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.
American Job Creation, Deregulation, and Tax Reduction Act of 1992 -
Amendments of Internal Revenue Code of 1986
Repeal of Taxes on Capital Gains
Amends the Internal Revenue Code to exclude net capital gain from gross income.
Repeal of Estate, Gift, and Inheritance Taxes
Repeals the imposition of tax on the transfer of estates, the transfer of property by gift, and certain generation-skipping transfers. Prohibits a State or political subdivision from imposing any inheritance tax.
Trade Relations With and Response to Trade Practices of Certain Trading Partners
Amends the Trade Act of 1974 to require the United States Trade Representative (USTR), if he or she determines that U.S. goods and services do not receive reciprocal treatment in the markets of a nation because of tariffs or other trade barriers, to:
(1) determine the monetary amount lost by exporters of such goods and services due to the lack of such reciprocal treatment; and
(2) restrict the importation into the United States of goods and services exported by such nation to offset the lost amount.
Directs the USTR to determine annually, based on the national trade estimates, for each nation that trades with the United States, whether it is:
(1) maintaining open markets for U.S. goods and services;
(2) refraining from government subsidies or other unfair trade practices; and
(3) extending reciprocal treatment to U.S. goods and services.
Requires the USTR to report annually to the Congress on action taken against any nation based on the aforementioned determinations.
Extension of Ban on New Regulations; Use of Line-Item Veto
Makes the President's 90-day moratorium on new unnecessary regulations applicable to the one-year period beginning on the date of enactment of this Act. Expresses the sense of the Congress that: (1) the question of whether the President has line-item veto authority remains unanswered; and (2) in order to allow the courts to answer this question about the scope of such authority, the President should use the line-item veto.
Legislation and Regulations Required to Include Certain Analyses
Amends the Congressional Budget Act of 1974 to require the Congressional Budget Office to prepare a five-year analysis of each reported bill or resolution and submit to the reporting committee:
(1) an estimate of the job creation or loss that would result from carrying out such bill or resolution;
(2) an estimate of its effect on the Federal deficit; and
(3) an estimate of its effect on domestic oil and gas production.
Directs the head of each Federal agency, for each proposed rule for which notice is required to be published in the Federal Register, to:
(1) prepare an analysis and estimate of the economic costs and economic benefits to consumers associated with its implementation; and
(2) publish that analysis and estimate in the Federal Register with the notice.
Oil and Gas Production
Arctic Coastal Plain Domestic Energy Leasing
Arctic Coastal Plain Domestic Energy Leasing Act of 1992 - Directs the Secretary of the Interior to implement a competitive oil and gas leasing program for the Coastal Plain Study Area of the Arctic National Wildlife Refuge. States that this Act shall be considered the primary land management authorization for all exploration and production activities on the Coastal Plain. Provides that no land management review shall be required except as specifically authorized by this Act. Mandates that all receipts from sales, rentals, bonuses, and royalties on leases under this Act be deposited into the Treasury. Directs the Secretary to promulgate regulations to ensure that oil and gas exploration and transportation activities are conducted to achieve the reasonable protection of animal and environmental resources (including subsistence uses of the Coastal Plain). States that the "Arctic National Wildlife Refuge, Alaska, Coastal Plain Resource Assessment," prepared by the Secretary, satisfies all legal requirements for such promulgation and that no further studies or assessments shall be required.
Directs the Secretary to provide impact aid and other assistance to communities on the North Slope and elsewhere in Alaska in order to ensure the public services needed to accommodate oil and gas production and transportation activities on the Coastal Plain.
Tax Incentives for Oil and Natural Gas Exploration and Production
Amends the Internal Revenue Code (IRC) to allow as an income tax credit 15 percent of:
(1) any qualified investment in crude oil and natural gas exploration activities; and
(2) the qualified cost of each barrel of eligible crude oil (marginal production credit).
Declares that intangible drilling and development costs with respect to oil and gas wells shall also apply to surface casting costs and geological and geophysical costs for ascertaining the existence, location, extent or quality of domestic oil or gas deposits (thus qualifying them for deduction).
Repeals the taxable income limitation on oil and gas well depletion allowances.
Defines tar sands for IRC purposes.
Removes from the alternative minimum tax purview oil and gas well depletion allowances and intangible drilling costs.
Declares that the tax treatment with respect to mineral sharing arrangements shall be determined without regard to Revenue Ruling 77-176.
Repeal of Certain Laws
Repeals the Davis-Bacon Act (an Act which requires that the locally prevailing wage rate be paid to various classes of laborers and mechanics working under federally-financed or federally-assisted contracts for construction, alteration, and repair of public buildings or public works). Repeals the Americans with Disabilities Act of 1990. Requires laws of the United States to be applied as if such Act (and amendments) had never been enacted.
Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to remove the limitation on the amount of outside income which a beneficiary may earn without incurring a reduction in benefits.
Directs the President to establish an advisory Committee on Privatization and Deregulation. Requires the Committee to examine activities of Federal agencies to:
(1) determine the economic costs and economic benefits of those activities;
(2) determine for each of those activities whether their economic benefits exceed their economic costs; and
(3) determine and recommend which of those activities could be plausibly and more economically conducted by the private sector.
Amends the Federal Election Campaign Act of 1971 to allow employees within a labor organization's bargaining unit to elect dues withholding for political purposes.
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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