TEM

14. Access to tax information by the
Department of Veterans Affairs
(sec. 1934 of the House bill)

PRESENT LAW

The Internal Revenue Code prohibits
disclosure of tax returns and return
information of taxpayers, with exceptions
for authorized disclosure to certain
Governmental entities in certain
enumerated instances.

Among the disclosures permitted under
the Code is disclosure to the Department
of Veterans Affairs (DVA) of
self-employment tax information and
certain tax information supplied to the
IRS and SSA by third-parties. Disclosure
is permitted to assist DVA in determining
eligibility for, and establishing correct
benefit amounts under, certain of its
needs-based pension and other programs
(sec. 6103(L)(7)(D) (viii).

The DVA disclosure provision is
scheduled to expire after September 30,
1992.

HOUSE BILL

Extends this authority to disclose tax
information to the DVA for five years.

(A similar provision was also passed by
the House as part of H.R. 5008, the
Dependency and Indemnity Compensation
Reform Act of 1992.)

Effective date.--Effective October 1,
1992, and expires after September 30,
197.

-17-

SENATE AMENDMENT

No provision.



8.

HEM

Treatment of nuclear
decommissioning funds (sec. 1919
of the House bill and sec. 20119
of the Senate amendment)

PRESENT LAW

A taxpayer that is required to
decommission a nuclear power plant may
elect to deduct certain contributions that
are made to a nuclear decommissioning
fund. A nuclear decommissioning fund is a
segregated fund the assets of which are to
be used exclusively to pay nuclear
decommissioning costs, taxes on fund
income, and certain administrative costs.
The assets of a nuclear decommissioning
fund that are not currently required for
these purposes must be invested in (1)
public debt securities of the United
States, (2) obligations of a State or
local government that are not in default
as to principal or interest, or (3) time
or demand deposits in a bank or an insured
credit union located in the United States.

The income of a nuclear decommissioning
fund is subject to tax at the highest rate
of tax that applies to corporations (34
percent under present law).

HOUSE BILL

a. Repeals the present-law investment
restrictions that apply to nuclear
decommissioning funds.

Effective date.--Taxable years
beginning after December 31, 1992.

b. Reduces the rate of tax imposed on
the income of nuclear decommissioning
funds to 22 percent for taxable years
beginning in 1994 and 1995 and to 20
percent for taxable years beginning after
1995.

Effective date.--Taxable years
beginning in 1994.

-W-

Effective date.--Same as the House
bill

a.

b.

SENATE AMENDMENT

Same as the House bill.

No provision.


1TEM

18. Partial excise tax exemption for
certain gasoline mixtures with
ethanol or other alcohol (sec.
20120(a) of the Senate
amendment )

PRESENT LAW

A 5.4-cents-per-gallon excise tax
exemption is allowed from the excise taxes
on gasoline, diesel fuel, and special
motor fuels for mixtures of any of these
fuels with at least 10-percent ethanol. A
6-cents-per-gallon excise tax exemption
is allowed for mixtures with at least
10-percent alcohol that is other than
ethanol. Because blended fuels are
generally 10 percent alcohol, a reduction
of 5.4 or 6 cents per gallon of gasohol or
other blend is equivalent to a subsidy of
54 or 60 cents per gallon of qualifying
alcohol.

HOUSE

No provision.

-21-

SENATE AMENDMENT

Modifies the partial excise tax
exemption for gasoline that is mixed with
ethanol or other alcohol to extend its
application to 5.7- or 7.7-percent
alcohol blends. The current 5.4- and
6-cents-per-gallon exemptions for alcohol
mixtures is pro-rated to maintain the
subsidy level of 54 or 60 cents per
gallon, respectively, for ethanol or
other alcohol that is mixed with
gasoline.

Effective date.--Gasoline removed or
entered after September 30, 1992.



Exclusion for employer-provided
transportation benefits (sec.

1911 of the House bill and sec.
20111 of the Senate amendment)

REVENUE-RELATED PROVISIONS OF H.R. 776
AS PASSED BY THE HOUSE AND SENATE

PRESENT LAW

Under Treasury regulations, transit
passes, tokens, fare cards, vouchers, and
cash reimbursements provided by an
employer to defray an employee’s commuting
costs are excludable from the employee's
income (for both income and payroll tax
purposes) as a de minimis fringe benefit
if the total value of the benefit does not
exceed $21 per month. If the total value
of the benefit exceeds $21 per month, the
full value of the benefit is includible in
income.

Parking at or near the employer's
business premises that is paid for by the
employer is excludable from the gross
income of the employee (for both income
and payroll tax purposes) as a working
condition fringe benefit, regardless of
the value of the parking. This exclusion
does not apply to any parking facility or
space located on property owned or leased
by the employee for residential purposes.

HOUSE BILL

Gross income (for both income and
payroll tax purposes) does not include
employer-provided qualified transportation
fringe benefits. In general, a qualified
transportation fringe benefit is (1)
transportation in a commuter highway
vehicle if such transportation is in
connection with travel between the
employee's residence and place of
employment, (2) a transit pass (including
a token, fare card, voucher, or similar
item used to pay for transportation on
mass transit facilities), or (3) qualified
parking. Cash reimbursements made by the
employer for such expenses also qualify
for the exclusion. Qualified parking
includes parking at or near a location
from which the employee commutes to work
by mass transit, commuter highway vehicle,
or carpool, as well as parking at or near
the employer’s business premises.

The maximum amount of qualified parking
that is excludable from an employee’s
gross income and wages is $160 per month
(regardless of the total value of the
parking). Other qualified transportation
fringes are excludable from gross income
to the extent that the aggregate value of
the benefits does not exceed $60 per month
(regardless of the total value of the
benefits).

The $60 and $160 limits are indexed for
inflation, rounded down to the next whole
dotlar.

Effective date.--Benefits provided by
the employer on or after January 1, 1993.

SENATE AMENDMENT

Same as House bill, except that the
maximum excludable amount for parking is
$145 per month, rather than $160 per
month.

In addition, the indexed dollar (imits
are rounded down to the nearest multiple
of $5, rather than the nearest dollar.

Under the Senate amendment, cash
reimbursements for transit passes do not
qualify for the exclusion if vouchers
that are exchangeable only for transit
passes are readily available to the
employer.

Effective date.--Same as the House
bill.



TEM

15. Expansion of 45-day
interest-free period for certain
refunds (sec. 1935 of the House
bil)

PRESENT LAW

No interest is paid by the Federal
Government on a refund arising from an
income tax return if the refund is issued
by the 45th day after the later of the due
date for the return (determined without
regard to any extensions) or the date the
return is filed.

There is no parallel rule for refunds
of taxes other than income taxes (i.e.,
employment, excise, and estate and gift
taxes), for refunds of any type of tax
arising from amended returns, or for
claims for refunds of any type of tax.

If a taxpayer files a timely original
return with respect to any type of tax and
later files an amended return claiming a
refund, and if the IRS determines that the
taxpayer is due a refund on the basis of
the amended return, the IRS will pay the
refund with interest computed from the due
date of the original return.

MOUSE BILL

No interest is to be paid by the
Federal Government on a refund arising
from any type of original tax return if
the refund is issued by the 45th day after
the later of the due date for the return
(determined without regard to any
extensions) or the date the return is
filed.

A parallel rule applies to amended
returns and claims for refunds: if the
refund is issued by the 45th day after the
date the amended return or claim for
refund is filed, no interest is to be paid
by the Government for that period of up to
45 days.

A parallel rule also applies to
IRS-initiated adjustments (whether due to
computational adjustments or audit
adjustments). With respect to these
adjustments, the IRS is to pay interest
for 45 fewer days than would otherwise be
the case.

Effective date.--The extension of the
45-day processing rule is effective for
returns required to be filed (without
regard to extensions) on or after July 1,
1992, The amended return rule is
effective for amended returns and claims
for refunds filed on or after July 1, 1992
(regardless of the taxable period to which
they relate). The rule relating to
IRS-initiated adjustments is applicable to
refunds paid on or after July 1, 1992
(regardless of the taxable period to which
they relate).

- 18 -

SENATE AMENDMENT

No provision.

(A provision similar to the House bill
provision is included in H.R. 11 as
reported by the Senate Finance
Committee.)


I1EN

21. Tax-exempt bond financing of
certain hydro-electr
generation facilities (sec.
20122 of the Senate amendment)

PRESENT LAW

Interest on certain private activity
bonds generally is exempt from Federal
regular individual and corporate income
taxes. However, issuance of the bonds is
subject to annual State private activity
bond volume Limitations. One type of
tax-exempt private activity bond is an
exempt-facility bond. Exempt-facility
bonds are bonds the proceeds of which are
used to finance the following: airports;
docks and wharves; mass commuting
facilities or high-speed intercity rail
facilities; water, sewage, solid waste, or
hazardous waste disposal facilities;
facilities for the local furnishing of
electricity or gas; local district heating
or cooling facilities; and certain
low-income rental housing projects.

HOUSE BILL

No provision.

~ 2% -

SENATE AMENDMENT

Creates a new type of exempt-facility
bond for environmental enhancement of
hydroelectric generation facilities. At
least 80 percent of the net proceeds of
each bond issue must be used to finance
property for the promotion of fisheries
or other Wildlife resources. Qualifying
expenditures must be related to a
governmental ly owned and operated
hydroelectric facility and must not
include amounts which increase or allow
an increase in the capacity of the
existing generation equipment. Issuance
of these bonds would not be subject to
the annual State private activity bond
volume Limitations,

Effective date.--Bonds issued after
date of enactment.



ITEM

17. Uranium Enrichment Fund and
assessment (secs. 1101 and 1941
of the House bill)

PRESENT LAW

There is no general Federal excise tax
or user fee imposed on the generation or
sale of electricity. However, to support
the Nuclear Waste Fund, a fee of 0.1 cent
per kilowatt hour is imposed on the
generation of electricity from nuclear
Power. The Nuclear Regulatory Commission
currently assesses user fees on the owners
of nuclear power plants.

HOUSE BILL

Directs the Secretary of Energy to
collect special assessments from domestic
utilities in an amount equal to the
utility's proportional share of an annual
$500 million deposit (indexed for
inflation) to the Uranium Enrichment
Decontamination and Decommissioning Fund
based on the utility’s share of total
separative work units purchased from the
Department of Energy. The special
assessments are Limited to collections
made during the first 15 years following
the date of enactment or the collection of
$2.5 billion (indexed for inflation) in
special assessments, whichever comes
first.

Establishes the Uranium Enrichment
Corporation and specifies that it is
exempt from tax for the period that the
corporation is ouned by the Federal
Government.

Effective date.--Date of enactment.

= 20 -

SENATE AMENDMENT

No provision.


TEM

12. Expand exception to pro rata
disallowance of bank interest
expense related to investment in
tax-exempt bonds (sec. 1932 of
the House bill).

PRESENT LAW

Banks and other financial institutions
generally are denied a deduction for the
portion of their interest expense (e.g.,
interest paid to depositors) that is
attributable to investments in tax-exempt
bonds acquired after August 7, 1986. This
disallowance is computed using a pro rata
formula that compares the institution's
average adjusted basis in tax-exempt bonds
acquired after that date with the average
adjusted basis of all assets of the
institution,

An exception to this pro rata
disallowance rule is permitted for
governmental bonds and qualified 501(¢¢)(3)
bonds issued by or on behalf of
governmental units that issue no more than
$10 million of such bonds during a
calendar year.

HOUSE BILL

Increases from $10 million to $20
million the annual smalt-issuer exception
to the interest expense deduction pro rata
disallowance rule applicable to banks and
other financial institutions.

~Bonds issued after

Effective date
December 31, 1992.

~15-

SENATE AMENDMENT

No provision.

(A provision which increases the
annuat exception to $25 million is
included in H.R. 11 as reported by the
Senate Finance Committee).


5.

ITEM

Repeal of certain minimum tax
preferences relating to oil and
gas production (sec. 1915 of the
House bill and sec. 20115 of the
Senate amendment)

PRESENT LAW

Taxpayers who pay or incur intangible
drilling or development costs ("IDCs") in
the development of domestic oil or gas
properties may elect to deduct those costs
in the year incurred. The difference
between the amount of a taxpayer’s IDC
deductions and the amount which would have
been currently deductible had IDCs been
capitalized and recovered over a 10-year
period is an item of tax preference for
the alternative minimum tax ("AMT") to the
extent that this amount exceeds 65 percent
of the taxpayer's net income from oil and
gas properties for the taxable year. In
addition, for purposes of computing the
adjusted current earnings ("ACE")
adjustment to the corporate AMT, IDCs are
capitalized and amortized over the
60-month period beginning with the month
in which they are paid or incurred.

Independent producers and royalty
owners generally are allowed a deduction
for percentage depletion in computing
their taxable income. A taxpayer's
overall deduction for percentage depletion
is limited to an amount that is equal to
65 percent of the taxpayer’s pre-depletion
taxable income for the taxable year. The
amount by which the depletion deduction
exceeds the adjusted basis of the property
is an AMT preference. Corporations must
use cost depletion in computing their ACE
adjustment.

In computing AMT, a taxpayer other than
an integrated oil company is entitled to
an "energy deduction" equal to the sun of
75 percent of the portion of the IDC
preference attributable to qualified
exploratory costs and 15 percent of the
remaining IDC preference, plus 50 percent
of the marginal production depletion
preference. The energy deduction may not
reduce the taxpayer's alternative minimum
taxable income by more than 40 percent.

HOUSE BILL

For taxpayers other than integrated oil
companies, repeals (1) the excess IDC
preference for IDCs related to oil and gas
wells and (2) the excess percentage
depletion preference for oil and gas.
Repeal of the excess IDC preference may
not result in the reduction of the amount
of the taxpayers alternative minimum
taxable income by more than 40 percent (30
percent for taxable years beginning in
1993) of the amount that the taxpayer's
alternative minimum taxable income would
have been had the present-law excess IDC
preference not been repealed.

In addition, for corporations other
than integrated oil companies, repeals the
ACE adjustments for (1) IDCs paid or
incurred in taxable years beginning after
December 31, 1992, and before January 1,
1998, with respect to oil and gas wells
and (2) percentage depletion deductions
for oil and gas production.

Also repeals the AMT energy deduction.

Effective date.--Except as provided
above regarding the repeal of the ACE
treatment of IDCs, the provision applies
to taxable years beginning after December
31, 1992, and before January 1, 1998.

SENATE AMENDMENT

Same as the House bill.

Effective date.--Same as the House
bill, except that the provision is
permanent.


ITEM

27. Deduction for moving
(sec. 20152 of the Senate
amendment )

PRESENT LAW

An employee or self-employed individual
may deduct from gross income certain
expenses incurred as a result of moving to
a new residence in connection with
beginning work at a new location. For a
taxpayer to claim a moving expense
deduction, the new principal place of work
has to be at least 35 miles farther from
his or her former residence than was the
former principal place of work (or his or
her former residence, if he or she has no
former place of work).

HOUSE BILL

No provision.

(HR. 11 as passed by the House of
Representatives and reported by the Senate
Finance Committee contains provisions that
would Limit the amount or type of
expenditures which qualify for the moving
expense deduction.)

-30-

SENATE AMENDMENT

Increases the mileage threshold to 55
miles.

(Floor amendment by Sen. Syms,
adopted by voice vote.)

(LR. 11 as passed by the House of
Representatives and reported by the
Senate Finance Committee contains
provisions that would limit the amount or
type of expenditures which qualify for
the moving expense deduction.)

Effective date.--Taxable years
beginning after December 31, 1992.



ITEM

24. Allowance of credit for amounts
transferred from the
Trans-Alaska Pipeline Liability
Fund into the Oil Spill
Liability Trust Fund (sec. 20133
of the Senate Amendment)

PRESENT LAW

The Trans-Alaska Pipeline Liability
("TAPS") Fund was established by the
Trans-Alaska Pipeline System Authorization
Act. The TAPS Fund was financed by a fee
of five cents per barrel on oil that was
loaded on a vessel from the pipeline.
Amounts in the TAPS Fund are to be
transferred to the Oil Spill Liability
Trust Fund ("Oil Spill Fund") after
outstanding claims against the TAPS Fund
have been resolved. At the time of
transfer, a contributor to the TAPS Fund
is to be provided a credit for amounts it
paid to the TAPS Fund, and interest
accrued on these amounts, prior to January
1, 1987. A contributor’s credit cannot
exceed its pro rata share of such amounts
transferred from the TAPS Fund into the
Oil Spill Fund.

The TAPS Fund credit is available only
against the excise tax on petroleum
products that is used to finance the Oil
Spill Fund. Under present law, that
excise tax is not applicable after
December 31, 1994, or if the unobligated
balance in the Oil Spill Fund exceeds $1
billion.

‘HOUSE

No provision.

-27-

SENATE AMENDMENT

Permits a taxpayer to use TAPS credits
against corporate income taxes to the
extent that the credits could not be used
against the oil spill excise tax by
reason of the lapse of that tax. The
TAPS credits used against corporate
income taxes cannot be carried back to
taxable years before the lapse occurs.

(Floor amendment by Sen. Wallop for
Sen. Stevens, adopted by voice vote.)

Effective date.

Date of enactment.



ITEM

Treatment of clean-fuet
vehicles and certain
refueling property (sec.
1913 of the House bill
and sec. 20113 of the
Senate amendment)

PRESENT LAW

Present law does not provide a special
deduction or other income tax benefit for
investing in a motor vehicle that may be
propelled by a clean-burning fuel or for
investing in property that is used to
refuel a vehicle that may be propelled by
a clean-burning fuel.

G
=
=
fa

In generat

Provides a deduction for a portion of
the cost of certain motor vehicles that
may be propelled by a clean-burning fuel.
In addition, the House bill provides a
deduction of up to $100,000 per location
for the cost of certain property that is
used in the storage of clean-burning fuel
or the dispensing of clean-burning fuel
into the fuel tank of a motor vehicle
propelled by such fuel.

Qualified clean-fuel vehicle property

A deduction for the cost of qualified
clean-fuel vehicle property is allowed for
the taxable year that the property is
placed in service. Qualified clean-fuel
vehicle property generally is defined as:
(1) a motor vehicle that is produced by an
original equipment manufacturer and that
is designed so that the vehicle may be
propelled by a clean-burning fuel (an
L equipment manufacturer’s
3 and (2) any property that is
installed on a motor vehicle which is
propelled by a fuel that is not a
clean-burning fuel for purposes of
permitting such vehicle to be propelled by
a clean-burning fuel (a "retrofitted
vehicle"

In the case of any motor vehicle that
may be propelled by both a clean-burning
fuel and any other fuel (a "fuel-flexible
vehicle" or "dual-fuel vehicle"), the cost
of any property that may be used by both
the clean-burning fuel and the other fuel
is taken into account in determining the
amount of the deduction only to the extent
that the cost of such property exceeds the
cost of the property which would have been
used had the vehicle been propelled solely
by the fuel that is not a clean-burning
fuel.

The amount of the deduction allowed
with respect to any motor vehicle is
Limited based on the type of the motor
vehicle. In the case of a truck or van
with a gross vehicle weight rating that is
greater than 26,000 pounds or a bus which

~he

‘SENATE AMENDMENT

Same as the House bill, except:

a. Provides an income tax credit equal
to 15 percent of the cost of a qualified
electric vehicle for the taxable year
that the vehicle is placed in service.

b. Provides that in the case of an
original equipment manufacturer's vehicle
that is a fuel-flexible or dual-fuel
vehicle, the amount of the deduction
equals $1,200, or, if greater, the
incremental cost of permitting the use of
the clean-burning fuel, but no more than
the cost limitation applicable to the
vehicle.

c. Provides a $75,000 (rather than
$100,000) per location limitation on the’
amount of the deduction for qualified
clean-fuel vehicle refueling property.

d. Defines qualified clean- fuel
vehicle refueling property to include any
property (other than a building or its
structural components) that is dedicated
to the recharging of motor vehicles
propelled by electricity but only if the
property is located at the point where
the motor vehicles are recharged.


ITEM

2. Exclusion of energy
conservation subsidies
provided by public utilities
(sec. 1912 of the House bill
and sec. 20112 of the Senate
amendnent)

PRESENT LAW

Section 8217(i) of the National Energy
Conservation Policy Act provided that the
value of any subsidy provided by a utility
to a residential customer for the purchase
or installation of a residential energy
conservation measure was excluded from
gross income. That exclusion expired on
June 30, 1989.

The IRS has ruled that certain cash
payments by a utility to a customer to
encourage the installation of an
alternative heating system by a
third-party vendor were includible in the
gross income of the customer. Further,
the IRS has held that if a customer of an
electric utility company participates in
an energy conservation program for which
the customer receives a rate reduction or
nonrefundable credit on the customer’s
bill, the amount of the rate reduction or
nonrefundable credit is not included in
the customer’s gross income.

HOUSE BILL

a. Provides an exclusion from the
gross income of a residential customer of
a regulated public utility for the value
of any subsidy provided by the utility for
the purchase or installation of an energy
conservation measure.

b. Provides an exclusion from the
gross income of @ commercial or industrial
customer of a regulated public utility for
65 percent of the value of any subsidy
Provided by the utility for the purchase
or installation of an energy conservation
measure.

€. No provision.

-the residential
on is effective for
amounts received in taxable years
beginning after 1992. The commercial and
industrial customer provision is effective
for amounts received in taxable years
beginning after 1993.

SENATE AMENDMENT

a. Same as the House bill with
respect to subsidies provided to
residential customers, with a slightly
different definition of “energy
conservation measure."

b. Same as the House bill with
respect to subsidies provided to
commercial and industrial customers
except that 80 percent of the value of
the subsidy may be excluded from income
of the recipient, with a slightly
different definition of "energy
conservation measure."

c. Provides that the exclusions apply
to: (1) subsidies provided by utilities
other than regulated public utilities,
(2) subsidies provided by utilities to
certain third parties on behalf of
utility customers, and (3) payments for
the acquisition of certain State tax
benefits pursuant to a State-sponsored
conservation program, with a slightly
different definition of “energy
conservation measure."

Effective date.--Same as the House
bill.


-o1-

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ITEM

Income tax credit
for electricity
generated using
certain renewable
energy sources (sec.
1914 of the House
bill and sec. 20114
of the Senate
amendment)

PRESENT LAW

An investment-type tax credit against
income tax liability is allowed for
investments in property producing energy
from certain specified renewable sources.
The nonrefundable credit, called the
business energy credit, equals 10 percent
of the cost of qualified solar or
geothermal energy property. (This credit
expired after June 30, 1992; but see Item
7, below, for an extension of the credit
under the House bill and the Senate
amendment . )

A production-type tax credit is allowed
against income tax liability for the
production of certain nonconventional
fuels from a well drilled, or facility
placed in service, before January 1, 1993,
and sold before January 1, 2003. For
1991, the credit amount generally is equal
to $5.35 per barrel of oil or BTU oil
equivalent (adjusted for inflation).
Qualified fuels include: (1) oil produced
from shale and tar sands; (2) gas produced
from geopressurized brine, Devonian shale,
coal seams, a tight formation, or biomass;
and (3) liquid, gaseous, or solid
synthetic fuels produced from coal
Cincluding lignite), including such fuels
when used as feedstocks.

HOUSE BILL

A production-type credit against income
tax liability is provided for electricity
produced from either qualified wind energy
or qualified "closed-loop biomass"
facilities. The credit equals 1.5 cents
(adjusted for inflation) per kilowatt hour
of electricity produced from these
qualified sources and sold to unrelated
parties during the 10-year period after
the facility is placed in service. This
production credit is part of the general
business credit.

Closed-loop biomass is defined as the
use of plant matter on a renewable basis,
where the plants are grown for the sole
purpose of being used to generate
electricity. The credit is not available
to a taxpayer who uses waste materials or
standing timber to generate electricity.

The credit is proportionately phased
out over a three-cent-per-kilowatt-hour
range if the national average price of
electricity from the renewable source
exceeds a threshold price of 8 cents per
kilowatt hour (adjusted for inflation).

A facility which has received the
business energy credit or the investment
credit is not eligible for the production
credit. In addition, the credit is
reduced proportionately for any
governmental grants or subsidized
financing received including the use of
tax-exempt bonds).

Effective date.--Electricity produced
by (1) a qualified closed-loop biomass
facility placed in service after December
31, 1992, and before July 1, 1999; and (2)
a qualified wind energy facility placed in
service after December 31, 1993, and
before July 1, 1999.

‘SENATE AMENDMENT.

Same as the House bill except that the
credit is proportionately phased out over
a three-cent per kilowatt hour range if
the national average price of electricity
from the renewable source sold in
accordance with contracts entered into
after December 31, 1989, exceeds a
threshold price of 8 cents per kilowatt
hour (adjusted for inflation.)

Effective date.--Same as the House
bill.


1TEK

of alcohol fuels tax
credit against alternative
minimum tax (sec. 20120(b) of
the Senate amendment)

PRESENT LAW

An income tax credit is provided for
alcohol used in certain mixtures of
alcohol and gasoline, diesel fuel, or any
other liquid fuel which is suitable for
use in an internal combustion engine if
the mixture is sold by the producer in a
trade or business for use as a fuel or is
so used by the producer. The credit also
is permitted for alcohol which is not ina
mixture with gasoline, diesel, or other
liquid fuel which is suitable for use in
an internal combustion engine, provided
that the alcohol is used by the taxpayer
as a fuel ina trade or business or is
sold by the taxpayer at retail to a person
and placed in the fuel tank of the
purchaser's vehicle. The credit generally
is equal to 60 cents per gallon of alcohol
used by the taxpayer in the production of
8 qualified mixture or as a fuel; the
credit generally is 45 cents per gallon of
150 to 190 proof alcohol fuel.

An additional 10-cents-per-galton
income tax credit is allowed to eligible
small ethanol producers. This credit is
limited to the first 15 million gallons of
ethanol for use as a fuel produced per
year by a small producer.

The alcohol fuels tax credit is a
component of the general business credit,
and when combined with all other
components of the general business credit,
generally may not exceed for any taxable
year the excess of the taxpayer's net
income tax over the greater of (1) 25
percent of net regular tax liability above
$25,000 or (2) the tentative minimm tax.
Any unused general business credit
generally may be carried back 3 years and
carried forward 15 years.

HOUSE BILL

No provision.

- 22 -

SEWATE AMENDMENT

Provides that taxpayers claiming the
alcohol fuels tax credit may utilize that
credit to offset up to 50 percent of
pre-credit alternative minimum tax. As
under present law, any unused credit
would be available for a 3-year carryback
and a 15-year carryover.

Effective date.--Taxable years
beginning after September 30, 1992. The
Provision is limited to alcohol fuels
credits actually generated in those
years. That is, the provision does not
allow an alcohol fuels credit generated
in a taxable year beginning on or before
September 30, 1992, and carried forward
to a taxable year beginning after
September 30, 1992, to offset alternative
minimm tax in that Later year.
Similarly, the provision does not allow
an alcohol fuels tax credit generated in
a taxable year beginning after September
30, 1992, to be carried back and used to
reduce alternative minimum tax in a
taxable year beginning on or before
September 30, 1992.



COMPARISON OF it:EVENUE-RELATED PROVISIONS
OF H.R. 776 AS PASSED BY THE HOUSE AND SENATE

Prepared by the Staff
of the
Joint Committee on Taxation
September 25, 1992
JCX-34-92



PRESENT LAW

HOUSE BILL

Effective date.--Taxable chemicals sold
or used on or after July 1, 1992. Floor
stocks taxes are imposed on taxed
chemicals held on the effective dates of
changes in the base tax amount.

SENATE AMENDMENT

Effective Date.--Taxable chemicals
sold or used on or after October 1, 1992.
Floor stocks taxes are imposed on taxed
chemicals held on the effective dates of
changes in the base tax amount.


6.

ITEM

Increase excise tax on certain
ozone-depleting chemicals (secs.
1916-1917 of the House bill and
secs. 20116-20117 of the Senate
amendment)

PRESENT LAW

‘An excise tax is imposed on certain
ozone-depleting chemicals. The amount of
tax generally is determined by multiplying
the base tax amount applicable for the
calendar year by an ozone-depleting
factor.

Between 1992 and 1995 there are two
base tax rates applicable, depending upon
whether the chemicals were initially
Listed in the Omnibus Budget
Reconciliation Act of 1989 or whether they
were newly Listed in the Omnibus Budget
Reconciliation Act of 1990. The base tax
rate applicable to initially listed
chemicals is $1.67 per pound for 1992,
$2.65 per pound for 1993 and 1994, and an
additional 45 cents per pound per year for
each year thereafter. The base tax rate
applicable to newly listed chemicals is
$1.37 per pound for 1992, $1.67 per pound
for 1993, $3.00 per pound for 1994, $3.10
per pound for 1995, and an additional 45
cents per pound per year for each year
thereafter.

Certain chemicals used in rigid foam
insulation and certain halons are subject
to a reduced rate of tax for years prior
to 1994.

HOUSE BILL

Base tax amount.--Increases and applies
the same base tax amount to both initially
listed chemicals and newly listed
chemicals. The new base tax amount would
be $1.85 per pound in 1992, $2.75 per
pound in 1993, $3.65 per pound in 1994,
$4.55 per pound in 1995. For years after
1995, the base tax amount would increase
by 45 cents per pound per year.

Rigid foam insulation and
hatons.--Reduces the applicable percentage
for certain ozone-depleting chemicals used
in rigid foam insulation and certain
halons. In the case of rigid foam
insulation the applicable percentage is
reduced from 15 percent to 13.5 percent
for 1992 and from 10 percent to 9.6
percent in 1993. for Halon-1211 the new
applicable percentages are 4.5 percent for
1992 and 3.0 percent for 1993. For
Halon-1301 the new applicable percentages
are 1.4 percent for 1992 and 0.9 percent
for 1993. For Halon-2401 the new
applicable percentages are 2.3 percent for
1992 and 1.5 percent for 1993.

Medical sterilants.--Provides for a
reduced rate of tax for certain
ozone-depleting chemicals used as medical
sterilants for 1992 and 1993. The
applicable percentage for such chemicals
for 1992 is 90.3 percent and is 60.7
percent for 1993.

-8-

‘SENATE, AMEWDMENT

Base tax amount.--Same as the House
bill.

(A provision similar to the House bill
provision, but of lesser magnitude, is
included in H.R. 11 as reported by the
Senate Finance Committee.)

Rigid foam insulation and

halons.--Same as the House bill.

Medical sterilants.--Same as the House

bill.



ITEM

26. Bonds for high-speed intercity
rail facilities (sec. 20151 of
the Senate amendment)

PRESENT LAW HOUSE

High-speed intercity rail facilities
qualify for tax-exempt bond financing if
trains operating on the facility carry
passengers and their baggage at average
speeds in excess of 150 miles per hour
between stations. Such facilities need
not be governmental ly-owned, but the owner
must irrevocably elect not to claim
depreciation or any tax-credit with
respect to bond-financed property.

No provision.

Twenty-five percent of each bond issue
for high-speed intercity rail facilities
must receive an allocation from a State
private activity bond volume Limitation.
If facilities are located in two or more
States, this requirement must be met on a
State-by-State basis for the financing of
facilities located in each State.

-~ 29 -

BILL

SEWATE AMENDMENT

Repeats the requirement that 25
percent of each high-speed intercity rail
facility bond issue receive an allocation
of a State private activity bond volume
Limitation if the bond-financed property
is governmental ly owned.

(Floor amendnent by Sen. Syms,
adopted by voice vote.)

Effective date.--Bonds issued after
December 31, 1993.



TEM

25. Health benefits of retired coal
miners and extension of

ine reclamation fee

(sec. 2501 of the House bill and

secs. 20141-20143 of the Senate

amendment)

PRESENT LAW

a. Pension and health benefits are
provided to certain retired coal miners
and their beneficiaries pursuant to plans
established under collective bargaining
agreements between the United Mine Workers
of America (UMWA) and the Bituminous Coal
Operators’ Association (BCOA). The 1950
Pension Plan provides retirement benefits
to miners who retired on or before
December 31, 1975. The 1950 Benefit Plan
provides health benefits for retired mine
workers who receive pension benefits from
the 1950 Pension Plan. The 1974 Benefit
Plan provides health benefits to miners
who retired after December 31, 1975, and
"orphan" retirees.

b. The Surface Mining Control and
Reclamation Act of 1977, as amended,
imposes a reclamation fee on coal mining
operators, payable quarterly to the
Secretary of the Interior for deposit in
the Abandoned Mine Reclamation Fund. The
fee generally is the lesser of (1) 35
cents per ton of coal produced by surface
coal mining and 15 cents per ton of coal
produced by underground mining or (2) 10
Percent of the value of the coal at the
mine. The fee for lignite is the lesser
of 2 percent of the value of the coal at
the mine or 10 cents per ton. The
reclamation fee is scheduled to expire
after September 30, 1995.

HOUSE BILL

a. No provision.

b. Extends the abandoned mine
reclamation fee through September 30,
2010.

- 28 -

SENATE, AMENDMENT

a. Provides that the 1950 Benefit
Plan and the 1974 Benefit Plan are to be
merged into a new UMWA Combined Benefit
Fund ("Combined Fund!) to provide health
and death benefits for eligible retirees
and their beneficiaries. The Combined
Fund is to be a tax-exempt multiemployer
welfare benefit plan. The Combined Fund
is to be financed by health benefit
premiums, death benefit premiums, and
unassigned beneficiaries premiums imposed
on assigned coal operators. The
amendment also provides for certain
amounts to be transferred from the 1950
Pension Plan to the Combined Fund. The
amendment also creates a 1992 Benefit
Fund to provide benefits for persons not
eligible under the Combined Fund.

(Floor amendment by Sen. Rockefeller,
adopted by voice vote.)

Effective date.--Generally effective
on the date of enactment.

b. Extends the abandoned mine
reclamation fee through September 30,
2004, and provides that, in the case of
any fiscal year beginning on or after
October 1, 1995, certain amounts are to
be transferred from the Abandoned Mine
Reclamation Fund to the UMWA Combined
Benefit Fund.

(Floor amendment by Sen. Rockefeller,
adopted by voice vote.)


PRESENT LAW HOUSE BILL SENATE AMENDMENT

has a seating capacity of at least 20
adults (not including the driver), the
limitation is $50,000. In the case of a
truck or van with a gross vehicle weight
rating that is greater than 10,000 but not
greater than 26,000 pounds, the limitation
is $5,000. In the case of any other motor
vehicle, the limitation is $2,000.

Qualified clean-fuel vehicle refueling
Broperty

A deduction is allowed for the cost of
qualified clean-fuel vehicle refueling
Property for the taxable year that the
property is placed in service. Qualified
clean-fuel vehicle refueling property is
defined as any property (other than a
building or its structural components)
that is used for the storage or dispensing
of a clean-burning fuel (other than
electricity) into the fuel tank of a motor
vehicle propelled by the fuel, but only if
the storage or dispensing (as the case may
be) of the fuel is at the point where the
fuel is delivered into the fuel tank of
the motor vehicle.

The amount of the deduction allowed
With respect to qualified clean-fuel
vehicle refueling property at any location
is limited to $100,000.

Defi

n of clean-burning fuel

Clean-burning fuel is defined as
natural gas, Liquefied natural gas,
Liquefied petroleum gas, hydrogen,
electricity, and any other fuel if at
least 85 percent of the fuel is methanol,
ethanol, any other alcohol, ether, or any
combination of the foregoing.

Effective date.--Property placed in Effective date.--Same as the House
service after June 30, 1993, and before bill.

January 1, 2005. The deduction for
clean-fuel vehicles is phased out for
vehicles placed in service after December
31, 2001.


ITEM

16. Require reporting of taxpayer
identification numbers of
parties in seller-financed
mortgage transactions (sec. 1936
of the House bill)

PRESENT LAW

Taxpayers generally are allowed an
itemized deduction from adjusted gross
income for the amount of qualified
residence interest paid. If qualified
residence interest is paid to an
individuat, the name and address (but not
the taxpayer identification number) of the
interest recipient must be reported on
Schedule A of the payor’s tax return.

Individuals receiving taxable interest
in excess of $400 are required to report
the amounts received and the names (but
not the addresses or taxpayer
identification numbers) of the payors on
Schedule B of the payee’s tax return.

HOUSE BILL

If any person claims a deduction for
qualified residence interest on any
seller-provided financing, such person
(the buyer) shall include on his or her
tax return the name, address, and taxpayer
identification number of the person (the
seller) to whom the interest is paid or
accrued.

If any person receives or accrues
interest from seller-provided financing,
such person (the seller) shall include on
his or her tax return the name, address,
and taxpayer identification number of the
person (the buyer) from whom the interest
is received or accrued.

Effective date.--Taxable years
beginning after December 31, 1991.

-19-

SEWATE AMENDMENT

No provision.

(A provision similar to the House bilt
provision is included in H.R. 11 as
reported by the Senate Finance
Committee.)



TTEM

22. Deny deduction for club dues
(sec. 20131 of the Senate
amendment)

PRESENT LAW

No deduction is permitted for club dues
unless the taxpayer establishes that his
or her use of the club was primarily for
the furtherance of the taxpayer’s trade or
business and the specific expense was
directly related to the active conduct of
that trade or business.

HOUSE BILL

No provision.

(A provision similar to the Senate
amendment provision is included in H.R. 11
as passed by the House of
Representatives.)

~ 25 -

‘SENATE, AMENDMENT

No deduction is permitted for club
dues. This rule applies to all types of
clubs: business, social, athletic,
luncheon, or sporting clubs. Specific
business expenses (e.g., meals) incurred
at a club would be deductible only to the
extent they otherwise satisfy present-law
standards for deductibility.

Effective date.--Club dues paid after
the date of enactment.



INTRODUCTION

This document,’ prepared by the staff of the Joint
Committee on Taxation, provides a comparison of the
revenue-related provisions of H.R. 776 as passed by the House
on May 27, 1992, and as amended and passed by the Senate on
duly 30, 1992.

The effective dates shown in this document are those as
included in the House bill or Senate amendment. For purposes
of estimating the revenue effects of certain provisions,
however, anticipating that the conferees generally would not
impose effective dates that would cause provisions to be
retroactive or unadninistrable, different effective dates have
been assumed in order to take into account the passage of time
since House and Senate action on the bill. Provisions for
which different effective dates (as described below) have been
assumed for revenue estimating purposes are:

© Excise tax on ozone-depleting chemicals (effective for
taxable chemicals sold or used on or after 1/1/93);

© Expansion of 45-day interest-free period for certain
refunds (effective for returns originally required to be filed
(without regard to extensions) on or after 1/1/93, and for all
other returns filed on or after 1/1/94); and

o Partial excise tax exemption for certain alcohol fuels
mixtures (effective for gasoline removed or entered on or
after 1/1/93).

This document may be cited as follows: Joint Committee on Taxation, Comparison of Revenue-Related Provisions of
H.R. 776 as Passed by the House and Senate (JCX-34-92), September 15, 1992.



9.

ITEM

Binding contract rule for
nonconventional fuels production
credit (sec. 1920 of the House
bill)

PRESENT LAW

Nonconventionat fuels are eligible for
a production credit equal to $3 per barrel
or Btu oil barret equivalent (the credit
amount generally is adjusted for
inflation, except for gas produced from a
tight formation). Qualified fuels must be
produced domestically from a well drilled,
or a facility placed in service, before
January 1, 1993. The production credit is
available for qualified fuels sold before
January 1, 2003.

Qualified fuels include (1) oil
produced from shale and tar sands, (2) gas
produced from geopressured brine, Devonian
shale, coal seams, a tight formation, or
biomass (i.e., any organic material other
than oil, natural gas, or coal (or any
product thereof)), and (3) liquid,
gaseous, or solid synthetic fuels produced
from coal (including lignite), including
such fuels when used as feedstocks.

HOUSE BILL

Treats a facility that produces gas
from biomass or produces liquid, gaseous,
or solid synthetic fuels from coal
Cincluding lignite) as qualifying for the
credit if it is placed in service before
January 1, 1996, pursuant to a written
binding contract in effect on December 31,
1992, and at all times thereafter until it
is placed in service.

Effective date.--Date of enactment.

-12-

SENATE AMENDMENT

No provision.



1TEa

11. Repeal telephone excise tax
exemption for news services
(sec. 1931 of the House bill)

PRESENT LAW

A three-percent excise tax is imposed
on amounts paid for local and toll
(long-distance) telephone service and
teletypewriter exchange service. Certain
exemptions are provided, including an
exemption for certain communications
services furnished to news services for
use in collection or dissemination of news
(except local telephone service to news
services).

HOUSE BILL

Repeats the exemption from the
telephone excise tax for certain
communications services furnished to news
services for use in collection or
dissemination of news.

Effective date.--Service provided after
December 31, 1992.

- 14 -

‘SENATE, AMENDMENT

No provision.


14,

15.

20.

21.

22.
23.

24.

25.

26.

27.

Access to tax information by the
Department of Veterans Affairs.........+

Expansion of 45-day interest-free period
for certain refunds...

Require reporting of taxpayer
identification nunbers of parties in
seller-financed mortgage
transactionS.......cceeeeseeees ee eeeee oe

Uranium Enrichment Fund and assessment...

Partial excise tax exemption for certain
gasoline mixtures with ethanol or other
alcohol

Application of alcohol fuels tax credit
against alternative minimum tax.......+-

Determination of independent oil and gas
producer.

Tax-exempt bond financing of certain
hydro-electric generation facilities...

Deny deduction for club dues ..

Excise tax on certain insurance premiums
paid to certain foreign persons.........

Allowance of credit for amounts
transferred from the Trans-Alaska
Pipeline Liability Fund into the oil
Spill Liability Trust Fund..............

Health benefits of retired coal miners and
extension of abandoned mine reclamation

Bonds for high-speed intercity rail
FACILI tieS.... ee eee cece eee e cece teen eee

Deduction for moving expenses.......++2+++

Git)

19

20

21

22

24

2

26

27

2


ITEM

20. Determination of independent oit
and gas producer (sec. 20121 of
the Senate amendment)

PRESENT LAW

Independent producers of oil and gas
are permitted to claim a deduction for
percentage depletion on the production of
up to 1,000 barrels per day of crude oil
and natural gas produced from domestic
sources. Moreover, independent producers
are permitted the option to elect to
deduct all of their domestic oil and gas
intangible drilling and development costs
(iDCs). Finally, a deduction from
alternative minimum taxable income for a
portion of a taxpayer’s AMT preferences
and adjustments related to IDCs and
percentage depletion from marginal
properties is available to independent
producers of oil and gas.

A producer of oil or gas is considered
an independent producer unless that person
(or a related person) also is engaged in a
significant amount of either retailing or
refining activity. A taxpayer meets the
retailing exception, and thus is not
considered an independent producer, if the
taxpayer directly, or through a related
person, has annual sales of more than $5
million of oil or natural gas (excluding
bulk sales of such items to commercial or
industrial users) or any product derived
from oit or natural gas (excluding bulk
sales of aviation fuels to the Department
of Defense) through a retail outlet
operated by the taxpayer (or a related
person).

A taxpayer is treated as a refiner, and
thus is excluded from independent producer
status, if the taxpayer or a related
person engages in the refining of crude
oil and on any day during the taxable year
the refinery runs of the taxpayer (and
related persons) exceed 50,000 barrels.

HOUSE

No provision.

-23-

SENATE AMENDMENT

Amends the retailer and refiner
exceptions in determining whether a
taxpayer is an independent oil and gas
producer. With respect to the retailer
exception, the gross receipts from retail
sales of natural gas and derivative
products by a regulated public utility
are disregarded in determining whether a
taxpayer is a retailer.

For purposes of determining
significant refining activity under the
refining exception, the requirement that
no refinery run in excess of 50,000
barrels occurs on any day during the
taxable year is replaced with a
requirement that the taxpayer's average
daily refinery runs for the taxable year
do not exceed 50,000 barrels in order to
treat the taxpayer as an independent
producer under the refiner exception.

Effective date.--Taxable years
beginning after December 31, 1992.



CONTENTS:

INTRODUCTION... 0.0.0. 0eeeee secre ee eee deteeeeeee seeeee
REVENUE-RELATED PROVISIONS OF H.R. 776
AS PASSED BY THE HOUSE AND SENATE......-.. teveees
1. Exclusion for employer-provided
transportation benefits.. ........ teeeee
2. Exclusion of energy conservation
subsidies provided by public
utilities. ..... cece eeee eee eeeeee
3. Treatment of clean-fuel vehicles and
certain refueling property...........---
4. Income tax credit for electricity
generated using certain renewable
@NEPGY SOUPCES.. 2. eee ee ee ee sees secre eee
5. Repeal of certain minimum tax preferences
relating to oil and gas production......
6. Increase excise tax on certain ozone-
depleting chemicals....
7. Business energy tax credits for solar,
geothermal, and ocean thermal property...
8. Treatment of nuclear decommissioning
9. Binding contract rule for nonconventional
fuels production credit........ seeeeee .
10. Tax-exempt bond financing of facilities
for local furnishing of electricity.
11. Repeal telephone excise tax exemption
for news services......... sae eeeeeeeeeee
12. Expand exception to pro rata disallowance
of bank interest expense related to
investment in tax-exempt bonds.... :
13. Repeat percentage depletion deduction for

mercury, asbestos, uranium, and lead...

Gi)

13

4

15

16


TEN

23. Excise tax on certain insurance
premiums paid to certain foreign
persons (sec. 20132 of the
‘Senate amendment)

PRESENT LAW

Under present law, an excise tax
generally is imposed on any insurance
policy covering U.S. risks that is issued
by a foreign insurer not engaged in
business in the United States. The tax is
imposed at the following rates: (1) 4
percent of the premium paid on a casualty
insurance policy or indemnity bond; (2) 1
percent of the premium paid on a policy of
life, sickness, or accident insurance, or
annuity contracts on the Lives or hazards
to the person of a U.S. citizen or
resident; and (3) 1 percent of the premiun
paid on a policy of reinsurance covering
any of the contracts taxable under (1) or
(2).

HOUSE BILL

No provision.

- 26 -

SENATE AMENDMENT

a. Raises to 4 percent the excise tax
on certain premiums paid to foreign
persons for reinsurance covering casualty
insurance and indemnity bonds. Premiums
are subjected to the increased excise tax
unless (1) paid to a foreign insurer or
reinsurer that is a resident of a foreign
country, (2) the insurance income
(including investment income) relating to
the policy of reinsurance is subject to
tax by a foreign country or countries at
an effective rate that is substantial. in
relation to the U.S. tax imposed on
similar premiums received by U.S.
reinsurers, and (3) the insured risk is
not reinsured (whether directly or
through a series of transactions or
business relationships or practices
having the same effect) by a resident of
another foreign country who is not
subject to a substantial tax (as defined
in condition (2)) on the income. In
cases where all three conditions are
satisfied, the excise tax remains at the
present-law rate of 1 percent.

b. Authorizes such collection and
enforcement mechanisms (e.g., closing
agreements) as the Secretary may specify
in order to ensure that any excise tax
due on any reinsurance of the U.S. risk
is collected. (Treaties do not waive the
excise tax due on reinsurance of the U.S.
risk out of the treaty country.)

c. Yields to existing treaty
exemptions (but not to the extent that
the treaty-country enterprise is used as
a conduit for reinsurance of the U.S.
risk, as noted above).

Effective date.--For premiums relating
after December 31, 1992.



7.

ITEM

Business energy tax credits
for solar, geothermal, and
ocean thermal property (sec.
1918 of the House bill and
sec. 20118 of the Senate
amendment)

PRESENT LAW

Nonrefundable business energy tax
credits are allowed for 10 percent of the
cost of qualified solar and geothermal
energy property. The business energy tax
credits expired with respect to property
placed in service after June 30, 1992.

HOUSE BILL

Makes permanent the business energy tax
credits for solar and geothermal property.

Effective date.--Property placed in
service after June 30, 1992.

- 10 -

SENATE AMENDMENT

Same as the House bill, except also
provides for a permanent 10-percent tax
credit for investments in qualified ocean
thermal property.

Effective date.--Same as the House
bilt.



ITEM

10. Tax-exempt bond financing of
facilities for local furnishing
of electricity (sec. 1921 of the
House bill).

PRESENT LAW

Interest on certain private activity
bonds is exempt from Federal regular
individual and corporate income taxes.
However, issuance of most such bonds is
subject to annual State private activity
bond votume limitations. One type of
tax-exempt private activity bond is an
exempt-facility bond. Exempt-facility
bonds are bonds the proceeds of which are
used to finance the following: airports;
docks and wharves; mass commuting
facilities or high-speed intercity rail
facilities; water, sewage, solid waste, or
hazardous waste disposal facilities;
facilities for the local furnishing of
electricity or gas; local district heating
or cooling facilities; and certain
low-income rental housing projects.

The exempt-facility bond exception for
facilities for the local furnishing of
electricity or gas is Limited to bonds
used by electric or gas systems the
service area of which does not exceed
either (1) two contiguous counties or (2)
a city and a contiguous county. The local
furnishing exception does not apply to
facilities that are part of an integrated
system to supply electricity to a region.

HOUSE BILL

Authorizes the Federal Energy
Regulatory Commission ("FERC") to order
electric utilities (including those
qualifying under the local furnishing
exception) to provide wheeling services to
other parties that generate electricity.
These FERC orders may also require the
utilities to enlarge their transmission
systems to comply.

No provision.

Provides that the local furnishing
exception is not violated by wheel ing
activities conducted pursuant to such FERC
orders, provided no bond financing is
provided for non-local furnishing
activities. Also includes procedure for
redeeming outstanding bonds used for
facilities no longer qualifying as local
furnishing due to FERC orders.

Effective date.--Date of enactment.

-B-

SENATE AMENDMENT