Economic Growth (Republican proposals) bill

Economic Growth and Job Creation Act of 1992 - Title I: Enhanced Economic Recovery Act of 1992 - Enhanced Economic Recovery Act of 1992 - Subtitle A: Provisions Relating to Capital Gains - Amends the Internal Revenue Code to allow a capital gains deduction for noncorporate taxpayers for assets held from one to three years. Provides special rules for the gain or loss from the sale or exchange of collectibles and sales of interest in partnerships. Disallows such deduction in computing the alternative minimum tax, except with respect to gains realized on the sale, exchange, or other disposition of a direct or indirect interest in real estate or in closely held business. Revises the formula for determining gain from the dispositions of certain depreciable realty to take into account depreciation adjustments (adjustments allowed or allowable for exhaustion, wear and tear, obsolescence, or certain amortization).

Subtitle B: Provisions Relating to Passive Losses and Depreciation - Treats the real estate development activity of a taxpayer as a single trade or business activity that is not a rental activity.

Allows an additional depreciation allowance for the purchase of new equipment as investment property after February 1, 1992, and placed in service before July 1, 1993. Reduces the basis adjustment of such property by the amount of the additional allowance. Requires application of such allowance in determining the alternative minimum tax.

Restricts the determination of adjusted current earnings for purposes of computing alternative minimum taxable income to property placed in service after 1989 and prior to February 1, 1992.

Subtitle C: Provisions Relating to Real Estate Investments by Pension Funds - Modifies exceptions to the meaning of acquisition indebtedness. Makes certain exceptions inapplicable to sales out of foreclosure by a financial institution.

Makes exceptions to acquisition indebtedness inapplicable to certain large partnerships where the principal purpose of partnership allocations is not tax avoidance. Repeals the special rule for publicly traded partnerships under provisions concerning unrelated business taxable income.

Subtitle D: Provisions Affecting Homebuyers - Allows a first-time homebuyer who purchases a principal residence a tax credit of ten percent of the purchase price, not to exceed $5,000. Limits such credit to one residence and requires acquisition on or after February 1, 1992, and January 1, 1993. Allows such credit to be carried forward for up to five years.

Allows penalty-free withdrawals from individual retirement plans for a first-home purchase. Limits such distribution to $10,000, or other applicable amount if previous distributions have been made.

Title II: Federal Insurance Accounting Act of 1992 - Federal Insurance Accounting Act of 1992 - Amends the Congressional Budget Act of 1974 to require accrual accounting to measure the cost of Federal insurance programs. Requires the Director of the Office of Management and Budget (OMB) and the Director of the Congressional Budget Office (CBO) to coordinate the development of methods of estimating the costs of Federal insurance programs.

Provides for the budgetary treatment of such programs. Prohibits the modification of an insurance program in a manner that increases its accrual cost unless budget authority for such additional cost is appropriated in advance, or is available out of existing appropriations or from other budgetary resources. Provides for the display of administrative expenses as distinct and separately identified subaccounts within the insurance program account.

Authorizes appropriations as necessary to each Federal agency authorized to conduct insurance programs to pay associated accrued and accrual costs.

Authorizes the President, in order to implement this subtitle, to establish non-budgetary accounts as appropriate.

Directs the Secretary of the Treasury to make transactions as necessary for non-budget insurance financing accounts.

Declares that the changes made by this subtitle are to be considered changes in budget concepts and definitions for purposes of the Balanced Budget And Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act).

Title III: Pension Security Act - Pension Security Act of 1992 - Subtitle A: Amendments to Pension Plan Funding Requirements - Part 1: Amendments to the Internal Revenue Code of 1986 - Amends the Internal Revenue Code to revise the additional funding requirements for pension plans that are not multiemployer plans to provide for an underfunding reduction requirement and a solvency maintenance requirement.

Part 2: Amendments to the Employee Retirement Income Security Act of 1974 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to revise the additional funding requirements for pension plans that are not multiemployer plans to provide for an underfunding reduction requirement and a solvency maintenance requirement.

Subtitle B: Amendments to Title IV of ERISA - Amends title IV (Plan Termination Insurance) of ERISA to set forth limitations on the benefits guaranteed by the Pension Benefit Guaranty Corporation (PBGC).

Revises provisions relating to: (1) enforcement of minimum funding requirements; (2) definition of contributing sponsor; (3) recovery ratio payable under PBGC guaranty; (4) distress termination criteria for banking institutions; and (5) variable rate premium exemption. Eliminates a specified seventh revolving fund and transfers its assets and liabilities to the first revolving fund (i.e. the single-employer basic benefits guaranty fund).

Subtitle C: Employer Liability, Lien and Priority - Part 1: Amendments to Title IV of the Employee Retirement Income Security Act of 1974 - Amends title IV of ERISA to revise limitations on employer liability liens and priority amounts.

Provides that, in the case of plan terminations initiated on or after January 1, 1992, the lien of the PBGC for employer liability shall be determined according to a specified formula. Makes similar revisions relating to the amount of liability to the PBGC which is entitled to priority treatment in insolvency and bankruptcy cases. Amends the Pension Protection Act with respect to bankruptcy and insolvency claims. Provides that specified amendments under this Act shall be effective as if included under the Single-Employer Pension Plan Amendments of 1986 and the Pension Protection Act.

Amends ERISA to provide for liability upon liquidation of a contributing sponsor of a single-employer plan. Makes such sponsor liable as though the plan had terminated in a distress termination, even if the sponsor's controlled group remains a contributing sponsor of the plan or is liable for payment of specified contributions or installments. Directs the PBGC to transfer such liability payments to the ongoing plans.

Part 2: Amendments to Title 11, United States Code - Amends the Federal bankruptcy code to permit the PBGC to be a member of an unsecured creditors' committee.

Revises priority payment provisions with respect to: (1) unpaid contributions to pension plans under ERISA; and (2) certain liability arising from pension plan terminations under ERISA. (Classifies these priorities as expenses as expenses arising before, or administrative expenses arising after, the commencement of the case, depending on whether such unpaid contributions are attributable, or such plan termination occurs, before or after the filing of the petition for bankruptcy.)

Amends one of specified Bankruptcy Rules to require the bankruptcy court to give the PBGC notice of a bankruptcy petition filed (and all other notices required to be served on creditors and interested parties), in any case in which the debtor or an affiliate maintains a pension plan to which title IV of ERISA applies.

Title IV: Eliminate the Statute of Limitations on the Collection of Defaulted Guaranteed Student Loans - Amends the Higher Education Technical Amendments of 1991 (Public Law 102-26) to make permanent the elimination of limitations on actions to collect defaulted student loans or grant overpayments.

Title V: Extension of Current Law Regarding Lump-Sum Withdrawal of Retirement Contributions for Civil Service Retirees - Repeals provisions under the Civil Service Retirement System, Federal Employees' Retirement System, Foreign Service Act of 1980, and Central Intelligence Agency Retirement Act of 1964 for Certain Employees providing for alternative forms of annuities.