Revenue Reconciliation Act of 1993


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Revenue Reconciliation Act of 1993

Legislation created to reduce the federal budget deficit by cutting spending and increasing taxes.

Revenue Reconciliation Act of 1993

Legislation in the United States that raised certain taxes on certain income, including on some entitlements like Social Security. It was part of the broader Omnibus Budget Reconciliation Act of 1993, which raised taxes and cut some government spending in order to reduce the federal deficit. The Act came out of a theory that large deficits lead to inflation; this theory was rejected by both New Deal liberals and supply-side economics conservatives, both of whom believed that deficits are relatively unimportant. While the theory behind the Act remains controversial, it led to a projected budget surplus toward the end of the 1990s.
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Under the Revenue Reconciliation Act of 1993, commercial real estate must be depreciated over a period of 39 years using straight-line depreciation, meaning that a commercial building must be depreciated by an equal amount every year of its useful life.
Also, the Revenue Reconciliation Act of 1993 (RRA' 93) adds to the tax relief offered by IRC Sec 108.
The Revenue Reconciliation Act of 1993 allows real estate professionals, who spend the majority of their time engaged in real estate activities, to avoid the passive loss limitations.
Revenue Ruling rev'g reversing RRA Revenue Reconciliation Act of 1993 SBJPA Small Business Job Protection Act of 1996 Sec.
3 million due to a change in federal tax laws under the Revenue Reconciliation Act of 1993.
The Revenue Reconciliation Act of 1993 added section 7701(l) to the Internal Revenue Code.
then offered an amendment that would have repealed the tax increase on Social Security benefits included in the Revenue Reconciliation Act of 1993.
The Revenue Reconciliation Act of 1993 aims many of its tax increases at "wealthy" taxpayers.
197, enacted as part of the Revenue Reconciliation Act of 1993 (RRA), includes in the definition of a "Sec.
The Revenue Reconciliation Act of 1993 inadvertently reduced the dollar thresholds for post-1992 years, preventing many taxpayers from taking a larger interest exclusion; however, the 1996 act retroactively corrected this drafting error.
One of the more significant elements of the debate over passage of the Revenue Reconciliation Act of 1993 dealt with the retroactive effective dates of certain tax provisions of the law.
4 million of additional taxes due to a one-time catch-up adjustment to reflect the increased corporate tax rate mandated by the Revenue Reconciliation Act of 1993.