[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 831 Engrossed in House (EH)]
104th CONGRESS
1st Session
H. R. 831
_______________________________________________________________________
AN ACT
To amend the Internal Revenue Code of 1986 to permanently extend the
deduction for the health insurance costs of self-employed individuals,
to repeal the provision permitting nonrecognition of gain on sales and
exchanges effectuating policies of the Federal Communications
Commission, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. PERMANENT EXTENSION OF DEDUCTION FOR HEALTH INSURANCE COSTS
OF SELF-EMPLOYED INDIVIDUALS.
(a) In General.--Subsection (l) of section 162 of the Internal
Revenue Code of 1986 (relating to special rules for health insurance
costs of self-employed individuals) is amended by striking paragraph
(6).
(b) Effective Date.--The amendment made by subsection (a) shall
apply to taxable years beginning after December 31, 1993.
SEC. 2. REPEAL OF NONRECOGNITION ON FCC CERTIFIED SALES AND EXCHANGES.
(a) In General.--Subchapter O of chapter 1 of the Internal Revenue
Code of 1986 is amended by striking part V (relating to changes to
effectuate FCC policy).
(b) Clerical Amendment.--The table of parts for such subchapter O
is amended by striking the item relating to part V.
(c) Effective Date.--
(1) In general.--The amendments made by this section shall
apply to--
(A) sales and exchanges on or after January 17,
1995, and
(B) sales and exchanges before such date if the FCC
tax certificate with respect to such sale or exchange
is issued on or after such date.
(2) Binding contracts.--
(A) In general.--The amendments made by this
section shall not apply to any sale or exchange
pursuant to a written contract which was binding on
January 16, 1995, and at all times thereafter before
the sale or exchange, if the FCC tax certificate with
respect to such sale or exchange was applied for, or
issued, on or before such date.
(B) Sales contingent on issuance of certificate.--A
contract shall be treated as not binding for purposes
of subparagraph (A) if the sale or exchange pursuant to
such contract, or the material terms of such contract,
were contingent, at any time on January 16, 1995, on
the issuance of an FCC tax certificate. The preceding
sentence shall not apply if the FCC tax certificate for
such sale or exchange is issued on or before January
16, 1995.
(3) FCC tax certificate.--For purposes of this subsection,
the term ``FCC tax certificate'' means any certificate of the
Federal Communications Commission for the effectuation of
section 1071 of the Internal Revenue Code of 1986 (as in effect
on the day before the date of the enactment of this Act).
SEC. 3. NONRECOGNITION ON INVOLUNTARY CONVERSIONS NOT TO APPLY IF
REPLACEMENT PROPERTY ACQUIRED FROM RELATED PERSON.
(a) In General.--Section 1033 of the Internal Revenue Code of 1986
(relating to involuntary conversions) is amended by redesignating
subsection (i) as subsection (j) and by inserting after subsection (h)
the following new subsection:
``(i) Nonrecognition Not To Apply if Replacement Property Acquired
From Related Person.--Subsection (a) shall not apply if the replacement
property or stock acquired is acquired from a related person. For
purposes of the preceding sentence, a person is related to another
person if the relationship between such persons would result in a
disallowance of losses under section 267 or 707(b).''
(b) Effective Date.--The amendment made by subsection (a) shall
apply to replacement property or stock acquired on or after February 6,
1995.
SEC. 4. PHASEOUT OF EARNED INCOME CREDIT FOR INDIVIDUALS HAVING MORE
THAN $2,500 OF TAXABLE INTEREST AND DIVIDENDS.
(a) In General.--Section 32 of the Internal Revenue Code of 1986 is
amended by redesignating subsections (i) and (j) as subsections (j) and
(k), respectively, and by inserting after subsection (h) the following
new subsection:
``(i) Phaseout of Credit for Individuals Having More Than $2,500 of
Taxable Interest and Dividends.--If the aggregate amount of interest
and dividends includible in the gross income of the taxpayer for the
taxable year exceeds $2,500, the amount of the credit which would (but
for this subsection) be allowed under this section for such taxable
year shall be reduced (but not below zero) by an amount which bears the
same ratio to such amount of credit as such excess bears to $650.''
(b) Inflation Adjustment.--Subsection (j) of section 32 of such
Code (relating to inflation adjustments), as redesignated by subsection
(a), is amended by striking paragraph (2) and by inserting the
following new paragraphs:
``(2) Interest and dividend income limitation.--In the case
of a taxable year beginning in a calendar year after 1996, each
dollar amount contained in subsection (i) shall be increased by
an amount equal to--
``(A) such dollar amount, multiplied by
``(B) the cost-of-living adjustment determined
under section 1(f)(3) for the calendar year in which
the taxable year begins, determined by substituting
`calendar year 1995' for `calendar year 1992' in
subparagraph (B) thereof.
``(3) Rounding.--If any amount as adjusted under paragraph
(1) or (2) is not a multiple of $10, such dollar amount shall
be rounded to the nearest multiple of $10.''
(c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 1995.
Passed the House of Representatives February 21, 1995.
Attest:
Clerk.
104th CONGRESS
1st Session
H. R. 831
_______________________________________________________________________
AN ACT
To amend the Internal Revenue Code of 1986 to permanently extend the
deduction for the health insurance costs of self-employed individuals,
to repeal the provision permitting nonrecognition of gain on sales and
exchanges effectuating policies of the Federal Communications
Commission, and for other purposes.