[ERRATA]

[JOINT COMMITTEE PRINT]

DESCRIPTION AND ANALYSIS OF CERTAIN TAX PROVISIONS EXPIRING IN 1994 AND 1995

SCHEDULED FOR HEARINGS

90-419

BEFORE THE

SUBCOMMITTEE ON OVERSIGHT

OF THE

HOUSE COMMITTEE ON WAYS AND MEANS

ON MAY 9 AND 10, 1995

PREPARED BY THE STAFF

OF THE

JOINT COMMITTEE ON TAXATION

MAY 8, 1995

U.S. GOVERNMENT PRINTING OFFICE
WASHINGTON: 1995

For sale by the U.S. Government Printing Office
Superintendent of Documents, Congressional Sales Office, Washington, DC 20402

ISBN 0-16-047129-X

JCS-8-95

ERRATA FOR JCS-8-95

DESCRIPTION AND ANALYSIS OF CERTAIN TAX PROVISIONS EXPIRING IN 1994

AND 1995

On page 19, in the sixth line, the two references to "1996" should be
"1969." The sixth line should read as follows:

In the Tax Reform Act of 1969 ("1969 Act"), Congress adopted

CONTENTS

INTRODUCTION

I. SUMMARY

II. DESCRIPTION AND ANALYSIS OF CERTAIN EXPIRING TAX

PROVISIONS

A. Tax Provisions Scheduled for May 9 Hearing

1. Targeted jobs tax credit

2. Exclusion for employer-provided educational

assistance

3. Orphan drug tax credit ....

4. Contributions of publicly traded stock to pri-

vate foundations

5. FUTA exemption for temporary alien agricul-

tural workers

6. Tax credit for producing fuel from

nonconventional source

(III)

a

7. Transportation fuels tax exemption for com-

mercial aviation

B. Tax Provisions Scheduled for May 10 Hearing

1. Tax credit for research and experimental ex-

penses

2. Allocation of research expenses to U.S. and

foreign income

INTRODUCTION

This pamphlet,1 prepared by the staff of the Joint Committee on Taxation, provides a description and analysis of certain tax provisions that expired in 1994 and of certain tax provisions scheduled to expire in 1995. The Subcommittee on Oversight of the House Committee on Ways and Means has scheduled public hearings on certain expiring tax provisions on May 9-10, 1995.

Part I of the pamphlet is a summary listing of the tax provisions for the May 9-10 Subcommittee on Oversight hearings. Part II is a description and analysis of the tax provisions for the Subcommittee hearings. The May 9 Subcommittee hearing will focus on seven expired and expiring tax provisions: (1) targeted jobs tax (sec. 51); (2) exclusion for employer-provided educational assistance (sec. 127); (3) orphan drug tax credit (sec. 28); (4) contributions of publicly-traded stock to private foundation (sec. 170(e)(5)); (5) FUTA exemption for temporary alien agricultural workers (sec. 3306(c)(1)); (6) nonconventional fuels tax credit (sec. 29); and (7) transportation fuels tax exemption for commercial aviation (sec. 4092(b)(2)). The May 10 Subcommittee hearing will focus on: (1) tax credit for research and experimental expenses (sec. 41); and (2) allocation and apportionment of research expenses to U.S. and foreign income (sec. 864(f)).

1 This pamphlet may be cited as follows: Joint Committee on Taxation, Description and Analysis of Certain Tax Provisions Expiring in 1994 and 1995 (JCS-8-95), May 8, 1995.