Technical Corrections Act of 1985

Technical Corrections Act of 1985 - Title I: Technical Corrections Related to Tax Reform Act of 1984 - Part A: Amendments Related to Title I of the Act - Makes technical amendments relating to the deferral of certain tax deductions.

Makes technical amendments relating to tax-exempt entity leasing provisions.

Makes technical amendments and corrections to provisions relating to the treatment of bonds and other debt instruments.

Makes technical amendments and corrections to corporate tax provisions.

Makes technical amendments and corrections to partnership tax provisions.

Makes technical amendments and corrections to trust provisions.

Makes technical amendments and corrections to provisions relating to accounting changes.

Makes technical amendments and corrections to tax straddle provisions.

Makes technical amendments and corrections to depreciation provisions.

Makes technical amendments and corrections to foreign tax provisions.

Makes technical amendments and corrections to reporting, penalty, and other provisions.

Part B: Amendments Related to Title II of the Act - Makes technical amendments and corrections to provisions relating to the taxation of life insurance.

Makes technical amendments and corrections to provisions relating to life insurance reserve.

Makes technical amendments and corrections to special rules for insurance companies using the net level reserve method for noncancellable accident and health insurance contracts.

Repeals Section 218 of the Tax Reform Act of 1984 relating to underpayment of estimated tax by a corporation.

Makes technical amendments and corrections to provisions relating to the definition of life insurance contracts.

Makes technical amendments and corrections to provisions relating to the treatment of certain annuity contracts.

Makes technical amendments and corrections to provisions relating to the treatment of group-term life insurance purchased for employees.

Makes technical amendments to provisions relating to the treatment of certain exchanges of insurance policies.

Waives any interest on certain underpayment of tax resulting from provisions of Title II of the Tax Reform Act of 1984.

Part C: Amendments Related to Title III of the Act - Makes technical amendments and corrections to provisions relating to the reduction in excise tax on investment income where private foundations meet certain distribution requirements.

Makes technical amendments to provisions relating to the conducting of certain games of chance not treated as unrelated trade or business.

Part D: Amendments Related to Title IV of the Act - Revises special rules concerning installment payments of estimated tax by nonresident aliens.

Makes technical corrections to provisions related to the transfer of property between spouses or incident to divorce.

Makes technical corrections to provisions related to the alternative minimum tax.

Part E: Amendments Related to Title V of the Act - Makes technical corrections relating to welfare benefit plan provisions. Amends provisions relating to special limitations on reserves for medical benefits or life insurance benefits provided to retired employees. Sets forth certain exceptions and special rules for collective bargaining plans.

Makes technical and conforming amendments to pension plan provisions. States that distributions from individual retirement accounts or annuities must begin at age 70 and 1/2. Provides an exemption for pre-1985 accumulations from the penalties on premature distributions received by a five-percent owner of certain retirement plans.

Makes technical and conforming amendments to fringe benefit provisions. Sets forth transitional rules for collective bargaining agreements related to cafeteria plans. Sets forth special rules for the treatment of telephone concession service for certain retirees.

Makes technical and conforming amendments relating to employee stock ownership plans.

Part F: Amendments Related to Title VI of the Act - Authorizes the Secretary of the Treasury to allow an extension of time for the publishing of policy statements for mortgage subsidy bond programs. Revises certain requirements related to qualified mortgage credit certificate programs.

Allows an issuer of certain veterans' mortgage bonds to issue advance refunding bonds with respect to such applicable mortgage bonds. Limits the amount of advanced refunding bonds which may be issued.

Requires that facilities financed by certain industrial development bonds must be located within the State of issuance of such bonds.

Allows an exception for certain facilities where the State will receive a proportionate share of the benefits of such facilities.

Clarifies general effective dates for certain provisions relating to tax-exempt bonds.

Part G: Miscellaneous Provisions - Makes technical and conforming amendments relating to special rules concerning key employees eligible for a distribution from an employee retirement plan.

Revises definitions and makes technical amendments relating to non-exempt foreign trade income.

Revises rules concerning the income tax deduction for dividends received for certain distributions from a foreign sales corporation.

Makes technical and conforming amendments relating to interest on Domestic International Sales Corporation (DISC) deferred tax liability and the tax exemption of accumulated DISC income.

Makes technical amendments relating to the income tax credit for certain uses of gasoline and special fuels.

Waives certain tax penalties with respect to any underpayment of estimated tax before April 16, 1985, to the extent such underpayment was created or increased by any provision of the Tax Reform Act of 1984.

Amends the definition of "rare disease or condition" for purposes of the income tax credit for the production of orphan drugs.

Revises certain requirements with respect to returns and records relating to certain fringe benefits.

Repeals requirements that the Joint Committee on Taxation must report annually to the Congress concerning reports of certain refunds and credits.

Part H: Effective Date - Provides that any amendments made by this title shall take effect as if included in the Tax Reform Act of 1984, except as otherwise provided by this title.

Title II: Technical Corrections in Other Programs Affected by Deficit Reduction Act of 1984 - Part A: Amendments Related to Social Security Act Programs - Clarifies certain exceptions for members of certain religious faiths and the treatment of income of certain church employees for purposes of the social security tax on self-employment income.

Makes technical corrections relating to the enrollment and premium penalty under the Medicare working aged provision. Makes specified technical corrections in other provisions related to Social Security Act Program.

Part B: Amendments Related to Unemployment Compensation Program - Makes technical corrections in the Federal Unemployment Tax Act.

Part C: Amendments Related to Trade and Tariff Programs - Amends the Tariff Schedules of the United States to make technical corrections to telecommunications products classifications and to the Appendix.

Amends the Tariff Act of 1930 to make technical corrections to countervailing and antidumping duty provisions.

Makes technical amendments to the Trade Act of 1974 and the Tariff Act of 1930.

Makes technical amendments to the Trade and Tariff Act of 1984.

Makes technical amendments to the Caribbean Basin Economic Recovery Act.

Sets forth special effective date provisions for certain articles given duty-free treatment under the Trade and Tariff Act of 1984.