Omnibus Budget Reconciliation Act of 1990/Title XI

TITLE XI — REVENUE PROVISIONS

Sec. 11001. Short Title; Etc.

(a) Short Title.—

This title may be cited as the ``Revenue Reconciliation Act of 1990´´.

(b) Amendment of 1986 Code.—

Except as otherwise expressly provided, whenever in this title an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1986.

(c) Section 15 Not to Apply.—

Except as otherwise expressly provided in this title, no amendment made by this title shall be treated as a change in a rate of tax for purposes of section 15 of the Internal Revenue Code of 1986.

(d) Table of Contents.—

TITLE XI—REVENUE PROVISIONS

Sec. 11001. Short Title; Etc.

Subtitle A — Individual Income Tax Provisions

Part I — Provisions Affecting High-Income Individuals

Sec. 11101. Elimination of provision reducing marginal tax rate for high-income taxpayers.

Sec. 11102. Increase in rate of individual alternative minimum tax.

Sec. 11103. Overall limitation on itemized deductions.

Sec. 11104. Phaseout of personal exemptions.

Part II — Modifications of Earned Income Credit

Sec. 11111. Modifications of earned income tax credit.

Sec. 11112. Requirement of identifying number for certain dependents.

Sec. 11113. Study of advance payments.

Sec. 11114. Program to increase public awareness.

Sec. 11115. Exclusion from income and resources of earned income tax credit under titles IV, XVI, and XIX of the Social Security Act.

Sec. 11116. Coordination with refund provision.

Subtitle B — Excise Taxes

Part I — Taxes Related to Health and the Environment

Sec. 11201. Patent and Trademark Office User Fees.

Sec. 11202. Federal Agency Status.

Sec. 11203. Effect on Other Law.

Part II — User-Related Taxes

Sec. 11211. Increase and extension of highway-related taxes and trust fund.

Sec. 11212. Improvements in administration of gasoline excise tax.

Sec. 11213. Increase and extension of aviation-related taxes and trust fund; repeal of reduction in rates.

Sec. 11214. Increase in harbor maintenance tax.

Sec. 11215. Extension of Leaking Underground Storage Tank Trust Fund taxes.

Sec. 11216. Amendments to gas guzzler tax.

Sec. 11217. Telephone excise tax modified and made permanent.

Sec. 11218. Floor stocks tax treatment of articles in foreign trade zones.

Part III — Taxes on Luxury Items

Sec. 11221. Taxes on Luxury Items.

Part IV — 4-Year Extension of Hazardous Substance Superfund

Sec. 11231. 4-Year Extension of Hazardous Substance Superfund.

Subtitle C — Other Revenue Increases

Part I — Insurance Provisions

subpart a — provisions related to policy acquisition costs

Sec. 11301. Capitalization of policy acquisition expenses.

Sec. 11302. Treatment of certain nonlife reserves of life insurance companies.

Sec. 11303. Treatment of life insurance reserves of insurance companies which are not life insurance companies.

subpart b — treatment of salvage recoverable

Sec. 11305. Treatment of salvage recoverable.

subpart c — waiver of estimated tax penalties

Sec. 11307. Waiver of estimated tax penalties.

Part II — Compliance Provisions

Sec. 11311. Suspension of statute of limitations during proceedings to enforce certain summonses.

Sec. 11312. Accuracy-related penalty to apply to section 482 adjustments.

Sec. 11313. Treatment of persons providing services.

Sec. 11314. Application of amendments made by section 7403 of Revenue Reconciliation Act of 1989 to taxable years beginning on or before July 10, 1989.

Sec. 11315. Other reporting requirements.

Sec. 11316. Study of section 482.

Sec. 11317. 10-year period of limitation on collection after assessment.

Sec. 11318. Return requirement where cash received in trade or business.

Sec. 11319. 5-year extension of Internal Revenue Service user fees.

Part III — Corporate Provisions

Sec. 11321. Recognition of gain by distributing corporation in certain section 355 transactions.

Sec. 11322. Modifications to regulations issued under section 305(c).

Sec. 11323. Modifications to section 1060.

Sec. 11324. Modification to corporation equity reduction limitations on net operating loss carrybacks.

Sec. 11325. Issuance of debt or stock in satisfaction of indebtedness.

Part IV — Employment Tax Provisions

Sec. 11331. Increase in dollar limitation on amount of wages subject to hospital insurance tax.

Sec. 11332. Coverage of certain State and local employees under social security.

Sec. 11333. Extension of FUTA surtax.

Sec. 11334. Deposits of payroll taxes.

Part V — Miscellaneous Provisions

Sec. 11341. Increase in rate of interest payable on large corporate underpayments.

Sec. 11342. Denial of deduction for unnecessary cosmetic surgery.

Sec. 11343. Special rules where grantor of trust is a foreign person.

Sec. 11344. Treatment of contributions of appreciated property under minimum tax.

Subtitle D — 1-Year Extension of Certain Expiring Tax Provisions

Sec. 11401. Allocation of research and experimental expenditures.

Sec. 11402. Research credit.

Sec. 11403. Employer-provided educational assistance.

Sec. 11404. Group legal services plans.

Sec. 11405. Targeted jobs credit.

Sec. 11406. Energy investment credit for solar and geothermal property.

Sec. 11407. Low-income housing credit.

Sec. 11408. Qualified mortgage bonds.

Sec. 11409. Qualified small issue bonds.

Sec. 11410. Health insurance costs of self-employed individuals.

Sec. 11411. Expenses for drugs for rare conditions.

Subtitle E — Energy Incentives

Part I — Modifications of Existing Credits

Sec. 11501. Extension and modification of credit for producing fuel from nonconventional source.

Sec. 11502. Credit for small producers of ethanol; modification of alcohol fuels credit.

Part II — Enhanced Oil Recovery Credit

Sec. 11511. Tax credit for enhanced oil recovery.

Part III — Modifications of Percentage Depletion

Sec. 11521. Percentage depletion permitted after transfer of proven property.

Sec. 11522. Net income limitation on percentage depletion increased from 50 percent to 100 percent of property net income for oil and gas properties.

Sec. 11523. Increase in percentage depletion allowance for marginal production.

Part IV — Minimum Tax Treatmen

Sec. 11531. Special energy deduction for minimum tax.

Subtitle F — Small Business Incentives

Part I — Treatment of Estate Tax Freezes

Sec. 11601. Repeal of section 2036(c).

Sec. 11602. Special valuation rules.

Part II — Disabled Access Credit

Sec. 11611. Credit for cost of providing access for disabled individuals.

Part III — Other Provisions

Sec. 11621. Review of impact of regulations on small business.

Sec. 11622. Graphic presentation of major categories of Federal outlays and income.

Subtitle G — Tax Technical Corrections

Sec. 11700. Coordination with other subtitles.

Sec. 11701. Amendments related to Revenue Reconciliation Act of 1989.

Sec. 11702. Amendments related to Technical and Miscellaneous Revenue Act of 1988.

Sec. 11703. Miscellaneous amendments.

Sec. 11704. Miscellaneous clerical changes.

Subtitle H — Repeal of Expired or Obsolete Provisions

Part I — Repeal of Expired or Obsolete Provisions

subpart a — general provisions

Sec. 11801. Repeal of expired or obsolete provisions.

Sec. 11802. Miscellaneous provisions.

subpart b — modifications to specific provisions

Sec. 11811. Elimination of expired provisions in section 172.

Sec. 11812. Elimination of obsolete provisions in section 167.

Sec. 11813. Elimination of expired or obsolete investment tax credit provisions.

Sec. 11814. Elimination of obsolete provisions in section 243(b).

Sec. 11815. Elimination of expired provisions in percentage depletion.

Sec. 11816. Elimination of expired provisions in section 29.

subpart c — effective date

Sec. 11821. Effective Date.

Part II — Provisions Relating to Studies

Sec. 11831. Extension of date for filing reports on certain studies.

Sec. 11832. Repeal of certain studies.

Sec. 11833. Modifications to study of Americans working abroad.

Sec. 11834. Increase in threshold for joint committee reports on refunds and credits.

Subtitle I — Public Debt Limit

Sec. 11901. Increase in public debt limit.