I
103D CONGRESS
1ST SESSION
H. R. 110
To amend the Internal Revenue Code of 1986 to provide for economic
revitalization, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
JANUARY 5, 1993
Mr. BOEHLERT introduced the following bill; which was referred jointly to the
Committees on Ways and Means, Science, Space, and Technology and
Public Works and Transportation
A BILL
To amend the Internal Revenue Code of 1986 to provide
for economic revitalization, and for other purposes.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE; AMENDMENT OF 1986 CODE.
(a) SHORT TITLE.—This Act may be cited as the
‘‘Economic Revitalization and Competitiveness Act of
1993’’.
(b) AMENDMENT OF 1986 CODE.—Except as other-
wise expressly provided, whenever in this Act an amend-
ment or repeal is expressed in terms of an amendment
to, or repeal of, a section or other provision, the reference
shall be considered to be made to a section or other provi-
sion of the Internal Revenue Code of 1986.
TITLE I—TAX INCENTIVES
SEC. 101. REINSTATEMENT OF 5-PERCENT INVESTMENT
TAX CREDIT.
(a) IN GENERAL.—Subpart E of part IV of sub-
chapter A of chapter 1 (relating to rules for computing
credit for investment in certain depreciable property), as
amended by subsection (b)(2), is amended by adding at
the end the following new section:
‘‘SEC. 50. 5-PERCENT REGULAR INVESTMENT CREDIT.
‘‘With respect to any property placed in service after
December 31, 1991—
‘‘(1) section 49 shall not apply, and
‘‘(2) the regular percentage for purposes of this
subpart shall be 5 percent.’’
(b) CONFORMING AMENDMENTS.—
(1) The table of sections for such subpart E is
amended by adding at the end the following new
item:
‘‘Sec. 50. 5-percent regular investment credit.’’
(2) Section 11813 of the Revenue Reconcili-
ation Act of 1990 (Public Law 101–508) is hereby
repealed, and the Internal Revenue Code of 1986
shall be applied and administered as if such section
(and the amendments made by such section) had
never been enacted.
SEC. 102. RESEARCH CREDIT MADE PERMANENT.
(a) IN GENERAL.—Section 41 (relating to credit for
increasing research activities) is amended by striking sub-
section (h).
(b) CONFORMING AMENDMENT.—Paragraph (1) sec-
tion 28(b) is amended by striking subparagraph (D).
(c) EFFECTIVE DATE.—The amendments made by
this section shall apply to taxable years ending after June
30, 1992.
SEC. 103. EXCLUSION FOR EDUCATIONAL ASSISTANCE PRO-
GRAMS MADE PERMANENT.
(a) EXCLUSION MADE PERMANENT.—Section 127
(relating to educational assistance programs) is amended
by striking subsection (d).
(b) CONFORMING AMENDMENT.—Paragraph (2) of
section 103(a) of the Tax Extension Act of 1991 is hereby
repealed.
(c) EFFECTIVE DATE.—The amendments made by
this section shall apply to taxable years beginning after
December 31, 1991.
SEC. 104. EXPANSION OF EXCEPTION FROM REBATE FOR
SMALL ISSUERS.
(a) IN GENERAL.—Subparagraph (C) of section
148(f)(4) (relating to exception for governmental units is-
suing $5,000,000 or less of bonds) is amended—
(1) by striking ‘‘$5,000,000’’ each place it ap-
pears and inserting ‘‘$25,000,000’’,
(2) by striking ‘‘with general taxing powers’’
each place it appears,
(3) by inserting ‘‘or on behalf of’’ after ‘‘issued
by’’ in subclauses (I) and (IV) of clause (i) and in
clause (vi)(I), and
(4) by striking clause (iv) and redesignating
clauses (v) and (vi) thereof as clauses (iv) and (v),
respectively.
(b) TECHNICAL AMENDMENT.—Clause (v) of section
148(f)(4)(C), as redesignated by subsection (a), is amend-
ed by striking ‘‘clause (v)’’ and inserting ‘‘clause (iv)’’.
(c) EFFECTIVE DATE.—The amendments made by
this section shall apply to obligations issued in calendar
years beginning after the date of the enactment of this
Act.
SEC. 105. TARGETED JOBS CREDIT.
(a) IN GENERAL.—Subsection (c) of section 51 (re-
lating to amount of targeted jobs credit) is amended by
striking paragraph (4).