I
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.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. AUTHORIZATION OF APPROPRIATIONS FOR
ECONOMIC DEVELOPMENT ADMINISTRATION
PROGRAMS.
The Public Works and Economic Development Act of
1965 (42 U.S.C. 3121 et seq.) is amended by adding at
the end the following new title:
‘‘TITLE XI—AUTHORIZATION OF
APPROPRIATIONS
‘‘SEC. 1101. FISCAL YEAR 1993.
‘‘There is authorized to be appropriated to carry out
titles I, II, III, VII, IX, and X $200,000,000 for fiscal
year 1993.’’.
SEC. 2. INCREASE IN SMALL BUSINESS ADMINISTRATION
1993 PROGRAM LEVELS.
Section 20(g) of the Small Business Act (15 U.S.C.
631 note) is amended by adding at the end the following
new paragraph:
‘‘(5) Effective beginning on the date of the en-
actment of this paragraph, each program level au-
thorized by this subsection is increased by 50 per-
cent.’’.
SEC. 3. TAX CREDIT TO EMPLOYERS FOR WAGES PAID TO
INDIVIDUALS HIRED WITHIN 1 YEAR AFTER
ENACTMENT.
(a) IN GENERAL.—Section 51 of the Internal Reve-
nue Code of 1986 (relating to targeted jobs credit) is
amended by adding at the end thereof the following new
subsection:
‘‘(l) ECONOMIC RECOVERY HIRING INCENTIVES.—
‘‘(1) IN
GENERAL.—Every individual hired
within 1 year after the date of the enactment of this
subsection shall be treated as a member of a tar-
geted group.
‘‘(2) INCREASED CREDIT.—In the case of indi-
viduals hired within 1 year after the date of the en-
actment of this subsection—
‘‘(A) subsection (a) shall be applied by
substituting ‘50 percent’ for ‘40 percent’,
‘‘(B) subsections (b)(3) and (h)(1)(A) shall
be applied by substituting ‘$10,000’ for
‘$6,000’, and
‘‘(C) subsection (h)(1)(B) shall be applied
by substituting ‘$833.33’ for ‘$500’.’’
(b) EFFECTIVE DATE.—The amendments made by
this section shall apply to individuals who begin work for
the employer after the date of the enactment of this Act.
SEC. 4. TAX-FREE WITHDRAWALS FROM INDIVIDUAL RE-
TIREMENT ACCOUNTS TO PURCHASE OR RE-
FINANCE A HOME.
(a) IN GENERAL.—Subsection (d) of section 408 of
the Internal Revenue Code of 1986 (relating to tax treat-
ment of distributions from individual retirement accounts
and annuities) is amended by adding at the end thereof
the following new paragraph:
‘‘(8) DISTRIBUTIONS TO PURCHASE OR REFI-
NANCE A HOME.—
‘‘(A) IN GENERAL.—In the case of a quali-
fied residence distribution—
‘‘(i) the amount of such distribution
shall not be includible in gross income, and
‘‘(ii) section 72(t) shall not apply.
‘‘(B) QUALIFIED
RESIDENCE
DISTRIBU-
TION.—For purposes of this paragraph—
‘‘(i) IN GENERAL.—The term ‘quali-
fied residence distribution’ means any pay-
ment or distribution during the 1-year pe-
riod beginning on the date of the enact-
ment of this paragraph from an individual
retirement plan to an individual to the ex-
tent that the amount thereof is used within
a reasonable period to pay qualified acqui-
sition or refinancing costs with respect to
a principal residence for such individual.
‘‘(ii) QUALIFIED ACQUISITION OR RE-
FINANCING
COSTS.—The term ‘qualified
acquisition costs’ means the costs of ac-
quiring, constructing, or reconstructing a
residence. Such term includes any usual or
reasonable settlement, financing or refi-
nancing, or other closing costs.
‘‘(iii) PRINCIPAL
RESIDENCE.—The
term ‘principal residence’ has the same
meaning as when used in section 1034.’’
(c) EFFECTIVE DATE.—The amendments made by
this section shall apply to payments and distributions
made after the date of the enactment of this Act.
SEC. 5. DELAY IN OBLIGATIONS OF CERTAIN DEFENSE,
FOREIGN ASSISTANCE, SPACE, AND ENERGY
RESEARCH PROGRAMS.
Notwithstanding any other provision of law, no funds
may be obligated—
(1) during fiscal year 1993—
(A) in excess of $100,000,000 for any con-
tract to carry out the M1 Abrams Tank pro-
gram;
(B) in excess of $4,157,075,000 to carry
out the space flight, spacecraft control, and
communications activities of the National Aero-
nautics and Space Administration;
(C) in excess of $988,789,000 to carry out
the general science and research activities of
the Department of Energy in accordance with
the Department of Energy Organization Act;
and
(D) in excess of $900,000,000 to carry out
the provisions of chapter 10 of part I of the
Foreign Assistance Act of 1961; and
(2) during the period beginning on the date of
the enactment of this Act and ending on Septem-
ber 30, 1993—
(A) for any contract to carry out the
V–22 aircraft Osprey program; and
(B) to carry out the functions of the Inter-
American Foundation in accordance with sec-
tion 401 of the Foreign Assistance Act of 1969
and section 9104 of title 31, United States
Code.
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