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103D CONGRESS

1ST SESSION H. R. 372

To establish a program to stimulate the United States economy.

IN THE HOUSE OF REPRESENTATIVES

JANUARY 5, 1993

Ms. SNOWE introduced the following bill; which was referred jointly to the

Committees on Public Works and Transportation, Small Business, Ways

and Means, Armed Services, Foreign Affairs, and Science, Space, and

Technology

A BILL

To establish a program to stimulate the United States

economy.

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled,

3 SECTION 1. AUTHORIZATION OF APPROPRIATIONS FOR

4 ECONOMIC DEVELOPMENT ADMINISTRATION

5 PROGRAMS.

6 The Public Works and Economic Development Act of

7 1965 (42 U.S.C. 3121 et seq.) is amended by adding at

8 the end the following new title:
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1 ‘‘TITLE XI—AUTHORIZATION OF

2 APPROPRIATIONS

3 ‘‘SEC. 1101. FISCAL YEAR 1993.

4 ‘‘There is authorized to be appropriated to carry out

5 titles I, II, III, VII, IX, and X $200,000,000 for fiscal

6 year 1993.’’.

7 SEC. 2. INCREASE IN SMALL BUSINESS ADMINISTRATION

8 1993 PROGRAM LEVELS.

9 Section 20(g) of the Small Business Act (15 U.S.C.

10 631 note) is amended by adding at the end the following

11 new paragraph:

12 ‘‘(5) Effective beginning on the date of the en13 actment of this paragraph, each program level au14 thorized by this subsection is increased by 50 per15 cent.’’.

16 SEC. 3. TAX CREDIT TO EMPLOYERS FOR WAGES PAID TO

17 INDIVIDUALS HIRED WITHIN 1 YEAR AFTER

18 ENACTMENT.

19 (a) IN GENERAL.—Section 51 of the Internal Reve20 nue Code of 1986 (relating to targeted jobs credit) is

21 amended by adding at the end thereof the following new

22 subsection:

23 ‘‘(l) ECONOMIC RECOVERY HIRING INCENTIVES.—

24 ‘‘(1) IN GENERAL.—Every individual hired

25 within 1 year after the date of the enactment of this
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1 subsection shall be treated as a member of a tar2 geted group.

3 ‘‘(2) INCREASED CREDIT.—In the case of indi4 viduals hired within 1 year after the date of the en5 actment of this subsection—

6 ‘‘(A) subsection (a) shall be applied by

7 substituting ‘50 percent’ for ‘40 percent’,

8 ‘‘(B) subsections (b)(3) and (h)(1)(A) shall

9 be applied by substituting ‘$10,000’ for

10 ‘$6,000’, and

11 ‘‘(C) subsection (h)(1)(B) shall be applied

12 by substituting ‘$833.33’ for ‘$500’.’’

13 (b) EFFECTIVE DATE.—The amendments made by

14 this section shall apply to individuals who begin work for

15 the employer after the date of the enactment of this Act.

16 SEC. 4. TAX-FREE WITHDRAWALS FROM INDIVIDUAL RE17 TIREMENT ACCOUNTS TO PURCHASE OR RE18 FINANCE A HOME.

19 (a) IN GENERAL.—Subsection (d) of section 408 of

20 the Internal Revenue Code of 1986 (relating to tax treat21 ment of distributions from individual retirement accounts

22 and annuities) is amended by adding at the end thereof

23 the following new paragraph:

24 ‘‘(8) DISTRIBUTIONS TO PURCHASE OR REFI25 NANCE A HOME.—
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1 ‘‘(A) IN GENERAL.—In the case of a quali2 fied residence distribution—

3 ‘‘(i) the amount of such distribution

4 shall not be includible in gross income, and

5 ‘‘(ii) section 72(t) shall not apply.

6 ‘‘(B) QUALIFIED RESIDENCE DISTRIBU7 TION.—For purposes of this paragraph—

8 ‘‘(i) IN GENERAL.—The term ‘quali9 fied residence distribution’ means any pay10 ment or distribution during the 1-year pe11 riod beginning on the date of the enact12 ment of this paragraph from an individual

13 retirement plan to an individual to the ex14 tent that the amount thereof is used within

15 a reasonable period to pay qualified acqui16 sition or refinancing costs with respect to

17 a principal residence for such individual.

18 ‘‘(ii) QUALIFIED ACQUISITION OR RE19 FINANCING COSTS.—The term ‘qualified

20 acquisition costs’ means the costs of ac21 quiring, constructing, or reconstructing a

22 residence. Such term includes any usual or

23 reasonable settlement, financing or refi24 nancing, or other closing costs.
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1 ‘‘(iii) PRINCIPAL RESIDENCE.—The

2 term ‘principal residence’ has the same

3 meaning as when used in section 1034.’’

4 (c) EFFECTIVE DATE.—The amendments made by

5 this section shall apply to payments and distributions

6 made after the date of the enactment of this Act.

7 SEC. 5. DELAY IN OBLIGATIONS OF CERTAIN DEFENSE,

8 FOREIGN ASSISTANCE, SPACE, AND ENERGY

9 RESEARCH PROGRAMS.

10 Notwithstanding any other provision of law, no funds

11 may be obligated—

12 (1) during fiscal year 1993—

13 (A) in excess of $100,000,000 for any con14 tract to carry out the M1 Abrams Tank pro15 gram;

16 (B) in excess of $4,157,075,000 to carry

17 out the space flight, spacecraft control, and

18 communications activities of the National Aero19 nautics and Space Administration;

20 (C) in excess of $988,789,000 to carry out

21 the general science and research activities of

22 the Department of Energy in accordance with

23 the Department of Energy Organization Act;

24 and
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1 (D) in excess of $900,000,000 to carry out

2 the provisions of chapter 10 of part I of the

3 Foreign Assistance Act of 1961; and

4 (2) during the period beginning on the date of

5 the enactment of this Act and ending on Septem6 ber 30, 1993—

7 (A) for any contract to carry out the

8 V–22 aircraft Osprey program; and

9 (B) to carry out the functions of the Inter10 American Foundation in accordance with sec11 tion 401 of the Foreign Assistance Act of 1969

12 and section 9104 of title 31, United States

13 Code.

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