Directs the Secretary of Agriculture to make advance deficiency payments available for the 1987 crops of wheat, feed grains, upland cotton, and rice.
Requires the percentage of the projected payment rate used in computing such payments to be not less than 40 percent for wheat and feed grains and 30 percent for rice and upland cotton.
Expresses the sense of the Congress that the Secretary of Transportation, in order to improve aviation safety, should increase the number of qualified air traffic controllers to a specified level consistent with the number employed before 1981, expand the Federal Aviation Administration's (FAA) workforce for inspection and enforcement of aircraft operations, maintenance, and reporting procedures, and consider restricting air traffic at certain FAA-controlled airports or limiting the certification of new airlines.
Directs the Secretary to report to the Congress within 90 days on proposed actions and required additional funding to increase air traffic safety staffing levels.
Amends the Internal Revenue Code to repeal the windfall profit tax on domestic crude oil with respect to oil removed from the premises after October 1, 1987.
Provides that reports required on oil removed from the premises shall not apply after enactment of this Act unless the wellhead price of domestic crude oil reaches or exceeds the tier one base price under the Crude Oil Windfall Profit Tax Act of 1980.
Amends the Congressional Budget Act of 1974 to provide that it shall not be in order for the House of Representatives or the Senate to consider any resolution for adjournment sine die unless action has been completed on the concurrent resolution on the budget required to be reported for the fiscal year beginning on October 1 of such year and on any required reconciliation bill or resolution.
Cost-of-Living-Adjustment-Reform Act of 1986 - Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to replace the requirement that there be at least a three-percent rise in the Consumer Price Index before a cost-of-living adjustment of benefits is made with a requirement that such an adjustment be made whenever the cost of living increase is greater than zero.
Exempts from Federal, State, or local taxation any income derived by an Indian from fishing and any activities conducted by any Indian in connection with fishing, if the rights of such Indian to fish are provided for by any Federal law, regardless of whether such rights are limited to subsistence or commercial fishing.
Requires the Secretary of Agriculture to report to the Congress annually on food bank special nutrition projects.
Amends the Internal Revenue Code to allow a charitable contribution deduction to farmers who donate agricultural products to assist victims of a drought, flood, or other natural disaster.
Provides that the amount of the deduction shall equal the wholesale market value of such agricultural product.
Denies the foreign tax credit for taxes paid to any country:
(1) the government of which the United States does not recognize, unless such government is eligible to purchase defense articles or services under the Arms Export Control Act;
(2) with respct to which the United States has severed, or does not conduct, diplomatic relations; or
(3) which the Secretary of State has designated as repeatedly providing support for acts of international terrorism.
Denies the income tax deferral of a U.S. shareholder's share of the income of a foreign controlled corporation derived from any such country.
Disapproves and declares null and void as of June 6, 1986, a District of Columbia law entitled the Prohibition of Discrimination in the Provision of Insurance Act of 1986.
Amends the Balanced Budget and Emergency Deficit Control Act of 1985 to revise alternative sequestration procedures.
Requires the sequestration reports of the Comptroller General, in the event that any sequestration reporting procedures under such Act are invalidated, to be transmitted to the Speaker of the House and the President of the Senate, who shall refer the report to the Temporary Joint Committee on Deficit Reduction. (Current law requires the joint OMB-CBO report to be transmitted directly to the Committee.) Sets forth a revised timetable for initial and revised sequestration reports and orders under such alternative procedures.
Authorizes the Committee to report a joint resolution affirming as law any sequestration order issued by the President and rendered invalid by the invalidation of sequestration reporting procedures.
Disapproves the uranium enrichment criteria submitted to the Congress on July 24, 1986, pursuant to the Atomic Energy Act of 1954.
Prohibits the Secretary of Energy from implementing such criteria.
Exempts certain Federal benefits payable in calendar years 1987 through 1991 and cost-of-living adjustments therein from modification, suspension, or reduction pursuant to a presidential sequestration order.
Prohibits the President, in the annual Federal budget transmitted to the Congress, from recommending actions to increase the borrowing authority of the United States or to increase the public debt limit for a fiscal year by more than the maximum deficit amount for that year.
Authorizes the Secretary of Treasury to suspend the investment of amounts in the Civil Service Retirement and Disability Fund (Fund) if necessary to ensure that the public debt is not exceeded.
Requires any Fund amounts which are not invested solely by reason of the public debt to be invested as soon as such investments can be made without exceeding such limit.
Directs the Secretary, upon the expiration of any debt limit impact period, to:
(1) issue to the Fund obligations to replicate the amount of holdings the Fund would have had if the debt limit impact period had not occurred; and
(2) pay to such Fund an amount equal to the interest such Fund failed to earn because of redemptions, disinvestments, or the lack of investments during a debt limit impact period solely by reason of the public debt limit.
Authorizes the Secretary to sell or redeem invested assets of the Fund only to make authorized Fund payments, even if the Fund holds amounts not invested by reason of the public debt, to the extent necessary to ensure timely payments.
Requires the Secretary to:
(1) report to the Congress and the Comptroller General on the operation and status of the Fund during each debt limit impact period; and
(2) notify the Congress when Fund amounts can not be invested by reason of the public debt limit.
Directs the Secretary of Agriculture, through the Commodity Credit Corporation, to reimburse farmers and ranchers for up to 80 percent of their costs of transporting hay between July 1, 1985, and June 1, 1986, as a result of a national disaster caused by flood, excessive moisture, or drought.
Requires the Secretary to make deficiency payments based on 100 percent (currently, 40 percent) of the projected payment rate for 1986 crops of wheat, feed grains, upland cotton, and rice which farmers were prevented from planting because of flood, heavy rains, excessive moisture, or drought.
Expresses the sense of the Congress that:
(1) the Secretary should instruct the Farmers Home Administration to defer loan repayments and forgo foreclosures for farmers and ranchers who are unable to make loan payments as a result of drought disaster in 1985 or flood disaster in 1986; and
(2) Farm Credit System lending institutions and commercial lending institutions are encouraged to adopt lenient lending, forbearance, and foreclosure policies and to participate with Federal and State lenders in assistance programs for ranch and farm borrowers who are under financial stress as a result of such disasters.
Expresses the sense of the Senate that the Secretary should:
(1) institute a marketing loan program or a producer option payment program for soybeans; and
(2) maintain the formula price support loan rate for soybeans at $5.02 per bushel.
Amends the Small Business Act to increase (from $1,050,000,000 to $1,200,000,000) for FY 1986 the authorized level of surety bond guarantees that the Small Business Administration can offer to small businesses under the Surety Bond Guarantee Program. Amends the Agricultural Act of 1949 to direct the Secretary of Agriculture, in determining the payment rate for price support payments for the 1986 wheat crop, to use the national weighted average market price per bushel of wheat received by producers during the first five months of the marketing year.
Amends the Social Security Act to direct the Managing Trustee of the OASDI trust funds to pay from each fund to the Treasury for allocation to Fiscal Service the estimated amounts which will be expended during a three-month period for the nonpersonnel costs of the administration of title II (Old Age, Survivors and Disability Insurance) of such Act. Amends the Balanced Budget and Emergency Deficit Control Act of 1985 to exempt from any benefit reduction under such Act the dual benefits payments account in the Treasury (60-0111-0-1-601) pertaining to certain railroad retirement benefits.
Applies such exemption to fiscal years beginning FY 1987.
Directs the General Accounting Office to:
(1) study the budgetary treatment of user fees in the Patent and Trademark Office and the Copyright Office and report to the Congress on how such budgetary treatment and user fee policy may affect the proper administration of patent, copyright, and trademark laws; and
(2) include in such study an examination of offsetting collections credited to appropriation accounts, offsetting receipts, and governmental receipts dedicated to trust funds under the Balanced Budget and Emergency Deficit Control of 1985, an identification of the spending that is supported by such collections and receipts, and a discussion of the treatment of such spending under a sequestration order.