A bill to extend until March 15, 1986, the application of certain tobacco excise taxes, trade adjustment assistance, certain medicare reimbursement provisions, and borrowing authority under the railroad unemployment insurance program, and to amend the Internal Revenue Code of 1954 to extend for a temporary period certain tax provisions of current law which would otherwise expire at the end of 1985.

[AI summary unavailable — showing source text] Title I: Fifth Emergency Extension Act of 1985-86 - Extends until March 15, 1986: (1) the trade adjustment assistance program; (2) borrowing authority under the Railroad Unemployment Insurance Act; and (3) Medicare hospital and physician payment rate provisions. Title II: Miscellaneous Tax Provisions Extension Act of 1985 - Miscellaneous Tax Provisions Extension Act of 1985 - Amends the Internal Revenue Code to extend the income tax credit for increasing research activities from December 31, 1985, until March 15, 1986. Extends the targeted jobs income tax credit from December 31, 1985, until March 15, 1986. Extends the authorization of appropriations for administrative and publicity expenses through fiscal year 1986. Extends from December 31, 1985, until March 16, 1986, income tax exclusions for educational assistance programs and group legal plans. Extends from December 31, 1985, until March 15, 1986, provisions relating to the awarding of costs to a prevailing taxpayer in Federal tax cases. Extends the increase in the excise tax on cigarettes until March 16, 1986. Extends from December 31, 1985, until March 15, 1986, the moratorium on net operating loss carryover rules. Extends t…