[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 372 Introduced in House (IH)]
103d CONGRESS
1st Session
H. R. 372
To establish a program to stimulate the United States economy.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
January 5, 1993
Ms. Snowe introduced the following bill; which was referred jointly to
the Committees on Public Works and Transportation, Small Business, Ways
and Means, Armed Services, Foreign Affairs, and Science, Space, and
Technology
_______________________________________________________________________
A BILL
To establish a program to stimulate the United States economy.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. AUTHORIZATION OF APPROPRIATIONS FOR ECONOMIC DEVELOPMENT
ADMINISTRATION PROGRAMS.
The Public Works and Economic Development Act of 1965 (42 U.S.C.
3121 et seq.) is amended by adding at the end the following new title:
``TITLE XI--AUTHORIZATION OF APPROPRIATIONS
``SEC. 1101. FISCAL YEAR 1993.
``There is authorized to be appropriated to carry out titles I, II,
III, VII, IX, and X $200,000,000 for fiscal year 1993.''.
SEC. 2. INCREASE IN SMALL BUSINESS ADMINISTRATION 1993 PROGRAM LEVELS.
Section 20(g) of the Small Business Act (15 U.S.C. 631 note) is
amended by adding at the end the following new paragraph:
``(5) Effective beginning on the date of the enactment of
this paragraph, each program level authorized by this
subsection is increased by 50 percent.''.
SEC. 3. TAX CREDIT TO EMPLOYERS FOR WAGES PAID TO INDIVIDUALS HIRED
WITHIN 1 YEAR AFTER ENACTMENT.
(a) In General.--Section 51 of the Internal Revenue Code of 1986
(relating to targeted jobs credit) is amended by adding at the end
thereof the following new subsection:
``(l) Economic Recovery Hiring Incentives.--
``(1) In general.--Every individual hired within 1 year
after the date of the enactment of this subsection shall be
treated as a member of a targeted group.
``(2) Increased credit.--In the case of individuals hired
within 1 year after the date of the enactment of this
subsection--
``(A) subsection (a) shall be applied by
substituting `50 percent' for `40 percent',
``(B) subsections (b)(3) and (h)(1)(A) shall be
applied by substituting `$10,000' for `$6,000', and
``(C) subsection (h)(1)(B) shall be applied by
substituting `$833.33' for `$500'.''
(b) Effective Date.--The amendments made by this section shall
apply to individuals who begin work for the employer after the date of
the enactment of this Act.
SEC. 4. TAX-FREE WITHDRAWALS FROM INDIVIDUAL RETIREMENT ACCOUNTS TO
PURCHASE OR REFINANCE A HOME.
(a) In General.--Subsection (d) of section 408 of the Internal
Revenue Code of 1986 (relating to tax treatment of distributions from
individual retirement accounts and annuities) is amended by adding at
the end thereof the following new paragraph:
``(8) Distributions to purchase or refinance a home.--
``(A) In general.--In the case of a qualified
residence distribution--
``(i) the amount of such distribution shall
not be includible in gross income, and
``(ii) section 72(t) shall not apply.
``(B) Qualified residence distribution.--For
purposes of this paragraph--
``(i) In general.--The term `qualified
residence distribution' means any payment or
distribution during the 1-year period beginning
on the date of the enactment of this paragraph
from an individual retirement plan to an
individual to the extent that the amount
thereof is used within a reasonable period to
pay qualified acquisition or refinancing costs
with respect to a principal residence for such
individual.
``(ii) Qualified acquisition or refinancing
costs.--The term `qualified acquisition costs'
means the costs of acquiring, constructing, or
reconstructing a residence. Such term includes
any usual or reasonable settlement, financing
or refinancing, or other closing costs.
``(iii) Principal residence.--The term
`principal residence' has the same meaning as
when used in section 1034.''
(c) Effective Date.--The amendments made by this section shall
apply to payments and distributions made after the date of the
enactment of this Act.
SEC. 5. DELAY IN OBLIGATIONS OF CERTAIN DEFENSE, FOREIGN ASSISTANCE,
SPACE, AND ENERGY RESEARCH PROGRAMS.
Notwithstanding any other provision of law, no funds may be
obligated--
(1) during fiscal year 1993--
(A) in excess of $100,000,000 for any contract to
carry out the M1 Abrams Tank program;
(B) in excess of $4,157,075,000 to carry out the
space flight, spacecraft control, and communications
activities of the National Aeronautics and Space
Administration;
(C) in excess of $988,789,000 to carry out the
general science and research activities of the
Department of Energy in accordance with the Department
of Energy Organization Act; and
(D) in excess of $900,000,000 to carry out the
provisions of chapter 10 of part I of the Foreign
Assistance Act of 1961; and
(2) during the period beginning on the date of the
enactment of this Act and ending on September 30, 1993--
(A) for any contract to carry out the V-22 aircraft
Osprey program; and
(B) to carry out the functions of the Inter-
American Foundation in accordance with section 401 of
the Foreign Assistance Act of 1969 and section 9104 of
title 31, United States Code.
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