Defense Tax Rebate Act

Defense Tax Rebate Act - Title I: Individual Income Tax Provisions - Amends the Internal Revenue Code to provide tax rate reductions for all categories of taxpayers. Phases in such reductions from 1992 through 1996.

Title II: Retirement Savings Incentives - Subtitle A: Restoration of IRA Deduction - Amends the Internal Revenue Code to remove the limitations on (and thereby restoring) deductions for individual retirement accounts (IRAs). Provides a cost of living adjustment for deductible amounts.

Subtitle B: Nondeductible Tax Free IRAs - Establishes special IRAs that are nondeductible. Makes such accounts nontaxable if earnings on contributions are held for at least five years. Applies the early withdrawal penalty to distributions made before the end of the five year-period.

Title III: Penalty-Free Distributions - Provides exemptions from the ten-percent penalty on early withdrawals from individual retirement plans for: (1) first home purchases; (2) higher education expenses; and (3) financially devastating medical expenses.

Title IV: Incremental Investment Tax Credit - Provides an investment tax credit for new manufacturing and other productive equipment. Provides for determining such credit.

Title V: Repeal of the Earnings Test - Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to increase the exempt amount applicable to an individual who has attained retirement age on the outside income such individual may earn without incurring a reduction in benefits during the period 1992-1996. Repeals the earnings test in 1997 for such individuals.

Title VI: Emergency Unemployment Compensation - Establishes an emergency unemployment compensation program.

Allows any State to enter into and participate in an agreement with the Secretary of Labor (the Secretary) under which the State agency which administers the State unemployment compensation law will make payments of emergency unemployment compensation: (1) to individuals who have exhausted all rights to regular compensation under State law, have no rights to such regular compensation or any additional State or Federal compensation, and are not receiving Canadian compensation; and (2) for any week of unemployment beginning in the individual's eligibility period. Sets forth provisions relating to exhaustion of regular benefits and weekly amount of emergency benefits equal to regular benefits.

Requires a State, under such an agreement, to establish an emergency unemployment compensation account with respect to the benefit year of each eligible individual who files an application. Limits benefit payments to not more than the amount in the individual's account. Sets forth formulas for determining the amount in such account. Provides that the applicable limit in such account shall be equal to: (1) ten for a five-percent period; and (2) seven for any other period. Sets forth special rules relating to such applicable limits. Requires reduction in such account by the amount of extended benefits received by the individual relating to the same benefit year under the Federal-State Extended Unemployment Compensation Act of 1970. Sets the weekly benefit amount at the amount of regular compensation (including dependents' allowances) payable under the State law to the individual for such week for total unemployment. Provides for determination of periods and applicable triggers.

Provides, in general, that no emergency unemployment compensation shall be payable to any individual under this Act for any week beginning: (1) before the later of October 6, 1991, or the first week following the week in which an agreement under this Act is entered into; or (2) after July 4, 1992. Sets forth transition and reachback provisions for the eligibility of certain individuals for such benefits.

Provides for payments to States having such agreements for emergency unemployment compensation.

Sets forth financing provisions. Requires that funds in the extended unemployment compensation account of the Unemployment Trust Fund be used to make payments to States having agreements under this Act.

Sets forth provisions relating to fraud and overpayments.

Defines the eligibility period under this Act. Provides that in no event shall an individual's period of eligibility include any weeks after the 39th week after the end of the benefit year for which the individual exhausted rights to regular compensation or extended compensation.

Reduces the length of required Desert Storm active duty by armed forces reserves for purposes of unemployment compensation payments. Limits payment to individuals who were: (1) involuntarily separated from the armed forces; or (2) separated after being retained on active duty.

Title VII: Guaranteed Student Loans - Amends the Higher Education Act of 1965 to require in the case of Stafford Supplemental Loans for Students (SLS), and PLUS loans to parents for applicants over age 21, that the lender: (1) obtain a credit report; and (2) require a cosigner for applicants who have adverse credit histories. Requires lenders to obtain the borrower's driver's license number, if any, at the time of application for the loan.

Revises requirements for borrower information to be submitted to the institution during the exit interview.

Requires lenders to obtain the borrower's authorization for entry of judgment against the borrower in the event of default.

Provides for wage garnishment for loan collection. Authorizes a guaranty agency, or the Secretary of Education where appropriate, to garnish the disposable pay of an individual to collect the amount owed or the required repayment, subject to certain conditions.

Provides for data matching. Authorizes the Secretary to obtain from Federal or State agencies specified information relating to an individual for student loan collection purposes.

Title VIII: Electromagnetic Spectrum Function - Emerging Telecommunications Technologies Act of 1991 - Requires the Secretary of Commerce and the Chairman of the Federal Communications Commission (FCC) to conduct joint electromagnetic spectrum planning meetings with respect to: (1) future spectrum needs and the spectrum allocation actions to accommodate those needs; and (2) actions to promote the efficient use of the spectrum.

Directs the Secretary to submit reports to the President that identify frequency bands that: (1) are allocated on a primary basis for Government use and eligible for licensing pursuant to the Communications Act of 1934 (the Act); (2) are not required for the present or identifiable future Government needs; (3) can be made available for use under the Act for non-Government users; (4) are likely to have significant value for such users; and (5) will not result in excessive costs to the Government. Sets forth criteria for identifying, and recommending for reassignment or sharing of, such frequency bands. Exempts power marketing administrations and the Tennessee Valley Authority from any reallocation procedures. Requires such reports to make an initial identification of 50 MHz of spectrum for immediate reallocation and distribution by the FCC pursuant to competitive bidding procedures, and preliminary and final identifications of additional reallocable frequency bands. Directs the Department of Commerce to make available to the FCC 50 MHz of electromagnetic spectrum for allocation of land-mobile or land-mobile-satellite services.

Directs the Secretary to convene an advisory committee to: (1) review frequency bands identified in the preliminary report; (2) advise the Secretary with respect to those bands which should be included in the final report; (3) receive public comment on the reports; and (4) report to the Secretary and specified congressional committees on recommendations for the reform of allocating the spectrum between Government and non-Government users.

Directs the President to: (1) withdraw or limit the assignment to a Government station of any frequency recommended in the initial identification report for reallocation; (2) withdraw or limit the assignment to a Government station of any frequency recommended in the final report for reallocation or mixed use; (3) assign or reassign other frequencies to Government stations as necessary to adjust to such withdrawal or limitation of assignments; and (4) publish in the Federal Register a notice and description of such actions taken. Authorizes the President to substitute alternative frequencies in the interests of national defense, important Government needs, public health or safety, or Federal financial considerations.

Provides that any Government licensee, or non-Government entity operating on behalf of a Government licensee, that is displaced from a frequency pursuant to this Act may be reimbursed not more than the incremental costs it incurs, in such amounts as provided in advance in appropriation Acts, that are directly attributable to the loss of the use of the frequency pursuant to this Act. Authorizes appropriations to affected licensee agencies to cover such costs.

Directs the FCC to: (1) form a plan to assign the spectrum identified in the initial report pursuant to competitive bidding procedures during FY 1994 through 1996; and (2) submit to the President a plan for the distribution of the remaining reallocated frequency bands.

Authorizes the President to reclaim reallocated frequencies for reassignment to Government stations. Sets forth procedures for reclaiming frequencies.

Amends the Act to require the FCC to use competitive bidding for awarding all initial licenses and new construction permits, subject to specified exclusions. Outlines criteria for awarding licenses and permits under competitive bidding procedures. Prohibits licensing by lottery when competitive bidding is required.

Title IX: Repeal Recreational Vessel User Fee - Amends Federal law to repeal the recreational vessel user fee.

Title X: Reduction in Discretionary Spending - Amends the Congressional Budget Act of 1974 to reduce the discretionary spending limit for the defense and domestic categories for FY 1993. Reduces such spending in all categories for FY 1994 and 1995.