H.R. 4717 (97th): Miscellaneous Revenue Act of 1982

Introduced:
Oct 07, 1981 (97th Congress, 1981–1982)
Status:
Signed by the President
Slip Law:
This bill became Pub.L. 97-362.
Sponsor
Edgar “Ed” Jenkins
Representative for Georgia's 9th congressional district
Party
Democrat
Text
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Last Updated
Oct 25, 1982
Length
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Status

This bill was enacted after being signed by the President on October 25, 1982.

Progress
Introduced Oct 07, 1981
Referred to Committee Oct 07, 1981
Reported by Committee Dec 09, 1981
Passed House Dec 15, 1981
Passed Senate with Changes Dec 16, 1981
Conference Report Agreed to by Senate Oct 01, 1982
Signed by the President Oct 25, 1982
 
Full Title

An act to reduce the amount of LIFO recapture in the case of certain plans of liquidation adopted during 1982, to make adjustments in the net operating loss carryback and carryforward rules for the Federal National Mortgage Association, and for other purposes.

Summary

No summaries available.

Cosponsors
none
Committees

House Ways and Means

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

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

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.


10/1/1982--Conference report filed in House.
(Conference report filed in House, H. Rept. 97-929) Miscellaneous Revenue Act of 1982 -
Title I - Tax Provisions
Amends the Crude Oil Windfall Profit Tax Act of 1980 to delay until December 31, 1982, the effective date of the requirement that in cases of corporate liquidations a corporation inventorying goods under the last-in, first-out (LIFO) method of accounting treat the LIFO recapture amount with respect to distributed inventory assets as ordinary income.
Exempts the first $1,000,000 from such recapture requirements provided the liquidation plan is completed before January 1, 1984.
Amends the Internal Revenue Code to provide a ten year carryback and a five year carryover of that portion of the net operating loss of the Federal National Mortgage Association (FNMA) which exceeds the FMNA mortgage disposition loss (excess of losses over gains from the sale of mortgages and other debt instruments to the extent of the net operating loss for the taxable year in which the excess occurs).
Permits the reinvestment of proceeds from the sale or exchange of a radio or television broadcasting station required to effectuate policies of the Federal Communications Commission (FCC) in a newspaper without the loss of preferential tax treatment (i.e.
nonrecognition of the gain from such sale or exchange as an involuntary conversion).
Qualifies shale oil equipment, including hydrogenation or similar equipment, but excluding refining equipment, for the investment tax credit.
Revises the formula for computing annuity payments for surviving spouses of Tax Court judges.
Increases annuities payable to surviving spouses and dependents of Tax Court judges in accordance with salary increases.
Provides retroactive adjustments to annuities paid after December 31, 1963.
Allows special trial judges to hear cases involving certain excise taxes, if the deficiency involved is not more than $5,000.
Allows judges of the Tax Court to orally state and to record in the transcript of the proceeding, their findings of fact or opinion on the issues presented.
Designates judges who are retired as "senior judges." Eliminates the requirement that an employer furnish to an individual whose employment has terminated before the close of the calendar year a wage and withholding statement upon the last payment of remuneration.
Requires an employer to furnish a statement within 30 days upon receipt of a written request by such employee.
Permits the withholding, pursuant to a voluntary agreement, of State income taxes from the wages of a seaman employed in the coastwise trade between ports in the same State. Reduces the excise tax on wagers and the occupational tax on persons engaged in the business of accepting wagers or any person authorized under State law (or in the case of the occupational tax, under local law as well) to accept wagers.
Title II - Other Provisions
Restores unemployment benefits for members of the armed forces who:
(1) were separated under honorable conditions; and
(2) have completed the first full term of active service they agreed to serve.
Allows benefits to service members who are separated prior to completion of their initial terms if separated:
(1) for the convenience of the Government;
(2) because of medical disqualification;
(3) because of hardship; or
(4) because of personality disorder or inaptitude after 365 continuous days of service.
Requires a four week waiting period between the week in which the individual is separated from service and the week in which he becomes entitled to compensation.
Limits an eligible ex-service member's benefits to 13 weeks.
Requires that unemployment compensation paid to ex-service members be charged to the Department of Defense. Amends the Economic Recovery Tax Act of 1981 to extend for one year the exemption from Federal unemployment taxes of the services of fishing boat crew members whose remuneration for such services is a share of the boat's catch and where the crew is less than ten individuals.
Amends the Omnibus Budget Reconciliation Act of 1981 to change the effective date of group eligibility requirements for adjustment assistance under the Trade Act of 1974.

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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