Description of Proposal By Chairman Rostenkowski Relating to Child Care And the Earned Income Tax Credit, Expiring Tax Provisions, Medicare Catastrophic Insurance Provisions, And Certain Other Revenue Provisions : for Consideration By the Committee On Way
Description of Proposal By Chairman Rostenkowski Relating to Child Care And the Earned Income Tax Credit, Expiring Tax Provisions, Medicare Catastrophic Insurance Provisions, And Certain Other Revenue Provisions : for Consideration By the Committee On Way
United States. Congress. Joint Committee On Taxation
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Explanation of Proposal The authority to issue small-issue bonds would be extended for two years (through December 31, 1991). Effective Date The proposal would be effective on the date of enactment . - 13 - 5. Business Energy Tax Credits Present Law Nonrefundable business energy tax credits of 10 percent are allowed for geothermal and business solar energy property. These tax credits are scheduled to expire after December 31, 1989. The expiration date for these credits was extended from Decembe...r 31, 1988, to December 31, 1989, in the Technical and Miscellaneous Revenue Act of 1988. Earlier, these tax credit rates were extended through 1988 in the Tax Reform Act of 1986. Explanation of Proposal The nonrefundable 10-percent energy credits for business solar energy and geothermal property would be extended for two years, through December 31, 1991, at the present 10-percent tax credit rate. Effective Date The proposal would apply to taxable years beginning after December 31, 1989. - 14 - B.
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