United States · United States Congress · 14 January 2025
Amends the Public Utility Holding Company Act of 1935 to direct the Securities and Exchange Commission, on its own or upon application, to exempt from such Act a public utility holding company that has only one subsidiary company which is a natural gas public utility, if: (1) the operations of such subsidiary do not extend beyond the State in which it is organized and contiguous States; and (2) neither the holding company nor the subsidiary is engaged in retail residential or commercial plumbing, heating, electrical, air-conditioning, or related equipment installation or servicing.
United States · United States Congress · 7 February 2024
Title I: Fifth Emergency Extension Act of 1985-86 - Extends until March 15, 1986: (1) the trade adjustment assistance program; (2) borrowing authority under the Railroad Unemployment Insurance Act; and (3) Medicare hospital and physician payment rate provisions. Title II: Miscellaneous Tax Provisions Extension Act of 1985 - Miscellaneous Tax Provisions Extension Act of 1985 - Amends the Internal Revenue Code to extend the income tax credit for increasing research activities from December 31, 1985, until March 15, 1986. Extends the targeted jobs income tax credit from December 31, 1985, until March 15, 1986. Extends the authorization of appropriations for administrative and publicity expenses through fiscal year 1986. Extends from December 31, 1985, until March 16, 1986, income tax exclusions for educational assistance programs and group legal plans. Extends from December 31, 1985, until March 15, 1986, provisions relating to the awarding of costs to a prevailing taxpayer in Federal tax cases. Extends the increase in the excise tax on cigarettes until March 16, 1986. Extends from December 31, 1985, until March 15, 1986, the moratorium on net operating loss carryover rules. Extends the special rules concerning the allocation of research and experimental expenditures until March 16, 1986. Extends until March 15, 1986, the special rules relating to the filing of tax returns and payment of taxes by spouses of individuals missing in action during the Vietnam conflict. Extends until March 16, 1986, the moratorium on the issuance of regulations relating to the tax treatment of faculty housing by an educational institution. Extends from December 31, 1985, until March 16, 1986, the income tax deduction for expenditures to remove architectural and transportation barriers to the handicapped and elderly. Extends until March 15, 1986, the residential energy tax credit for solar renewable energy source expenditures. Extends the energy investment tax credit for solar and geothermal property until March 15, 1986. Extends until March 15, 1986, the reduction in the excise tax for fuel used by taxicabs.
United States · United States Congress · 6 February 2024
Amends the National Housing Act to extend authority through March 17, 1986, for: (1) title I financial institution insurance for housing renovation and modernization; (2) general mortgage insurance; (3) low and moderate income and displaced families mortgage insurance; (4) homeownership for lower income families including mortgage insurance authority and housing stimulus authority; (5) mortgage co-insurance, including rental rehabilitation and development projects; (6) graduated payment and indexed mortgage insurance; (7) the demonstration mortgage reinsurance program; (8) mortgage insurance for armed forces' civilian employees and defense housing for impacted areas; (9) mortgage insurance for land development; and (10) mortgage insurance for medical and dental group practice facilities. Amends the Housing Act of 1964 to extend urban rehabilitation loan authority through March 17, 1986. Amends the Housing Act of 1949 to extend Farmers Home Administration authority through March 17, 1986, for: (1) insured loans for rental and cooperative housing and related facilities for elderly persons and families in rural areas; (2) rural communities with 10,000 - 20,000 population to participate in rural housing programs; and (3) mutual and self-help housing grant and loan authority. Amends the National Flood Insurance Act of 1968 to extend authority through March 17, 1986, for national flood insurance, including emergency implementation and flood-risk zones. Limits flood and crime insurance premium rate increases during such period to a maximum prorated annual rate of five percent. Amends the National Housing Act to extend authority for the national crime insurance program through March 17, 1986. Amends the Housing and Community Development Act of 1974 to extend through March 17, 1986, community development block grant entitlement authority for certain metropolitan city and urban county areas. Amends the Housing and Urban-Rural Recovery Act of 1983 to extend through March 17, 1986, the maximum interest rate limitation on loans for housing and related facilities for elderly or handicapped families. Extends the Home Mortgage Disclosure Act through March 17, 1986.
United States · United States Congress · 21 April 2025
Higher Education Amendments of 1985 - Revises and reauthorizes through FY 1991 specified programs under the Higher Education Act of 1965 (HEA). Title I: Student Assistance - Part A: Grants to Students - Subpart I: Pell Grants - Extends the Pell Grant program. Revises program eligibility requirements. Revises maximum grant limits and cost of attendance formulas and rules. Sets forth a separate new family contribution schedule for Pell Grants. Sets forth a procedure with respect to award errors and overpayments. Subpart 2: Supplemental Educational Opportunity Grants - Authorizes appropriations for the Supplemental Educational Opportunity Grant Program. Revises program provisions relating to: (1) the maximum amount of such grants; (2) priority for needy students; and (3) apportionment. Subpart 3: State Student Incentive Grants - Authorizes appropriations for the State Student Incentive Grants Program. Sets forth a Federal share limitation under such program. Subpart 4: Student Support Service Programs - Authorizes appropriations for Student Support Service Programs. Revises program provisions, including provisions for veterans and for outreach and staff development. Subpart 5: Special Programs for Students Whose Families are Engaged in Migrant and Seasonal Farmwork - Authorizes appropriations for the program referred to under this subpart. Part B: Guaranteed Loans - Extends and revises the Guaranteed Student Loan Program (including the Federally-Insured Student Loan Program). Part C: Work Study Programs - Extends and revises work study programs (including work study for community service learning on behalf of low-income individuals and families). Part D: Direct Loans - Extends and revises the Direct Student Loan Program (including loan priority for needy students and interest rates on loans made after July 1, 1986). Part E: General Student Aid Provisions - Revises various provisions relating to HEA title IV (Student Assistance) programs generally. Title II: Institutional and Program Assistance - Part A: Continuing Postsecondary Education Program and Planning - Repeals title I (Continuing Postsecondary Education Program and Planning) under HEA. Provides for a National Advisory Council on Continuing Education. Part B: Libraries - Reauthorizes HEA provisions relating to libraries. Revises provisions relating to college library resources. Authorizes a study of the effectiveness of the needs criteria for the College Library Resource Program. Strengthens research library resources. Repeals specified provisions relating to libraries. Part C: Institutional Aid - Reauthorizes provisions relating to institutional aid. Part D: Teacher Training and Development - Subpart I: Teacher Training Programs for Higher Educational Personnel - Repeals part B (Teacher Training Programs) of Title V (Teacher Corps and Teacher Training Programs) of HEA. Subpart 2: Training for School Teachers To Teach Handicapped Children - Repeals part C (Training for Elementary and Secondary School Teachers to Teach Handicapped Children in Areas with a shortage) of title V of HEA. Subpart 3: Coordination - Repeals part D (Coordination of Education Professional Development) of title V of HEA. Subpart 4: Carl D. Perkins Scholarship Program - Authorizes specified appropriations for the Carl D. Perkins Scholarship Program for FY 1987 through 1991. Subpart 5: National Talented Teacher Fellowship Program - Authorizes specified appropriations for the National Talented Teacher Program for FY 1987 through 1991. Part E: International Education - Reauthorizes provisions related to international and foreign language study (including provisions on language and area centers, foreign language resource centers, summer institutes, and research). Authorizes specified appropriations for the provision of international education for FY 1987 through 1991. Part F: Construction and Renovation - (Reserved.) Part G: Cooperative Education - Authorizes specified appropriations for cooperative education for FY 1987 through 1991. Authorizes grants (and contracts for demonstration projects) for cooperative education programs. Part H: Graduate and Professional Programs - Subpart I: Grants to Institutions of Higher Education - Repeals part A (Grants to Institutions of Higher Education) of title IX (Graduate Programs) of HEA. Subpart 2: Fellowships for Graduate and Professional Study - Increases the maximum institutional and individual grant amounts for graduate and professional study under HEA for institutions and individuals. Establishes a minimum institutional payment. Authorizes specified appropriations for fellowships for graduate and professional study for FY 1987 through 1991. Subpart 3: National Graduate Fellows Program - Extends and limits the authorization of appropriations for the National Graduate Fellows Program through FY 1991. Requires that awardees under such program be known as Jacob J. Javits Fellows. Subpart 4: Training in the Legal Profession - Authorizes specified appropriations for HEA legal training programs for FY 1987 through 1991. Subpart 5: Law School Clinical Experience Programs - Authorizes specified appropriations for Law School Clinical Experience Programs under HEA for FY 1987 through 1991. Part I: Fund for the Improvement of Postsecondary Education - Authorizes specified appropriations for the Fund for the Improvement of Postsecondary Education for FY 1987 through 1991. Establishes a program of grants to and contract with higher education institutions and other agencies and organizations for innovative projects for community services and student financial independence. Authorizes specified appropriations for such program for FY 1987 through 1991. Establishes a Community College Unit in the Office of Postsecondary Education. Authorizes specified appropriations for the Minority Institutions Science Improvement Program for FY 1987 through 1991. Part J: Urban University Program - Repeals title XI (Urban Grant University Program) of HEA. Title III: Regional Education Laboratories and Research and Development Centers - Amends a specified provision of the General Education Provisions Act to reauthorize appropriations for regional educational laboratories and research and development centers through 1991.
United States · United States Congress · 24 March 2026
Directs the Secretary of the Interior to convey, for a fee, to the New Mexico Institute of Mining and Technology, Socorro, New Mexico, specified lands in Socorro County, New Mexico, to be used for educational and research purposes. Reserves to the United States all mineral rights in such lands.
United States · United States Congress · 6 June 2025
Amends Federal provisions concerning death benefits payable to military dependents to increase such benefit to $3,000 plus an amount equal to two months' housing allowance in effect at the time of the member's death. Directs the Secretary of the military department concerned to provide survivors of a deceased member who are occupying Government quarters at the time of the member's death a reasonable period of time before being required to vacate such quarters.
United States · United States Congress · 14 January 2025
Young Astronaut Program Medal Act - Commemorates the Young Astronaut Program by directing the Secretary of the Treasury to strike and deliver to the Young Astronaut Council no more than 750,000 medals with emblems, devices, and inscriptions determined by the Secretary. Authorizes the Council to dispose of the medals at a premium and to have them delivered as required in quantities of no less than 2,000. Directs that no medals be struck after December 31, 1987. Directs the Secretary to set the price of the medals at no less than the manufacturing cost plus a surcharge of ten percent of such cost. Requires the furnishing of security sufficient to fully indemnify the United States for such costs. Directs that the medals be struck in gold, silver, and bronze and in such size or sizes as determined by the Secretary. Gives the U.S. Comptroller General the right to examine the records of the Council which are related to the medals.
United States · United States Congress · 20 January 2023
Waives the requirement for printing on parchment of enrolled bills and joint resolutions during the remainder of the first session of the 99th Congress.
United States · United States Congress · 10 August 2026
Proclaims October 23, 1986, as A Time of Remembrance for all victims of terrorism. Urges Americans to wear a purple ribbon in honor of the sacrifices made in pursuit of peace and freedom. Authorizes and requests the President to call upon U.S. departments, agencies, and other interested parties to fly U.S. flags at half staff.
United States · United States Congress · 7 February 2024
Extends the increase in the excise tax on cigarettes from December 15, 1985, to December 19, 1985. Extends from December 14, 1985, to December 18, 1985: (1) the trade adjustment assistance program; (2) borrowing authority under the Railroad Unemployment Insurance Act; and (3) Medicare hospital and physician payment rate provisions.
United States · United States Congress · 5 February 2024
Amends the Agricultural Act of 1949 to extend dairy price support authority through December 31, 1985. Amends the Food Stamp Act of 1977 to extend authority through December 31, 1985, for: (1) a pilot program of cash allotments for elderly or supplemental security income households; and (2) suspension of the noncash benefit requirement for the Puerto Rican nutrition program. Amends the Agricultural Adjustment Act of 1938 to provide that the proclamation of the national marketing quota for the 1986 crop of Flue-cured tobacco may be made not later than December 31, 1985.
United States · United States Congress · 20 January 2023
Extends through 1988 the authority of the Supreme Court Police and the Marshal of the Supreme Court to protect the Chief Justice, Justices, official guests, officers, and employees of the Supreme Court. Directs the Marshal of the Supreme Court to report to the Congress annually through 1988 regarding the administrative costs of carrying out such duties.
United States · United States Congress · 14 January 2025
Calls upon the President to direct the Agency for International Development to work in a global effort to provide universal access to childhood immunization by 1990 by: (1) assisting in the delivery, distribution, and use of vaccines; and (2) performing and supporting research and development activities that will be targeted at developing new vaccines and at modifying existing vaccines to make them more appropriate for use in developing countries. Declares that the President should appeal to the public to provide the necessary resources to achieve universal access to childhood immunization by 1990. Amends the Foreign Assistance Act of 1961 to increase the authorization of appropriations for FY 1987 for the Child Survival Fund.
United States · United States Congress · 14 January 2025
Amends the International Security and Development Cooperation Act of 1985 to change the deadline from December 31, 1985, to October 1, 1986, for the report by the Presidential Task Force on Project Economic Justice relating to expanded use of employee stock ownership plans in U.S. development efforts in Central America and the Caribbean.
United States · United States Congress · 21 April 2025
Relieves a named organization of liability to the United States under the Public Health Service Act, resulting from its sale of a hospital to a specified corporation, on the condition that such organization establishes a trust for the provision of health care services to residents of a specified county who can not afford such services.
United States · United States Congress · 24 March 2026
Amends the Alaska National Interest Lands Conservation Act to extend the statute of limitations on challenges to the Bureau of Land Management's determination of nonnavigability of submerged lands in Alaska conveyed to native corporations or groups from five to six years.
United States · United States Congress · 3 January 2025
Tax Reform Act of 1985 - Enacts the Internal Revenue Code of 1985. Title I: Individual Income Tax Provisions - Subtitle A: Rate Reductions; Increase in Standard Deduction and Personal Exemptions - Sets forth income tax rates for: (1) married individuals filing joint returns and surviving spouses; (2) heads of households; (3) unmarried individuals; and (4) married individuals filing separate returns and estates and trusts. Allows for cost-of-living adjustments in such tax rates. Allows for a basic standard deduction of: (1) $4,800 for married individuals filing joint returns and surviving spouses; (2) $4,200 for heads of households; (3) $2,950 for single individuals; and (4) $2,400 for married individuals filing separate returns. Allows an additional standard deduction of $600 for the elderly or blind. Provides for cost-of-living adjustments to such amounts. Limits the amount of allowable itemized deductions to the amount in excess of $500 multiplied by the number of personal exemptions taken. Increases the personal exemption amount to $2,000. Provides for cost-of-living adjustments to such amount. Repeals the additional personal exemption for the elderly or blind. Sets forth minimum income levels for individuals required to file income tax returns. Subtitle B: Provisions Relating to Tax Credits - Increases the amount of the earned income tax credit from 11 percent to 14 percent of the first $5,000 of income. Increases the income level at which the phase-out of such credit begins. Provides for cost-of-living adjustments to such amounts. Repeals the income tax credit for contributions to candidates for public office. Subtitle C: Provisions Related to Exclusions - Limits to $5,000 the amount of employer provided dependent care assistance which may be excluded from an employee's gross income. Includes in gross income the total amount of unemployment compensation received by an individual. Excludes from gross income any amount received as a qualified scholarship grant by an individual who is a candidate for a degree at an educational institution. Provides that such exclusion shall not apply to any payments for teaching, research, or other services by the individual as a condition for receiving such a scholarship. Subtitle D: Provisions Related to Deductions - Repeals the income tax deduction for two-earner married couples. Allows miscellaneous itemized income tax deductions only to the extent that the aggregate amount of such deductions exceeds one percent of adjusted gross income. Allows individuals who do not itemize deductions an income tax deduction for charitable contributions to the extent such contributions exceed $100. Repeals the income tax deduction for adoption expenses. Subtitle E: Miscellaneous Provisions - Repeals income averaging. Allows an income tax deduction for business meals, travel, and entertainment provided such expenses have a clear business purpose. Limits to 80 percent of the amount of meal and entertainment expenses allowed as a business expense deduction. Limits such a deduction for the costs of luxury skyboxes at sporting facilities. Limits the amount of such a deduction for the costs of luxury water transportation. Revises certain rules concerning the treatment of hobby losses and the business use of a home. Allows an income tax deduction for mortgage interest and real property taxes where a parsonage allowance or a military housing allowance has been received. Sets forth reporting requirements concerning payments of refunds of State or local income taxes and payment of State or local income taxes or real or personal property taxes. Subtitle F: Effective Dates - Sets forth effective dates for provisions of this Title. Title II: Capital Income Provisions - Subtitle A: Depreciation Provisions - Repeals the accelerated cost recovery system of depreciation. Replaces such system with an incentive depreciation system for tangible property. Sets forth the method of calculating the depreciation deduction under such method. Provides for the recapture of additional depreciation amounts for certain property placed in service after December 31, 1985. Sets forth the method of calculating such additional depreciation amount. Sets forth specified transitional rules and makes specified exemptions to the incentive depreciation system for tangible property. Subtitle B: Repeal of Regular Investment Tax Credit - Repeals the regular investment tax credit as of December 31, 1985. Makes exceptions for qualified progress expenditures for periods before January 1, 1986. Makes exceptions for certain transition property. Subtitle C: Changes in Certain Rapid Amortization Provisions - Repeals the five-year amortization of trademark and trade name expenditures. Repeals the five-year amortization of pollution control facilities. Makes permanent the allowance of depreciation of expenditures to rehabilitate low-income rental housing. Increases the amount of such expenditures permitted to be taken into account. Repeals the amortization of railroad grading and tunnel bores. Extends from 1986 to 1988 the expense treatment for removal of architectural barriers to the handicapped and elderly. Subtitle D: Other Capital Related Costs - Extends until 1988 the income tax credit for increasing research activities. Reduces the amount of such credit from 25 percent to 20 percent. Revises definitions and special rules relating to such income tax credit. Reduces the percentage of costs to be taken into account for purposes of the investment tax credit for rehabilitation expenditures. Revises certain definitions and special rules relating to such tax credit. Limits the amount of funds which may be deposited in a capital construction fund established under the Merchant Marine Act, 1936. Sets forth the method of calculating such limit. Exempts from taxation any funds deposited in such an account. Specifies the tax treatment of funds withdrawn from such an account. Subtitle E: Capital Gains and Losses - Reduces the deduction for capital gains from 60 percent to 42 percent (50 percent in 1986). Repeals provisions relating to the treatment of the gain or loss incurred on the disposal of coal or domestic iron ore with a retained economic interest. Includes depletion allowances in the calculation of any recapture of amounts realized from the disposition of an interest in oil, gas, or geothermal property. Subtitle F: Provisions Relating to Oil and Gas - Disallows the expensing of intangible drilling and development costs incurred after the start of installation of production casing. Provides that such costs not expensed may be amortized over 26 months. Phases out the percentage depletion allowance for oil and gas wells and geothermal deposits. Reduces such percentage from 15 percent to: (1) 10 percent in 1986; and (2) five percent in 1987. Terminates such allowance as of 1988. Continues the percentage depletion allowance of 15 percent for stripper wells. Disallows a percentage depletion for lease bonuses. Exempts from the windfall profit tax certain crude oil exchanged for residual fuel oil. Subtitle G: Treatment of Hard Minerals - Reduces the percentage depletion allowance to five percent for certain hard minerals. Allows a higher percentage depletion for: (1) dimension or ornamental stone; and (2) minerals used in the production of animal feed or fertilizer. Allows the expensing of development and mining exploration expenditures. Provides for recapture of such amounts upon commencement of the production stage with respect to any mine. Subtitle H: Provisions Relating to Energy Credits - Extends the tax credit for renewable energy source expenditures for solar property from 1985 to 1988. Revises the method of calculating such credit for expenditures made after December 31, 1985, and before January 1, 1989. Extends the energy investment tax credit for solar energy property and geothermal property at reduced percentage rates from 1985 to 1988. Terminates the income tax credit for producing fuel from a nonconventional source. Allows such credit, on a transitional basis, for fuel which is produced from a well drilled or facility placed in service before January 1, 1986, and which is sold before 1990. Repeals the income tax credit for alcohol used as a fuel. Reduces the excise tax exemption for qualified menthanol and ethanol fuels. Subtitle I: Extension of Other Credits - Extends the targeted jobs tax credit from 1985 to 1987. Revises the method of calculating such credit. Extends the income tax credit for clinical testing expenses for certain drugs from 1987 to 1988. Title III: Corporate Provisions - Subtitle A: Corporate Rate Reductions - Sets the rate of tax for corporations at: (1) 15 percent of taxable income as does not exceed $50,000; (2) 25 percent of taxable income between $50,000 and $75,000; and (3) 36 percent of taxable income in excess of $75,000. Imposes a five percent surtax on a corporation's taxable income in excess of $100,000 up to a maximum surtax of $13,250. Increases the alternative tax rate for net capital gains of corporations to 36 percent. Sets forth transitional rules for pre-1986 net capital gains. Subtitle B: Dividend Paid Deduction; Etc. - Allows a corporation an income tax deduction for ten percent of the dividends paid by such corporation during the taxable year. Phases in such percentage over ten years. Requires each corporation to establish a qualified dividend account (QDA). Limits the amount of dividends which may be taken into account for the dividends paid deduction to the amount in the corporation's qualified dividend account. Specifies the calculation of amounts to be placed in such an account. Disallows a dividends paid deduction for any dividends paid by: (1) a regulated investment company; (2) a real estate investment trust; (3) a subchapter S corporation; (4) cooperative organizations; and (5) a Foreign Sales Corporation or a Domestic International Sales Corporation. Reduces the deduction for dividends received by a corporation. Provides for a phase-in period for such reduction. Sets forth special rules for such deduction. Repeals the partial exclusion of dividends received by individuals. Disallows a business expense deduction for expenses incurred by a corporation in connection with the redemption of its stock. Subtitle C: Limitation on Net Operating Loss Carryforwards and Excess Credit Carryforwards - Revises rules for the calculation of the limitations on net operating loss carryovers in cases of a change in ownership of more than 50 percent of value of the stock of a loss corporation. Provides that taxable income available for offset by a pre-acquisition net operating loss shall be limited to a specified rate times the value of the loss corporation's equity. Revises rules for the calculation of the limitations of certain excess tax credits in such cases. Subtitle D: Recognition of Gain and Loss on Distributions of Property in Liquidation - Revises rules concerning distributions of property in corporate liquidations to require the recognition of gain or loss to a corporation on the distribution of property in complete liquidation as if such property were sold to the distributee at its fair market value. Provides specified exceptions to such treatment if such property is distributed to the shareholders of the liquidating corporation. Title IV: Tax Shelters - Extends present at-risk limitations on losses from businesses and income-producing activities to the activity of holding real property. Provides certain exceptions for certain third-party nonrecourse financing which is secured by real property used in the activity. Limits the deduction for nonbusiness interest on investment indebtedness. Sets forth definitions and special rules concerning such limitation. Title V: Alternative Minimum Tax - Revises the method of calculating the alternative minimum tax for corporations and individuals. Revises the types of tax preferences which may be taken into account in calculating such minimum tax. Disallows certain losses in the calculation of such minimum tax. Revises definitions and sets forth special rules with respect to such minimum tax. Allows an income tax credit for prior year minimum tax liability. Title VI: Foreign Tax Provisions - Subtitle A: Foreign Tax Credit Modifications - Subjects passive income, banking and insurance income, and shipping income to separate foreign tax credit limitations. Disallows a foreign tax credit for any withholding tax imposed on interest income received or accrued by a bank, insurance company, or other financial institution to the extent that the tax exceeds the U.S. tax which is attributable to the associated interest income. Treats a specified proportion of foreign income taxes paid by a foreign corporation as being paid by a domestic corporation if that domestic corporation owns ten percent or more of the voting stock of the foreign corporation. Subtitle B: Source Rules - Treats income derived by the sale of personal property by a U.S. resident as U.S. source income. Treats similar income derived by a nonresident as foreign source income. Sets forth rules for the determination of an individual's residence. Sets forth special rules for income derived from the sale of inventory property and gain from the sale of depreciable personal property. Exempts from the U.S. source rules interest received by certain financial institutions or by similar foreign financial institutions if such interest is effectively connected with the conduct of a trade or business of such financial institution in a foreign country. Treats as U.S. source income any transportation income attributable to transportation which begins or ends in the United States. Imposes a four percent tax on the gross transportation income of nonresident aliens and foreign corporations. Sets forth rules for the allocation and apportionment of expenses to foreign source income. Treats as U.S. source income any income derived from a space or ocean activity by a U.S. resident. Treats as non-U.S. source income any income derived from a space or ocean activity by a non-U.S. resident. Defines "space or ocean activity." Specifies exceptions for transportation and oil and gas activities. Revises present regulations providing for allocation of research and expenditures for a specified two-year period. Subtitle C: Taxation of Income Earned Through Foreign Corporations - Revises the definition of foreign personal holding company income to include: (1) dividends; (2) certain property transactions; (3) commodities transactions; and (4) foreign currency gains. Excludes from such income: (1) rents and royalties; and (2) certain income received from related persons. Revises the definition of insurance income for purposes of the tax on income earned through foreign corporations. Repeals the exclusion for reinvested shipping income. Revises the definitions of controlled foreign corporations and foreign personal holding companies to provide for a test based on value and voting power. Repeals the special treatment of corporations organized in United States possessions. Revises the treatment of foreign investment company stock by repealing the 50-percent U.S. ownership requirement. Treats a passive foreign investment company as a controlled foreign corporation except in specified circumstances. Provides that only effectively connected capital gains and losses of foreign corporations shall be taken into account for purposes of the accumulated earnings tax and personal holding company provisions. Subtitle D: Special Tax Provisions for United States Persons - Revises the method of calculating the Puerto Rico and Possessions tax credit. Specifies that nothing in the Panama Canal Treaty shall be construed as exempting any citizen or resident of the United States from tax on amounts received from the Panama Canal Commission. Reduces Foreign Sales Corporations and Domestic International Sales Corporation tax preferences by specified amounts. Limits the foreign earned income exclusion to $75,000 per year per U.S. individual. Exempts from taxable income interest received on obligations of the United States by banks organized in Guam which are otherwise not treated as being a foreign corporation. Subtitle E: Treatment of Foreign Taxpayers - Imposes a 30 percent branch-level tax on effectively connected income of foreign corporations. Sets forth special rules for the treatment of deferred payments arising out of business conducted within the United States by a nonresident alien individual or a foreign corporation. Provides that gain on the sale or exchange of property whose basis is determined in whole or in part by reference to the basis of U.S. property shall be treated as gain from the sale of U.S. property. Provides for a uniform rate of the excise tax on insurance and reinsurance polices issued by foreign insurers. Requires the withholding of the excise tax on foreign insurers. Subtitle F: Foreign Currency Transactions - Treats any foreign currency gain or loss attributable to specified types of transactions as ordinary income or loss. Provides that any amount treated as ordinary income or loss shall be treated as interest income or expense. Specifies certain exceptions. Sets forth definitions and special rules for the calculation of such a gain or loss. Subtitle G: Tax Treatment of Possessions - Part I: Treatment of Guam, American Samoa, and the Northern Mariana Islands - Authorizes Guam, American Samoa, and the Northern Mariana Islands to enact revenue laws with respect to income: (1) from sources within, or effectively connected with the conduct of a trade or business within, any such possession; or (2) received or accrued by any resident of such possession. Excludes from gross income any income from sources within Guam, American Samoa, and the Northern Mariana Islands received by an individual who is a bona fide resident of such a possession. Part II: Treatment of the Virgin Islands - Provides that residents of the United States who are not bona fide residents of the Virgin Islands and who have income derived from sources within the Virgin Islands shall pay an applicable percentage of income taxes to the Virgin Islands. Sets forth the method of calculating such applicable percentage. Authorizes the Virgin Islands to impose nondiscriminatory local income taxes. Authorizes the Secretary of the Treasury to prescribe regulations for purposes of determining tax liability incurred to the Virgin Islands. Allows a possession tax credit to Virgin Islands corporations. Part III: Cover Over of Income Taxes - Requires that the net collection of taxes imposed with respect to certain individuals shall be covered into the Treasury of the specified possession of which such individual is a bona fide resident. Applies such requirement to Guam, American Samoa, the Northern Mariana Islands, and the Virgin Islands. Part IV: Effective Dates - Sets forth the effective dates of the provisions of this subtitle. Title VII: Tax-Exempt Bonds - Revises rules relating to the exclusion of interest earned on State and local government bonds. Excludes interest earned on any State or local government bonds except: (1) nonessential function bonds which are not qualified bonds; (2) arbitrage bonds; and (3) any registration-required bond which is not in registered form. Defines a "nonessential function bond" as any bond issued as part of an issue if: (1) a specified percentage or more of the proceeds of such issue are to be used to make or finance loans to persons other than governmental units; or (2) a specified percentage or more of the gross proceeds of such issue are to be used in any trade or business carried on by any person other than a governmental unit. Defines a "qualified bond" as any nonessential function bond if such bond is: (1) an exempt facility bond; (2) a qualified mortgage bond; (3) a qualified veterans' mortgage bond; (4) a qualified small issue bond; (5) a qualified hospital bond or tax-exempt organization bond; (6) a qualified student loan bond; or (7) a qualified redevelopment bond. Defines each such qualified bond. Sets the volume cap of such qualified bonds which may be issued in a calendar year at the greater of: (1) an amount equal to $175 multiplied by the State population; or (2) $200,000,000. Defines an "arbitrage bond" as any State or local bond issued as part of an issue any portion of the proceeds of which are reasonably expected to be used directly or indirectly: (1) to acquire higher yielding investments; or (2) to replace funds which are used directly or indirectly to acquire higher yielding investments. Disallows a tax exemption for any State or local bond if such bond is federally guaranteed. Sets forth definitions and special rules. Repeals provisions relating to general stock ownership corporations. Sets forth effective dates and makes exceptions for presently binding agreements and certain projects presently under construction. Sets forth transitional rules. Title VIII: Financial Institutions - Repeals the deduction for additions to a bad debt reserve made by a large bank. Defines a bank as a "large bank" if for the year the average adjusted bases for all assets of such bank exceeded $500,000,000, or such bank was a member of a parent-subsidiary controlled group where the average adjusted bases of the assets of the group exceeded $500,000,000. Requires a large bank to take into income the balance of any bad debt reserve account over a five year period unless the bank makes an election to use the cut-off method for the bad debt reserves. Allows any domestic building and loan association, any mutual savings bank or any cooperative bank without capital stock organized and operated for mutual purposes and without profit to take a deduction for a reasonable addition to a reserve for bad debt. Provides that the amount of the deduction for additions to bad debt reserves based on a percentage of taxable income shall be limited to five percent of taxable income for such year. Repeals the percentage of eligible loans method for calculating the amount of the deduction. Provides that the reserves calculated under this provision will not be treated as tax preference items. Denies financial institutions (banks, thrift institutions, and other financial institutions) a deduction for that portion of the taxpayer's interest expense which is allocated to tax-exempt obligations acquired after December 31, 1985. Provides that the disallowance of interest expenses allocated to tax-exempt obligations must be applied before the application of the rules relating to the capitalization of preproductive expenses including interest and taxes. Repeals the special treatment of face-amount certificate companies. Repeals the special rules which permit financial institutions a ten-year carryback and a five-year carryforward of net operating losses. Repeals the special provisions relating to the acquisitions of financially-troubled thrift institutions and the exclusion from income and the basis reduction requirement of FSLIC payments to such thrift institutions. Provides that no deduction shall be disallowed relating to expenses allocable to tax-exempt income for any amount paid or incurred by a taxpayer on the ground that such amount is allocated to amounts of excluded FSLIC payments. Permits qualified individuals to elect to deduct losses on deposits in qualified financial institutions as casualty losses in the year in which the amount of the loss can be reasonably estimated. Defines "qualified individual" as any individual other than the owner of one percent or more of the value of the stock of the institution in which the loss was sustained, an officer of such institution, and certain relatives and related persons to such owners and officers. Prohibits the deduction of such loss as a bad debt deduction if this election is made by the taxpayer. Title IX: Accounting Provisions - Subtitle A: General Provisions - Permits eligible small businesses to elect to use the simplified dollar-value method of pricing inventories for purposes of the LIFO method of accounting for inventories. Requires, with the use of the simplified dollar-value LIFO method of inventory accounting, that inventories be grouped into pools in accordance with the major categories of the Producer Price Index or the CPI Detailed Report. Provides that the change in inventory costs for the pool for the taxable year is based on the change in the published index for the general category to which the pool relates. Defines "eligible small business" as a small business where the average annual gross receipts of the taxpayer for the three preceding taxable years do not exceed $5,000,000. Treats all taxpayers who are component members of a controlled group as one taxpayer for purposes of determining the gross receipts of the taxpayer. Provides that the election to use the simplified dollar-value method of inventory accounting may be made without the consent of the Secretary of the Treasury. Prohibits a corporation (other than a Subchapter S corporation) or a partnership where one of the partners is a corporation (other than a Subchapter S corporation) from computing their taxable income under the cash receipts and disbursement method of accounting. Excepts from this prohibition the following: (1) farming businesses; (2) entities where the incidence of taxation falls either at the individual level or on a qualified personal service corporation; or (3) taxpayers with average annual gross receipts of $5,000,000 or less. Provides that the prohibition on using the cash method of accounting shall apply to trusts subject to tax on unrelated trade or business income. Provides that, in the case of the provision of personal services, a taxpayer using the accrual basis of accounting is not required to accrue amounts for the performance of personal services earlier than when the amounts are billed by the taxpayer and will not be required to accrue any portion of such amounts which (on the basis of experience) will not be collected. Provides that if certain installment obligations are pledged as collateral for a loan, all or a portion of the proceeds of the loan generally will be treated as a payment received on such installment obligation thereby resulting in the recognition of gain equal to the product of the net loan proceeds and the gross profit ratio applicable to that obligation. Exempts from this rule installment obligations which have been pledged where the potential deferral of gain attributable to the portion so pledged does not exceed nine months. Provides an additional exception from this rule for installment obligations that are pledged for an indebtedness with a term not exceeding 90 days, and such indebtedness is not extended or refinanced during the 45-day period beginning on the day such indebtedness is repaid. Requires income from all long-term contracts to be reported under the percentage of completion method of accounting based on the estimated total cost of completion rather than physical completion. Requires, upon completion of the contract, the taxpayer to pay interest for any underpayment of tax with respect to a taxable year in which there was such underpayment or to receive an interest payment if there was an overpayment (i.e. the "look-back" method of computing interest payments). Allows the completed contract method of accounting to be used in the case of a contract for the construction of real property that is expected to be completed within the two-year period beginning on the commencement date of the contract if performed by a taxpayer whose average annual gross receipts over the three taxable years preceeding the taxable year in which such contract is entered into do not exceed $10,000,000. Requires any taxpayer who produces real or tangible personal property to capitalize: (1) the direct costs of such production; and (2) such production's proper share of those indirect costs (including taxes) part or all of which are assignable to such production. Exempts from this requirement: (1) personal use property; (2) research and experimental expenditures; (3) development and other costs of oil and gas wells or other mineral property; and (4) property subject to the long-term method of accounting. Sets forth special rules for capitalization of expenditures for farmers and ranchers. Provides specific rules for the capitalization of interest expenses in certain instances. Repeals the reserve method for computing expense deductions arising from bad debts for all taxpayers, other than certain financial institutions. Provides that no debt will be deductible as wholly or partially worthless for tax purposes until it is charged off on the taxpayer's books. Requires the balance of any reserve for bad debts, as of the effective date of this Act, to be taken into income ratably over a five-year period. Limits the deduction for additions to a reserve account for vacation pay to the vacation pay that is paid during the taxable year or within eight and one-half months following the close of the taxable year of the employer with respect to which the vacation pay was earned by the employees. Provides that amounts of any contribution in aid of construction or any other contribution as a customer or potential customer shall be included in the income of the taxpayer. Subtitle B: Provisions Relating to Timber - Permits the amortization of certain timber preproductive expenditures ratably over a 60-month period by qualified small timber producers. Defines "qualified small timber producers" as any taxpayer engaged in the trade or business of planting, cultivating, caring for, or cutting of trees if the timberland of the taxpayer does not exceed 75,000 acres. Phases out the allowance of the 60-month amortization period for taxpayers with acreage between 50,000 and 75,000. Repeals the capital gains treatment with respect to timber royalties and cutting income except for gains reported by natural persons, an estate, or a trust all the beneficiaries of which are natural persons or estates. Requires that the gains from timber of all taxpayers where such gains are attributable to timber grown on Federal lands are to be reported as ordinary income. Provides for a three-year transition period for the tax treatment of gains from timber received by corporations. Subtitle C: Special Provisions Relating to Agriculture - Repeals the provisions allowing expenditures for fertilizer and soil conditioning to be deducted currently. Repeals the provision allowing expenditures for the clearing of land in preparation for farming to be deducted currently. Limits the soil and water conservation expenditures that may be deducted currently to amounts incurred that are consistent with a conservation plan approved by the Soil Conservation Service of the Department of Agriculture for the area in which the land is located, and, if no plan exists for the particular area, amounts expended consistent with any conservation plan of a comparable State agency. Provides that expenditures for general earth moving, draining, and/or filling of wetlands, and for preparing land for installation and/or operation of a center pivot irrigation system may not be deducted under the special expensing provisions. Requires any gain realized on the disposition of "converted wetland" or "highly erodible cropland" to be treated as ordinary income and any loss on the disposition of such property to be treated as long-term capital loss. Defines "converted wetland" and "highly erodible cropland". Permits losses of a cooperative that are attributable to one or more allocation units (including a loss that is carried over from another year) to be offset against earnings of one or more other allocation units, but only to the extent that such earnings and losses are derived from business done with or for patrons. Allows the netting of gains and losses from one or more allocation units in certain transactions in which one cooperative acquires the assets of another cooperative. Requires a cooperative that offsets earnings and losses from one or more of its allocation units to notify its patrons in writing. Sets forth certain information of the cooperative which need not be disclosed. Requires the cooperative to furnish sufficient notice information to the patrons where a determination has been made by the Secretary that the cooperative failed to give sufficient notice to the patrons. Provides that the term "patent" includes a certificate of plant variety protection issued under the Plant Variety Protection Act. Title X: Insurance Products and Companies - Part I: Policyholder Issues - Requires all amounts paid to any beneficiary of a life insurance policy at a date later than the death of the insured to be included in gross income to the extent the death benefit represents a payment made by the insurance company for the use of the beneficiary's money, i.e. the unpaid death benefit. Prohibits the deduction of a nonbusiness casualty loss covered by insurance unless the taxpayer files a timely insurance claim with respect to such loss. Provides for the exclusion from income of amounts received with respect to structured settlement agreements only to the extent that the payment on account of a claim for personal injuries are the result of physical injury or physical sickness to the claimant. Part II: Life Insurance Companies - Repeals the special life insurance company deduction which allowed life insurance companies, in computing their life insurance company taxable income, to deduct 20 percent of the income from the insurance business in arriving at their taxable income. Provides that certain tax-exempt organizations shall be exempt from tax only if no substantial part of their activities consists of providing commercial-type insurance. Excludes form the definition of "commercial-type insurance": (1) insurance provided at substantially below cost to a class of charitable recipients; (2) incidential health insurance provided by a health maintenance organization of a kind customarily provided by such organization; and (3) property or casualty insurance provided by a church or convention or association of churches for such church or convention or association of churches. Directs the Secretary to prescribe regulations which provide, for Blue Cross and Blue Shield and their affiliates, special treatment for activities with respect to high-risk individuals and small groups. Permits a life insurance company to apply its current loss from operations and its unused operation loss carryovers against the increase in its taxable income attributable to the amount distributed from its policyholders surplus account if certain conditions are met. Part III: Property and Casualty Insurance Companies - Permits a property and casualty insurance company to deduct only 80 percent of the increase in unearned premiums on outstanding business for the taxable year. Includes in income over a five-year period 20 percent of the unearned premium reserve outstanding at the end of the most recent taxable year beginning before January 1, 1986. Requires the deduction for losses incurred to be reduced by a specified portion of the insurer's tax-exempt interest and of the deductible portion of dividends received (with special rules for dividends received from affiliates). Provides that the "specified portion" of tax-exempt interest and dividends shall be ten percent for taxable years beginning after December 31, 1985, increasing to 15 percent for taxable years beginning after December 31, 1987. Provides that for property and casualty insurance companies for taxable years beginning after December 31, 1987, if there is an adjusted net gain from operation of such company for the taxable year, the amount of the taxable income for such taxable year shall not be less than the amount which is 20/36 of such net gain from operation. Provides that if there is an adjusted net loss from operation of such company for such taxable year, the amount of the net operating loss of such company for such taxable year shall not be greater than the amount which is 20/36 of such adjusted net loss from operation. Repeals the deduction for contributions to protection against loss accounts loss accounts of mutual property and casualty insurance companies. Requires the balances in any protection against loss accounts to be includible in income over the first five taxable years beginning after December 31, 1985. Sets forth required percentages of the amount in the account to be included each year. Exempts from taxation mutual and stock property and casualty insurance companies if their net written premiums or direct written premiums (whichever is greater) do not exceed $500,000. Permits mutual and stock companies with net written premiums or direct written premiums (whichever is greater) in excess of $500,000 but less than $2,000,000 to elect to be taxed only on taxable investment income. Repeals the special deduction for small companies having a gross amount of less than $1,100,000. Requires the Secretary to study the tax treatment of policyholder dividends by mutual property and casualty insurance companies. Directs that such study be submitted to specified congressional committees no later than January 1, 1987. Gives the Secretary the authority to require the furnishing of such information as may be necessary to conduct the study. Requires the Secretary to conduct a study of the treatment of loss reserves of property and casualty insurance companies, and report such findings to specified Congressional committees no later than January 1, 1987. Gives the Secretary the authority to require the furnishing of such information as may be necessary to conduct the study. Title XI: Pension and Deferred Compensation; Fringe Benefits - Subtitle A: Pensions and Deferred Compensation - Part I: Limitations on Tax-Deferred Savings - Requires an individual's deduction to an individual retirement account to be reduced by the individual's elective deferrals under a qualified cash or deferred arrangement (to the extent the deferrals are not currently included in income) and any contributions to a tax-sheltered annuity made pursuant to a salary reduction agreement, to the extent the contribution is not currently included in income. Permits the spousal individual retirement account deduction to be made either if: (1) the spouse has no compensation for the taxable year; or (2) the spouse elects to be treated for the taxable year as having no compensation. Provides that the maximum amount that an employee can elect to defer for any taxable year under all cash or deferred arrangements in which the employee participates is limited to $7,000. Provides that the $7,000 limit is determined without regard to any community property laws. Provides that the $7,000 limit is increased by certain amounts if the employee is employed by certain qualified organizations such as an educational organization, hospital, home health service agency, church, or convention or association of churches. Permits the deferral of the imposition of these limits if there is a collective bargaining agreement in effect. Reduces the dollar limitation on contributions and benefits under a defined benefit plan from $90,000 to $77,000. Reduces the dollar limitation for defined contributions plans to the lesser of $25,000 or 25 percent of the defined benefit plan dollar limit or 25 percent of the participant's compensation. Provides that if retirement benefits under a defined benefit plan begin before the age 62, the $77,000 limit on retirement benefits is reduced so that it is the actuarial equivalent of an annual benefit beginning at age 62. Provides that in no event will the dollar limit for benefits commencing at or after the age of 55 be reduced below $65,000. Provides special rules regarding the retirement benefits for airline pilots, police, and firefighters. Permits a defined benefit plan to maintain a qualified cost-of-living arrangement under which employer and employee contributions may be applied to provide cost-of-living increases to a benefit. Provides that an employee of a nongovernmental tax-exempt organization shall not be considered to be in constructive receipt of compensation deferred under an eligible deferred compensation plan maintained by a tax-exempt organization if the plan satisfies the requirements applicable to eligible deferred compensation plans of State and local governments. Provides that the maximum amount of compensation of any one individual which may be deferred during any taxable year shall not exceed $7,500. Requires deferrals under an ineligible deferred compensation plan, agreement, or arrangement maintained by a nongovernmental tax-exempt entity are to be included in an employee's gross income when the amounts are not subject to a substantial risk of forfeiture. Part II: Nondiscrimination Requirements - Alters the special nondiscrimination tests applicable to qualified cash or deferred arrangements so that the actual deferral percentage under a cash or deferred arrangement by highly compensated employees for a plan year may not exceed either; (1) 125 percent of the actual deferral percentage of all non-highly compensated employees eligible to defer under the arrangement, or (2) the lesser of 200 percent of the actual deferral percentage of all eligible nonhighly compensated employees or the actual deferral percentage for all eligible nonhighly compensated employees plus two percentage points. Permits a qualified cash or deferred arrangement to make distributions on account of the plan's termination (provided no successor plan is established) as well as on account of the employee's death, disability, separation from service, or attainment of age 59 and one-half. Makes other modifications in the withdrawal requirements. Modifies the definition of "highly compensated employee" to mean an employee who, if at any time during the year of any of the two preceding years, is a five-percent owner of the employer, received compensation from the employer in excess of $50,000, or was in the top-paid group of employees. Provides that a cash or deferred arrangement will not be treated as disqualified if the amount of any excess contributions for the plan year is distributed before the close of the following plan year. Sets forth additional nondiscrimination requirements for employer matching contributions and employee contributions for defined contribution plans. Imposes a penalty tax on an employer making excess contributions to a qualified cash or deferred arrangement which is part of a qualified employee plan. Applies nondiscrimination rules to tax-sheltered annuity programs (other than those maintained for church employees). Provides that social security benefits earned with a prior employer shall not be taken into account in determining whether a defined benefit plan is discriminatory. Provides that benefits shall be treated as accruing ratably for purposes of determining whether an employee plan is top-heavy. Allows forfeitures arising in any defined contribution plan (including a money purchase pension plan) to be either: (1) reallocated to the accounts of other participants in a nondiscriminatory fashion; and (2) used to reduce future employer contributions or administrative costs. Part III: Treatment of Distributions - Imposes a penalty tax on certain accumulations in qualified retirement plans which fail to make required distributions. Revises rules relating to the inclusion in gross income of distributions from a qualified employee plan. Allows the averaging over five years to individuals receiving lump-sum distributions after age 59 and one-half. Limits such averaging to only one such lump-sum distribution. Repeals the capital gains treatment for such distributions. Increases from ten to 15 percent the penalty tax on early withdrawals from an individual retirement account. Extends such tax to early withdrawals by individuals from any qualified employee retirement plan. Part IV: Miscellaneous Provisions - Repeals the limit carryforward applicable to profit-sharing and stock bonus plans. Extends the combined plan deduction limit to any combination of a defined benefit pension plan and a money purchase pension plan. Requires that certain social security taxes be taken into account in applying the 15-percent and 25-percent compensation deduction limits. Imposes a ten percent excise tax on excess contributions to qualified plans. Imposes a ten percent excise tax on the reversion of qualified employee plan assets to an employer. Imposes a 15 percent excise tax on excess distributions to an individual from a qualified employee plan. Reduces the $50,000 limit on loans to a participant in a qualified employee plan by an amount equal to the participant's highest outstanding loan balance during the preceding 12-month period. Specifies that deferred annuities shall be made available only to natural persons. Requires the Secretary of the Treasury to conduct a study and report to the Congress concerning the effect of the existing coverage requirements for qualified employee plans and changes which should be made in such requirements. Provides that any amendments made necessary by provisions of this Act shall not be required to be made before the first plan year beginning on or after January 1, 1988. Imposes a penalty tax on underpayments attributable to overstatements of pension liabilities. Subtitle B: Fringe Benefits - Part I: Nondiscrimination Rules for Certain Statutory Fringe Benefit Plans - Requires a highly compensated employee who is a participant in a discriminatory statutory fringe benefit plan to include in income an amount equal to the employee's employer-provided benefit under the plan. Provides that the gross income of any employee, whether or not highly compensated, includes such employee's employer-provided benefit under a statutory benefit plan, unless: (1) the plan is in writing; (2) the employees' rights under the plan are legally enforceable; and (3) the employer established the plan with the intention of maintaining it indefinitely. Establishes a uniform nondiscriminatory eligibility requirement for all statutory benefit plans by requiring that: (1) at least 90 percent of all employees are eligible to participate in the plan; and (2) the plan contains no provisions relating to eligibility to participate that discriminates in favor of highly compensated employees. Sets forth additional rules relating to statutory defined benefit plans. Requires employers to file certain informational returns if benefits are provided under a cafeteria plan or statutory fringe benefit plan which were included in the income of a highly compensated or key employee. Part II: Other Provisions - Extends for two years, from December 31, 1985, to December 31, 1987, the exclusion for educational assistance and group legal services paid for by an employer that are furnished to employees. Permits a full-time life insurance salesperson to be treated as an employee for purposes of the cafeteria plan provisions to the extent the salesperson is otherwise permitted to exclude from income the benefit elected. Subtitle C: Changes Relating to Employee Stock Ownership Plans - Repeals the employee stock ownership tax credit. Terminates after December 31, 1988, the following provisions: (1) the exclusion of interest on loans used to acquire employer securities; (2) the dividends paid deduction; (3) the nonrecognition of gain on sales of stock to employee stock ownership plans, and (4) liability for payment in case of transfer of employer securities to an employee stock ownership plan or a worker-owned cooperative. Provides the following additional requirements for employee stock ownership plans: (1) requires more rapid (10-year graded) vesting: (2) modify the employee stock ownership plan nondiscrimination rules to limit the amount of a participant's compensation that may be taken into account and the annual amount of employer contributions that may be allocated to employees who are officers, shareholders, or highly compensated; (3) expand the pass-through voting requirements applicable to employer securities held by an employee stock ownership plan; (4) permit an eligibile plan participant to direct the employee stock ownership plan trustee to diversify a portion of the participant's employee stock ownership account balance; and (5) modify the distribution and put option requirements. Amends the tax credit employee stock ownership plan distribution provisions to permit certain distributions upon plan termination. Provides a special rule for eligible worker-owned cooperatives to ensure that such organizations can comply with the requirements of tax deferrment on gain derived from sales of stock to an employee stock ownership plan or for payment of estate tax liability by an employee stock ownership plan. Title XII: Unearned Income of Certain Dependent Children; Trusts and Estates - Subtitle A: Unearned Income of Certain Minor Children - Provides that to the extent that unearned income derived from property transferred from parents (parental-source unearned income) exceeds the amount of the child's personal exemption, such income is taxed to the child at the parents' marginal tax rate. Requires earned income and nonparental-source unearned income (i.e., income derived from property that is a qualified segregated asset) to be taxed to the child at the child's marginal tax rate. Subtitle B: Taxation of Estates and Trusts and Their Beneficiaries - Provides that all trusts created by a grantor, with the exception of qualified beneficiary trusts or qualified children's trusts, that are not treated as grantor trusts must be taxed at the marginal tax rate of the grantor. Permits the grantor to allocate any of the grantor's unused tax rate bracket amounts for any year to the trusts created by him in any manner the grantor elects. Provides that the income of a qualified beneficiary trust is taxed at the top marginal tax rates of the beneficiary. Definies "qualified beneficiary trust." Provides that where all the beneficiaries of a trust are children of the grantor (called a "qualified children's trust"), any beneficiary may allocate any of his or her unused tax bracket to the trust for any year prior to the time that beneficiary reaches majority, thereby taxing the trust income at this top marginal tax rate. Entitles all trusts, in lieu of the personal exemption, a deduction of $100. Entitles an estate a deduction, in lieu of the personal exemption, of $600. Permits any unused losses and deductions in the last year of the trust or estate to be claimed by the beneficiaries succeeding to the property of the estate or trust in accordance with regulations prescribed by the Secretary. Provides that no amounts shall be included in the gross income of any beneficiary by reason of income of any trust or estate, or by reason of any distribution from a trust or estate, with certain exceptions. Provides that the grantor is treated as the owner of the trust and therefore is taxed directly on the income of the trust in the following circumstances: (1) where the grantor possesses certain prohibited administrative powers with respect to the trust; (2) where the grantor or the grantor's spouse retains the power to revoke the trust; or (3) where the grantor or grantor's spouse has the power to control the income of the trust in certain respects. Provides that a person other than the grantor is treated as the owner of a trust where that person has a power to revoke the trust or retains one of the three powers listed in the preceeding sentence. Permits the executor to elect to extend the taxable year of the decedent until the end of the decedent's normal taxable year, instead of having the decedent's final taxable year terminate on the date of death. Provides that income of a trust required to be paid by the trust pursuant to a divorce decree or separate maintenance agreement shall be allowed as a deduction to the trust and such amount shall be included in the gross income of the wife. Exempts from such inclusion and deduction amounts payable for the support of minor children. Requires gain to be recognized by the transferor where property is transferred to a trust in exchange for an interest in other trust property and the trust would be considered an investment company if it were a corporation. Allows one $20,000 exemption for purposes of the minimum tax with respect to: (1) the estate of a decedent; and (2) trusts with respect to which a decedent is the grantor. Provides for the allocation of such amount among such trusts. Provides that distributions from foreign trusts are subject to tax at the top marginal rate applicable to individuals (38 percent), unless the fiduciary of the trust elects to be subject to current taxation of the United States by being treated as a domestic trust. Subtitle C: Generation Skipping Transfers - Amends the generation-skipping transfer tax, which attempts to determine the additional gift or estate tax that would have been paid if property has been transferred directly from one generation to another, to impose a simplified tax determined at the maximum gift and estate tax rate (currently the tax rate is 55 percent). Expands the generation-skipping transfer tax to include direct generation-skipping transfers (e.g., a direct transfer from a grandparent to a grandchild) as well as transfers in which benefits are shared by beneficiaries in more than one younger generation. Provides for an exemption of transfers up to S1,000,000 per grantor from the tax. Provides additional exemptions from the tax for certain transfers that are not subject to gift tax and for direct transfers to grandchildren of the transferor if the aggregate amount of such transfers does not exceed $2,000,000 per grandchild. Defines various terms relating to generation-skipping transfers. Sets forth the methods for determining the taxable amount for various generation-skipping transactions. Sets forth various special rules and definitions. Directs the Secretary to prescribe by regulation the person who is required to make the return with respect to the generation-skipping tax and the time the return is to be filed. Title XIII: Compliance and Tax Administration - Part I: Revision of Certain Penalties, Etc. - Increases the maximum penalty from $50,000 to $100,000 for: (1) failure to file certain information returns with the IRS; (2) failure to supply a copy of that information return to the taxpayer; and (3) failure to supply taxpayer information numbers. Imposes a penalty for failure to include correct information either on an information return filed with the IRS or on the copy of that information return supplied to the taxpayer. Establishes the amount of the penalty at five dollars for each return or statement, with a maximum penalty not to exceed $20,000. Allows a waiver of these penalties if the failure is due to reasonable cause and not to willful neglect. Sets forth certain special rules with respect to the application of these penalties. Increases the penalty for failure to pay tax in specified situations from one-half of one percent per month to one percent per month. Repeals the provision allowing the offset of the failure to file a return penalty against the failure to pay tax penalty. Provides that the penalty for negligence shall apply to all taxes imposed under the Internal Revenue Code. Includes within the scope of the definition of negligence both any failure to make a reasonable attempt to comply with the provisions of the tax law as well as careless, reckless, or intentional disregard of the rules or regulations. Expands the scope of the special negligence penalty for failure to include in income interest and dividends shown on an information return to include failure to show properly on the taxpayer's return any amount that is shown on any information return. Part II: Estimated Tax Payments by Individuals - Increases from 80 percent to 90 percent the proportion of the current year's tax liability that taxpayers must make as estimated tax payments in order to avoid the estimated tax penalty. Part III: Provisions Relating to Attorneys' Fees and Exhaustion of Administrative Remedies - Extends for four years, from December 31, 1985, to December 31, 1989, the provisions providing for awards of reasonable litigation costs, including attorneys' fees and court costs, to a taxpayer who prevails over the Federal government in a tax case in any Federal court. Gives the Court in tax cases the discretion to assess all or a portion of any award against IRS employees if the Court determines that the proceeding resulted from any arbitrary or capricious act of the employee. Requires the Secretary to submit a report within 90 days after the close of each calendar year beginning after 1985 and before 1990 to the House Committee on Ways and Means and the Senate Committee on Finance that includes: (1) the number of awards made during such calendar year; (2) the number of proceedings in which claims for such awards were made by substantially prevailing parties during such calendar year; and (3) the aggregate amount payable by the United States pursuant to the awards so made during such calendar year. Authorizes the Tax Court to impose a $120 penalty on the taxpayer if the Tax Court determines that the taxpayer did not use reasonable efforts in good faith in attempting to resolve the tax case administratively with the Secretary. Requires that a joint annual report from the Secretary and the Tax Court concerning closing cases more efficiently in Tax Court inventory be submitted to the House Committee on Ways and Means and the Senate Committee on Finance. Part IV: Tax Administration Provisions - Authorizes the Secretary and the taxpayer to mutually consent to the recission of any notice of deficiency mailed to the taxpayer. Provides that where an IRS official fails either to perform a ministerial act in a timely manner or makes an error in performing a ministerial act, the IRS has the authority to abate the interest attributable to such delay. Suspends the compounding of interest on previously accrued interest, starting 30 days after a taxpayer has filed a waiver of restrictions on assessment of the underlying taxes and ending when a notice and demand is issued to the taxpayer. Prohibits the IRS from levying on any amount payable to an individual as a service-connected disability benefit. Permits the Secretary to sell up to $100,000 of personal property used in violation of the tax laws. Permits claimants to require a judicial forfeiture action by posting a $2,500 bond. Treats the use of an automobile by a special agent of the Internal Revenue Service in the same manner as use of an automobile by an officer of any other law enforcement agency for purposes of the substantiation rules for expenses or the income and wage inclusion rules. Part V: Interest Provisions - Provides that the interest rate which the Secretary must pay to the taxpayer on the overpayment of taxes must be the three-month Treasury bill rate plus two percentage points. Requires that the interest rate that taxpayers pay to the Secretary on underpayment of taxes shall be the three-month Treasury bill rate plus three percentage points. Requires the Secretary to determine the short-term Federal rate each quarter. Provides that interest is imposed on underpayment of the accumulated earnings tax from the due date (without regard to extensions) of the income tax return for the year the tax is initially imposed. Part VI: Modification of Withholding Allowances - Directs the Secretary to modify the withholding allowance schedules to reflect the new rate schedules promulgated by this Act. Repeals the authority of the IRS to issue regulations permitting employees to request decreases in withholding. Part VII: Information Reporting Provisions - Requires the reporting of real estate transactions to the IRS by the settlement attorney or other stakeholder to the transaction. Requires the head of every Federal executive agency to file an information return indicating the name, address, and taxpayer identification number of each person with which the agency enters into a contract. Requires any person required to file a return for the taxable year to include on such return the amount of interest received or accrued during the taxable year that is exempt from tax. Part VIII: Report on Return-Free System - Requires the Secretary to prepare a report on a return-free system for the Federal income tax of individuals which would include: (1) the identification of classes of individuals who would be permitted to use a return-free system; (2) how such system would be phased in; (3) what additional resources the IRS would need to carryout such a system; and (4) the type of changes to the Internal Revenue Code which would inhibit or enhance the use of such system. Part IX: Certain Diesel Fuel Taxes May Be Imposed on Sales to Retailers - Provides that the excise tax on diesel fuel for highway vehicles may be imposed on the sale to the retailer by the wholesaler (jobber) or by the manufacturer where the sale is direct to the retailer. Title XIV: Miscellaneous Provisions - Excludes from income amounts paid to the foster parent for caring for a qualified foster child in the foster parent's home. Provides that the tax relief provisions applicable with respect to Vietnam MIA's (and their spouses) that expired after 1982 are retroactively reinstated and made permanent. Imposes an excise tax of ten percent on amounts paid for U.S. television and radio broadcast rights for Olympic events. Imposes the tax on the business or government receiving the payment for the broadcast rights. Establishes a new trust fund in the Treasury, designated the "United States Olympic Trust Fund," to receive amounts equivalent to the revenues from the new ten percent excise tax. Permits the payment of amounts from the trust fund to the U.S. Olympic Committee. Provides that in the case of any tax-exempt organization, the term unrelated trade or business does not include any trade or business of such organization that consists of exchanging names and addresses of donors to (or members of) such organization with another such tax-exempt organization, or of renting donor names and addresses to another such tax-exempt organization. Provides that the term unrelated trade or business of a tax-exempt organization does not include activities of such organization relating to the distribution of low-cost articles incidental to the solicitation of charitable contributions. Permits a housing cooperative, where the cooperative charges such tenant-stockholder with a portion of the cooperative's interest and taxes in a manner that reasonably reflects the cost to the cooperative of the interest and taxes attributable to such tenant-stockholder's dwelling unit, to make an election whereby the share of the cooperative's interest and taxes that each tenant-stockholder is permitted to deduct would be the amounts that were so separately allocated and charged. Provides that certain royalties relating to computer software are not treated as personal holding company income, and therefore not subject to the additional tax on personal holding company income, if the recipient: (1) is actively engaged in the trade or business of producing, developing, or manufacturing computer software; (2) derives more than half of its income from software royalties; (3) incurs substantial trade or business expenses, or research and development expenses; and (4) distributes most of its passive income other than software royalties. Provides special rules with respect to taxpayers who are members of an affiliated group and receive royalties with respect to the licensing of computer software. Allows certain securities dealers to exclude from personal holding company income certain income received on securities or money market instruments held in inventory if the taxpayer: (1) derives at least 50 percent of its income from the active conduct of the business of dealing in securities; (2) distributes most of its passive income not derived form the business of dealing in securities; and (3) incurs substantial trade or business expenses relating to the business of dealing in securities. Amends the Social Security Act to provide 50 percent Federal matching funds to States to pay for "nonrecurring adoption expenses" relating to the adoption of a special needs child. Title XV: Technical Corrections - Subtitle A: Related to the Tax Reform Act of 1984 - Chapter 1: Amendments Related to Title I of the Act - Permits a taxpayer to elect to have the amendment of the Tax Reform Act of 1984 that defers the finance lease rules apply to any agreement entered into before March 7, 1984. Restores the year 1985 to the table of years for which the three percent telephone excise tax applies. Clarifies the rules relating to the electronic funds transfer of alcohol taxes to provide that all corporations that are members of a controlled group of corporations are treated as one taxpayer for purposes of the electronic funds transfer. Makes certain modifications of the Code to clarify the rules relating to the tax-exempt entity leasing provisions. Repeals the overlapping regulatory authority relating to high-technology equipment. Provides that any portion of a property that is owned or leased by a partnership that is treated as tax-exempt use property is ineligible for the investment tax credit. Clarifies the treatment of certain aircraft leased to foreign persons for purposes of the recapture of investment tax credit rules. Provides that thrift institutions cannot avoid the restriction on property leased to thrift institutions by the use of a partnership. Provides that the tax credit for rehabilitation expenditures is allowable on buildings leased to thrift institutions in accordance with the rules applicable to buildings leased to tax-exempt entities. Provides that the determination of whether a tax-exempt partner's share of partnership items is treated as derived from an unrelated trade or business is to be made without regard to the debt-financed income rules. Makes certain modifications in the tax treatment of certain bonds and other debt instruments. Clarifies the provisions limiting the dividends received deduction for dividends received by a corporate shareholder with respect to debt-financed portfolio stock. Disallows the dividend received deduction where the holding period requirement is not met, without regard to whether the stock has been disposed of. Applies this rule to obligations acquired after the date of enactment of this Act. Provides that if a taxpayer holds stock of a regulated investment company for six months or less, any loss on the sale or exchange of that stock is disallowed to the extent the taxpayer received exempt-interest dividends with respect to that stock. Provides an exception to this rule where the dispositions are pursuant to a periodic liquidation plan. Gives the Secretary the authority to shorten the six-month period requirement. Provides that, except to the extent provided by the Secretary, no dividends paid deduction will be allowed for purposes of the accumulated earnings tax, in the case of stock redemption by a mere holding or investment company which is not a regulated investment company. Makes certain modifications in the tax rules related to affiliated groups of corporations. Makes certain changes in the definition of a corporation's "earnings and profits." Modifies the rules relating to corporate reorganizations to provide that the transferor corporation does not recognize gain or loss on the transfer to the acquiring corporation pursuant to a plan of reorganization, without regard to whether properties received are distributed pursuant to the plan of reorganization. Makes the collapsible corporation provisions with respect to the recognition of ordinary income or loss applicable whether or not the stock has been held for six months. Makes certain changes in the rules relating to the taxation of "parachute payments" made by corporations to disqualified individuals. Modifies the partnership tax provisions with respect to: (1) retroactive allocation of cash basis items; (2) disguised sales transactions; (3) transfer partnership interests by corporations; and (4) distributions which are treated as exchanges. Modifies the like-kind exchange rules allowing for the non-recognition of gain to provide that like-kind property includes property identified as the property to be received by the taxpayer on or before (rather than only before) the date which is 45 days after the date on which the taxpayer relinquishes property. Provides that the rules regarding the treatment of two or more trusts as one trust will not apply to any trust which was irrevocable on March 1, 1984, except to the extent corpus is transferred to the trust after that date. Makes certain changes in the tax accounting rules relating to: (1) premature accrual of certain payments to insurance companies for indemnification for certain tort claims; (2) tax shelters; (3) mine reclamation and similar costs; (4) nuclear power plant decomissioning expenses; and (5) deferred payment for services. Makes modifications in the tax straddle provisions relating to: (1) subchapter S corporations; (2) amounts received for loaning securities; (3) straddles consisting of stock; and (4) losses from pre-1981 straddles. Permits the taxpayer to elect to recover the cost of low-income housing using a straight-line method of depreciation over a 15-year period (but not 18 years). Requires the mid-month convention for depreciation to be applied whenever a depreciation computation is made with respect to certain classes of real property. Provides that the cost of certain real property (which does not include low-income housing) financed by the proceeds from industrial development property cannot be recovered more rapidly than on a straight-line basis of depreciation over a fixed period of years, using a mid-month convention. Modifies the rules relating to the depreciation of property by certain transferees of recovery property. Prohibits the use of accelerated methods of depreciation with respect to films, video tapes, and sound recordings. Provides that investment credit property the reconstruction of which is completed by the taxpayer qualifies as new investment credit property. Provides that a domestic corporation which earns less than 20 percent of its gross income from U.S. sources will be treated as a U.S.-owned foreign corporation and thus will be subject to the rules maintaining the source of U.S. source income to foreign income. Requires that the source maintenance rules apply notwithstanding any contrary U.S. treaty obligations, even those entered into after the Act's date of enactment, unless the treaty clearly expresses an intent to override the rules by specific reference. Modifies the rules with respect to maintaining the character of interest income for foreign personal holding companies to insure that there will be no possibility of converting interest income into noninterest income subject to the overall foreign tax credit. Modifies the rules relating to the factoring of income with respect to certain controlled foreign corporations. Makes certain modifications in the rules concerning the repeal of the 30 percent withholding tax requirement on the gross amount of U.S. source investment income payments to foreign persons. Clarifies the rules concerning the taxation of original issue discount obligations of foreign investors. Modifies the rules respecting the disposition of U.S. real property interests by foreigners. Provides that the transfer of stock by a domestic corporation to foreign persons pursuant to a distribution of stock and securities of a controlled corporation will give rise to the recognition of gain on such a transaction, to the extent provided by regulations issued by the Secretary. Modifies the rules concerning the taxation of U.S. shareholders in foreign personal holding companies. Clarifies the treatment of certain indirect transfers of stock in a U.S. corporation for newly issued stock (or treasury stock) of a foreign corporation. Provides that the regulations that the Secretary is to prescribe pertaining to "stapled stock" entities may include regulations providing that any tax imposed on a foreign corporation that is treated as a U.S. corporation may, if that corporation does not pay the tax, be collected from the U.S. corporation to which the foreign stock is stapled or from the shareholders of the foreign corporation. Provides that the "stapled stock" rules will not apply if it is established that both the stapled foreign corporation and the U.S. corporation to which it is stapled are foreign owned. Clarifies the definition of foreign base company service income of controlled foreign corporations with respect to insurance or reinsurance services. Modifies the definition of resident alien to provide that days spent working in the United States as a teacher or trainee during four calendar years in any seven-year period do not count as days of U.S. presence for purposes of the substantial presence test for a resident alien status. Makes miscellaneous changes with respect to the compliance provisions of the Code. Provides that, for purposes of the tax benefit rule, an amount is excludible from gross income only to the extent that it does not reduce a taxpayer's income tax. Modifies provisions with respect to the tax treatment of loans with below-market interest rates by treating certain term loans as demand loans for the purpose of determining the timing of deemed interest and compensation payments. Exempts certain loans to Israel from the below-market interest rate rules. Directs the Secretary to issue regulations applying the "matching principles" with respect to deductions generally applicable to related party transactions in cases in which the person to whom the payment is to be made is not a U.S. person. Makes several adjustments in the dividends received deduction for dividends allocable to post-1984 Federal Home Loan Mortgage Corporation income. Modifies the rules relating to the maximum amount of investment tax credit and depreciation that a taxpayer may claim with respect to a passenger automobile or listed property which is required to be used in a trade or business a certain percent of the time. Chapter 2: Amendments Related to Title II of the Act - Makes certain technical corrections with respect to the taxation of life insurance companies. Chapter 3: Amendments Related to Title III of the Act - Clarifies the rule disqualifying certain foundations from the rate reduction of the excise tax imposed on the net investment income of a private foundation to provide that the rate reduction is not available if the foundation was liable for the excise tax with respect to any year in certain base period years. Chapter 4: Amendments Related to Title IV of the Act - Makes clerical and conforming amendments to the tax simplification provisions of the 1984 Act, including such items as individual estimated tax, domestic relations, at-risk rules, administrative provisions, distilled spirits, the Tax Court, and income tax credits. Chapter 5: Amendments Related to Title V of the Act - Makes technical corrections with respect to the employee benefit provisions of the 1984 Act with respect to: (1) the welfare benefit plan provisions; (2) qualified pension, profit-sharing, and stock bonus plans; (3) fringe benefit provisions; (4) employee stock ownership plans; and (5) certain miscellaneous provisions. Chapter 6: Amendments Related to Title VI of the Act - Makes certain technical corrections with respect to the tax-exempt bond provisions of the Code, such as mortgage subsidy bonds and mortgage credit certificates and private activity bonds. Chapter 7: Miscellaneous Provisions - Clarifies the tax treatment of stock transfers between 50-percent owned corporations. Makes miscellaneous technical corrections with respect to certain pension provisions. Makes technical corrections with respect to the tax provisions relating to foreign sales corporations and domestic international sales corporations. Allows a full 15-cents-a-gallon refund of excise tax on diesel fuel used in a school bus while engaged in the transportation of students and school employees. Provides that the additional six percent excise tax on certain piggyback trailers will not apply to a piggyback trailer after six years have elapsed from the date of the first retail sale of the trailer. Provides that certain helicopter uses are exempt from aviation excise taxes. Modifies the acquisition of indebtedness rules with respect to certain exempt organizations. Clarifies the provision permitting the nonrecognition of gain on the rollover of gain on the sale of a personal residence in the case of military personnel stationed outside the United States. Provides that the expanded prohibition on current deduction of costs and other losses incurred in connection with the demolition of buildings applies only to demolitions commencing after July 18, 1984, in the case of buildings other than certified historic structures. Modifies certain recordkeeping requirements of regulated investment companies. Allows individual taxpayers until April 15, 1985, and corporations until March 15, 1985, (the filing date for calendar year returns) to pay their full 1984 income tax liabilities without incurring any additions to tax on account of underpayments of estimated tax to the extent that the underpayments are attributable to changes in the law made by the Tax Reform Act of 1984. Makes certain modifications in the requirements with respect to the tax credit for the qualified clinical testing of certain drugs that are necessary to obtain the approval of the Food and Drug Administration. Clarifies the provisions as to the allowability of the tax credit for production of fuels from nonconventional sources. Repeals the requirement that the Joint Committee on Taxation submit an annual report to the Congress on proposed IRS tax refunds and credits submitted to the Committee for its review. Provides that any organization that is exempt from tax and that is engaged primarily in providing electric service on a mutual or cooperative basis is eligible to maintain a qualified cash or deferred arrangement for employees. Clarifies the definition of "newly discovered oil" for purposes of the imposition of the windfall profit tax. Provides that medicinal alcohol produced in Puerto Rico and the Virgin Islands is eligible for refunds of the tax on distilled spirits paid when the alcohol is brought into the United States. Provides that these amendments made to the Tax Reform Act of 1984, unless otherwise provided, will take effect as if included in the original legislation. Chapter 8: Effective Date - Sets forth effective date provisions. Subtitle B: Related to Other Programs Affected by the Deficit Reduction Act of 1984 - Chapter 1: Amendments Related to Social Security Act Programs - Amends the Internal Revenue Code to disqualify certain church employees from a religion based exception to the tax on self-employment income. Amends the Code and title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to exclude certain church employee income from the computation of other net self-employment earnings, but lowers the sum required before church employee income qualifies as self-employment income. Authorizes a church to revoke its election to have services performed in its employ excluded from employment for taxation purposes. Amends title XVIII (Medicare) of the Act to make the late enrollment penalty and special enrollment period accommodations of part B (Supplemental Medical Insurance) specifically applicable to individuals who have attained age 65 and were not enrolled or reenrolled because they were covered by work-related group health insurance, or their spouse's work-related group health insurance. Makes technical corrections to other portions of the Social Security Act. Chapter 2: Amendments Related to Unemployment Compensation Program - Makes certain technical amendments to the Federal Unemployment Tax Act. Chapter 3: Amendments Related to Trade and Tariff Programs - Amends the Tariff Schedules of the United States to make technical and conforming amendments. Imposes a duty on silicon electrical steel. Amends the Tariff Act of 1930 to provide that the administering authority with respect to a countervailing duty investigation, may not accept any agreement from a foreign country to eliminate or offset a subsidy or to cease exports of subsidized merchandise unless such agreement ensures that the quantity of merchandise covered in the agreement does not exceed the quantity of such merchandise exported to the United States during the most recent representative period as determined by the administering authority. Sets forth specified provisions relating to the marking of imported articles. Provides that the performing of incidental operations (including testing, cleaning, repacking, and inspecting) on imported merchandise or merchandise of the same kind and quality does not amount to manufacture or production for drawback (refund) purposes. Amends the Trade Act of 1974 to make technical and conforming amendments. Amends the Trade and Tariff Act of 1984 to make technical and conforming amendments. Sets forth specified provisions relating to certain articles given duty-free treatment. Amends the Caribbean Basin Economic Recovery Act to make technical and conforming amendments. Subtitle C: Technical Corrections Related to the Retirement Equity Act of 1984 - Amends the Internal Revenue Code (IRC) and the Employee Retirement Income Security Act of 1974 (ERISA) to make technical corrections and other revisions related to the Retirement Equity Act of 1984 (REA). Sets forth amendments related to REA modifications of minimum participation and vesting standards for employee benefit plans. Requires class-year plans, in general, to provide that a participant's rights to benefits derived from employer contributions for any plan year are nonforfeitable not later than when such participant has performed services for the employer as of the close of each of five plan years (whether or not consecutive after the plan year for which the contributions were made), but allows for such plans to provide for forfeiture of such rights if the participant has not performed such services as of the close of each of any five consecutive plan years after such plan year (i.e. a five-year break in service). Requires, for purposes of determining whether any distribution which becomes payable to the recipient on account of the employee's separation from service is a lump sum distribution, that the balance to the credit of the employee be determined without regard to any increase in vesting which may occur if the employee is reemployed by the employer. Provides for recapture of such reduction in tax, in certain cases. Provides, under repayment requirements relating to withdrawals of mandatory contributions, that a defined contribution plan may provide that such a repayment must be made before a participant has a period of five consecutive one-year breaks in service (currently any one-year break in service). Reduces from 25 years to 21 years the age which plan participants may be required to attain for purposes of simplified employment pensions. Sets forth amendments related to REA requirements of joint and survivor annuity and preretirement survivor annuity. Provides that qualified preretirement survivor annuity rules apply in the case of death before the annuity starting date. Provides that qualified joint and survivor annuity rules apply in the case of death on or after the annuity starting date. Provides that the transferee plan rule applies only with respect to: (1) transfers made after December 31, 1984; and (2) the transferred assets if the plan separately accounts for assets and any income therefrom. Requires spousal consent for: (1) using plan assets as security for loans; and (2) changes in designations. Provides that, in the case of a participant hired after age 35, the period for giving notice to the participant of the right to waive a qualified preretirement survivor annuity is a reasonable period after the date of hire. Makes certain clerical amendments. Sets forth amendments related to special rules for assignments in divorce, etc., proceedings (which REA added to IRC and ERISA). Provides that such special rules for determining the taxability of benefits subject to a qualified domestic relations order apply only to distributions made to an alternate payee who is the spouse or the former spouse of the participant. Specifies that the 18-month period during which benefits may be deferred begins with the date on which the first payment would be required to be made under the domestic relations order if there were no deferral. Directs the Secretary of the Treasury to prescribe regulations to coordinate specified requirements (and regulations issued by the Secretary of Labor thereunder) affecting qualified domestic relations orders with the overall qualification requirements. Waives certain distribution requirements which prohibit payment of benefits before termination of employment. Sets forth amendments related to the requirement under IRC, as amended by REA, that a written explanation be given to recipients of distributions eligible for rollover. Defines "eligible rollover distribution" for purposes of such requirement. Sets forth amendments related to provisions, under ERISA as amended by REA, for the treatment of certain plan amendments as reducing benefits. Sets forth amendments related to the REA transitional rule for requirement of joint and survivor annuity and preretirement survivor annuity. Sets forth amendments related to REA provisions for treatment of certain participants who perform services on or after January 1, 1976.
United States · United States Congress · 20 January 2023
Sentencing Reform Amendments Act of 1985 - Amends the Comprehensive Crime Control Act of 1984 to extend to 30 months (currently 18 months) after October 12, 1984, the deadline for the submission of the initial set of sentencing guidelines by the United States Sentencing Commission.
United States · United States Congress · 24 March 2026
Public Lands Cleanup Act of 1985 - Designates the first Saturday after Labor Day as Public Lands Cleanup Day. Requires each Federal land management agency to organize and participate in intergovernmental and private efforts to clean and maintain Federal public lands under their jurisdiction in observance of such day.
United States · United States Congress · 14 January 2025
Farm Credit System Restructuring and Regulatory Reform Act of 1985 - Title I: Purposes, Organization, and Powers - Amends the Farm Credit Act of 1971 to vest management of the Farm Credit Administration (FCA) in a Farm Credit Administration Board (replacing the Federal Farm Credit Board), to be headed by a Chairman. Sets forth related operating and administrative provisions. Establishes a Farm Credit Advisory Committee. Requires: (1) FCA examinations of Farm Credit System (FCS) institutions; and (2) each institution to make an annual report. Authorizes the FCA to publish reports of such examinations under specified circumstances. Title II: Regulatory Role of the Farm Credit Administration - Amends the Farm Credit Act to remove certain regulatory powers of the FCA regarding the establishment and regulation of Federal banks. Grants the FCA authority to establish minimum levels of capital for FCS institutions and see that such levels are maintained. Sets forth requirements for voluntary single district-wide association mergers. Allows the Chairman of the FCA to require bank mergers where such banks have failed to meet their outstanding obligations. Grants the Chairman the power to appoint a conservator or receiver for any institution of the FCS. Lists the grounds for such an appointment. Title III: Enforcement Powers and Procedures of the Farm Credit Administration - Amends the Farm Credit Act of 1971 to authorize the Farm Credit Administration (FCA) to issue cease and desist orders against any Farm Credit System institution or director, officer, employee, or agent engaged in an unsafe or unsound practice or in violation of any FCA rule or regulation. Provides for written notice and hearing opportunity. Authorizes the FCA to issue temporary cease and desist orders. Permits U.S. district court appeal. Permits FCA appeal to such court for injunctive enforcement. Authorizes the FCA to remove or suspend any Farm Credit System director or officer who has engaged in unsafe or prohibited practices, is in breach of fiduciary duty, or has been indicted for a felony involving dishonesty or breach of trust. Provides for written notice and hearing opportunity. Establishes procedures for administrative hearings and judicial review. Authorizes the FCA to apply to any U.S. district court with jurisdiction for the enforcement of any outstanding notice or order. Provides for civil penalties of up to $1,000 for violations of final orders or of the provisions of the Farm Credit Act of 1971 or regulations. Makes directors and officers who knowingly violate, or permit others to violate, such Act or regulations personally liable for damages. Title IV: Farm Credit System Capital Corporation - Establishes the Federal Farm Credit System Capital Corporation to ensure the continued viability of the FCS. Describes the powers of the Capital Corporation. States that the Capital Corporation shall have the power to acquire property, debts, and assets of institutions of the FCS. Provides initial capitalization through institution contributions. States that the capital, reserves, surplus, and income derived therefrom shall be tax exempt. Title V: Rights of Applicants and Shareholders - Amends the Farm Credit Act to direct the FCA to promulgate regulations regarding: (1) the disclosure of certain interest rate information to borrowers; (2) access to documents and information for applicants, borrowers, and stockholders; and (3) the establishment of credit review committees. Title VI: Miscellaneous Amendments - Amends the Federal Financial Institutions Examination Council Act of 1978 to provide that the Chairman of the FCA shall serve as a nonvoting member of the Council. Requires Federal land banks and associations to carry a reserve account. Subjects Federal intermediate credit banks to the direction of the FCA with regard to dividend payments. Requires Federal land banks, Federal intermediate credit banks, banks for cooperatives, Federal land bank associations, and production credit associations to purchase stock, pay assessments, and make capital contributions to the Capital Corporation. Title VII: Authorization for Borrowing - Authorizes the Secretary of the Treasury to purchase obligations issued by the Capital Corporation.
United States · United States Congress · 21 April 2025
Education of the Deaf Act of 1985 - Title I: Gallaudet University - Part A: Gallaudet University General Authority - Continues Gallaudet College as a chartered, corporate body under the name of Gallaudet University (the University), in order to provide education and training to deaf individuals. Sets forth provisions dealing with such University's property rights and Board of Directors (the Board). Part B: Kendall Demonstration Elementary School - Authorizes the Board to maintain and operate the Kendall Demonstration Elementary School (Kendall School). Part C: Model Secondary School for the Deaf - Authorizes the Board, in accordance with a specified agreement with the Secretary of Education (the Secretary), to maintain and operate a model secondary school for the deaf (model secondary school), primarily for residents of the District of Columbia and nearby States. Requires the Secretary to submit an annual report to the Congress. Title II: National Technical Institute for the Deaf - Authorizes the Secretary to continue agreements with an institution of higher education to maintain and operate a National Technical Institute for the Deaf (the Institute). Requires the Secretary to give preference to institutions which are located in metropolitan industrial areas. Provides for the recapture of Federal financing funds under certain circumstances. Title III: Commission on Education of the Deaf - Establishes a Commission on Education of the Deaf (the Commission) to make a study of the quality of elementary, secondary, and postsecondary education furnished to the deaf. Requires the Commission to submit interim reports and a final report to the Congress. Provides for the termination of the Commission after the final report. Title IV: General Provisions - Requires that an independent audit be made of the programs and activities of the University and of the Institute. Requires an annual report to the Congress from the Board. Provides for the appointment of a project officer in the Office of Special Education and Rehabilitative Services of the Department of Education in order to facilitate the activities related to the institutions mentioned in this Act. Authorizes appropriations for FY 1987 through 1991 for the University, Kendall School, the model secondary school, and the Institute. Authorizes appropriations, limited to a specified amount, for the Commission. Repeals: (1) the Federal laws chartering Gallaudet College and authorizing the Kendall School; (2) Model Secondary School for the Deaf Act; and (3) National Technical Institute for the Deaf Act.
United States · United States Congress · 2 April 2025
Makes continuing appropriations for FY 1986 as provided in the following Acts as passed by the House of Representatives: (1) the Agriculture, Rural Development, and Related Agencies Appropriations Act, 1986; (2) the Department of Commerce, Justice, and State, the Judiciary, and Related Agencies Appropriations Act, 1986; (3) the Department of Defense Appropriations Act, 1986; (4) the Department of the Interior and Related Agencies Appropriations Act, 1986; (5) the Department of Transportation and Related Agencies Appropriations Act, 1986; and (6) the District of Columbia Appropriations Act, 1986. Makes continuing appropriations for FY 1986 as provided in the conference report as passed the House of Representatives for each of the following Acts: (1) the Military Construction Appropriations Act, 1986; and (2) the Treasury, Postal Service, and General Government Appropriations Act, 1986, except as specified. Makes continuing appropriations as provided in: (1) the Departments of Labor, Health and Human Services, and Education, and Related Agencies Appropriations Act, 1986, conference report as filed in the House; and (2) the Foreign Assistance and Related Programs Appropriations Act, 1986, as reported to the House of Representatives, with specified modifications. Makes continuing appropriations for FY 1986 for the following activities under the terms and conditions provided in applicable appropriations Acts for FY 1985, at the current rate: (1) worker training, job search allowances, and relocation allowances under the Trade Act of 1974; (2) activities under the Public Health Service Act, except that appropriations for title X may not be used to advocate or provide abortion procedures to any pregnant woman unless the woman's life would be endangered by carrying the fetus to term; (3) refugee and entrant assistance activities under the Immigration and Nationality Act and specified activities under the Refugee Act of 1980 and the Refugee Education Assistance Act of 1980; (4) minority science improvement activities under the Omnibus Budget Reconciliation Act of 1981; and (5) payment to the Corporation for Public Broadcasting under the Communications Act of 1934, provided that the current rate shall be the payment provided for FY 1987. Prohibits the use of any such appropriations to initiate or resume any project or activity for which appropriations, funds, or authority were not available during FY 1985. Provides that appropriations under this Act shall remain available from December 13, 1985, until the earlier of the following: (1) enactment into law of an appropriation for any project or activity provided for in this Act; (2) enactment of the applicable appropriations Act by both Houses without any provision for such project or activity; or (3) September 30, 1986. Directs the Secretary of Agriculture to issue regulations to: (1) provide for nonrecourse loans on basic agricultural commodities at such levels as will reflect a fair return to the farm producer above the cost of production; (2) provide for payment by the purchaser, rather than by appropriation, for basic commodities sold for domestic use; and (3) enable producers of any basic agricultural commodity to provide the amount needed for domestic consumption, to maintain the pipeline, and to regain and retain by competitive sales the normal U.S. share of the world market. Requires the Secretary to: (1) determine on a case-by-case basis, which agricultural borrowers are unable to continue making principal and interest payments as a result of embargoes on the sale of U.S. agricultural products or the failure to offer surplus commodities for sale in world markets at competitive prices; (2) suspend such payments and forego foreclosure on Government loans to such borrowers for 12 months or until an adjustment is agreed upon; and (3) request other creditors of such borrowers to postpone payments due. Prohibits the expenditure of funds made available to the Office of the Secretary of the Interior for FY 1986 to enter into any agreement with respect to Westlands Water District v. United States unless specifically authorized by the Congress. Makes specified funds available for the Smithsonian Institution, restoration and renovation of buildings, for the Freer Gallery of Art. Allows persons other than members of the United States Holocaust Memorial Council to be designated as members of committees associated with the Council subject to appointment by the Chairman of the Council. Provides that the individual holding the position of Chief of the United States Capitol Police on January 1, 1985, shall be considered to have been appointed to that position before January 1, 1984, for purposes of civil service retirement and Old Age, Survivors and Disability Insurance coverage. Grants such individual 60 days to elect coverage under the civil service retirement system. Directs the Secretary of Transportation to issue in the Federal Register a notice of intent to prepare an environmental impact statement for the construction of the north and south legs of the downtown component of metrorail in Dade County, Florida. Makes continuing appropriations for FY 1986 for a highway construction project along State Route 113 in north-central California that demonstrates methods of reducing motor vehicle congestion and increasing employment. Restricts the availability of appropriations under this Act for the construction of the Central Automated Transit System in Detroit, Michigan. Authorizes the Secretary of the Army to use Reserve Forces to carry out emergency flood recovery and clean up measures in areas of West Virginia, Pennsylvania and Virginia and Gulf Coast areas declared entitled to relief under the Disaster Relief Act of 1974 for flooding occurring on and after August 30, 1985. Specifies conditions under which a Federal agency may allot free building space for child care service for Federal employees. Repeals the termination date of the Federal Employees Flexible and Compressed Work Schedules Act of 1982.
United States · United States Congress · 20 January 2023
Extends the sympathy of the United States to Colombia with respect to the tragedy resulting from the volcanic eruption. Declares that: (1) the Congress encourages the President to provide relief and rehabilitation assistance to Colombia; and (2) the United States is prepared to cooperate with Colombia in long-term efforts to help it recover from such disaster.
United States · United States Congress · 10 August 2026
Federal Technology Transfer Act of 1985 - Amends the Stevenson-Wydler Technology Innovation Act of 1980 to authorize Federal agencies, subject to specified conditions, to permit the directors of their Government-operated Federal laboratories to: (1) enter into cooperative research and development agreements with other Federal agencies, State or local governments, industrial organizations, industrial development organizations, public and private foundations, nonprofit organizations (including universities), licensees of Federal inventions, and other persons; and (2) negotiate patent licensing agreements. Authorizes Government-operated Federal laboratories, under such agreements and subject to specified conditions, to: (1) grant patent licenses or assignments, or options, in any subject invention made by a Federal employee, or made jointly by a Federal employee and an employee of the collaborating party, and to retain such rights as the laboratory deems appropriate; and (2) waive in advance any right of ownership which the Federal Government may have to any subject invention made by a collaborating party or such party's employee under the agreement. Requires Federal agencies to establish certain plans to be followed in entering into such agreements. Requires, within 180 days after the enactment of this Act, each Federal agency to draft or modify revised regulations or instructions for its cooperative research and development program. Sets forth guidelines for such revised regulations or instructions. Directs each agency to maintain a record of all such agreements. Establishes the Federal Laboratory Consortium for Technology Transfer in the National Science Foundation. Requires the Director of the Foundation to appoint an individual to manage the Consortium and authorizes such individual to appoint Consortium employees. Sets forth Consortium duties relating to the commercial potential of new technologies generated by Federal laboratory research. Requires the Director of the Foundation to report annually to the President and to the appropriate authorization and appropriation committees of the Congress on the Consortium and other specified activities. Requires, for FY 1987 through 1991, Federal agencies to transfer a specified portion of the research and development budget of their laboratories to the Foundation for use by the Consortium in carrying out its activities. Makes technology transfer, consistent with mission responsibilities, the responsibility of each Federal laboratory science and engineering professional. Requires each Federal laboratory director to ensure that efforts to transfer technology are considered positively in laboratory job descriptions, employee promotion policies, and evaluation of the job performance of scientists and engineers in the laboratory. Requires each Federal laboratory with 200 or more full-time scientific and engineering professionals to have at least one full-time equivalent technology transfer position. Abolishes the Center for the Utilization of Federal Technology and transfers its functions to the National Technical Information Service (NTIS). Requires Federal agencies to report annually on technology transfer efforts in their annual budget submissions to the Congress. Authorizes the Secretary of Commerce to: (1) make available to interested agencies the expertise of the Department of Commerce regarding the commercial potential of inventions and methods and options for commercialization which are available to the Federal laboratories, including research and development limited partnerships; (2) develop model provisions for use on a voluntary basis in cooperative research and development arrangements, and disseminate such provisions to appropriate agency and laboratory personnel; and (3) furnish advice and assistance to Federal agencies concerning their cooperative research and development efforts. Requires Federal agencies which expend certain amounts for research and development to establish cash awards programs to reward their scientific, engineering, and technical personnel for inventions or other exemplary activities relating to domestic technology transfer. Sets forth rules and formulas for the distribution of royalties or other income received by Federal agencies from the licensing or assignment of inventions under such agreements under this Act, and from inventions of Government-operated Federal laboratories licensed under provisions of Federal law relating to domestic and foreign protection of federally owned inventions, or under any other provisions of law. Requires Federal agencies to submit annually to the appropriate authorization and appropriation committees of the Congress summaries of the amount of royalties or other income received and expenditures made (including inventor awards) under such rules and formulas. Renames the Centers for Industrial Technology as Cooperative Research Centers.
United States · United States Congress · 14 January 2025
Declares that the Congress favors the Agreement for Cooperation with China (relating to the peaceful uses of nuclear energy). Prohibits the issuance of a license for the export, transfer, or retransfer of any nuclear materials, facilities, or components to China until: (1) 30 days after the President has certified to the Congress that such materials and facilities shall be utilized solely for peaceful purposes; (2) China has provided the United States additional information concerning its nuclear nonproliferation policies; and (3) the President submits to the Speaker of the House and a specified Senate committee a report concerning China's nuclear nonproliferation policies.
United States · United States Congress · 20 January 2023
Amends the Agricultural Act of 1949 to extend dairy price support authority through December 13, 1985. Amends the Food Stamp Act of 1977 to extend authority through December 13, 1985, for: (1) suspension of the noncash benefit requirement for the Puerto Rican nutrition program; and (2) a pilot program of cash allotments for elderly or supplemental security income households. Amends the Agricultural Adjustment Act of 1938 to authorize the Secretary of Agriculture to conduct the cotton and peanut referendums not later than 31 days after adjournment sine die of the first session of the 99th Congress.
United States · United States Congress · 24 March 2026
Designates a pedestrian walkway located in Washington County, Maryland, and Jefferson County, West Virginia, and crossing the Potomac River at Harpers Ferry National Historic Park, as the Goodloe E. Byron Memorial Pedestrian Walkway.
United States · United States Congress · 19 January 2023
Amends the Immigration and Nationality Act to establish a three-year conditional permanent resident status for certain alien spouses and their sons and daughters. Subjects such aliens to exclusion if the Attorney General determines within such three-year period that: (1) the marriage was entered into to procure the alien's admission into the United States, or such marriage has been terminated; (2) consideration was paid to secure such marriage; or (3) the parties have not maintained a bona fide marital relationship. Establishes a criminal penalty for marriage fraud. Prohibits status adjustment during such conditional permanent resident period. Requires a couple to have previously met in person and speak a common language in order to receive a "K" (fiance) visa.
United States · United States Congress · 7 February 2024
Increases the public debt limit until December 13, 1985, by an amount determined by the Secretary of the Treasury to be necessary to permit the United States to meet its obligations, but not in excess of $1,903,800,000,000. Directs the Secretary to restore to the Social Security Trust Funds and any other Government trust funds any securities disinvested since September 30, 1985.
United States · United States Congress · 6 February 2024
Amends the National Housing Act to extend authority for 30 days for: (1) title I financial institution insurance for housing renovation and modernization; (2) general mortgage insurance; (3) low and moderate income and displaced families mortgage insurance; (4) homeownership for lower income families including mortgage insurance authority and housing stimulus authority; (5) mortgage co-insurance, including rental rehabilitation and development projects; (6) graduated payment and indexed mortgage insurance; (7) the demonstration mortgage reinsurance program; (8) mortgage insurance for armed forces' civilian employees and defense housing for impacted areas; (9) mortgage insurance for land development; and (10) mortgage insurance for medical and dental group practice facilities. Amends the Housing Act of 1964 to extend for 30 days urban rehabilitation loan authority. Amends the Housing Act of 1949 to extend Farmers Home Administration authority for 30 days for: (1) insured loans for rental and cooperative housing and related facilities for elderly persons and families in rural areas; (2) rural communities with 10,000 - 20,000 population to participate in rural housing programs; and (3) mutual and self-help housing grant and loan authority. Amends the National Flood Insurance Act of 1968 to extend authority for 30 days for national flood insurance, including emergency implementation and flood-risk zones. Amends the National Housing Act to extend authority for 30 days for the national crime insurance program. Amends the Housing and Community Development Act of 1974 to extend for 30 days community development block grant entitlement authority for certain metropolitan city and urban county areas. Amends the Housing and Urban-Rural Recovery Act of 1983 to extend for 30 days the maximum interest rate limitation on loans for housing and related facilities for elderly or handicapped families. Extends the Home Mortgage Disclosure Act for 30 days.
United States · United States Congress · 14 January 2025
District of Columbia Revenue Bond Act of 1985 - Waives the period of congressional review for certain District of Columbia Acts authorizing the issuance, sale, and delivery of revenue bonds by specified nonprofit organizations. Makes such Acts effective upon enactment of this Act.
United States · United States Congress · 14 January 2025
Civilian Travel Expenses Act of 1985 - Revises provisions regarding travel and subsistence expenses for Federal employees and consultants by replacing current per diem allowance rates with rates to be established by locality. Entitles an employee traveling on official business to a per diem allowance and appropriate travel expenses if such employee returns home, to the workplace, or an alternate location because of a personal emergency situation. Authorizes the Administrator of General Services to prescribe conditions under which an employee who serves in a law enforcement capacity may be provided a per diem allowance when occupying temporary living accommodations because of a threat to life or property resulting from the employee's assigned duties. Requires the Administrator to periodically collect information on agencies spending more than $5,000,000 annually on travel and transportation payments in order to review and develop an analysis of such payments. Declares that Postal Services employees transferred to an agency for permanent duty may be authorized travel expenses to the same extent as other transferred employees. Authorizes the Postal Service to pay postal employees a special per diem allowance for official travel in a location outside the continental United States if the regular allowance for such locality is inadequate to cover actual and necessary expenses.
United States · United States Congress · 14 January 2025
Amends the Arms Export Control Act to require that a congressional veto of an arms export proposal must be enacted into law. (Currently such veto may be in the form of adoption of a concurrent resolution.)