) income exclusion for employer-provided group legal services.
(Sec. 193) Expands the one-time exclusion of gain on the sale of a principal residence to include a sale when the individual or spouse is terminally ill.
Title II: Incentives for Lifelong Learning - Amends the Code to establish an employee training credit.
(Sec. 202) Makes the educational assistance exclusion permanent.
(Sec. 203) Provides deductions for higher education tuition and fees and student loan interest.
Title III: High-Wage Jobs for American Families - Subtitle A: Business Incentives - Amends the Code to exclude specified amounts (depending on holding period)of gain from the sale of stock of qualifying critical technology small businesses that create domestic jobs.
(Sec. 302) Makes the research and development credit permanent.
Subtitle B: Preservation of American Jobs - Amends the Code to include imported property income within a foreign base company's taxable income.
(Sec. 312) Authorizes Federal contractor debarment for noncompliance with immigration-related employment provisions.
(Sec. 313) Expresses the sense of the Congress that laid off workers should be given stock options upon termination.
Subtitle C: Promotion of Long-Term Investments in American Businesses - Part I: Long-Term Investment, Competitiveness, Pension Protection, and Corporate Takeover Reform - Makes specified congressional findings with respect to existing securities laws.
(Sec. 322) Amends the Employee Retirement Income Security Act of 1974 with respect to: (1) long-term investments and pension protection; and (2) worker protection.
(Sec. 324) Amends the Securities and Exchange Act of 1934 with respect to: (1) tender offers; (2) takeover financing and financing disclosures; and (3) leveraged buyout and going private transactions.
(Sec. 326) Directs appropriate Federal banking agencies to review and report on U.S. depository institutions' risk exposure and additional reserve requirements.
Part II: Restrictions on Harmful Takeovers - Amends the Code to disallow deductions for merger and acquisition expenses.
Part III: Other Provisions - Amends the Code to extend a specified compensation deduction limit to all employees of all corporations (other than public service corporations).
Title IV: Miscellaneous Provisions - Amends the Code to provide a deduction for local sewer and water fees.