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Bryan, L. Thomas, Jr., chairman, Committee on Capital Availability for Re-
search and Development, New England Council, Inc.
Makers Association and the Semiconductor Industry Association, Larry R.
Harris, Richard D., manager, Information Management Policy and Productiv-
ity, Xerox Corp., on behalf of the Rochester tax council...
behalf of the Coalition of Service Industries
Knight Foundation, Jan W. Baran, Esq
Co., on behalf of the Computer and Business Equipment Manufacturers
ductor Industry Association ...
Moore, Wayne, R., president and chief executive officer, Moore Special Tool
Co., Inc., on behalf of the National Machine Tool Builders' Association .......
Way of America...
Capital Availability for Research and Development....
ciation, Stanley I. Bregman...
ernment relations........ Wellington, Roger, chairman and chief executive officer, Augat, Inc., on
behalf of the American Electronics Association Zschau, Hon. Ed, a U.S. Representative from California..
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Committee press release .....
Opening statement of Senator Durenberger.....
Opening statement of Senator Wallop....
Opening statement of Senator Mitchell
Description of S. 1758, S. 1857, and S. 2165 by the Joint Committee on
51 64 84
Prepared statement of Congressman Ed Zschau
American Car Rental Association......
the Scientific Apparatus Makers Association, and the Semiconductor Indus
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290 307 310 328 332 348 366 436 443 451 455 479 490 493 503 510 513 538 544 546 549 551 553
Prepared statement of the National Machine Tool Builders' Association..
Page 376 395 427
PROPOSALS RELATING TO FOUNDATIONS, HIGH
TECHNOLOGY, AND DEPRECIATION
FRIDAY, FEBRUARY 24, 1984
U.S. SENATE, SUBCOMMITTEE ON TAXATION AND DEBT
MANAGEMENT AND SUBCOMMITTEE ON SAVINGS, PEN-
Washington, DC. The subcommittees met, pursuant to notice, at 9:40 a.m. in room SD-215, Dirksen Senate Office Building, Senators Durenberger and Chafee (chairmen) presiding.
Present: Senators Chafee, Durenberger, Danforth, Wallop, Bentsen, and Mitchell.
[The press release announcing the hearings, background material on the bills under discussion, and the prepared statements of Senators Chafee and Wallop follow:]
[Press release No. 84-113, January 31, 1984)
FINANCE COMMITTEE SETS HEARING ON FOUNDATIONS, HIGH TECHNOLOGY AND
DEPRECIATION PROPOSALS Senator Bob Packwood, Chairman of the Subcommittee on Taxation and Debt Management, and Senator John Chafee, Chairman of the Subcommittee on Savings, Pensions, and Investment Policy, announced today that a joint hearing will be held on Friday, February 24, 1984, on proposals concerning private foundations and incentives for high technology.
The hearing will begin at 9:30 a.m. in Room SD-215 of the Dirksen Senate Office Building
The following proposals will be considered:
S. 1857.-S. 1857 is designed to increase the ability of private foundations to receive donations and use their funds for charitable purposes. The bill generally eliminates distinctions in the tax treatment of donors to private foundations and public charities. The bill also eliminates certain restrictions on the activities of donors to private foundations, and changes certain reporting and disclosure obligations of private foundations.
S. 2165.-S. 2165, the High Technology Research and Scientific Education Act of 1983, combines a number of proposals and bills pending in the Senate that deal with tax incentives designed to promote the development of new technology. The bill (1) makes the tax credit for qualified research expenses permanent, and adopts a new separate definition of qualified research for purposes of the credit; (2) adds depreciation as a qualified research expense for purposes of the credit; (3) creates a new credit for university basic research; and (4) makes the credit available for use by start-up companies and joint research ventures. The bill also expands the deduction for corporate donations of scientific equipment to certain post-secondary schools, and sets forth rules governing the exclusion from income of scholarships, grants and student loan forgiveness received by certain graduate students in scientific fields.
Immediately following the joint hearing, the Subcommittee on Taxation and Debt Management will hear testimony on S. 1758, the Accounting Cost Recovery Simplification Act of 1983, introduced by Senator Bentsen for himself and others.