[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 831 Introduced in House (IH)]
104th CONGRESS
1st Session
H. R. 831
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.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
February 6, 1995
Mr. Archer (for himself, Mr. Matsui, Mr. Thomas, and Mrs. Johnson of
Connecticut) introduced the following bill; which was referred to the
Committee on Ways and Means
_______________________________________________________________________
A BILL
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. DENIAL OF EARNED INCOME CREDIT FOR INDIVIDUALS HAVING MORE THAN
$2,500 OF INTEREST AND DIVIDEND INCOME.
(a) In General.--Paragraph (1) of section 32(c) of the Internal
Revenue Code of 1986 (defining eligible individual) is amended by
adding at the end the following new subparagraph:
``(F) Denial of credit for individuals having more
than $2,500 of interest and dividend income.--The term
`eligible individual' shall not include any individual
if the aggregate interest and dividend income of the
taxpayer for the taxable year exceeds $2,500.''
(b) Inflation Adjustment.--Subsection (i) of section 32 of such
Code (relating to inflation adjustments) 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, the
dollar amount contained in subsection (c)(1)(F) 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.
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