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.
The FY1998 budget resolution provided for a revenue reconciliation act and an omnibus spending reconciliation act.
Observation: The Conference Committee's Statement of the Managers for the Revenue Reconciliation Act of 1990, p.
Bureaucratic requirements for the credits, enacted in the 1997 Revenue Reconciliation Act, were controversial from the start, as community colleges sought to soften rules requiring them to report detailed information on students and their parents.
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.
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.
then offered an amendment that would have repealed the tax increase on Social Security benefits included in the Revenue Reconciliation Act of 1993.
Many home building companies are reevaluating their S corporation status in the face of higher individual income tax rates in the 1993 Revenue Reconciliation Act.
The Revenue Reconciliation Act of 1993 aims many of its tax increases at "wealthy" taxpayers.
On August 4, House Ways and Means Committee Chairman Dan Rostenkowski introduced to Congress the Revenue Reconciliation Act of 1989.
These additional cash dividends, which are taxable under the Internal Revenue Code, may include long-term capital gains as well as ordinary income arising from gains upon the sale of securities held for one year or less and, pursuant to the Revenue Reconciliation Act of 1993, market discount realized upon the sale of securities.
The reduction in the top tax rate on capital gains to 15% by the Jobs and Growth Tax and Revenue Reconciliation Act of 2003, makes ISOs more valuable than ever to employees who meet the applicable holding periods and for companies to attract and retain talent.