High Value Economic Growth Act of 1992

High Value Economic Growth Act of 1992 - Title I: Economic Growth Incentives - Amends the Internal Revenue Code to allow a first-time homebuyer who purchases a principal residence a tax credit of ten percent of the purposes price of such residence. Limits the credit to $5,000. Requires married individuals filing jointly to both be first-time homebuyers. Makes this credit applicable to residences acquired after February 1, 1992, and before January 1, 1993, or for which a binding contract is entered into during such period.

Allows an additional depreciation deduction of 15 percent of the adjusted basis of equipment: (1) for which the original use commences with the taxpayer on or after February 1, 1992; (2) which is acquired by the taxpayer on or after February 1, 1992, and before January 1, 1993; and (3) which is placed in service before July 1, 1993. Requires such deduction to be taken in the taxable year after the year property was placed in service.

Allows the special deduction in computing the alternative minimum tax.

Allows penalty free-withdrawals from qualified retirement plans during 1992 for: (1) the acquisition costs of a principal residence of a first-time homebuyer who is the taxpayer or the child or grandchild of the taxpayer; or (2) the purchase of a new passenger automobile.

Excludes certain rental real estate activities from treatment as a passive activity for purposes of determining passive activity losses and credits.

Modifies exceptions to the exclusion of real property acquired by a qualified organization from the meaning of acquisition indebtedness. Makes certain exceptions inapplicable to sales out of foreclosure by a financial institution.

Applies the meaning of acquisition indebtedness to investments in certain large partnerships where the principal purpose of partnership allocations is not tax avoidance.

Repeals the special rule for publicly traded partnerships with respect to the treatment of unrelated business taxable income.

Title II: Revenue Offsets - Subtitle A: General Provisions - Amends the Higher Education Technical Amendments of 1991 to eliminate the statute of limitations on the collection of guaranteed student loans.

Increases the base tax rate on ozone-depleting chemicals. Eliminates the different rates for initially listed chemicals and newly listed chemicals.

Requires dealers in stock or securities to use the mark to market inventory accounting methods.

Disallows interest on overpayments when certain refunds have been made.

Subtitle B: Electromagnetic Spectrum Function - Emerging Telecommunications Technologies Act of 1992 - Directs the Secretary of Commerce and the Chairman of the Federal Communications Commission (FCC), at least semiannually, to conduct joint spectrum planning meetings with respect to: (1) future spectrum needs; (2) the spectrum allocations necessary to accommodate those needs; and (3) actions necessary to promote the efficient use of the spectrum. Directs the Secretary and the Chairman to report annually to the President on the joint spectrum planning meetings and any resulting recommendations.

Directs the Secretary to submit to the President a report identifying bands of frequencies that: (1) are allocated on a primary basis for Federal 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 needs of the Government; (3) can feasibly be made available during the next fifteen years for use under the Act for non-Government users; (4) will not result in excessive losses to the Government in relations to benefits that may be obtained through non-Government users; and (5) are likely to have significant value for non-Government users under the Act. Sets forth criteria for identifying, and recommending for reassignment, such frequencies.

Requires the Secretary to submit to the President a report which makes a preliminary identification of reallocable bands of frequencies.

Directs the Secretary to convene a private sector advisory committee to: (1) revise the bands of frequencies identified in the preliminary report; (2) advise the Secretary with respect to the bands of frequencies which should be included in the final report; (3) receive public comment on the reports; and (4) prepare and submit such report.

Directs the advisory committee to submit to the Secretary, the FCC, and specified congressional committees recommendations for the reform of the process of allocating the electromagnetic spectrum between Federal and non-Federal use.

Directs the Secretary, as part of the final report, to include a time-table for the effective dates by which the President shall, within 15 years, withdraw or limit assignments on frequencies specified in the report. Directs the President, after receiving the final report from the Secretary, to: (1) withdraw or limit the assignment to a Government station of any frequency which such report recommends for reallocation; (2) withdraw or limit the assignment to a Government station of any frequency which such report recommends to be reallocated or made available for 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 all such actions taken. Authorizes the President to substitute alternative frequencies in the interest of national security, important Governmental needs, public health or safety, or Federal financial considerations.

Provides for the reimbursement to non-Government licensees, or non-Government entities operating on behalf of a Government licensee, for the incremental costs directly attributable to the loss of the use of the frequency reassigned or otherwise limited under this Act. Authorizes appropriations to provide such reimbursements.

Directs the FCC, at specified intervals, to: (1) complete a public notice and comment proceeding regarding the allocation of the initial spectrum to be reassigned, and to formulate a plan to assign such spectrum pursuant to competitive bidding procedures; and (2) complete a public notice and comment proceeding, and prepare and report to the President a plan for the distribution under the Act, of the frequency bands reallocated pursuant to this Act. Amends the Communications Act of 1934 to officially authorize the FCC to assign the frequencies reallocated from Government to non-Government use under this Act. Makes certain frequency reassignments available only to the extent provided in appropriations Acts.

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

Directs the FCC to use competitive bidding procedures during spectrum reallocation pursuant to this Act. Outlines other procedures to be followed by the FCC with regard to permits and licenses relating to such frequency reallocation awards.

Outlines specified instances when competitive bidding procedures shall not be required.

Subtitle C: Other Provisions - Amends Federal law to extend provisions regarding lump sum withdrawal of retirement contributions for civil service retirees from October 1995 to October 1996.

Amends the Omnibus Budget Reconciliation Act of 1990 to extend the collection of Patent and Trademark Office user fees from 1995 to 1996. Establishes the amount to be collected in 1996.

Amends the Consolidated Omnibus Budget Reconciliation Act of 1985 to provide an extension of customs user fees from 1995 to 1996.

Amends the Internal Revenue Code to extend the requirement for information returns on veterans benefits from September 30, 1992, until September 30, 1998.

Revises military law with respect to housing loan default procedure to take into account losses sustained on the resale of property.

Amends the Social Security Act and Federal law to apply certain Medicare limits to the Federal Employee Health Benefits Program for enrollees aged 65 or older.