C. Require Wealthy To Pay Their Fair Share ae
1. Wealthy taxpayers: a
a. Add fourth individual rate bracket of 35% begin- -
ning at taxable income of $85,000 (single),: «
$145,000 Goint), and $125,000 (head of household);
and increase individual AMT to 25% °. .
b. Impose 10% surtax on tax attributable to tax-
able income in excess of $1 million.
c. Two-year extension of phaseout of itemized de-
ductions for high-income taxpayers
d. Two-year extension of phaseout of p
emption for high-income taxpayers .....
e. Cap deduction for regular tax and AMT
for executive compensation at $1 million
2. Revenue offsets from the President’s budget:
a, Prohibit double dipping by thrifts receiving Fed- .
eral financial assistance 7 ose .
b. Exterid 45-day processing rule to all returns °..

c. Conform book and tax accounting for securities.
inventories.......

3. Other revenue offsets: ae no
a. Extend 95% test for corporate estimated tax. . 7 : 2 4 % ‘g
payments; modify and make permanent the indi- . 7 :

34° 101 9.8... .10.0 © 10:

22 50
14) aa
04° 04 "04

purposes

vidual estimated tax safe harbor at 115% - 04
b. Extend depreciation. period for real estate: non-

residential, from 31.5 ‘to 40 years; residential, :

from 27.5 to 31 years..... a)

c. Increase required miles to
expense deduction .....

d. Tax precontribution
redemptions.....

)
@

04S
06° 19. 18° 19°) 20 22"



2

free withdrawals for the medical expenses of his or her grandpar-
ents.

(Similar provisions are contained in the President’s Fiscal Year
1993 Budget proposals.)

4, Index for inflation the present: $125,000 exclusion. for capital
gains on sale of a principal residence for taxpayers over age
55 and extend exclusion for permanently and totally disabled
taxpayers (and on certain farmland) * **’

The bill would make three changes to the $125,000 exclusion ‘of
gain from the sale of a principal residence by individuals who have
attained age 55. First, the $125,000 amount would be indexed for

tion occurring since 1990. Second, the age limit would ‘be re-
pealed for taxpayers who are permanently and totally disabled at
the time of the sale. Finally, the exclusion would be extended to
certain contiguous farmland sold with a princi al residence. Gener-
ally the provision would be effective for sales or éxchanges after
December 31, 1991.

5. Expand exclusion for employer-provide

* The bill would increase the amount of the exclusion from i income
for employer-provided mass transit passes from $21 to $60 per
month and would expand the exclusion to include van pools. The
bill would also expand the exclusion for employer-provided parking
to include park-and-ride benefits, but would cap the parking exclu-
sion at $160 per month.

(A similar provision is contained in the Presid n
1993 Budget.) ‘

6. Extend for 6 months the 25-percent deduction ‘for health i insur-
ance costs of self-employed taxpayers .

The bill would extend for 6 months, through’ December 31, 1992,
the present 25-percent deduction for the health insurance costs of
‘self-employed taxpayers. (An 18-month extension. is contained in the
President's Fiscal Year 1993 Budget.)

7. Taxpayer Bill of Rights

The bill would provide a number of measures designed to protect
the rights of taxpayers, including the establishment of a Taxpay-
ers’ Advocate, expansion of the IRS’ authority to abate interest,
and making TRS employees personally liable for a taxpayer’s attor-
ney fees when their actions are arbitrary, capricious, or malicious.

B. JOB CREATION, GROWTH, AND INVESTMENT
INCENTIVES

1, Expensing for small businesses

The bill would provide that for taxable years beginning after De-
cember 31, 1991, and before January 1, 1994, the cost of property
placed in service that is allowed to be expensed by certain small
businesses is increased from $10,000 to $25,000.

; Fiscal Year



7

property was commenced by or for the taxpayer before February

10. Moving expense deduction

The bill would increase from 35 miles to 75 miles the number of
miles that individuals would be required to move in order to obtain
the deduction for moving expenses in connection with employment
at a new principal place at work. The bill is effective for moving
expenses paid on or after the date of enactment.

11, Tax on diesel fuel for motorboats

The bill would expand the existing diesel fuel excise tax (20.1
cents per gallon) to diesel fuel used by pleasure motorboats. (The
President's Fiscal Year 1993 Budget contains a similar Proposal. )

D. TAX SIMPLIFICATION

1. Amortization of intangibles

The bill would provide for the 14-year amortization of intangible
assets (including goodwill), with certain exceptions. Taxpayers
could elect 17-year amortization retroactively, subject to certain, re-
strictions.

2: Pension simplification’

The bill would include Chairman Rostenkowski’s pension simpli-
fication bill, H.R. 2730, with certain modifications. The modifica-
tions include the following:

The bill would provide a safe harbor for employers trying to
comply with the nondiscrimination requirements of section 401k).
Employers would be able to meet the nondiscrimination require-
ments for section 401(k) plans through design-based safe harbors
which do not require the employer to calculate the actual deferral
percentages: for employees who make elective contributions, to the
plan, the employer must match 100 percent of the employee's elec-
tive contribution to the extent that such contributions do. not
exceed 3 percent of the employee’s compensation, and 50 percent of
the elective contributions to the extent that such contributions
exceed 3 percent but do not exceed 5 percent of the employee’s
compensation. Alternatively, the employer could choose to make
nofielective contributions of 3 percent of payroll for all eligible em-
ployees f

Th ‘he bill would modify the limits on contribut
under section 415 as applied to public plans. The modifications in-
clude the following: the 100-percent-ofcompensation limitation
would not apply, the definition of compensation would be modified
to include elective contributions, the section. 415 limits would not
apply to survivor and disability benefits, and ‘public plans would be
permitted to maintain excess benefit plans.

As under H.R. 2730, the bill would repeal 5-year income averag-
ing for lump-sum distributions, with a modification to the grandfa-
ther rules, and the special treatment of net unrealized appreciation
in employer securities. (The President’s Fiscal Year 1993 Budget
contains similar pension simplification proposals, including the



4

the date of enactment. (The President's. Fiscal Year 1993 Budget
contained an alternative Passive loss proposal.)

6. Pension plan investment in real estate

‘The bill would modify certain ‘tax rules that, di rage pension
plans and other exempt organizations from investing in real, estate.
Included are modifications to the unrelated, business income tax
(UBIT) rules applicable to debt-financed real estate investments, in-
vestments through partnerships (including large and_ publicly
traded partnerships), and investments in real estate by title-hold-
ing companies. The bill also contains a special exception to the
UBIT “dealer” rules for property acquired from distressed financial
institutions or the Resolution Trust Corporation. In addition, the
bill provides a look-through rule for pension plans for purposes of
real estate investment trust (REIT) qualification. (The President’s
Fiscal Year 1993 Budget contained a more restrictive Proposal.)

7. Permanent extensions of certain expiring provisions

The bill would extend permanently the following expiring provi
sions:

R&D tax credit

Low-income housing tax credit

Targeted jobs tax credit

Mortgage revenue bonds

Exclusion for employer-provided educational assistance

Small-issue manufacturing bonds (including first-time farmer
onds)

In addition, the bill urges the Treasury Department to revise its
section 861 allocation regulations in a manner consistent with the
Administration’s stated objectives and proposals.

(The President’s Fiscal Year 1993 Budget contains a permanent
extension of the R&D credit and temporary extensions of the R&D
allocation rules, low-income housing credit, targeted jobs credit,
mortgage revenue bonds, and first-time farmer bonds.) ~

8. Gifts of appreciated property

The bill would repeal for gifts of all appreciated property the
present alternative minimum tax (AMT) preference. (This provision
is also contained in the President’s Fiscal Year 1993 Budget.)

9. Temporary extension of the vaccine excise ‘tax,

The bill would extend the vaccine excise tax for 2 years, through
December 31, 1994. ; :
10. Repeal the luxury tax for boats, airplanes, furs and jewelry

The bill would repeal the luxury tax on boats, airplanes, jewelry
and furs. In addition, the bill would index the $30,000 threshold for
automobiles, for inflation occurring after 1990. (The President’s
Fiscal Year 1993 Budget would repeal the tax on boats and air-
planes only.) :



3

2. Additional first-year depreciation allowance

The bill allows a taxpayer to claim addition:
tion equal to 15 percent of the adjusted basis of certain. qualified
property acquired on or after February 1, 1992, and before January
1, 1993, if the property is placed in service before July 1, 1993. The
adjusted basis of the qualified property is reduced by the additional
first-year depreciation allowance for purposes’ of computing depre-
ciation deductions for the year the property is placed in service and
subsequent years. Qualified property generally is tangible personal
property to which the Accelerated Cost Recovery System applies
(other than property required to be depreciated under the alterna-
tive depreciation system). The additional first-year depreciation al-
lowance also applies for purposes of the alternative minimum tax.
(This provision is also contdined in the President's Fiscal Year 1993
Budget.) SS 4

3. Corporate alternative minimum tax depreciation

For property placed in service after January 31, 1992, "the bill
would eliminate the adjusted current earnings (ACE) straight-line
depreciation rule. Thus, for alternative minimum tax depreciation
purposes, corporations would use the 150-percent declining balance
method over the class life of the property for most tangible person-
al property. (This provision is also included in the President's
Fiscal Year 1993 Budget.) oe :

4, Capital gains

The bill would index the basis of certain newly purchased assets
held by individuals, for purposes of determining gain. The bill
would also allow a 50-percent exclusion for gain ‘realized by individ-
uals on the sale or exchange of certain small business stock held
for more than 5 years. . : secs Erb pyre oe brig aap ty

Indexing would apply generally to corporate stock and tangible
property (other than collectibles) which are capital assets or prop-
erty used in a trade or business. To qualify for indexing, an asset
generally would have to be acquired by the taxpayer on or after
February 1, 1992. A taxpayer would be allowed to mark-to-market
currently held, readily tradable securities inorder for them to
qualify as “new” assets and receive indexati “i

In order to qualify for the 50-percent exclusi ns
stock, the stock must be that of a domestic: C_ corporation
(other than a corporation engaged in certain disqualified activities),
the corporation must satisfy an active busitiéss’ requirement, the
corporation's gross assets, must, not exceed $100 million, the stock
must be originally issued to'an individual on or after February 1,
1992, and must be held by the individual for more than 5 years.
(The President’s Fiscal Year 1993 Budget contained an alternative
capital gains proposal.) . .

5. Real estate passive losses

The bill would allow taxpayers who spend at least 500 hours per.
year and 50 percent of their work time in the real estate business
to deduct up to 80 percent of their rental real-property losses
against any income, but only for property placed in service before



6

into account for determining the worthlessness of that debt. Thus,
deductions generally would not be allowed for losses that are reim-
bursed with exempt FSLIC assistance.

This provision would apply to financial assistance credited on or
after March 4, 1991, with respect to (i) assets disposed of and
charge-offs made in taxable years ending on ‘or after March 4, 1991,
and (ii) assets disposed of and chargé-offs made in taxable years
ending before March 4, 1991, but only for purposes of determining
the amount of any net. operating loss carryover to a taxable year
ending on or after March 4, 1991.

The President’s Fiscal Year 1993 Budget contains a similar pro-
posal.

6. Extend 45-day processing rule to all returns

The bill would extend to all tax ‘returns the current provision
that permits the IRS not to pay interest on refunds claimed on
original income tax returns if payment is made within 45 days.

The bill would provide that, if interest is not refunded within 45
days after the date the taxpayer files an amended return or claim
for refund with respect to any type of tax, interest is to be paid
only for periods after the date on which the amended return or
claim for refund is filed by the taxpayer. (The President's Fiscal
Year 1993 Budget contains a similar proposal.)

7. Conform book and tax accounting for securities dealers

The bill would conform book and tax accounting for securities
dealers by requiring marketable securities to be included i in inven-
tory at their market value (mark-to-market). (The President's Fiscal
Year 1993 Budget contains a similar proposal.)

8. Estimated tax modifications

The bill would make permanent the rule that 1 ‘Fequires a large
corporation to make estimated tax payments based on 95 percent of
its current year taxable income.

With respect to individual estimated tax payments, the bill
would repeal the provision enacted last year denying ‘to certain tax-
payers the use of the 100-percent-of-previous-year’s-liability safe
harbor. Instead, the bill would modify the safe harbor from 100 to
115 percent. The provision would be effective for estimated tax pay-
ments applicable to taxable years beginning after December 31,
1991. Taxpayers would ‘be able to continue to use the 100-percent-
of-last-year’s-liability safe harbor for the estimated tax payment for
the first quarter of 1992.

9. Real estate depreciation

The bill would extend prospectively the depreciation period for
nonresidential real estate from 31.5 to 40 years, and. residential
real estate (other low-income housing) from 27.5 to 31 years. The
provision would generally apply to property placed in service after
February 12, 1992. The provision would not apply to property that
is placed in service by a taxpayer before January 1, 1996, if (i) the
taxpayer entered into a binding contract.to purchase or construct
the property before February 13, 1992, or (ii) construction .of the



[JOINT COMMITTEE PRINT]

SUMMARY OF ELR. 4287:
TAX FAIRNESS AND ECONOMIC
GROWTH ACT OF 1992

FEBRUARY 21, 1992

U.S. GOVERNMENT PRINTING OFFICE
52-495 WASHINGTON : 1992 ICS-5-92

For sale by the U.S. Government Printing Office
Superintendent of Documents, Mail Stop: SSOP, Washington, DC 20402-9328
ISBN 0-16-037522-3



ESTIMATED REVENUE EFFECTS OF H.R. 4287: TAX FAIRNESS AND ECONOMIC GROWTH ACT OF 1992

Fiscal Years 1992-1997
[Billions of dollars]

Provision 1992 1993, 1994 1995, 1996" 1997 1992-97

A, Middle Class Tax Relief
1. Provide temporary refundable tax credit for 20% of

employee's share of FICA (10% of SECA); $400
Gjoint)/$200 (individual) maximum . —11.38 —27.6
2 Permit tax credit of loan interest for college or
other post-secondary education @) -01

8. Waive penalty for withdrawals from IRAs for first-

time homebuyers, medical and educational expenses... —0.2 -—0:3 -—03 -02 -02 -—02 —1.3
4, Index $125,000 exclusion for capital gains upon sale

of principal residence; make sales of certain farm-

land eligible for exclusion; and extend exclusion to

permanently and totally disabled taxpayers ......
5. Expand exclusion for transit passes to $60 per
month; extend exclusion to vanpooling and park-and-
ride benefits; limit exclusion for employer provided
parking to $160 per month...
6. Temporary extension of 25% sel -employe
deduction (6 months)

B. Job Creation, Growth, and Investment

1. Modify corporate alternative minimum tax (AMT)

—02 -02 -02 -02 -02 —-09

(?) @) @) ® ® @) @)

depreciation... - -03 -—038 -03 -02 —01 -14
2. Two-year increase in expensing for smali I business
to $25,000 —29° —0.2 13 0.8 04° -2.0



8

repeal of averaging and special treatment of unrealized apprecia-
tion.)

3. Earned income tax credit (EITC) simplification

The bill would repeal the supplemental young child and health
insurance credit components of the EITC. The. basic credit rate
would be increased for families with two or more children.

4, Mutual fund simplification :

The bill would repeal the short-short rule, which requires a
mutual fund to derive less than 30 percent of its gross income from
the sale or disposition of stock, securities, options, futures and for-
ward contracts held less than 3 months. It would also permit bank
common trust funds to convert to regulated investment companies
on a tax-free basis. In addition, mutual funds would be required to
report. basis information to shareholders.

5. Partnership simplification

The bill would simplify the reporting and audit rules for large
partnerships.

6. Tax-year conformity

Under the bill, partnerships, S corporations, and personal service
corporations would be permitted to elect taxable years without
regard to the deferral period, provided taxes for the deferral period
are paid.

7. Other simplification ~

The bill provides for simplification in a number of other aréas,

including, but not limited to, the following:

Foreign

Under the bill, the various antideferral regimes’ of current law
would be consolidated, and various other rules would be simplified,
including rules relating to the translation of foreign taxes.

Tax-exempt bonds

The bill would simplify a number of the complex rules regarding
tax-exempt bonds. For example, the bill would repeal the “unrelat-
ed‘ and. disproportionate use limit” for determining whether bonds.
are private activity bonds and would increase the annual-issuance
limit for the small-issuer exception from the arbitrage rebate re-
quirement.

Payroll tax deposits

‘The bill would replace the current payroll tax. deposit system
with a simpler system, especially for small businesses.



ll. Urban enterprise zones and rural development investment
zones

The bill would provide for the designation of 35 ent rprise zones
over a 3-year period—10 urban enterprise zones and 25 rural devel-
opment investment zones. The total amount | i
able each year would be around $13 million’ fe
and around $5 million for each rural zone (plus a 10-percent in-
crease if certain requirements are met). The three types of tax ben-
efits available would be: (i) a wage credit for smal] employers ‘in
the zones that employ local residents; (ii) an acceleration of certain
depreciation benefits; and (iii) a deduction for the purchase of cer-
tain enterprise zone capital stock. Zone designations generally
would remain in effect for 15 years. (The President's Fiscal Year
1993 Budget contains an alternative enterprise zone Proposal. )

C. REQUIRE WEALTHY TO PAY THEIR FAIR SHARE —

1. Add a fourth individual rate bracket of 35. percen’

The bill would add a new 35-percént top tax bracket beginning at
taxable income of $85,000 (single), $145,000 Goint), and $125,000
(head of household) and would increase the individual alternative
minimum tax rate from 24 percent to 25 percent.

(Approximate adjusted gross income levels associated with these
statutory taxable income levels, on average for taxpayers with
itemized deductions, would be $105,000 for single taxpayers,
$185,000 for married couples filing joint ret 8, an id $160, 000 for
heads of households.) oe

2. Impose a 10-percent surtax on millionaires

The bill would impose a 10-percent surtax on taxable income in
excess of $1 million. (This translates into a 3.5 percentage point in-
crease in tax on income otherwise subject to the 35-percent top rate
for a total marginal tax rate of 38.5 percent on millionaires. A 2.5
percentage point surtax would also apply to alternative minimum
taxable income above $1 million.).

3. Two-year extension of limitation on itemized deductions and
phase-out of personal exemption for high-income taxpayers

The bill would extend for two years (through 1997) the limitation
on itemized deductions and phase-out of personal exemptions for
high-income taxpayers. ats

sa etree

4, Cap deduction for ‘executive compensation

The bill would cap at $1 million per year the corporate tax de-
duction (for regular and minimum tax purposes) for compensation
paid to’each officer of the corporation, effective for taxable years

eginning on or after January 1, 1992.

5. Prohibit double dipping by thrifts receiving Federal financial
assistance .

The bill would clarify that Federal financial assistance ‘ith re-
spect to (i) any loss mist be taken into account as compensation for
purposes of section 165 of the Code, and (ii) any debt must be taken



“CLA
2.1. Refundable viyfoll tax credit

The bill would 'provide ‘a’ fefundable’ inc
dar years'1992 and 1993 equal to 20 perce
of Social Security ‘taxes pai (10 percent
up to a‘maximum of $200
taxpaye ing jo’
able for

“The bill would allow’ ; :
cent of student loan interest paid in a't: ‘abl Y
incurred for college or other postsecondary education: geri ally up
to a maximum of $300. Individuals loan, interest
costs are 10 percent or more of their in: be ‘eligible. fora
credit of up to $500. Excess interest amounts may be ‘arried
ward to the next taxable year. Any unused portion of
may be carried forward for the next 5 taxable years.

Parents would be eligible for the credit when their dépendent
child is enrolled as, at. least, a half-time student. if the Parents are
personally liable for, and make, the loan repayments. |

The credit would not be available to students with | incomes in
excess of $55,000, if a single taxpayer, d $ (oO, if
jointly. The credit would not to
in excess of $70,000, if single, and $100,000, if val

(An alternative provision is contained in the
Year 1993 Budget.)

3. Waive penalty for withdrawals from IRAs for firs
buyers, medical and educational expenses

The bill would permit ‘individuals to‘ N r
an IRA for the purchase of a first hom out. imposition of the
10-percent penalty tax for early withdrawals with respect» to this
amount. Individuals would be eligible for this provision if the indi-
vidual (and the individual’s spouse, if married), or the individual’s
child who is purchasing the home, | did not own a home in the Jast. 3
years. seraetsl, RBIAR Bid ee

The bill also would provide an exception to ‘the 10- -pereent, penal-
ty tax for withdrawals for qualifying educational expenses and de-
ductible medical expenses for the taxpayer, his or her spouse, de-
pendent or parent. A taxpayer also would be able to, make penalty-

dy

fil ling ft Incores
ident’ ’s Fiscal



sy eenage:

ESTIMATED REVENUE EFFECTS OF HLR. 4287; TAX FAIRNESS AND ECONOMIC GROWTH ACT OF 1992
Continued 5

[Billions of dollars]

Provision 1992 1993 1994 1995 1996 1997 1992-97

D. Simplification and Other Provisions .
1. Require amortization of intangible assets......... - 2.0 19° -05 -09 -12 -15 -—02
2. Repeal supplemental young child and child health
insurance components of EITC; increase EITC family
size adjustment credit rates .
3. Other simplification provision:
4, Transfer’ of railroad retirement tier II income tax
revenues to railroad retirement accoun
5. Taxpayer Bill of Rights...

Subtotal: Revenue-Raising Provisions
Subtotal: Revenue-Losing Provision:

Grand Totals (7) ...

+ Loss of less than $50 million. ;

2 Gain of less than $50 million.

5 The legislative explanation of the bill urges the Secretary of the Treasury to issue: regulations under section 861, consistent with an
allocation system for research and development, expenses that provides incentives to increase the performance of US-based research
activities. Because this is a recommendation rather than a statutory requirement, it has no revenue effect. Immediate adoption of this
recommendation by the Administration would result in approximately a $3 billion reduction in the Congressional Budget Office (CBO)
receipts baseline over the 1992-1997 period. 5

*'This estimate is based on the following assumptions: [1] capital gains are taxed as ordinary income; [2] “commercially reasonable”

implies the market interest rate; [3] in the case of partnerships, the: “fractions rule” remains in effect; and [4] the seller and the buyer are
not related parties.

° Net of income tax’ offsets. Effective dates: Luxury tax = 2/1/92; Diesel tax = 7/1/92.

©The level of taxable income associated on average with adjusted gross income of $105,000 (single), $185,000 Goint), and $180,000 (head of
household). Individual taxpayers’ circumstances may vary from this average.

YO ©  O® “® © @& @)
0.5 05 -08 -11 .01 0.0 —0.8

12.0 —18.2 3.3 86 121 201 13.9

ar


INTRODUCTION

This pamphlet provides a brief summary of the provisions of
ELR. 4287 (the “Tax Fairness and Economic Growth Act of 1992”),
as introduced by Chairman Dan Rostenkowski and Majority Leader
Richard Gephardt on February 20, 1992. The provisions of H.R.
4287 are to be offered as a substitute to H.R. 4210 as reported with-
out recommendation by the Committee on Ways and Means on
February 14, 1992. (See House Report 102-432.)

The pamphlet also includes the estimated revenue effects of H.R.
4287 for fiscal years 1992-1997.

w)



CONTENTS

InTRODUCTION........

Summary or H.R. 4287: Tax Fairness aND Economic
GrowTx Act oF 1992

A. Middle-Class Tax Relie:
B. Job Creation, Growth, and Investment Incentives..
C. Require Wealthy To Pay Their Fair Share ..
D. Tax Simplification

Estmatep Revenue Errects or H.R. 4287: Tax FamrNEss
AND Economic Grow ts Act or 1992...

(mn)

Page

Aone



ESTIMATED REVENUE EFFECTS OF H.R. 4287: TAX FAIRNESS AND ECONOMIC GROWTH ACT OF 1992——
Continued

[Billions of dollars]

Provision 1992 1993 1994 1995, 1996 1997 1992-97

38. Additional first-year depreciation deduction for cer-
tain property...
4. Extend R&D. tax credit permanently *
5. Index capital gains and provide incentive for ven-
ture capital..:. .
6. Modify passive loss rule for active real estate bu:

-16 3.6 1.0 0.8 06  -17
-08 -14 -16 -18 -21 —78

02 ‘12 -04 -09 -12 -24 —385
—0.2 -07 -0.7 -0.7 -0.7 -07 -37
Q) GQ) (+) (@) Q@) @) 0.2
@) -01 -02 -04 -0.7 -10 -24
Q) @) -01 -02 -02 -038 -—08
= 2 -04 -04 -04 -04 —19

@) @) -01 -01 -02 -02 —06
GQ -02 -08 -04 -04 -05 -—18

pI
8. Extend tow. -income housing tax credit permanently...

9, Extend mortgage revenue bonds permanently... oo
10. Extend employer-provided educational assistance
permanently.
11. Extend qualified small issue manufacturing bonds
permanently.
12, Extend targeted jobs tax credit permanenth
13."Repeal luxury tax (boats, airplanes, jewelry, and
furs); index threshold for automobiles; and impose
diesel tax on boats *
14. Repeal AMT preference treatment of charitable ap-
preciated property.
15, Urban enterprise
16. Taxable years of partnerships, S corporations, and
personal service corps ...
17. Extend vaccine excise tax (two years)

OO @) =01 -01 +01 —-01 -04

@) -01 -01 -01 —-0.1 —0.3
@) -01 -02 -03 —03 —10

0.4 QQ) -0.3 (?) (?) (oo) 0.2

me
o


7 Because the provision to prohibit double dipping by thrifts receiving Federal financial assistance affects both Federal revenues and
outlays, the effect is included in this table. However, it is the opinion of the CBO that this amount should not appear on the pay-as-you-go
sco?

® These estimates of negative outlays include amended income tax returns and current-year excise, gift, estate, and employment returns.
This estimate has been supplied by the Congressional Budget Office.

Notes.—Details may not add to totals due to rounding.
Source: Joint Committee on Taxation, February 20, 1992.

ie)

81