HR 2994 104th Congress House Taxation Agricultural labor Agriculture and Food Aid to dependent children Alien labor Armed Forces and National Security Biomass energy Charitable contributions Charities Clinical trials Coal Commerce Contracts Corporation taxes Crime and Law Enforcement Depressed areas Drug industry Economics and Public Finance Education Educational policy

To amend the Internal Revenue Code of 1986 to provide for the extension of certain expiring provisions.

Introduced: February 29, 1996 See on congress.gov

Everywhere this bill has been 3 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Feb 29, 1996

Referred to the House Committee on Ways and Means.

Feb 29, 1996

Sponsor introductory remarks on measure. (CR E263-264)

Feb 29, 1996

Introduced in House

Plain-English summary Congressional Research Service

Amends the Internal Revenue Code to decrease the targeted jobs credit from 40 to 35 percent of the amount of qualified first-year wages. Revises targeted group membership provisions. Excludes from the definition of wages any wages paid after: (1) December 31, 1994, and before the 60th day after enactment; or (2) December 31, 1997. Redesignates such credit the "work opportunity credit."

Extends to December 31, 1997, the: (1) exclusion from gross income of employer-provided educational assistance; (2) credit for increasing research activities; (3) orphan drug tax credit; (4) special rule concerning deductions for contributions of stock for which market quotations are readily available; and (5) exclusion from gross income of employer contributions to qualified group legal services plans.

Extends the binding contract date for biomass and coal facilities to July 1, 1997.

Extends permanently the Federal Unemployment Tax Act exemption for alien agricultural workers.

What's happening now February 29, 1996

Referred to the House Committee on Ways and Means.

Committees of jurisdiction 1