INTRODUCTION 1. S. 1857 (Senators Durenberger, Moynihan, Brad- ley, Matsunaga, Lugar, Packwood, Tsongas, D'Amato, Riegle, and Heinz): Liberalize charita- ble deduction rules for private nonoperating foundations; amendments to foundation excise a. Liberalizing charitable deduction rules..... b. Narrowing definition of family members.. c. Increasing reliance on IRS classification 2. S. 2165 (Senators Danforth, Bentsen, Chafee, Mitchell, Symms, Packwood, Wilson, Tsongas, Wallop, Pell, Dodd, and Bingaman): "High Tech- nology Research and Scientific Education Act" a. Extension of credit for increased research expenditures; modification of qualified research definition; equipment depreci- ation under credit, ACRS provisions; modification of trade or business re- b. Increased credit for corporate support of basic research at universities..... c. Expanded special deduction for transfers to universities of scientific equipment for certain research or educational pur- d. Tax treatment of payments and loan for- (III) Page 1 The bills described in this pamphlet have been scheduled for a joint hearing on February 24, 1984, before the Senate Finance Subcommittees on Taxation and Debt Management and on Savings, Pensions, and Investment Policy. The two bills scheduled for the hearing are S. 1857 (liberalize charitable deduction rules for private nonoperating foundations; amendments to foundation excise tax provisions) and S. 2165 ("High Technology Research and Scientific Education Act"). The first part of the pamphlet is a summary of the bills. This is followed in the second part by a more detailed description of the bills, including present law, explanation of provisions, and effective dates. (1) The bills described in this pamphlet have been scheduled for a joint hearing on February 24, 1984, before the Senate Finance Subcommittees on Taxation and Debt Management and on Savings, Pensions, and Investment Policy. The two bills scheduled for the hearing are S. 1857 (liberalize charitable deduction rules for private nonoperating foundations; amendments to foundation excise tax provisions) and S. 2165 ("High Technology Research and Scientific Education Act"). The first part of the pamphlet is a summary of the bills. This is followed in the second part by a more detailed description of the bills, including present law, explanation of provisions, and effective dates. (1) |