United States · United States Congress · 5 June 1975
Beef Research and Information Act - Authorizes the Secretary of Agriculture to issue orders: (1) providing for the establishment and administration of plans for advertising, sales promotion, and consumer information with respect to the use of cattle, beef, or beef products and for the disbursement of necessary funds for such purposes; (2) providing for research and studies with respect to sale, distribution, marketing, utilization, or production of cattle, beef, or beef products, and the creation of new products thereof, to the end that the marketing and utilization of cattle, beef, or beef products may be encouraged, expanded, improved, or made more acceptable, and the data collected by such activities may be disseminated and for the disbursement of necessary funds for such purposes; and (3) providing that slaughterers maintain and make available for inspection such books and records as may be required by any order issued pursuant to this Act. Provides for the establishment of a Beef Board, to be composed of not more than 68 cattle producers or representatives of cattle producers appointed by the Secretary. Sets forth the duties and responsibilities of the Beef Board, including: (1) the administration of the orders of the Secretary in accordance with its terms and provisions; and (2) the issuance of rules and regulations to effectuate the terms and provisions of such orders. Requires the Secretary to conduct a referendum among cattle producers who have been engaged in the production of cattle for the purpose of ascertaining whether the issuance of an order is approved or favored by not less than two-thirds of such producers. Authorizes appropriations of such funds as are necessary to carry out the provisions of this Act.
United States · United States Congress · 22 May 1975
Requires, under the Federal Water Pollution Control Act, a permit from the Secretary of the Army, acting through the Chief of Engineers, for the discharge of dredged or fill material into channels of navigable waters at sewage disposal sites.
United States · United States Congress · 22 May 1975
Family Farm Inheritance Act - States that for purposes of the estate tax under the Internal Revenue Code the value of the taxable estate shall be determined by deducting the lesser of: (1) $200,000; or (2) the value of the decedent's interest in a family farming operation continuously owned by him or his spouse for five years prior to his death and which passes to a related individual. Disqualifies the individual to whom the estate passes from the tax benefit authorized by this Act if such individual, within five years after the decedent's death, sells or removes the family farming operation.
United States · United States Congress · 22 May 1975
Establishes a select committee in the House of Representatives to conduct an investigation of the circumstances surrounding the death of John F. Kennedy. Directs the committee to report to the House as soon as practicable during the present Congress the results of its investigation, together with such recommendation as it deems advisable.
United States · United States Congress · 15 May 1975
Increases from $1,000,000 to $10,000,000 the amount of interest on industrial development bonds which may be excluded from gross income under the Internal Revenue Code of 1954.
United States · United States Congress · 12 May 1975
Provides that any grant funds under the Federal Water Pollution Control Act which were withheld from allotment by Presidential direction for fiscal years 1973, 1974, and 1975 shall be alloted among the States by the Administrator of the Environmental Protection Agency in accordance with a specified formula. Revises the distribution of such allotments to the States for fiscal years beginning with 1976.
United States · United States Congress · 8 May 1975
Requires retail and wholesale food concerns authorized to accept food stamps under the Food Stamp Act of 1964 to offer informational materials and application forms to customers. Requires States: (1) to provide an opportunity to receive and file an application for participation in the food stamp program to any person on the same day of such person's first reasonable attemp to make an oral or written request for food stamp aid; and (2) to complete the certification of all eligible households and provide an authorization-to-purchase card not later than thirty days after such an initial attempt to request assistance. Provides that all eligible households in areas of substantial or persistant unemployment shall be immediately certified for food stamps upon request.
United States · United States Congress · 7 May 1975
Family Farm Inheritance Act - States that for purposes of the estate tax under the Internal Revenue Code the value of the taxable estate shall be determined by deducting the lesser of: (1) $200,000; or (2) the value of the decedent's interest in a family farming operation continuously owned by him or his spouse for five years prior to his death and which passes to a related individual. Disqualifies the individual to whom the estate passes from the tax benefit authorized by this Act if such individual, within five years after the decedent's death, sells or removes the family farming operation.
United States · United States Congress · 23 April 1975
Rice Production Act - States that the purpose of this Act is to remove restraints on the production of rice. Title I: Rice - Directs the Secretary of Agriculture to establish for each of the 1976 through 1980 crops of rice a national acreage allotment in the amount of $1,600,00 acres. Directs the Secretary to allocate the national acreage allotment on the basis of the rice allotments established for the preceding crops, as equitably adjusted. Provides for reserving a portion of the rice allotment for apportionment to new rice farms and new rice producers. Sets forth criteria for reducing the rice allotment. Authorizes the Secretary to transfer for any year because of natural disaster all or a part of such rice acreage for any farm in the county or in any other nearby county on which one or more producers on the farm from which the transfer is to be made will be engaged in the production of rice and will share in the proceeds in accordance with such regulations as the Secretary may prescribe. Directs the Secretary to permit the owner and operator of any farm for which a farm acreage allotment has been established to sell or lease all or any part to any other owner or operator of a farm, or to transfer all or any part of such allotment to any other farm owned or controlled by him. Title II: Miscellaneous - Provides, under the Agricultural Act of 1949, that for the 1976 through 1980 crops of rice, a cooperator shall be a producer on a farm on which a farm acreage allotment has been established or to which a producer acreage allotment has been allocated, who has set aside the acreage required under such Act and who complies with the conditions of eligibility prescribed by the Secretary.
United States · United States Congress · 23 April 1975
Family Farm Inheritance Act - States that for purposes of the estate tax under the Internal Revenue Code the value of the taxable estate shall be determined by deducting the lesser of: (1) $200,000; or (2) the value of the decedent's interest in a family farming operation continuously owned by him or his spouse for five years prior to his death and which passes to a related individual. Disqualifies the individual to whom the estate passes from the tax benefit authorized by this Act if such individual, within five years after the decedent's death, sells or removes the family farming operation.
United States · United States Congress · 22 April 1975
Exempts from the tax on the use of a taxable aircraft under the Internal Revenue Code any person who holds a certificate as an agricultural aircraft operator, whose aircraft is equipped for agricultural operations, and who uses it primarily for such agricultural operations. Grants to an aerial applicator the right to any payment, credit, or refund under the Internal Revenue Code with respect to the use of any liquid as a fuel in an aircraft by such aerial applicator, who was the ultimate purchaser thereof, and who has obtained a waiver in writing from an operator of the farm of his right to any such payment.
United States · United States Congress · 17 April 1975
Authorizes emergency loans to farmers, ranchers, and oyster producers who are unable to obtain sufficent credit elsewhere, to cover losses arising from natural disasters. States that such loans may be made in amounts exceeding actual losses, but that the interest on such excess shall increase from five percent to the prevailing market rate. Allows the Secretary of Agriculture to delegate such loan-making to the State directors of the Farmers' Home Administration. Allows such loans to be made on an annual basis for five additional years, at prevailing market rates.
United States · United States Congress · 10 April 1975
Family Farm Inheritance Act - States that for purposes of the estate tax under the Internal Revenue Code the value of the taxable estate shall be determined by deducting the lesser of: (1) $200,000; or (2) the value of the decedent's interest in a family farming operation continuously owned by him or his spouse for five years prior to his death and which passes to a related individual. Disqualifies the individual to whom the estate passes from the tax benefit authorized by this Act if such individual, within five years after the decedent's death, sells or removes the family farming operation.
United States · United States Congress · 10 April 1975
Authorizes emergency loans to farmers, ranchers, and oyster producers who are unable to obtain sufficent credit elsewhere, to cover losses arising from natural disasters. States that such loans may be made in amounts exceeding actual losses, but that the interest on such excess shall increase from five percent to the prevailing market rate. Allows the Secretary of Agriculture to delegate such loan-making to the State directors of the Farmers' Home Administration. Allows such loans to be made on an annual basis for five additional years, at prevailing market rates.
United States · United States Congress · 10 April 1975
Provides that under specified circumstances exclusive territorial arrangements with respect to the manufacture, distribution, and sale of trademarked soft drink products shall not be deemed unlawful under the Federal Trade Commission Act. Provides that such products, and their sellers, must be in substantial and effective competition with other products and sellers of the same general class.
United States · United States Congress · 10 April 1975
Allows foreign countries and agencies thereof and foreign companies to purchase and store United States agricultural commodities or the products thereof in the United States. Provides that such agricultural commodities or products, if so purchased and stored as a reserve for a period of twelve months or longer upon approval by the Secretary of Commerce acting in cooperation with the Secretary of Agriculture, may be exported without regard to any export restraints or controls.
United States · United States Congress · 26 March 1975
Authorizes emergency loans to farmers, ranchers, and oyster producers who are unable to obtain sufficent credit elsewhere, to cover losses arising from natural disasters. States that such loans may be made in amounts exceeding actual losses, but that the interest on such excess shall increase from five percent to the prevailing market rate. Allows the Secretary of Agriculture to delegate such loan-making to the State directors of the Farmers' Home Administration. Allows such loans to be made on an annual basis for five additional years, at prevailing market rates.
United States · United States Congress · 24 March 1975
Creates a select committee in the House of Representatives with authority to conduct a full and complete investigation of the problem of United States servicemen missing in action or known to be dead whose bodies have not been recovered, as a result of military operations in North Vietnam, South Vietnam, Laos and Cambodia. Provides that such investigation shall include an examination of the need for additional international inspection teams to determine whether there are servicemen still held as prisoner of war. Authorizes the Committee to hold hearings, issue subpenas, and maintain a staff as necessary to carry out its responsibilities under this resolution. Directs the committee to report to the House the results of its investigation no later than one year after adoption of this resolution. Provides that the committee's authority shall expire 30 days after the filing of such report. Directs that the expenses of the select committee shall be paid from the contingent fund of the House of Representatives upon vouchers signed by the Chairman.
United States · United States Congress · 19 March 1975
Authorizes the financing of parkways from the Highway Trust Fund. Provides that parkways funded under this Act shall be managed solely for scenic and recreational use and passenger car travel.
United States · United States Congress · 14 March 1975
Establishes a grant program to enable any State, local government, or interstate agency or other public port authority to apply to the Secretary of Commerce for financial assistance to assist such agency in making such improvements as may be required to any port operated by it in order to bring such port into compliance with any requirements relating to environmental protection, the public health and safety, or port or cargo security which may be imposed by Federal law. Defines the term "improvements". States that the Secretary may grant to the applicant all or part of the money applied for, except that no grant or aggregate of grants made under this Act to any State, local, or interstate agency or public port authority may exceed $1,000,000. Authorizes appropriations of $30,000,000 for fiscal year 1975 and each fiscal year thereafter for grants under this Act. Directs the Secretary to undertake a comprehensive study to determine the immediate and long- range requirements of public ports in the United States: (1) for expansion and modernization in order to meet adequately the economic and defense needs of the United States; and (2) to meet such standards as may be imposed by law for purposes of environmental protection and port safety and security. Requires the Secretary to report to Congress the final results of such study not later than one year after the effective date of this Act. Authorizes appropriations of $1,000,000 for fiscal year 1975 and $1,000,000 for fiscal year 1976 for purposes of conducting the study.
United States · United States Congress · 13 March 1975
Family Farm Inheritance Act - States that for purposes of the estate tax under the Internal Revenue Code the value of the taxable estate shall be determined by deducting the lesser of: (1) $200,000; or (2) the value of the decedent's interest in a family farming operation continuously owned by him or his spouse for five years prior to his death and which passes to a related individual. Disqualifies the individual to whom the estate passes from the tax benefit authorized by this Act if such individual, within five years after the decedent's death, sells or removes the family farming operation.
United States · United States Congress · 13 March 1975
Provides that recipients of veterans' pension and compensation shall not have the amount of such pension or compensation reduced, or entitlement thereto discontinued, because of increases in monthly social security benefits resulting from the enactment of Public Law 93-66, Public Law 93-233, and subsequent cost-of-living increases under title II of the Social Security Act. Provides that the provisions of this Act shall apply with respect to annual income determinations made for calendar years after 1972.
United States · United States Congress · 12 March 1975
Revises title II (Old-Age, Survivors and Disability Insurance) of the Social Security Act to: (1) eliminate the five- month waiting period for disability benefits; (2) permit adopted children to qualify for benefits without regard to time of adoption; (3) eliminate the reconsideration state in benefit determinations; (4) provide for the issuance of duplicate benefit checks where the initial checks are lost or delayed; and (5) provide for expedited benefit payments to disability beneficiaries. Increases to $7,500 the amount of outside earnings which an individual may earn without a deduction in benefits under title II of the Social Security Act.
United States · United States Congress · 11 March 1975
Authorizes emergency loans to farmers, ranchers, and oyster producers who are unable to obtain sufficent credit elsewhere, to cover losses arising from natural disasters. States that such loans may be made in amounts exceeding actual losses, but that the interest on such excess shall increase from five percent to the prevailing market rate. Allows the Secretary of Agriculture to delegate such loan-making to the State directors of the Farmers' Home Administration. Allows such loans to be made on an annual basis for five additional years, at prevailing market rates.
United States · United States Congress · 6 March 1975
Family Farm Inheritance Act - States that for purposes of the estate tax under the Internal Revenue Code the value of the taxable estate shall be determined by deducting the lesser of: (1) $200,000; or (2) the value of the decedent's interest in a family farming operation continuously owned by him or his spouse for five years prior to his death and which passes to a related individual. Disqualifies the individual to whom the estate passes from the tax benefit authorized by this Act if such individual, within five years after the decedent's death, sells or removes the family farming operation.
United States · United States Congress · 5 March 1975
Provides for an adjustment of the target prices, loan and purchase levels on the 1975 crops of upland cotton, corn, wheat, and soybeans. Establishes the price support for milk at 85 percent of parity with quarterly adjustments for the period ending March 31, 1976. Requires the Secretary of Agriculture to adjust the support price quarterly to reflect changes in the prices paid by farmers for production items, interest, taxes, and wage rates.
United States · United States Congress · 5 March 1975
Beef Research and Consumer Information Act - Declares that it is the purpose of this Act to enable cattle producers to establish, finance, and carry out a coordinated program to improve markets for cattle, beef and beef products, and to provide an adequate supply of high quality beef to the consumers of the Nation at reasonable prices. Authorizes the Secretary of Agriculture to issue beef research and promotion orders. Provides that such orders shall be issued only after due notice and opportunity for hearing shall have been given to producers and producer organizations, and after the Secretary shall have determined that the issuance of such an order will effectuate the declared policy of this Act. Declares that such order shall not take effect until approved by a majority of two-thirds of the cattle producers voting in a referendum. Establishes a Beef Board to administer the Order in accordance with its terms and provisions, to make rules and regulations to effectuate the terms and provisions of the Order, to receive, investigate and report complaints of violations of the Order, and to recommend to the Secretary amendments to the Order. Lists the procedures for appointing members of such board. Requires that any plans for advertising, sales promotion, consumer education, producer education, research, and the annual budget be developed by the Beef Board and submitted to the Secretary of Agriculture for approval. Empowers the Beef Board to enter into contracts or agreements for the development and carrying out of the activities authorized under the Order. Declares that producers of cattle shall be assessed at a specific rate to be determined by stated procedures. Provides that each time cattle are sold, the cattle producer shall pay to the purchaser the amount assessed, based upon the sale price of the cattle. Provides that any cattle producer against whose cattle or beef any assessment is made and collected shall have the right to demand and receive from the Beef Board a refund of such assessment. Declares that nothing in this Act shall be construed to preempt or interfere with the workings of any beef board, beef council, or other beef promotion entity organized and operating within and by authority of any of the several states. Provides for the return to members of such beef board or council of an amount to be determined by a specified formula. Stipulates that to qualify for the funds described in this provision, such state beef board, beef council or other beef promotional entity shall demonstrate ability to provide research, promotion and education within the state consistent with this Act and Order. States that each purchaser, handler or agent may be required to report to the Beef Board periodically concerning number of cattle handled, amount assessed, sale price of cattle on which assessment was collected, and other information necessary for the enforcement of this Act. Declares that this Act and any order issued pursuant to it may be enforced in the District Courts of the U.S., with the U.S. Attorney General having authority to bring any Civil suits authorized under this Act. Provides for a fine of not more than $1,000 for violation, of this Act and any orders issued pursuant to it. Stipulates that no funds collected by the Beef Baord shall in any manner be used for the purpose of influencing governmental policy or action. Authorizes to be appropriated such funds as are necessary to carry out the provisions of this Act. Stipulates that funds so appropriated shall not be available for payment of the expenses or expenditures of the Beef Board in administering any provisions of any order issued pursuant to the terms of this Act.
United States · United States Congress · 4 March 1975
Prohibits, except as provided in this Act, the inspection of tax returns and the disclosure of information contained in such returns. Authorizes the inspection of returns by or disclosure to (1) the taxpayer or his representative; (2) employees of the Internal Revenue Service and Department of Justice solely for purposes of enforcement of the tax laws; (3) State agencies charged with administration of the tax laws only for that purpose; (4) the President of the United States in the performance of his official duties; and (5) the Joint Committee on Internal Revenue Taxation for statistical purposes only. Increases the criminal penalties for unauthorized disclosure or receipt of information under this Act.
United States · United States Congress · 27 February 1975
Young Farmers Investment Act - Authorizes the Secretary of Ariculture to make direct loans under the Consolidated Farm and Rural Development Act to persons acquiring and improving owner-operated farms up to the present market value of the farm. Sets forth limitations on the amount, interest rate, and period of time for such loans.
United States · United States Congress · 27 February 1975
Provides, under the Tennessee Valley Authority Act, that expenditures for certified pollution control facilities will be credited against the payments required as a return on the appropriation investment in power facilities and the annual repayment sum. Defines the term "certified pollution control facility" for purposes of this Act.
United States · United States Congress · 27 February 1975
Increases the maximum aggregate sum limit on small issues of industrial development bonds which qualifies such bond issues for tax exemptions under the Internal Revenue Code.
United States · United States Congress · 25 February 1975
Records Management Act - Requires the establishment of standards and procedures to assure efficient and effective Government records management. States that such standards and procedures shall seek to effectuate the following goals: (1) accurate and complete documentation of the policies and transactions for the Federal Government; (2) control of the quantity and quality of records produced by the Federal Government; (3) simplification of the processes through which records are created, stored, retrieved, and used; (4) the judicious preservation and disposal of records; (5) the establishment and maintenance of a system which focuses continuous attention upon records from their initial creation to their final disposition; (6) the establishment and maintenance of mechanisms of control with respect to records creation, in order to assure the prevention of unnessary records; and (7) the establishment and maintenance of such other systems or techniques as the Administrator considers necessary to carry out the purposes of this Act. Provides that the Administrator shall provide guidance and assistance to Federal agencies with respect to records creation, records maintenance and use, and records disposition. Directs the Administrator of General Services to: (1) conduct inspections or paperwork studies, at regular intervals as determined to be necessary by the Administrator, of the records and records management practices and and programs of every Federal agency; (2) require the head of every Federal agency to transmit a report to the Administrator with respect to the records and records management practices and programs of each such Federal agency during each period of two calendar years; (3) prescribe rules with respect to records management; and (4) order, to the extent he considers necessary, the head of any Federal agency to take specific action with respect to the records or records management practices of his agency. Establishes in the executive branch a Records Review Board to review any order issued by the Administrator under the provisions of this Act upon appeal by any Federal agency. Directs the head of each Federal agency to make and preserve records containing adequate and proper documentation of the organization, functions, policies, decisions, procedures, and essential transactions of the Federal agency and designed to furnish the information necessary to protect the legal and financial rights of the Federal Government and of persons directly affected by the activities of the Federal agency. Requires each agency head to establish safeguards against the removal or loss of records he determines to be necessary and required by the rules of the Administrator.
United States · United States Congress · 25 February 1975
Provides that the Administrator of the Small Business Administration may render onsite consultation and advice to small business employers who request such assistance in writing to assist such employers in providing safe and healthful working conditions for their employees. Provides that the Administration may issue recommendations and/or written notice with respect to hazards and/or serious violations under the Occupational Safety and Health Act of 1970, but no citation or civil penalty shall follow directly from such onsite consultation and advice.
United States · United States Congress · 25 February 1975
Allows a deduction from gross income under the Internal Revenues Code for social agency, legal, and related expenses incurred in connection with the adoption of a child by the taxpayer.
United States · United States Congress · 20 February 1975
Provides for a credit under the Internal Revenue Code for 20 percent of the amounts deposited by the taxpayer in an educational savings plan for himself or a dependent. Sets limitations on the amount of such credit, dependent upon the nature of the account. Defines "educational savings plan" and other terms used in this Act. Provides for the recapture of any such credit allocable to nonqualified noneducational uses or for failure to use the account. (Adds 26 U.S.C. 42)
United States · United States Congress · 19 February 1975
Excludes from gross income under the Internal Revenue Code the first $500 of interest received in each taxable year on savings deposits in savings and loan institutions.
United States · United States Congress · 19 February 1975
Provides an income tax credit under the Internal Revenue Code of up to $1800 per year for expenses for household and dependent care services necessary for gainful employment. Provides a formula for the reduction of the amount of such credit in proporation to the taxpayer's adjusted gross income in excess of $18,000. States that married couples must file jointly to be eligible for this credit.
United States · United States Congress · 19 February 1975
Directs the officers of the House of Representatives to conduct seminars for freshmen Members of Congress. Provides for the curriculum and expense reimbursement for such seminars. Authorizes to be appropriated such sums as necessary to carry out this Act. Authorizes each freshman member to employ an interim staff between election and the next regular session of Congress. Authorizes expenditures for stationary during such period. Authorizes to be appropriated such sums as necessary for such purposes.
United States · United States Congress · 19 February 1975
Expresses the sense of the House of Representatives that the President establish a Presidential Task Force on the Missing in Action to study the cases of the missing in action and their families accounting, and to make recommendations concerning Federal policies relating to the missing in action.
United States · United States Congress · 6 February 1975
Establishes in the House of Representatives the Committee on Internal Security. Authorizes the Committee to make investigations of the extent, character, objectives, and activities within the United States of organizations, whether of foreign or domestic origin, their members, agents, and affiliates, which seek to establish a totalitarian dictatorship within the United States, or to overthrow the form of government of the United States or of any State, by force, violence, treachery, espionage, sabotage, insurrection, or any unlawful means.
United States · United States Congress · 5 February 1975
Provides for the recomputation of military retirement benefits. Provides that a member or former member of a uniformed service: (1) who is sixty years of age or older, and is retired for reasons other than physical disability, whose disability is finally determined to be of a permanent nature and less than 30 percent under the disability rating system, and is entitled to retired pay computed under the rates of basic pay in effect before January 1, 1972; or (2) who is entitled to retired pay for physical disability, whose disability was finally determined to be of permanent nature and at least 30 percent under the schedule of rating disabilities, and whose retired pay is computed under rates of basic pay in effect after October 11, 1949 and before January 1, 1972, is entitled to have that pay recomputed upon the rates of basic pay in effect on January 1, 1972.
United States · United States Congress · 5 February 1975
Authorizes emergency loans to farmers, ranchers, and oyster producers who are unable to obtain sufficent credit elsewhere, to cover losses arising from natural disasters. States that such loans may be made in amounts exceeding actual losses, but that the interest on such excess shall increase from five percent to the prevailing market rate. Allows the Secretary of Agriculture to delegate such loan-making to the State directors of the Farmers' Home Administration. Allows such loans to be made on an annual basis for five additional years, at prevailing market rates.
United States · United States Congress · 5 February 1975
Provides, under title XVIII (Medicare) and title II (Old-Age, Survivors' and Disability Insurance) of the Social Security Act, that qualified drugs requiring a physicians prescription or certification shall be included among the items and services covered under the hospital insurance program for the aged at a specified amount of payment. States that the reasonable allowance for eligible drugs furnished an individual pursuant to any one prescription and purchased by such individual at any one time shall be reduced by an amount equal to the applicable prescription copayment obligation which shall be $1. Establishes, within the Department of Health, Education, and Welfare, a Formulary Committee to compile and publish a Formulary listing the drugs deemed qualified for benefits under this Act, together with maximum allowable costs and additional information concerning such drugs. Makes provisions for selecting drugs for the Formulary.
United States · United States Congress · 4 February 1975
Dairy Import Sanitation Act - Provides for the inspection of imported dairy products in order to protect the public health and welfare. Requires that such products comply with minimum standards for sanitation established by the Secretary of Agriculture and that the dairy farms on which milk is produced and the plants in which such products are produced meet minimum standards of sanitation. States that such standards shall be comparable to the standards of purity, wholesomeness, and sanitation recommended by the Secretary for domestic dairy products. Authorizes appropriations of such sums as are necessary to carry out the administration and supervision of the provisions of this Act.
United States · United States Congress · 3 February 1975
Small Business Tax Simplification and Reform Act - Title I: Tax Simplification Relating to Small Business - Creates a Committee on Tax Simplification for Small Business for the purpose of devoting continued attention to the simplification of the Internal Revenue Code to small business, and the regulations, instructions, procedures, and other publications relating to small business taxation. Provides that the membership of the Committee would include representatives of the Secretary of the Treasury (for policy matters); Internal Revenue Service (for technical matters); Office of Management and Budget (for coordinating the paperwork aspects of IRS forms, in view of the Federal Reports Act) and the Small Business Administration to express the interests of the small business community. Creates in the Treasury Department an Office of Small Business Analyst, which would be responsible for looking at tax problems primarily from the view of small business and the free enterprise system. Calls upon the Treasury Department for a comprehensive study of depreciation policies with particular attention to: the impact of legislation; the rapid advances in technology to which small business must adapt; and the practices of other industrialized nations. Calls upon the Treasury to study the entire range of pension, retirement, health, medical, and insurance benefits in the larger context of what both corporations (including large corporate enterprise) and other forms of business are providing for their employees and executives. Authorizes a special study of the differential effect of tax law changes on businesses of different sizes. Title II: Adjustment of Corporate Normal Tax - Effects a progressive reform in the entire corporate tax structure by providing for reductions in normal corporate tax rates based on the corporation's earning. Provides that as corporate earnings rise above $1 million per year the normal tax would incline upward to a maximum of 24 percent for corporations earning over $1 billion annually. Title III: Special Provisions to Encourage Establishment of New Small Business Enterprises - Permits eligible new small business corporatians an income tax deduction equal to the corporation's net operating income so long as that amount does not exceed $2083. Allows an income tax deduction to a partnership for its oragnizational expenses ratably over a period of 60 months. Provides for a bad debt tax deduction for guarantors of obligations of and lenders to small business corporations. Title IV: Provisions to Assist Small Business Growth - Increases the additional first-year depreciation limitation for small business property from $10,000 to $20,000. Extends the period for use of the loss carryover provisions for small businesses by allowing existing corporations to carry these losses over a ten year period. Raises the earning credit in accordance with the costs of doing business to $150,000. Allows the expenses of certain types of small business stock flotations, such as those under Regulation A and section 1244 of the Code, which are not otherwise deductible, to be amortized over a period of 60 months. Allows research and development expenses of small business to be amortized beginning at the time they are made. Permits a limited number of surtax exemptions (up to 5) in the event members of a family are placed in proprietary positions where they have ownership of at least 50 percent of the stock (or other interest) and full time management of a separately incorporated unit of a family business. Title V: Provisions Relating to Partnerships - Allows the closing of the partnership year for a decedent at any of the following times: (1) the normal close of the partnership year if there has been no prior sale, exchange, or liquidation of the partnership interest; (2) the date of any of the above described transactions; or (3) the day after the partner's death. Permits a partner to deduct currently his share of partnership losses in excess of the adjusted basis of his partnership interests, in the event that the partner is unconditionally obligated for his share of such partnership losses. Title VI: Provisions Relating to Subchapter S Corporations - Allows enlargment of the Subchapter S "tax-option" small business corporations in the following 3 ways: (1) initial shareholders could number 15, rather than the present 10; (2) shareholders in excess of this ceiling who take their stock by reason of heirship would not disqualify election; and (3) after 5 years, the number of permissible shareholders would increase to 25. Provides that the classes of shareholders would be expanded to include: (1) trusts where stock passes pursuant to a will, and where the trust is used merely to convey the stock to a long term eligible holder within 60 days; (2) trusts where the entire income is taxable to the grantor; and (3) small business investment companies, subject to such income. Provides for nondisqualification of a Subchapter S corporation by reason of exceeding the limit of 20 percent passive income in a single year. Provides that the election privilege could still be lost pursuant to this proposal if the limit is exceeded in any 2 of 4 consecutive years. Provides that if the corporation is able to establish that the termination was, in fact, inadvertent and gain full compliance within 90 days of notification, its Subchapter S status would be preserved for future years. Title VII: Business Development Corporations - Permits State and local development companies to extend long-term financing to non-bankable new enterprises and such companies would be permitted a bad-debt reserve deduction up to 10 percent of outstanding loans. Provides that certain types of business development corporations would be nontaxable upon the condition that the proceeds from such unusual transactions are re-invested in the area of service and no part of these proceeds insures to the benefit of any individual or private institution. Title VIII: Preservation of Small Business Independence - Allows recovery of losses in 1 or 2 quarters to the extent the newly estimated tax for the year is less than the amount already paid in. Disallows interest deductions beyond $500,000 on any loan for small business acquistion purposes. Permits valuation comparisons with any similar closely held corporation whether or not it is listed on an exchange. Changes the standard of "undue hardship" (required to qualify for 10-year estate tax installments) to "hardship. Directs the Treasury to conduct a comprehensive examination of the pressures of income taxes, capital gains tax, reorganization rules, and estate and gift taxes which are causing so many small business to sell or merge out of existence rather than continue in independent form.
United States · United States Congress · 3 February 1975
Provides that the charge imposed on any household for a coupon allotment under the Food Stamp Act after the date of this Act and prior to December 30, 1975, may not exceed the charge imposed on such household for coupon allotments under rules and regulations in effect on January 1, 1975.
United States · United States Congress · 3 February 1975
Repeals the Postal Reorganization Act. Re-enacts the former provisions of law pertaining to the Post Office prior to such Act. Reestablishes the Post Office Department.
![Official portrait of Rep. Bowen, David R. [D-MS-2]](https://www.congress.gov/img/member/b000682_200.jpg)