GovTrack’s Bill Summary
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H.R. 5454 (101st): Technical Corrections Act of 1990
- Introduced:
- Aug 03, 1990 (101st Congress, 1989–1990)
- Sponsor:
- Rep. Daniel Rostenkowski [D-IL8]
- Status:
- Died (Referred to Committee)
- See Instead:
- This bill was re-introduced as H.R. 1555 (102nd) on Mar 21, 1991.
The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.
Library of Congress Summary
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
8/3/1990--Introduced.
Technical Corrections Act of 1990 - Amends the Internal Revenue Code to make technical amendments related to the Revenue Reconciliation Act of 1989 concerning: (1) the extension and modification of the low-income housing credit; (2) the extension and modification of the credit for increasing research activities; (3) the interest deduction treatment of certain high yield original issue discount obligations; (4) the limitation on the deduction for certain interest paid to a related person; (5) limitations on refunds due to net operating loss carrybacks or excess interest allocable to corporate equity reduction transactions; (6) limitations on partial exclusion of interest on loans used to acquire employer securities; (7) the taxable year of certain foreign corporations; (8) special rules for exchanges of property between related persons; (9) exceptions from the arbitrage rebate requirement; (10) nondiscrimination requirements of the taxability of beneficiaries under annuities purchased by tax-exempt organizations or public schools; and (11) disallowance of the marital deduction where the surviving spouse is not a U.S. citizen. Makes amendments to the Internal Revenue Code related to the Technical and Miscellaneous Revenue Act of 1988 concerning: (1) corporate installment obligations; (2) application of uniform cost capitalization rules to certain farmers; (3) treaty-based return positions; (4) alternative minimum tax treatment of unearned income of minor children; (5) estate and gift taxes generally; (6) disallowance of the marital deduction where the spouse is not a U.S. citizen; (7) exclusion from gross income for income for U.S. savings bonds used to pay tuition and fees; and (8) distributions by cooperative housing corporations. Makes miscellaneous amendments concerning: (1) sales to comply with conflict-of-interest requirements; (2) the generation-skipping transfer tax; (3) treatment of certain partnership interests; and (4) treatment of certain separated employees.
House Republican Conference Summary
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
No summary available.
House Democratic Caucus Summary
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