Highlights:
- Establishes a $500-per-child tax credit for those filing a joint return with an income level less than $110,000 or an unmarried individual with an income level less than $75,000.
- Creates a deduction from an individual's gross income of 50% if a taxpayer has a net capital gain.
- Directs the Secretary of the Interior to establish and enact an oil and gas leasing program of the Arctic National Wildlife Refuge.
- Authorizes the Secretary of Agriculture to enter into seven-year payment contracts with milk producers if the producers comply with animal waste management regulations and wetland protection requirements.
- Allows the Secretary of Agriculture to enter into contract payments with food producers if they agree to accept all risk and comply with conservation plans, wetland protection requirements, and planting flexibility requirements.
- Terminates price support and quotas for certain food producers, including wheat and cotton producers.
- Sets the average national quota loan rate for peanuts at $610 per ton.
- Allows a tax deduction equal to the total amount paid in cash during the taxable year to an individual's medical savings account.
- Increases the public debt level to $5.5 trillion.
- Replaces Medicaid with the Medigrant program to give States block grants to provide medical assistance to needy families and appropriates $94.1 billion for the fiscal year 1996.
- Allows the Secretary of Energy to lease space in the Strategic Petroleum Reserve facilities to foreign governments for petroleum storage.
- Requires the President to dispose of $1.01 billion worth of cobalt, aluminum, and other materials contained in the National Defense Stockpile over a seven-year period.
- Limits the percentage of new student direct loans that may be granted for academic years 1994 to 1997.
- Establishes a uniform retirement age equivalent to the social security retirement age, starting January 1, 1996.
- Authorizes additional grants to reward States that reduce out of wedlock births.
- Indicates that an abortion is only covered under the Medigrant programs when it is necessary to save the life of the woman or the pregnancy is a result of rape or incest.
- Requires the Secretary of Agriculture to establish a program that gives grants to states to provide food assistance, wage subsidies in return for work, and funds to operate an employment and training program for needy individuals.
-Passed Senate in lieu of S. 1357.
Note:
NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.