H.R. 1885 (103rd): Private Sector Job Creation and Economic Growth Act

Introduced:
Apr 28, 1993 (103rd Congress, 1993–1994)
Sponsor:
Rep. David Dreier [R-CA28]
Status:
Died (Referred to Committee)
See Instead:
This bill was re-introduced as H.R. 2861 (104th) on Jan 05, 1996.

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 April 28, 1993, in a previous session of Congress, but was not enacted.

Progress
Introduced Apr 28, 1993
Cosponsors
22 cosponsors (22R) (show)
Committees

House Oversight and Government Reform

House Budget

House Judiciary

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 provide tax incentives for job creation and economic growth, to expand Individual Retirement Accounts to encourage savings and investment, to restrain federal spending, to require a cost analysis of new regulations, and for other purposes.

Summary

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Text

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Last updated Apr 28, 1993.
95 pages

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.

4/28/1993--Introduced.
TABLE OF CONTENTS:
Title I - Reducing the Cost of Capital By Reducing Capital Gains Tax Rates and Indexing the Basis of Certain Assets Title II: Adjusting Depreciation Rates to Reflect Inflation Title III: Expansion of Individual Retirement Accounts Title IV: Two Percent Cap on Increases in All Federal Spending Through 1998 Title V: Reduction in Unnecessary and Burdensome Regulations Private Sector Job Creation and Economic Growth Act
Title I - Reducing the Cost of Capital by Reducing Capital Gains Tax Rates and Indexing the Basis of Certain Assets
Amends the Internal Revenue Code to reduce the individual and corporate capital gains rate to 15 percent. Reduces such tax to 7.5 percent for low- and middle-income taxpayers. Provides for the phaseout of personal exemptions and the overall limitation on itemized deductions to take into account adjusted gross income which has been reduced by net capital gain. Requires indexing, based on the gross national product deflator, of the adjusted basis of certain assets (corporate stock and tangible property that is a capital asset of property used in a trade or business) that have been held for more than one year at the time of sale or other transfer, solely for the purpose of determining gain or loss. Provides for indexing the limitation on capital losses of noncorporate taxpayers.
Title II - Adjusting Depreciation Rates to Reflect Inflation
Provides a depreciation deduction adjustment for tangible property (other than residential rental property and nonresidential real property) placed in service after 1993. Allows phase-in deductions for such property placed in service after 1999.
Title III - Expansion of Individual Retirement Accounts
Removes limitations on the deductibility of contributions to individual retirement plans (IRAs) by active participants in employer-maintained plans, thereby restoring the IRA deduction. Increases the maximum IRA deduction and provides an inflation adjustment. Provides exemptions from the ten-percent penalty on early withdrawals from individual retirement plans for: (1) first home purchases; (2) higher education expenses; and (3) financially devastating medical expenses.
Title IV - Two Percent Cap on Increases in All Federal Spending Through 1998
Establishes the budget for FY 1994 and sets forth appropriate budgetary levels for FY 1995 through 1998. Sets forth recommended budgetary levels of Federal revenues, new budget authority, budget outlays, deficits, public debt, and credit activity, including funding for each major functional category. Requires the House Budget Committee to report a reconciliation bill or resolution or both carrying out all recommendations of House committees concerning changes in laws to provide spending sufficient to reduce outlays and reduce the deficit.
Title V - Reduction in Unnecessary and Burdensome Regulations
Expresses the sense of the Congress that the President should extend for one year the 90-day moratorium on new unnecessary Federal regulations ordered in the President's Memorandum on Reducing the Burden of Government Regulations, dated January 28, 1992. Amends the Congressional Budget Act of 1974 to require the Director of the Congressional Budget Office to include an estimate of the economic costs to the Government and private sector within analyses of public bills and resolutions. Amends the Government Organization and Employees Act to require the preparation of an economic impact statement in conjunction with the general notice of any proposed rulemaking or where a proposed rule is likely to have exceptional fiscal consequences for a particular region or level of government.

House Republican Conference Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

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