Makes revisions concerning church plans, including allowing certain self-employed ministers to participate. Revenue Offsets Terminates, subject to exception, the Puerto Rico and possessions tax credit after December 31, 1995. Adds a Puerto Rican economic activity credit. Repeals the exclusion for interest on loans used to acquire employer securities. Treats as taxable unrelated business income certain amounts derived from foreign corporations.
Revises rules for depreciation under the income forecast method.
Revises provisions concerning the exclusion of damages received because of personal injuries or sickness. Repeals the diesel fuel tax rebate to original purchasers of diesel-powered automobiles and light trucks. Provides for the termination, as specified, of the tax exempt bond status of certain local furnishers of electricity and gas. Provides for a temporary extension of the Airport and Airway Trust fund excise tax. Modifies the rules concerning the basis of property acquired through involuntary conversion.