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S 1498 102th Congress Senate Taxation Capital investments Depreciation and amortization Depressed areas Dislocated workers Employment tax credits Housing and Community Development Income tax Layoffs Military bases Real property Rental housing Tax credits Tax deductions Tax-exempt securities

Base Community Recovery Act of 1991

Introduced: July 18, 1991 See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 18, 1991
Read twice and referred to the Committee on Finance.
Jul 18, 1991
Introduced in Senate
 Plain-English summary Congressional Research Service

Base Community Recovery Act of 1991 - Amends the Internal Revenue Code to treat any former employee of a Federal military installation whose job was terminated by reason of its closing or realignment as a member of a targeted group for purposes of the target jobs credit allowed to employers.

Allows such employees a terminated employee tax credit of up to ten percent of wages attributable to private employment within the base closure region for one year.

Reduces the depreciation recapture rate for businesses that acquire buildings on such bases, and increases the amount which may be expensed for the cost of new equipment placed in service.

Prescribes the treatment of qualified base closure bonds by: (1) making termination dates for qualified small issue bonds inapplicable to them; (2) not taking into account certain capital expenditures; and (3) increasing the State ceiling on the volume cap.

What's happening now July 18, 1991

Read twice and referred to the Committee on Finance.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Republican 1