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CRS851003EPWpage19
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CRS851003EPWpage19
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in such areas. §§/ . The National Direct Student Loan program is currently the only major Federal student loan program under which recipients are receiving debt cancellation for professional employment. 22/ In fiscal year 1984, over 53,000 individuals §§/ Committee on Finance. Tax Reform Act of 1976. Senate Report no. 94-938. p. 430. 22/0 While Federal health professions student loan programs may offer debt
CRS851003EPWpage18
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thani one percent of their proceeds were used directly or indirectly for nongovernmental purposes. In addition, arbitrage rules would be tightened, arbitrage rebates would be required, and advance refundings prohibited. Q1] Q1] President of the United~5tates. The President's Tax Proposals to the Congress for Fairness, Growth, and Simplicity. May, 1985. pp. 282-292. Among other things
CRS851003EPWpage12
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. (1.103-l) Not all local school districts may qualify under this provi- sion. £2] Sec. 103(n)(7). £9] For an overview of Internal Revenue Code provisions pertaining to the taxation of State and local government obligations and how they would be changed by various tax reform proposals, see Joint Committee on Taxation, "Tax Refonm Proposals: Tax Treatment of State and Local Government Bonds
CRS851003EPWpage11
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-8... Under the President's tax proposals, the exclusion for certain prizes and awards would be terminated except to the extent that recipients designate that s they go to tax-exempt charitable organizations. $1] ll] President of the United States. NThe President's Tax Proposals to the Congress for Fairness, Growth, and Simplicity. p. 59.
CRS851003EPWpage14
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for such bonds. In addition, sec. 625 mandates two studies of these bonds. 22/ Sec. 103(n). The aggregate volume of student loan bonds and industrial development bonds that may be issued in any one year is limited for each State to to the greater of $200 million or $150 for every State resident ($100 for every such resident after 1986). Some exceptions are provided. Under sec. 7(a) of the Student Loan
CRS851003EPWpage16
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arbitrage restrictions in the Tax Reform Act of 1969, P.L. 9l-172. In its report on that legislation, the Senate Committee on Finance stated the following: glj Some State and local governments have misused their tax exemption privilege by engaging in arbitrage transactions in which the funds from the tax-exempt issues are employed to purchase higher yielding Federal or other obligations the interest
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CRS851003EPWpage38
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. Discussions of tax issues pertaining to sec. 403(b) plans are in David S. Dunkle, Guide to Pension and Profit-Sharing Plans (McGraw-Hill, 1984), chap. 11, and William F. Heller, Tax Deferred Annu- ities of Exempt Organizations, [in] Tax-Exempt Organizations (Prentice—Hall, 1977), vol. 1, pp. 3147-3158-B. 29/ Contributions may also be made to custodial accounts with investment companies. 21/ Salary reduction
CRS851003EPWpage39
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report on the Employee Retirement Income Security Act of 1974 (P. L. 93-406), House 0 report no. 93-1280, pp. 345-346. 22/ Except for custodial accounts with investment companies, from which most distributions prior to age 59 and 1/2 are prohibited.
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firm offering such annuities, the Teachers Insurance and Annuity Association, reports that in 1984 some 800,000 persons made contributions totaling approximately $2.5 billion to its plans. 192/ No estimate is available of the revenue reduction due to tax provisions pertaining to see. 403(b) plans. 0For‘all_employer-supported pension plans (most of which would not be sec. 403(b) plans), the fiscal
CRS851003EPWpage36
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on cigars (P.L. 86-779). 29] In part the provision was designed to assist families that took Indian children into their homes during the school year but not for an §2/ The payments "shall be treated as amounts paid for use of the organi- zation." ‘ 29/ Congressional Record, vol. lO6, part 13, p. 18063.
CRS851003EPWpage37
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except for "temporary absences...due to special circumstances." (sec. 1.152-l(b)) For a discussion of the intent of the legislation, see the statement of Rep. Dixon explaining a separate bill that was introduced earlier in the second session of the 86th Congress, Congressional Record, vol. 106, part 5, p. 5679- gg/ Church of Latter—Day Saints Social Services Office estimate. Programs
CRS851003EPWpage41
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- 19;] In general, distributions would_have to7begin no later than the April lst following the year in which the recipient attains the age of 70 and 1/2; from then on, they would have to complv with minimum payment schedules. Early distri- butions (before age 59 and 1/2, d~ath, or disability) would be subject to a re- capture tax of 20 percent, reduced to 10 percent if the distribution were used
CRS851003EPWpage42
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-financed property. 108/ These and other requirements are specified in sec. 5l4(c)(9)(B). 109/ Committee on Finance. Deficit Reduction Act of 1984. Senate print no. 98-169. vol. 1. pp. 848-850. ‘
CRS851003EPWpage43
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-42- It was estimated that extending the exception for taxation of property ac- quired or improved by debt-financing to educational institutions and affiliated organizations would reduce fiscal year 1985 budget receipts by $46 million. llO/ The President's tax proposals do not discuss this provision; llgf Ibid., p. 850. The estimate was made for a provision in the Senate amendment to H. R
Social service programs
Title
Social service programs: Reagan administration's FY 1988 budget proposal
Date
1987
Summary
The Reagan Administration has requested a $2.2 billion "generic appropriation" to cover a variety of social service programs that have previously been funded by the Congress on a program-specific basis. This paper briefly describes this proposal, presents background information on the programs that would be affected, and discusses possible effects of the proposal.
Sheltered workshops for the handicapped
Title
Sheltered workshops for the handicapped: Background information and pending legislation
Date
1985
Summary
Sheltered workshops serve the dual functions of rehabilitation training facility and employment opportunity for handicapped individuals. The Federal Government certifies sheltered workshops to pay subminimum wages and purchases commodities and services from workshops under a special procurement program. This paper discusses these Federal programs and pending legislation regarding sheltered workshops.
Social security and medicare coverage of employees of state and local governments
Title
Social security and medicare coverage of employees of state and local governments
Date
1986
Summary
This paper describes the conditions under which employees of State and local governments are covered by social security and medicare.
Sources of state tax revenues in individual states by major type and rate of tax as of january 1, 1984
Title
Sources of state tax revenues in individual states by major type and rate of tax as of january 1, 1984
Date
1984
Special supplemental food program for women, infants and children (WIC)
Title
Special supplemental food program for women, infants and children (WIC): Description, history and data
Date
1986
Summary
The special supplemental food program for Women, Infants and Children (WIC) provides monthly food supplements to low-income pregnant and postpartum women, and infants and children who are determined to be at health risk because of nutrition-related problems. Created in 1972, this food program was designed to blend the nutritious benefits of food with health care during critical times of growth and development. This report describes the program and its history and evolution. It also provides current and historical data on funding and participation.

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