Summary

This testimony summarizes GAO's work on 5 of the 12 expiring tax provisions that were last extended by the Tax Extension Act of 1991. These provisions include the tax exemption for qualified mortgage revenue bonds, tax credit for targeted jobs, tax credit for low-income rental housing, tax credit for qualified research expenditures, and exclusion for employer-provided educational assistance benefits. Of the 12 provisions, these 5 account for about 70 percent of the estimated foregone federal revenues in fiscal years 1992 through 1996.