Revenue Reconciliation Act of 1993

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.
Engineering an accelerated tax break on property
Also, the Revenue Reconciliation Act of 1993 (RRA' 93) adds to the tax relief offered by IRC Sec 108.
Tax aspects of real estate: Foreclosures and Insolvency
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.
Aggregating your rental activity? Be sure to tell the IRS
Revenue Ruling rev'g reversing RRA Revenue Reconciliation Act of 1993 SBJPA Small Business Job Protection Act of 1996 Sec.
Replacement Property Disposition after ESOP Sale Results in Recognition of Deferred Gain
The Revenue Reconciliation Act of 1993 added section 7701(l) to the Internal Revenue Code.
The conduit regulations: a primer
Phil Gramm (R-Tex.) then offered an amendment that would have repealed the tax increase on Social Security benefits included in the Revenue Reconciliation Act of 1993. Since these amendments were seen as equally problematic for both sides of the aisle, debate was stalled and the bill was effectively killed.
No mandate relief this year; Congress adjourns without acting; both houses ignore cities' call for action
The Revenue Reconciliation Act of 1993 ushered in a number of important income tax changes.
Tax rate compression and estate income tax planning
The Revenue Reconciliation Act of 1993 aims many of its tax increases at "wealthy" taxpayers.
Highlights of the 1993 Tax Law
197, enacted as part of the Revenue Reconciliation Act of 1993 (RRA), includes in the definition of a "Sec.
Noncompete agreement entered into contemporaneously with stock redemption
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.
IRS offers refunds for EE bonds
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.
A blast from the past: retroactivity in the Revenue Reconciliation Act of 1993
One example is the creation of empowerment zones by the Revenue Reconciliation Act of 1993. Believing that special consideration should be given to the problems of distressed urban and rural areas and that Federal tax incentives could play a role in revitalizing these economically distressed areas, Congress added Internal Revenue Code sections 1396 through 1397D; it was felt that expanding business and employment opportunities, especially for residents of those areas, could help play a part in alleviating both economic and social problems.
Empowerment zone employment credit

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