Public Laws
Public Law 100–203
Omnibus Budget Reconciliation Act of 1987
Summary
This bill included the following:
- Repealed installment sales method of accounting for dealers and vacation pay reserve.
- Tightened completed contract method of accounting.
- Reduced inter-corporate dividends received deduction.
- Accelerated corporate estimated tax payments.
- Limited employer deductible contributions to defined benefit pension plans.
- Limited mortgage interest deduction to debt less than $1 million and home equity loans of less than $100,000.
- Extended telephone excise tax, Federal Unemployment Tax Act tax (FUTA), 55 percent estate tax rate, and employer Social Security to cover cash tips.
- Increased IRS and BA TF fees.
General Information
Public Law: Pub. L. 100-203
Stat. At Large: 101 Stat. 1330
Enacted: Dec. 22, 1987
Bill Number: H.R. 3545 (100th Congress)
Report: H.Rept 100-391 Part 1; H.Rept 100-391 Part 2; H.Rept 100-495
Sponsor: Rep. Gray, William H., III [D-PA-2]
Note: OBRA 1987 was a reconciliation bill which did include certain budget provisions: “Title VIII — Budget Policy and Fiscal Procedures”.
Applicable Text of Statute
Omnibus Budget Reconciliation Act of 1987
TITLE VIII—BUDGET POLICY AND FISCAL PROCEDURES
SEC. 8001. DEFENSE AND DOMESTIC DISCRETIONARY SPENDING LIMITS.
(a) AGGREGATE ALLOCATIONS FOR DEFENSE.—The levels of budget authority and budget outlays for fiscal years 1988 and 1989 for major functional category 050 (National Defense) shall be:
(1) Fiscal year 1988:
(A) New budget authority, $292,000,000,000.
(B) Outlays, $285,400,000,000.
(2) Fiscal year 1989:
(A) New budget authority, $299,500,000,000.
(B) Outlays, $294,000,000,000.
(b) AGGREGATE ALLOCATIONS FOR DOMESTIC DISCRETIONARY SPENDING.—The levels of total budget authority and total budget outlays for fiscal years 1988 and 1989 for all discretionary spending in categories other than major functional category 050 (National Defense) shall be:
(1) Fiscal year 1988:
(A) New budget authority, $162,900,000,000.
(B) Outlays, $176,800,000,000.
(2) Fiscal year 1989:
(A) New budget authority, $166,200,000,000.
(B) Outlays, $185,300,000,000.
(c) FISCAL YEAR 1989 BUDGET RESOLUTION.—
(1) HOUSE OF REPRESENTATIVES.—The Committee on the Budget of the House of Representatives ®^ shall report a concurrent resolution on the budget for fiscal year 1989, pursuant to section 301 of the Congressional Budget Act of 1974, in accordance with the appropriate levels of budget authority and budget outlays for major functional category 050 (National Defense) and for all discretionary spending in categories other than major functional category 050 as set forth in subsections (a)(2) and (b)(2).
(2) POINT OF ORDER IN THE SENATE ON AGGREGATE ALLOCATIONS FOR DEFENSE AND DOMESTIC DISCRETIONARY SPENDING FOR FISCAL YEAR 1989.—
(A) Except as provided in subparagraph (E), it shall not be in order in the Senate to consider any concurrent resolution on the budget for fiscal year 1989 (including a conference report thereon), or any amendment to such a resolution, that would fail to be consistent with the allocations in subsections (a) and (b) for such fiscal year.
(B) Subparagraph (A) may be waived or suspended by a vote of three-fifths of the Members of the Senate, duly chosen and sworn.
(C) If the ruling of the presiding officer of the Senate sustains a point of order raised pursuant to subparagraph (A), a vote of three-fifths of the Members of the Senate, duly chosen and sworn, shall be required to sustain an appeal of such ruling. Debate on any such appeal shall be limited to two hours, to be equally divided between, and controlled by, the Majority and Minority Leaders, or their designees.
(D) For purposes of this paragraph, the levels of new budget authority, spending authority as described in section 401(c)(2), outlays, and new credit authority for a fiscal year shall be determined on the basis of estimates made by the Committee on the Budget of the Senate.
(E) This paragraph shall not apply if a declaration of war by the Congress is in effect or if a resolution pursuant to section 254(a) of the Balanced Budget and Emergency Deficit Control Act of 1985 has been enacted.
(d) ALLOCATIONS PURSUANT TO FISCAL YEAR 1989 BUDGET RESOLUTION.—(1) The allocations required to be included in the joint explanatory statement accompanying the conference report on the concurrent resolution on the budget for fiscal year 1989, pursuant to section 302(a) of the Congressional Budget Act of 1974, shall be based upon the levels set forth in subsections (a)(2) and (b)(2) of this section.
(2) The Committee on Appropriations of each House shall, after consulting with the Committee on Appropriations of the other House, make the subdivisions required under section 302(b)(1) of the Congressional Budget Act of 1974 consistent with the allocations in subsections (a)(2) and (b)(2) for fiscal year 1989.
SEC. 8002. RESTORATION OF FUNDS SEQUESTERED.
(a) ORDER RESCINDED.—Upon the enactment of this Act and House Joint Resolution 395,100th Congress,*^ IQI session, the orders issued by the President on October 20, 1987, and November 20, 1987, pursuant to section 252 of the Balanced Budget and Emergency Deficit Control Act of 1985 are hereby rescinded.
(b) AMOUNTS RESTORED.—Except as otherwise provided in sections 4001, 4041(b), and 4061, any action taken to implement the orders referred to in subsection (a) shall be reversed, and any sequesterable resource that has been reduced or sequestered by such orders is hereby restored, revived, or released and shall be available to the same extent and for the same purpose as if the orders had not been issued.
SEC. 8003. TECHNICAL AMENDMENTS TO THE CONGRESSIONAL BUDGET ACT OF 1974.
(a) REFERENCES IN SECTION.—Except as otherwise specifically provided, whenever in this section an amendment is expressed in terms of an amendment to or repeal of a section or other provision, the reference shall be considered to be made to that section or other provision of the Congressional Budget and Impoundment Control Act of 1974.
(b) REVISION OF TABLE OF CONTENTS.—Section 1(b) is amended by striking “Disapproval of proposed deferrals” and inserting “Proposed deferrals’.
(c) REDESIGNATION OF SUBPARAGRAPH HEADINGS.—Section 3(7) (as amended by section 106(a) of the Balanced Budget and Emergency Deficit Control Reaffirmation Act of 1987) is amended by— (1) striking section 3(7)(C);
(2) redesignating section 3(7)(D) as 3(7)(C);
(3) redesignating section 3(7)(E) as 3(7)(D);
(4) redesignating section 3(7)(F) as 3(7)(E);
(5) redesignating section 3(7)(G) as 3(7)(F);
(6) redesignating section 3(7)(H) as 3(7)(G); and (7) redesignating section 3(7)(1) as 3(7)(H).
(d) GRAMMATICAL CLARIFICATION OF SECTION 305(c).—Section 305(c) (as amended by section 209 of the Balanced Budget and Emergency Deficit Control Reaffirmation Act of 1987) is amended by inserting a comma after “therewith”.
(e) SUBSTITUTION OF “PROPOSED” FOR “MADE” WITH REGARD TO AMENDMENTS IN COMMITTEE.—Section 252(c)(2)(F)(ii) of the Balanced Budget and Emergency Deficit Control Act of 1985 (as amended by section 102(a) of the Balanced Budget and Emergency Deficit Control Reaffirmation Act of 1987) is amended by striking “made” and inserting “proposed”.
(f) CLARIFICATION OF BUDGET BASELINE.—Section 251(a)(6)(B) of the Balanced Budget and Emergency Deficit Control Act of 1985 (as amended by section 102(a) of the Balanced Budget and Emergency Deficit Control Reaffirmation Act of 1987) is amended by striking out “and” before “contract authority” and by inserting before the semicolon at the end thereof the following: “, and that authority to provide insurance through the Federal Housing Administration Fund is continued”.
SEC. 8004. PREPARATION OF PRINTED ENROLLED BILL.
(a) PREPARATION OF PRINTED ENROLLMENT.—(1) Upon the enactment of this Act enrolled as a hand enrollment, the Clerk of the House of Representatives shall prepare a printed enrollment of this Act as in the case of a bill or joint resolution to which sections 106 and 107 of title 1, United States Code, apply. Such enrollment shall be a correct enrollment of this Act as enrolled in the hand enrollment.
(2) A printed enrollment prepared pursuant to paragraph (1) may, in order to conform to customary style for printed laws, include corrections in spelling, punctuation, indentation, type face, and type size and other necessary stylistic corrections to the hand enrollment. Such a printed enrollment shall include notations (in the margins or as otherwise appropriate) of all such corrections.
(b) TRANSMITTAL TO PRESIDENT.—A printed enrollment prepared pursuant to subsection (a) shall be signed by the presiding officers of both Houses of Congress as a correct printing of the hand enrollment of this Act and shall be transmitted to the President.
(c) CERTIFICATION BY PRESIDENT; LEGAL EFFECT.—Upon certification by the President that a printed enrollment transmitted pursuant to subsection (b) is a correct printing of the hand enrollment of this Act, such printed enrollment shall be considered for all purposes as the original enrollment of this Act and as valid evidence of the enactment of this Act.
(d) ARCHIVES.—A printed enrollment certified by the President under subsection (c) shall be transmitted to the Archivist of the United States, who shall preserve it with the hand enrollment. In preparing this Act for publication in slip form and in the United States Statutes at Large pursuant to section 112 of title 1, United States Code, the Archivist of the United States shall use the printed enrollment certified by the President under subsection (c) in lieu of the hand enrollment.
(e) HAND ENROLLMENT DEFINED.—As used in this section, the term “hand enrollment” means enrollment in a form other than the printed form required by sections 106 and 107 of title 1, United States Code, as authorized by the joint resolution entitled “Joint resolution authorizing the hand enrollment of the budget reconciliation bill and of the full-year continuing resolution for fiscal year 1988”, approved December 1987 (H.J. Res. 426 of the 100th Congress).
SEC. 8005.ASSET SALES.
In the fiscal year 1989 budget process. Congress commits to pass legislation sufficient to achieve the budget summit agreement of $3,500,000,000 of asset sales in fiscal year 1989.
Legislative History
Date | Actions Overview |
12/22/1987 | Became Public Law No: 100-203. |
12/22/1987 | Signed by President. |
12/22/1987 | Presented to President. |
12/22/1987 | Conference report agreed to in Senate: Senate agreed to conference report by Yea-Nay Vote. 61-28. |
12/21/1987 | Conference report agreed to in House: House Agreed to Conference Report by Yea-Nay Vote: 237 – 181. |
12/21/1987 | Conference report filed: Conference Report 100-495 Filed in House. |
12/14/1987 | Conference committee actions: Conference held. |
12/11/1987 | Resolving differences — House actions: House Disagreed to Senate Amendments by Unanimous Consent. |
12/11/1987 | Passed/agreed to in Senate: Passed Senate in lieu of S. 1920 with an amendment by Voice Vote. |
10/29/1987 | Passed/agreed to in House: Passed House (Amended) by Yea-Nay Vote: 206 – 205. |
10/26/1987 | House Committee on The Budget Reported an Original Measure. Report No: 100-391 (Part II). |
10/26/1987 | House Committee on The Budget Reported an Original Measure. Report No: 100-391 (Part I). |
10/26/1987 | Introduced in House |
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