[Congressional Record Volume 141, Number 40 (Friday, March 3, 1995)]
[House]
[Page H2641]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


                             SPECIAL ORDERS

  The SPEAKER pro tempore. Under the Speaker's announced policy of 
January 4, 1995, and under a previous order of the House, the following 
Members are recognized for 5 minutes each.
  The SPEAKER pro tempore. Under a previous order of the House, the 
gentleman from Texas [Mr. Archer] is recognized for 5 minutes.
  Mr. ARCHER. Mr. Speaker, today I am introducing the Tax Technical 
Corrections Act of 1995. I am joined on this legislation by Sam 
Gibbons, the distinguished ranking minority member of the Ways and 
Means Committee.
  This legislation makes necessary technical corrections to implement 
the intent of prior tax legislation. Virtually all of the items in this 
bill were included in H.R. 3419, which passed in the House during the 
103d Congress. However, the bill does include some new technical 
corrections.
  I am introducing this legislation in order to give the public an 
opportunity to comment on it. Because I intend to mark up the technical 
corrections legislation during the Ways and Means Committee's 
consideration of the Contract With America tax provisions within the 
next 2 weeks, I would ask that any comments be submitted to the Ways 
and Means Committee as soon as possible.
  The following are the new technical corrections which were not 
included in the prior legislation:
  First, the bill clarifies that a U.S. shareholder's inclusion of a 
controlled foreign corporation's earnings invested in excess passive 
assets is treated like a dividend for purposes of the foreign tax 
credit limitation. Thus, like other amounts included in income with 
respect to a controlled foreign corporation, the inclusion would be 
characterized by reference to the underlying nature of the earnings and 
profits of the foreign corporation.
  Second, the bill provides an inflation adjustment of the dollar 
amounts where a parent elects to include child's unearned income on the 
parent's return.
  Third, the bill provides that the exclusion from income for a 
taxpayer's investment in an annuity contract applies to his entire 
investment in the contract, in the case of an annuity contract with a 
refund feature.
  The bill also includes a number of new clerical changes, deletions of 
obsolete provisions, and date changes necessitated by the passage of 
time.


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