datamatters24/research-document-archive huggingface dataset:
IIB
106TH CONGRESS
2D SESSION
H. R. 1089
IN THE SENATE OF THE UNITED STATES
APRIL 4, 2000
Received; read twice and referred to the Committee on Banking, Housing, and
Urban Affairs
AN ACT
To require the Securities and Exchange Commission to re-
quire the improved disclosure of after-tax returns regard-
ing mutual fund performance, and for other purposes.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
HR 1089 RFS
SECTION 1. SHORT TITLE.
This Act may be cited as the ‘‘Mutual Fund Tax
Awareness Act of 2000’’.
SEC. 2. FINDINGS.
The Congress finds the following:
(1) Taxes can be the single biggest cost associ-
ated with mutual funds. The average stock fund in-
vestor has lost up to 3 percentage points of return
every year to taxes.
(2) The average portfolio turnover rate for an
actively managed (nonindex) fund has increased
from 30 percent 20 years ago to almost 90 percent
today, and average capital gains distributions of
growth funds, per share, have more than doubled in
the last 10 years.
(3) If a fund’s performance is based mostly on
short-term gains, investors can lose a significant
part of their return to taxes.
(4) Performance figures that mutual funds gen-
erally disclose to their shareholders are net of fees
and expenses, but not taxes, and therefore do not
represent the impact taxes have on an investor’s re-
turn.
(5) This disclosure focuses on how much money
investors made before taxes, and not on how much
money investors actually got to keep.
HR 1089 RFS
(6) Improved disclosure of the effect of taxes on
mutual fund performance would allow shareholders
to compare after-tax returns to raw performance,
and would permit the investors to determine whether
the fund manager tries to minimize tax con-
sequences for shareholders.
(7) While the mutual fund prospectus details
the average annual portfolio turnover rate, the pro-
spectus may not expressly inform shareholders about
the impact the portfolio turnover rate has on total
returns.
SEC. 3. IMPROVEMENTS IN DISCLOSURE REQUIREMENTS.
Within 18 months after the date of the enactment
of this Act, the Securities and Exchange Commission shall
revise regulations under the Securities Act of 1933 and
the Investment Company Act of 1940 to require, con-
sistent with the protection of investors and the public in-
terest, improved disclosure in investment company
prospectuses or annual reports of after-tax returns to in-
vestors.
Passed the House of Representatives April 3, 2000.
Attest:
JEFF TRANDAHL,
Clerk.
IB
Union Calendar No. 297
106TH CONGRESS
2D SESSION
H. R. 1089
[Report No. 106–547]
To require the Securities and Exchange Commission to require the improved
disclosure of after-tax returns regarding mutual fund performance, and
for other purposes.
IN THE HOUSE OF REPRESENTATIVES
MARCH 11, 1999
Mr. GILLMOR (for himself, Mr. OXLEY, Mr. MARKEY, Mr. TOWNS, Mr.
WHITFIELD, Mr. LARGENT, Mr. WAXMAN, Mr. DEAL of Georgia, Mr.
BURR of North Carolina, Mr. TAUZIN, and Mr. HALL of Texas) intro-
duced the following bill; which was referred to the Committee on Com-
merce
MARCH 27, 2000
Additional sponsors: Mr. COX and Mr. BARRETT of Wisconsin
MARCH 27, 2000
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed
[Strike out all after the enacting clause and insert the part printed in italic]
A BILL
To require the Securities and Exchange Commission to re-
quire the improved disclosure of after-tax returns regard-
ing mutual fund performance, 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.
This Act may be cited as the ‘‘Mutual Fund Tax
Awareness Act of 1999’’.
SEC. 2. FINDINGS.
The Congress finds the following:
(1) Taxes can be the single biggest cost associ-
ated with mutual funds. The average stock fund in-
vestor has lost up to 3 percentage points of return
every year to taxes.
(2) The average portfolio turnover rate for an
actively managed (nonindex) fund has increased
from 30 percent 20 years ago to almost 90 percent
today, and average capital gains distributions of
growth funds, per share, have more than doubled in
the last 10 years.
(3) If a fund’s performance is based mostly on
short-term gains, investors can lose a significant
part of their return to taxes.
(4) Performance figures that investment compa-
nies generally disclose to their shareholders are net
of fees and expenses, but not taxes, and therefore do
not represent the impact taxes have on an investor’s
return.
(XV) 
or 
(XVI) 
of 
section
1902(a)(10)(A)(ii), whichever is greater, as
estimated by the State and approved by
the Secretary.
(c) AVAILABILITY OF FUNDS.—
(1) FUNDS ALLOCATED TO STATES.—Funds al-
located to a State under a grant made under this
section for a fiscal year shall remain available until
expended.
(2) FUNDS
NOT
ALLOCATED
TO
STATES.—
Funds not allocated to States in the fiscal year for
which they are appropriated shall remain available
in succeeding fiscal years for allocation by the Sec-
retary using the allocation formula established by
the Secretary under subsection (c)(3)(A).
(d) ANNUAL REPORT.—A State that receives a grant
under this section shall submit an annual report to the
Secretary on the use of funds provided under the grant.
Each report shall include the percentage increase in the
number of title II disability beneficiaries, as defined in sec-
tion 1148(k)(2) of the Social Security Act (as amended
by section 201) in the State, and title XVI disability bene-
ficiaries, as defined in section 1148(k)(3) of the Social Se-
curity Act (as so amended) in the State who return to
work.
I
106TH CONGRESS
1ST SESSION
H. R. 108
To amend the Internal Revenue Code of 1986 to eliminate the marriage
penalty in the standard deduction.
IN THE HOUSE OF REPRESENTATIVES
JANUARY 6, 1999
Mr. KNOLLENBERG introduced the following bill; which was referred to the
Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to eliminate
the marriage penalty in the standard deduction.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ‘‘Marriage Penalty Re-
lief Act’’.
SEC. 2. ELIMINATION OF MARRIAGE PENALTY IN STAND-
ARD DEDUCTION.
(a) IN GENERAL.—Paragraph (2) of section 63(c) of
the Internal Revenue Code of 1986 (relating to standard
deduction) is amended—
(1) by striking ‘‘$5,000’’ in subparagraph (A)
and inserting ‘‘twice the dollar amount in effect
under subparagraph (C) for the taxable year’’;
(2) by adding ‘‘or’’ at the end of subparagraph
(B);
(3) by striking ‘‘in the case of’’ and all that fol-
lows in subparagraph (C) and inserting ‘‘in any
other case.’’; and
(4) by striking subparagraph (D).
(b) TECHNICAL AMENDMENTS.—
(1) Subparagraph (B) of section 1(f)(6) of such
Code is amended by striking ‘‘(other than with’’ and
all that follows through ‘‘shall be applied’’ and in-
serting ‘‘(other than with respect to sections
63(c)(4) and 151(d)(4)(A)) shall be applied’’.
(2) Paragraph (4) of section 63(c) of such Code
is amended by adding at the end the following flush
sentence:
‘‘The preceding sentence shall not apply to the
amount referred to in paragraph (2)(A).’’.
(c) EFFECTIVE DATE.—The amendments made by
this section shall apply to taxable years beginning after
December 31, 1998.
Æ
266
HR 4818 PP 
culosis, and infant, child, and maternal well-being, in con-
nection with the institutions’ financing programs. 
FUNDING FOR SERBIA 
SEC. 5063. (a) Funds appropriated by this Act may 
be made available for assistance for the central Government 
of Serbia after May 31, 2005, if the President has made 
the determination and certification contained in subsection 
(c). 
(b) After May 31, 2005, the Secretary of the Treasury 
should instruct the United States executive directors to the 
international financial institutions to support loans and 
assistance to the Government of Serbia and Montenegro sub-
ject to the conditions in subsection (c): Provided, That sec-
tion 576 of the Foreign Operations, Export Financing, and 
Related Programs Appropriations Act, 1997, as amended, 
shall not apply to the provision of loans and assistance to 
the Government of Serbia and Montenegro through inter-
national financial institutions. 
(c) The determination and certification referred to in 
subsection (a) is a determination by the President and a 
certification to the Committees on Appropriations that the 
Government of Serbia and Montenegro is—
(1) cooperating with the International Criminal 
Tribunal for the former Yugoslavia including access 
for investigators, the provision of documents, and the 
surrender and transfer of indictees or assistance in
267
HR 4818 PP 
their apprehension, including making all practicable 
efforts to apprehend and transfer Ratko Mladic; 
(2) taking steps that are consistent with the 
Dayton Accords to end Serbian financial, political, 
security and other support which has served to main-
tain separate Republika Srpska institutions; and 
(3) taking steps to implement policies which re-
flect a respect for minority rights and the rule of law. 
(d) This section shall not apply to Montenegro, Kosovo, 
humanitarian assistance or assistance to promote democ-
racy. 
COMMUNITY-BASED POLICE ASSISTANCE 
SEC. 5064. (a) AUTHORITY.—Funds made available by 
this Act to carry out the provisions of chapter 1 of part 
I and chapter 4 of part II of the Foreign Assistance Act 
of 1961, may be used, notwithstanding section 660 of that 
Act, to enhance the effectiveness and accountability of civil-
ian police authority through training and technical assist-
ance in human rights, the rule of law, strategic planning, 
and through assistance to foster civilian police roles that 
support democratic governance including assistance for 
programs to prevent conflict, respond to disasters, and fos-
ter improved police relations with the communities they 
serve.
Plan’) which includes policies, programs, and
projects designed to reduce the number of per-
sons living in poverty, expand access of the
poorest members of society to basic social serv-
ices, including health, education, clean water,
and sanitation, and prevent the degradation of
the environment;
‘‘(B) a human development fund (in this
section referred to as the ‘Human Development
Fund’)—
‘‘(i) the resources of which are dedi-
cated to achieving the purposes of the Ac-
tion Plan; and
‘‘(ii) into which are required to be de-
posited all savings generated by debt re-
duction provided for the benefit of the
country under the Heavily Indebted Poor
Countries (HIPC) Initiative and under
other debt reduction programs;
‘‘(C) arrangements to ensure that all ex-
penditures from the Human Development Fund
during a year will be used to increase annual
expenditures for human development by the
government above the greater of—
I
106TH CONGRESS
1ST SESSION
H. R. 1092
To amend the Internal Revenue Code of 1986 to more accurately codify
the depreciable life of semiconductor manufacturing equipment.
IN THE HOUSE OF REPRESENTATIVES
MARCH 11, 1999
Mrs. JOHNSON of Connecticut (for herself, Mr. MATSUI, Mr. CAMPBELL, Ms.
LOFGREN, Mr. COX, Mr. CUNNINGHAM, Mrs. TAUSCHER, Ms. ESHOO,
Mr. KUYKENDALL, Mr. SHOWS, Mrs. BONO, Mr. MCNULTY, Mr. SES-
SIONS, Mr. FROST, Mr. SAM JOHNSON of Texas, Mr. THOMPSON of Cali-
fornia, Mr. KANJORSKI, Ms. DUNN, Mr. LEWIS of California, Mr.
RAMSTAD, Mr. HERGER, Mrs. NAPOLITANO, Mr. DOOLITTLE, Mr. PACK-
ARD, Mr. BILBRAY, Mr. CONDIT, Mr. RADANOVICH, and Mr. POMBO) in-
troduced the following bill; which was referred to the Committee on Ways
and Means
A BILL
To amend the Internal Revenue Code of 1986 to more accu-
rately codify the depreciable life of semiconductor manu-
facturing equipment.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ‘‘Semiconductor Equip-
ment Investment Act of 1999’’.
SEC. 2. 3-YEAR DEPRECIABLE LIFE FOR SEMICONDUCTOR
MANUFACTURING EQUIPMENT.
(a) IN GENERAL.—Subparagraph (A) of section
168(e)(3) of the Internal Revenue Code of 1986 (relating
to classification of property) is amended by striking ‘‘and’’
at the end of clause (ii), by striking the period at the end
of clause (iii) and inserting ‘‘, and’’, and by adding at the
end the following new clause:
‘‘(iv) any semiconductor manufacturing
equipment.’’
(b) CONFORMING AMENDMENTS.—
(1) Subparagraph (B) of section 168(e)(3) of
such Code is amended—
(A) by striking clause (ii),
(B) by redesignating clauses (iii) through
(vi) as clauses (ii) through (v), respectively, and
(C) by striking ‘‘clause (vi)(I)’’ in the last
sentence and inserting ‘‘clause (v)(I)’’.
(2) Subparagraph (B) of section 168(g)(3) of
such Code is amended by striking the items relating
to subparagraph (B)(ii) and subparagraph (B)(iii)
and inserting the following:
‘‘(A)(iv) ...............................................................................
‘‘(B)(ii) ...............................................................................
9.5’’.
(c) EFFECTIVE DATE.—The amendments made by
this section shall apply to equipment placed in service
after the date of the enactment of this Act.
Æ
268
HR 4818 PP 
(b) NOTIFICATION.—Assistance provided under sub-
section (a) shall be subject to the regular notification proce-
dures of the Committees on Appropriations. 
SPECIAL DEBT RELIEF FOR THE POOREST 
SEC. 5065. (a) AUTHORITY TO REDUCE DEBT.—The 
President may reduce amounts owed to the United States 
(or any agency of the United States) by an eligible country 
as a result of—
(1) guarantees issued under sections 221 and 222 
of the Foreign Assistance Act of 1961; 
(2) credits extended or guarantees issued under 
the Arms Export Control Act; or 
(3) any obligation or portion of such obligation, 
to pay for purchases of United States agricultural 
commodities guaranteed by the Commodity Credit 
Corporation under export credit guarantee programs 
authorized pursuant to section 5(f) of the Commodity 
Credit Corporation Charter Act of June 29, 1948, as 
amended, section 4(b) of the Food for Peace Act of 
1966, as amended (Public Law 89–808), or section 
202 of the Agricultural Trade Act of 1978, as amend-
ed (Public Law 95–501). 
(b) LIMITATIONS.—
(1) The authority provided by subsection (a) 
may be exercised only to implement multilateral offi-
269
HR 4818 PP 
cial debt relief and referendum agreements, commonly 
referred to as ‘‘Paris Club Agreed Minutes’’. 
(2) The authority provided by subsection (a) 
may be exercised only in such amounts or to such ex-
tent as is provided in advance by appropriations 
Acts. 
(3) The authority provided by subsection (a) 
may be exercised only with respect to countries with 
heavy debt burdens that are eligible to borrow from 
the International Development Association, but not 
from the International Bank for Reconstruction and 
Development, commonly referred to as ‘‘IDA-only’’ 
countries. 
(c) CONDITIONS.—The authority provided by sub-
section (a) may be exercised only with respect to a country 
whose government—
(1) does not have an excessive level of military 
expenditures; 
(2) has not repeatedly provided support for acts 
of international terrorism; 
(3) is not failing to cooperate on international 
narcotics control matters; 
(4) (including its military or other security 
forces) does not engage in a consistent pattern of gross
106TH CONGRESS
1ST SESSION
H. R. 1094
AN ACT
To amend the Federal Reserve Act to broaden the range
of discount window loans which may be used as collateral
for Federal reserve notes.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
That the third sentence of the second undesignated para-
graph of section 16 of the Federal Reserve Act (12 U.S.C.
412) is amended by striking ‘‘acceptances acquired under
the provisions of section 13 of this Act’’ and inserting ‘‘ac-
ceptances acquired under section 10A, 10B, 13, or 13A
of this Act’’.
Passed the House of Representatives August 2,
1999.
Attest:
Clerk.
H. R. 1094
One Hundred Sixth Congress
of the
United States of America
AT THE FIRST SESSION
Begun and held at the City of Washington on Wednesday,
the sixth day of January, one thousand nine hundred and ninety-nine
An Act
To amend the Federal Reserve Act to broaden the range of discount window loans
which may be used as collateral for Federal reserve notes.
Be it enacted by the Senate and House of Representatives of
the United States of America in Congress assembled, That the
third sentence of the second undesignated paragraph of section
16 of the Federal Reserve Act (12 U.S.C. 412) is amended by
striking ‘‘acceptances acquired under the provisions of section 13
of this Act’’ and inserting ‘‘acceptances acquired under section 10A,
10B, 13, or 13A of this Act’’.
Speaker of the House of Representatives.
Vice President of the United States and
President of the Senate.
I
106TH CONGRESS
1ST SESSION
H. R. 1094
To amend the Federal Reserve Act to broaden the range of discount window
loans which may be used as collateral for Federal reserve notes.
IN THE HOUSE OF REPRESENTATIVES
MARCH 11, 1999
Mr. LEACH (for himself, Mr. LAFALCE, Mr. BACHUS, and Ms. WATERS) in-
troduced the following bill; which was referred to the Committee on
Banking and Financial Services
A BILL
To amend the Federal Reserve Act to broaden the range
of discount window loans which may be used as collateral
for Federal reserve notes.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
That the 2d sentence of the 2d undesignated paragraph
of section 16 of the Federal Reserve Act (12 U.S.C. 412)
is amended by striking ‘‘acceptances acquired under sec-
tion 13 of this Act’’ and inserting ‘‘acceptances acquired
under section 10A, 10B, 13, or 13A of this Act’’.
Æ
IIB
106TH CONGRESS
1ST SESSION
H. R. 1094
IN THE SENATE OF THE UNITED STATES
AUGUST 3, 1999
Received; read twice and referred to the Committee on Banking, Housing, and
Urban Affairs
AN ACT
To amend the Federal Reserve Act to broaden the range
of discount window loans which may be used as collateral
for Federal reserve notes.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
That the third sentence of the second undesignated para
graph of section 16 of the Federal Reserve Act (12 U.S.C.
412) is amended by striking ‘‘acceptances acquired under
the provisions of section 13 of this Act’’ and inserting ‘‘ac-
HR 1094 RFS
ceptances acquired under section 10A, 10B, 13, or 13A
of this Act’’.
Passed the House of Representatives August 2,
1999.
Attest:
JEFF TRANDAHL,
Clerk.
By MARTHA C. MORRISON,
Deputy Clerk.
governmental membership organization of a majority
of domestic violence programs within the State, com-
monwealth, territory, or lands under military, Fed-
eral, or tribal authority that among other activities
provides training and technical assistance to domestic
violence programs within the State, commonwealth,
territory, or lands under military, Federal, or tribal
authority;’’.
(f) SEXUAL ASSAULT COALITION.—Section 2003 of the
Omnibus Crime Control and Safe Streets Act of 1968 (42
U.S.C. 3796gg–2), as amended by subsection (e), is amend-
ed by adding after paragraph (10) the following:
‘‘(11) the term ‘sexual assault coalition’ means a
statewide (except in the case of a coalition within
lands under tribal authority) nonprofit, nongovern-
mental membership organization of a majority of sex-
ual assault programs within the State, common-
wealth, territory, or lands under military, Federal, or
tribal authority that among other activities provides
training and technical assistance to sexual assault
programs within the State, commonwealth, territory,
or lands under military, Federal, or tribal authority;
and’’.
(g) DATING VIOLENCE.—
‘‘SEC. 1624. IMPROVEMENT OF PROCEDURES FOR NEW
LENDING.
‘‘The President, acting through the Secretary of the
Treasury, shall work with the member countries of the
international financial institutions (as defined in section
1701(c)(2)) to ensure transparency and public participa-
tion in decisions to make new loans, and the terms and
conditions of such loans, to developing countries,
including—
‘‘(1) disclosure of Policy Framework Papers,
Public Expenditure Reviews, Country Assistance
Strategies, International Monetary Fund Letters of
Intent, appraisal documents, and other reports rel-
evant to proposed lending operations;
‘‘(2) participation of civil society in developing
countries in the design of national development pro-
grams and in decisions to borrow from such institu-
tions in support of such programs; and
‘‘(3) provision of detailed information to the
Board of Directors of such an institution and to the
public, prior to the approval of a lending operation
for a developing country, as to the nature and extent
of civil society participation in the design of, and ap-
proval process for, such operation.’’.
Æ
I
106TH CONGRESS
1ST SESSION
H. R. 1097
To amend the Internal Revenue Code of 1986 to simplify the $500 per
child tax credit and other individual nonrefundable credits by repealing
the complex limitations on the allowance of those credits resulting from
their interaction with the alternative minimum tax.
IN THE HOUSE OF REPRESENTATIVES
MARCH 11, 1999
Mr. NEAL of Massachusetts introduced the following bill; which was referred
to the Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to simplify
the $500 per child tax credit and other individual non-
refundable credits by repealing the complex limitations
on the allowance of those credits resulting from their
interaction with the alternative minimum tax.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SIMPLIFICATION OF $500 PER CHILD FAMILY
CREDIT.
(a) ALLOWANCE
OF PERSONAL NONREFUNDABLE
CREDITS AGAINST MINIMUM TAX.—Subsection (a) of sec-
tion 26 of the Internal Revenue Code of 1986 (relating
to limitation based on amount of tax) is amended to read
as follows:
‘‘(a) LIMITATION BASED ON AMOUNT OF TAX.—The
aggregate amount of credits allowed by this subpart for
the taxable year shall not exceed the sum of—
‘‘(1) the taxpayer’s regular tax liability for the
taxable year, and
‘‘(2) the tax imposed for the taxable year by
section 55(a).’’.
(b) SIMPLIFICATION
OF PARTIALLY REFUNDABLE
CREDIT.—
(1) Subsection (d) of section 24 of such Code
is amended by striking paragraph (2) and redesig-
nating paragraph (3) as paragraph (2).
(2) Section 32 of such Code is amended by
striking subsection (n).
(c) REDUCTION IN INCOME THRESHOLD AMOUNT
FOR PHASEOUT OF CHILD TAX CREDIT.—Paragraph (2)
of section 24(b) of such Code (relating to threshold
amount) is amended—
(1) 
in 
subparagraph 
(A) 
by 
striking
‘‘$110,000’’ and inserting ‘‘$91,000’’,
(2) in subparagraph (B) by striking ‘‘$75,000’’
and inserting ‘‘$60,000’’, and
(3) in subparagraph (C) by striking ‘‘$55,000’’
and inserting ‘‘$45,500’’.
(d) EFFECTIVE DATE.—The amendments made by
this section shall apply to taxable years beginning after
December 31, 1998.
Æ
‘‘SEC. 59B. SOCIAL SECURITY TAX ON CERTAIN UNEARNED
INCOME.
‘‘(a) IMPOSITION OF TAX.—In the case of an indi-
vidual, there is hereby imposed (in addition to any other
tax imposed by this subtitle) for each taxable year a tax
equal to 12 percent of such individual’s social security tax-
able income for such taxable year.
‘‘(b) DEFINITIONS.—For purposes of this section—
‘‘(1) SOCIAL SECURITY TAXABLE INCOME.—The
term ‘social security taxable income’ means adjusted
gross income reduced by the greater of—
‘‘(A) the sum of—
‘‘(i) the standard deduction applicable
to the taxpayer (or which would be applica-
ble if the taxpayer did not elect to itemize
deductions for the taxable year), and
‘‘(ii) the deduction for personal ex-
emptions under section 151 (determined
without regard to subsection (d)(3) there-
of), or
‘‘(B) the aggregate exempt income of the
taxpayer for the taxable year.
‘‘(2) EXEMPT INCOME.—The term ‘exempt in-
come’ means the following amounts to the extent in-
cluded in gross income: