Summary: S.1912 — 99th Congress (1985-1986)All Information (Except Text)

Bill summaries are authored by CRS.

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Reported to Senate with amendment(s) (12/12/1985)

(Reported to Senate from the Committee on Finance with amendment, S. Rept. 99-219)

Amends the Deficit Reduction Act of 1984 to extend to August 15, 1986 (currently, August 1, 1985) the special rule which suspended the Treasury Regulation that requires a taxpayer with foreign-source income in which it does research to allocate a part of its U.S. research expenses against foreign income.

Amends the Internal Revenue Code to extend to August 15, 1986 (currently, December 31, 1985) the income tax credit for increased research and experimental expenditures.

Extends to August 15, 1986 (currently, December 31, 1985) the income tax deduction for expenditures to remove architectural and transportation barriers to the handicapped and elderly.

Extends to August 16, 1986 (currently, December 31, 1985) the moratorium on net operating loss carryover rules.

Extends to August 16, 1986 (currently January 1, 1986) the moratorium on the issuance of regulations relating to faculty housing.

Extends the targeted jobs income tax credit to August 15, 1986 (currently, December 31, 1985). Extends the authorization for appropriations for administrative and publicity expenses through FY 1986.

Extends to August 15, 1986 (currently, December 31, 1985) provisions relating to the awarding of attorney's fees to a prevailing taxpayer in Federal tax cases.

Extends to August 15, 1986 (currently, December 31, 1985) limited income tax exclusion for employer-provided educational assistance.

Extends to August 15, 1985 (currently, December 31, 1985) the income tax exclusion for amounts received under qualified group legal services plans.

Extends to August 16, 1986 (currently January 1, 1986) the income tax exclusion for certain employer-provided commuting transportation.

Extends to August 15, 1986 (currently, December 31, 1985) the limited exclusion of dividends from a public utility that are reinvested in common stock of the utility.

Extends to August 15, 1986 (currently, December 31, 1985) the energy tax credit for specified types of energy property.

Extends to August 15, 1986 (currently, December 31, 1985) the residential energy income tax credit.

Extend to August 16, 1986 (currently, December 31, 1985) social security coverage of retired Federal judges on active duty.