CONTENTS ADMINISTRATION WITNESS PUBLIC WITNESSES Altman Foundation, William Morris, Esq......... American Association of Community & Junior Colleges and Association of American Council for Capital Formation, Mark A. Bloomfield, executive di- rector American Institute of Certified Public Accountants, Herbert J. Lerner, chair- American Legion, Joseph E. Miller, Jr., assistant director, National Legisla- Apache Corp., Edwin E. Cain, vice president, Government relations... Archer, Hon. William, a U.S. Representative from Texas....... Association of Junior Leagues, Inc., Sandra Crawford, director of public Bloomfield, Mark A., executive director, American Council for Capital Forma- Brumley, I. Jon. president Southland Royalty Co..... Cain, Edwin E., vice president, Government relations, Apache Corp.. Chromy, John, member of the board of directors, VOLUNTEER, the National Conkling, Gary, manager of Government relations, Tektronix, on behalf of the Oregon Community College Association....... Crawford, Sandra, director of public policy, Association of Junior Leagues, El Pomar Foundation, William J. Hybl, president.... Greenfield, Dr. Richard K., Chancellar, St. Louis Community College....... Hybl, William J., president, El Pomar Foundation...... Independent Service Co., Inc., Paul F. Overgaard, vice president.. Jonsson, Greg, vice president and counsel, United States Business & Industri- Mikulski, Hon. Barbara, a U.S. Representative from Maryland. Miller, Joseph E., Jr., assistant director, National Legislative Commission, the Moorhead, Dwight C., vice chairman of the board, Petro-Lewis Corp........ Morris, William, Esq., on behalf of the Altman Foundation. Newton, Wayne, on behalf of the Association of Community Colleges and Overgaard, Paul F., vice president, Independent Service Co., Inc... Petro-Lewis Corp., Dwight C. Moorhead, vice chairman of the board. Southland Royalty Co., I. Jon Brumley, president.. United States Business & Industrial Council, Greg Jonsson, vice president and counsel...... VOLUNTEER, the National Center for Citizens Involvement, John Chromy, Wyden, Hon. Ron, a U.S. Representative from Oregon........... ADDITIONAL INFORMATION Prepared statement of Hon. William Archer. Prepared statement of Hon. Barbara Mikulski Text of bills S. 108, S. 1464, S. 1549, S. 1579, and S. 1600. Description of bills S. 108, S. 1464, S. 1549, S. 1579, and S. 1600 by the Joint Study by the AICPA entitled "Implementing Indexation of the Tax Laws" Prepared statement of Greg Jonsson ............. Prepared statement of Ms. Sandra Crawford. Prepared statement of Joseph E. Miller, Jr Letters and documents introduced by Mr. Miller Prepared statement of John Chromy. Prepared statement of Hon. Ron Wyden.. Prepared statement of Gary Conkling. Prepared statement of Wayne Newton.. Prepared statement of Dr. Richard K. Greenfield.. Prepared statement of William J. Hybl Prepared statement of John S. Burke....... Letter from Arthur Young & Co......... Prepared statements of Dwight C. Moorhead and Bert Murphy Prepared statement of I. Jon Brumley Prepared statement of Paul F. Overgaard. Prepared statement and additional comments of Edwin E. Cain.. National Association of Meal Programs.... National Institute for Entrepreneurial Technology Page 1983-84 Miscellaneous Tax Bills-IV MONDAY, AUGUST 1, 1983 U.S. SENATE, SUBCOMMITTEE ON TAXATION AND DEBT MANAGEMENT, Washington, D.C. The committee met, pursuant to notice, at 9:32 a.m. in room SD215, Dirksen Senate Office Building, Hon. William L. Armstrong (chairman) presiding. Present: Senators Armstrong, Grassley, Long and Matsunaga. [The press release announcing the hearing, the text of bills S. 108, S. 1464, S. 1549, S. 1579 and S. 1600, the Joint Committee on Taxation's description and the prepared written statement of Senator Armstrong follow:] [Press Release No. 83-160] FINANCE SUBCOMMITTEE ON TAXATION AND DEBT MANAGEMENT SETS HEARING ON FIVE MISCELLANEOUS TAX BILLS Senator Bob Packwood, Chairman of the Subcommittee on Taxation and Debt Management, announced today that a hearing will be held on Monday, August 1, 1983, on five miscellaneous tax bills. r The hearing will begin at 9:30 a.m., with an afternoon session beginning at 2:00 p.m., in Room SD-215 of the Dirksen Senate Office Building. The following legislative proposals will be considered: S. 1600.-Introduced by Senator Armstrong. S. 1600 would adjust for inflation the tax basis of certain corporate stock and real property for purposes of determining capital gains. S. 1579.-Introduced by Senator Armstrong. S. 1579 would make the mileage allowance for tax deductions for the use of a private automobile in providing services to charities equal to the mileage allowance for tax deductions for business use of an automobile. S. 108.-Introduced by Senator Grassley for himself and others. S. 108 would increase tax incentives for corporate charitable contributions of vocational edcuation equipment and provide new tax incentives for other corporate assistance to vocational education programs. S. 1464.-Introduced by Senators Armstrong and Hart. S. 1464 would amend the Tax Reform Act of 1969 with respect to application of the private foundation excess business holding provisions to the El Pomar Foundation of Colorado Springs, Colorado. S. 1549.-Introduced by Senator Armstrong for himself and others. S. 1549 would permit individual retirement accounts, qualified retirement trusts, and certain educational organizations to invest in working interests in oil and gas properties without incurring unrelated business taxable income. (1) 1 Bo i moted by the Senate and Souse of Represento2 bank of Un Crated States of America in Compress assembled, 4 598 1. CONTRIBUTIONS OF PROPERTY USED IN VOCA 4 ६ TIONAL EDUCATION PROGRAMS. W IN GENERAL-Bubsection (e) of section 170 of the 6 Internal Revenue Code of 1954 (relating to certain contribu 2 1 tions of ordinary income and capital gain property) is amend2 ed by adding at the end thereof the following new paragraph: 3 "(5) SPECIAL RULE FOR CONTRIBUTIONS OF 4 5 6 7 8 9 10 PROPERTY USED IN CERTAIN VOCATIONAL EDUCA TION PROGRAMS. “(A) LIMIT OR REDUCTION.-In the case of a postsecondary vocational education contribution, the reduction under paragraph (1)(A) shall be no greater than the amount determined under paragraph (3)(B). "(B) POSTSECONDARY VOCATIONAL EDUCATION CONTRIBUTION.-For purposes of this paragraph, the term 'postsecondary vocational education contribution' means a charitable contribution of tangible personal property but only if— "(i) such contribution is to a public community college or public technical institute (within the meaning of section 742(b) of the Higher Education Act of 1965 (20 U.S.C. 1132e-1)) or any other institution of higher education (within the meaning of section 1201(a) of such Act (20 U.S.C. 1141)), "(ii) substantially all of the use of such property by the donee is for training students |
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