H.R. 5240 (102nd): Tax Extension Act of 1992

Introduced:
May 21, 1992 (102nd Congress, 1991–1992)
Sponsor:
Rep. Frank Guarini Jr. [D-NJ14]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on May 21, 1992, in a previous session of Congress, but was not enacted.

Progress
Introduced May 21, 1992
Cosponsors
85 cosponsors (53D, 32R) (show)
Committees

House Ways and Means

The committee chair determines whether a bill will move past the committee stage.

Full Title

To amend the Internal Revenue Code of 1986 to extend certain expiring tax provisions, and for other purposes.

Summary

No summaries available.

Text

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Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

5/21/1992--Introduced.
Tax Extension Act of 1992 - Amends the Internal Revenue Code to extend from August 1, 1992, until August 1, 1993, the provisions governing the allocation of research and experimental expenditures for purposes of determining sources of income. Extends the following provisions from June 30, 1992, until December 31, 1993: (1) the tax credit for increasing research activities; (2) the targeted jobs credit; (3) the authority to issue qualified mortgage bonds and qualified mortgage credit certificates; (4) the authority to issue qualified small issue bonds to finance manufacturing facilities and farm property; (5) employer-provided educational assistance; (6) the tax exclusion for employer-provided group legal services plans; (7) the energy investment credit for solar and geothermal property; (8) the credit for clinical testing expenses for certain drugs for rare diseases or conditions; and (9) health insurance costs of self-employed individuals. Extends the low-income housing credit until December 31, 1993 with modifications. Expands the ten-year anti-churning rule waiver to certain projects substantially assisted, financed, or operated under the National Housing Act. Allows units occupied by certain full-time students to qualify for such credit. Authorizes the Treasury Department to waive penalties for certain de minimis errors and recertifications. Provides that certain community service facilities in projects in qualified census tracts are included in eligible basis as functionally related and subordinate facilities. Allows certain building owners to elect to use apartment size or family size in determining the credit's gross rent limitation. Provides for the tax treatment of resale price control and subsidy lien programs under mortgage revenue bond provisions. Repeals the tax preference for the appreciated property charitable deduction during 1992 and 1993. Requires a report by the Secretary of the Treasury to certain congressional committees on an advance valuation procedure.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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