H.R. 4333 · 100th Congress · enacted
Technical and Miscellaneous Revenue Act of 1988
Became Public Law No: 100-647.
Latest official action 1988-11-10 · Enacted
The bill, briefly
(Reported to House from the Committee on Ways and Means with amendment, H. Rept. 100-795) Miscellaneous Revenue Act of 1988 - Title I: Technical Corrections to Tax Reform Act of 1986 - Makes a technical adjustment to an assessment rule applicable when the owner of a large amount of cash is not identified. Revises the rate of the accumulated earnings tax on corporations from a variable rate based on income below and in excess of $100,000 to a flat 28 percent of accumulated taxable income. Makes a technical amendment relating to the exemption of certain individuals from the requirement to file an income tax return. States that reimbursement by a third party (rather than by an employer) shall not affect the permissibility of the tax deduction for reimbursed employee expenses. Revises the definition of "exempt function" in the context of taxation of political organizations. Amends Internal Revenue Code (IRC) and Social Security Act provisions relating to nonresident aliens temporarily in the United States for the purpose of studying at vocational or other recognized nonacademic institutions. Deletes provisions describing the treatment of Social Security benefits for purposes of defining earned income. Amends provisions relating to the two percent floor on miscellaneous itemized deductions to: (1) add provisions concerning the coordination of such limitation with the limitation on…
Congressional Research Service · 1988-07-26
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Amount spent specifically on this bill: not disclosed
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Politicians behind the bill
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What happened after enactment?
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