SUMMARY AS OF:
6/15/1999--Introduced.
TABLE OF CONTENTS:
- Title I: Tax Reform
- Title II: Natural Resources
- Subtitle A: General Provisions
- Subtitle B: Revenue From Mining Claims
- Subtitle C: Use or Disposal of Federal Natural Resources
Corporate Welfare Elimination Act of 1999 - Title I: Tax Reform -
Termination of Energy and Natural Resource Tax Subsidies Act of 1999 - Amends
the Internal Revenue Code to repeal or terminate the following: (1) the
expensing of intangible drilling and development costs and of mining exploration
and development costs; (2) the credit for producing fuel from a nonconventional
source; (3) the percentage depletion deduction for mines, oil and gas wells,
other natural deposits, and timber; (4) tax benefits for alcohol fuels; (5) the
enhanced oil recovery credit; (6) the credit and deduction for electric
vehicles, clean-fuel vehicles, and certain refueling property; (7) the deduction
for tertiary injectants; (8) the rehabilitation credit for non-historic
structures (reduces such credit for certified historic structures); (9) the
provisions concerning the treatment of Blue Cross and Blue Shield Organizations;
(10) the small life insurance company deduction; (11) the alternative tax on
small property and casualty insurance companies; (12) provisions permitting
farming businesses to use the cash method of accounting; (13) the deduction for
soil and water conservation expenditures; (14) the deduction for expenditures by
farmers for fertilizer, etc.; (15) certain exceptions permitting farm businesses
to use the cash method of accounting; (16) the exclusion for the cancellation of
qualified farm indebtedness; (17) the exclusion for certain cost-sharing
payments; (18) the reforestation credit; (19) the rapid amortization of
reforestation expenditures; (20) the exclusion of certain income of citizens or
residents living abroad; (21) the exclusion for income of foreign sales
corporations; (22) the deferral of income of controlled foreign corporations;
(23) the deferral of tax under the Merchant Marine Capital Construction Fund;
(24) the special treatment for magazine circulation expenditures; and (25) the
special treatment for returns of magazines, paperbacks, and records.
Title II: Natural Resources - Public Resources Deficit Reduction Act
of 1999 - Subtitle A: General Provisions -Prohibits any timber, minerals,
forage, or other natural resources owned by the United States and any federally
owned water, or hydroelectric energy of a Federal facility from being sold,
leased, or otherwise disposed of by any Federal entity for less than fair market
value.
(Sec. 212) Authorizes the Secretaries of the Interior and Agriculture to
establish and collect user fees as necessary to reimburse the United States for
expenses incurred in administering programs.
(Sec. 213) Requires the revenues from the sale, lease, and transfer of
Federal assets to be included in the President's budget submission to Congress.
Subtitle B: Revenue from Mining Claims - Requires the holders of
mining claims to pay an annual claim maintenance fee of $100 per claim per
calendar year. Allows the waiver of such fee for holders of more than ten
claims.
(Sec. 223) Requires claimholders to pay a royalty of eight percent of gross
income for production of locatable minerals on Federal lands.
(Sec. 224) Amends the Internal Revenue Code to impose an excise tax on gross
income resulting from the severance of any locatable mineral, or mineral
concentrates or products, from a mine or other natural deposit. Makes such tax
inapplicable to gross income to which a royalty is imposed.
(Sec. 225) Establishes the Abandoned Locatable Minerals Mine Reclamation Fund
for the reclamation and restoration of land and water resources adversely
affected by past mineral activities on Federal lands. Credits the royalties and
excise tax under this title to such Fund.
(Sec. 226) Prohibits the issuance of a patent for any mining claim unless the
Secretary of the Interior determines that, for the claim concerned: (1) a patent
application was filed before January 27, 1995; and (2) all requirements are met
under the Revised Statutes for vein or lode claims and for placer claims.
(Sec. 227) Requires the Secretary to adjust all dollar amounts under this
title for changes in purchasing power every ten years, employing the Consumer
Price Index as the basis for adjustment.
Subtitle C: Use or Disposal of Federal Natural Resources - Amends the
Federal Land Policy Management Act of 1976 to direct the Secretary of
Agriculture, with respect to National Forest lands in the 16 contiguous Western
States, and the Secretary of the Interior, with respect to public domain lands,
where domestic livestock grazing is permitted under applicable law, to establish
an annual domestic livestock grazing fee equal to fair market value, based on a
specified formula.
Sets forth provisions regarding: (1) abolition of grazing advisory boards;
and (2) the U.S. share of receipts.
(Sec. 232) Amends the National Forest Management Act of 1976 to prohibit
below-cost timber sales from National Forest System Lands.
(Sec. 233) Amends the Forest and Rangeland Renewable Resources Planning Act
of 1974 to require the Secretary of Agriculture in revising land management
plans to take into account the economic suitability of lands for timber
production.
(Sec. 234) Amends the Food Security Act of 1995 and the Federal Crop
Insurance Act to provide for the reduction of payment limitations for persons
who receive Federal irrigation water for agricultural purposes.
(Sec. 237) Amends the Emergency Livestock Feed Assistance Act of 1988 to
repeal the livestock feed assistance program.
(Sec. 238) Amends the Mineral Leasing Act to require that oil and gas rental
prices for leases on public lands be established at fair market value.
(Sec. 239) Requires that permits for the use of communications sites on
public lands be established at fair market prices.