United States · United States Congress · 17 August 1978
Amends the Internal Revenue Code to exempt from the 100 percent tax on prohibited transactions by a real estate investment trust the sale of real property if the trust has held such property for at least four years, has not made expenditures for improvement of such property during the four year holding period in excess of 20 percent of the selling price, has not made more than five sales of property in any taxable year, and has held the property for the production of rental income for at least four years. Extends the period during which a real estate investment trust must dispose of its foreclosure property to six years.
United States · United States Congress · 15 August 1978
Requires the President to submit to Congress a biannual report on the management of the executive branch. Requires the Director of the Office of Management and Budget to provide an evaluative report on Federal programs to the President to be included with the President's report.
United States · United States Congress · 9 August 1978
Expresses the sense of Congress that the Environmental Protection Agency, the Nuclear Regulatory Commission, and the Federal courts should expedite all remaining administrative and judicial proceedings with respect to the Seabrook Nuclear Station project (New Hampshire), and that all licensing and permitting procedures for the construction and operation of nuclear generating stations should be reviewed and modified to improve the efficiency of such procedures.
United States · United States Congress · 4 August 1978
Tax Reform Act for Nonprofit Organizations - Amends the Internal Revenue Code to allow taxpayers who do not itemize income tax deductions a deduction from gross income for charitable contributions. Expands the income tax deduction for appearances with respect to legislation to include expenses for communications between an organization and the officers, directors, or employees of a taxpayer. Exempts certain business and professional organizations from restrictions on income tax deductions for expenses relating to the supply of goods and services to members of tax-exempt organizations which partake in educational activities sponsored by the organization or which purchase goods and services related to the organization's exempt activities at prices more favorable than are available to nonmembers without jeopardizing the tax- exempt status of the organization. Extends to nonprofit business leagues, chambers of commerce, real estate boards, and professional football leagues eligibility for participation in tax-exempt annuity plans. Exempts certain incorporated fraternal organizations and lodges from the special tax rules applicable to private foundations. Limits the amount of advertising income of a tax-exempt organization which is subject to the tax on unrelated business income to the lesser of the amount of net income derived from advertising or the net amount derived from subscriptions to the organization's periodical and the advertising contained therein. Excludes from unrelated business activity income certain amounts derived from insurance activity conducted by a tax-exempt organization on behalf of its members. Permits tax-exempt organizations to conduct conventions and trade show activities designed to educate individuals regarding new developments or products and services relating to the exempt activities of an organization without subjecting such exempt organization to the unrelated business tax. Exempts from the definition of expenditure, for purposes of the tax on political organizations, expenses incurred by an organization in communicating with its members on any subject. Extends the availability of the declaratory judgment to all tax-exempt organizations. Requires the Secretary of the Treasury to make a determination, upon request, of the tax-exempt status of any organization within 90 days of such request.
United States · United States Congress · 24 July 1978
Spending Limitation and Tax Reduction Act - Title I: Spending Limitation - Places limits on increases in Congressional spending for fiscal years 1980, 1981, and 1982. Title II: Tax Reduction - Amends the Internal Revenue Code to reduce individual, estate and trust, and corporate income tax rates in 1979 and 1980, and to establish a permanent reduction in such rates for 1981 and succeeding years. Increases the surtax exemption for corporations to $100,000.
United States · United States Congress · 24 July 1978
Amends Title II (Old-Age, Survivors, and Disability Insurance) of the Social Security Act to provide that no part of the excess earnings of an individual shall be charged to any month if such month is in the taxable year in which occurs the first month after December 1977 that is both a month in which the individual is entitled to benefits and is unemployed.
United States · United States Congress · 24 July 1978
Amends the Internal Revenue Code to allow a deduction from the gross income of an employee for cash contributions made for his benefit to: (1) a qualified pension, profit sharing, or stock bonus plan; (2) a qualified annuity plan; (3) a qualified bond purchase plan; or (4) an individual retirement account. Limits such deduction to ten percent of the employee's compensation for the taxable year or $1,000, whichever is less.
United States · United States Congress · 21 July 1978
Amends the Internal Revenue Code to confer tax-exempt status upon employee benefit trusts organized to invest in real estate. Sets forth requirements for the qualification of such a trust for preferential tax treatment, including requirements that the total cost of all the trust's property exceed $10,000,000 and that at least 75 percent of such total cost consists of real property, interests in real property, cash, or Government securities.
United States · United States Congress · 18 July 1978
Revenue Act - Title I: Provisions Primarily Affecting Individual Income Tax - Amends the Internal Revenue Code to reduce income taxes for individuals and estates and trusts for taxable years beginning after December 31, 1978. Increases the zero bracket amount to $3,400 for certain surviving spouses and married individuals filing joint tax returns, to $2,300 for unmarried individuals, and to $1,700 for a married individual filing a separate return. Increases for single individuals, surviving spouses, and married individuals filing joint tax returns the minimum income level at which an income tax return must be filed. Adjusts withholding amounts to reflect such increases. Increases the personal exemption from $750 to $1,000. Makes permanent the earned income credit. Repeals tax deductions for State and local taxes on the sale of gasoline, diesel fuel, and other motor fuels. Revises the tax deduction for medical and dental expenses to permit the taxpayer to deduct all expenses relating to medical care, medical insurance, and prescription drugs which exceed three percent of the taxpayer's adjusted gross income. Repeals special provisions allowing itemized deductions for one-half the cost of medical and hospitalization insurance premiums (up to $150) and for medicine and drug expenses which exceed one percent of adjusted gross income. Defines "prescribed drug" to mean a drug or biological requiring a prescription of a physician for its use by an individual. Repeals the tax deduction for contributions to candidates for public office and to political newsletter funds. Requires the inclusion of certain amounts of unemployment compensation in gross income if gross income otherwise exceeds certain prescribed levels for any taxable year. Provides that compensation paid to a State or local government employee which is deferred under an eligible State deferred compensation plan will be includible in the gross income of the participant or beneficiary of such a plan only in the year in which the compensation is paid to the participant or beneficiary. Permits the deferral of the lesser of $7,500 or one-third of such employee's compensation in any taxable year. Sets forth rules for the tax treatment of State deferred compensation plans which do not meet the requirements for an eligible State deferred compensation plan. Provides that the year in which deferred compensation shall be included in the gross income of a participant in a private deferred compensation plan shall be determined in accordance with judicial decisions and tax regulations in effect on February 1, 1978. Allows tax deductions for deferred payments for services performed by independent contractors on the same basis as such deductions are allowed for employees. Title II: Tax Shelter Provisions - Extends to small business corporations and personal holding companies the rule which limits deductions for business losses to amounts which such enterprises actually have at risk. Extends the range of activities subject to the "at risk" rule to all activities engaged in for the production of income, except those relating to real estate. Requires the recapture of "at risk" deductions where the taxpayer withdraws the amount originally placed at risk. Imposes additional civil fines upon partnerships which fail to file timely or accurate partnership returns. Extends the statute of limitations for assessing income tax deficiencies of partnerships required to be registered with the Securities and Exchange Commission to four years after the partnership return is filed. Title III: Provisions Primarily Affecting Business Income Tax - Reduces the maximum corporate income tax rate to 46 percent of taxable income in excess of $100,000. Establishes graduated income tax rates for corporations, ranging over five brackets, from a 17 percent rate on the first $25,000 of corporate income to a maximum 46 percent rate on income over $100,000. Excludes mutual savings banks conducting life insurance business, insurance companies, regulated investment companies, real estate investment trusts, and foreign corporations from the new rates. Makes permanent the ten percent investment tax credit and the $100,000 limitation on used property eligible for the credit. Increases over a four-year period the maximum allowable investment tax credit to $25,000 plus 90 percent of an individual's tax liability which exceeds $25,000. Sets forth alternative limitations on the investment tax credit allowable for taxpayers investing in public utilities, railroads, and airlines. Allows the full investment tax credit for pollution control facilities which are eligible for the 60 month amortization election (presently, only 50 percent of such credit may be offset against tax liability), except to the extent that such facilities are financed by tax-exempt industrial development bonds. Establishes for taxable years beginning in 1979 or 1980 a tax credit equal to 50 percent of the unemployment insurance wages paid by an employer to: (1) individuals who have registered for the work incentive (WIN) program under Title IV (Aid to Families with Dependent Children) of the Social Security Act; (2) mentally or physically disabled individuals referred to the employer under a State plan for vocational rehabilitation; or (3) individuals of ages 18 through 24 who are members of households receiving food stamps. Limits the amount of wages to which the credit is applicable to the first $6,000 of an eligible individual's wages reduced by the amount of such individual's wages paid by the employer in the preceding calendar year. Provides that the amount of unemployment insurance wages eligible for the tax credit cannot exceed 20 percent of the total amount of such wages paid by an employer to all his employees. Increases to $10,000,000 the amount of tax-exempt industrial development bonds which may be authorized as a small issue. Increases from 10 to 15 the number of shareholders a small business may have without losing Subchapter S corporate status. Treats a husband and wife owning stock in a Subchapter S corporation as one stockholder for purposes of determining the number of stockholders in such a corporation. Treats the grantor of a trust owning stock in a Subchapter S corporation as the stockholder. Extends the time period for making a Subchapter S election to the first 75 days after the beginning of the taxable year and allows such an election at any time during the preceding taxable year. Treats any election made after the 75 day period as an election made for the following taxable year. Increases to $1,000,000 the amount of small business corporation stock which a corporation may issue as potentially subject to ordinary loss treatment. Increases to $50,000 ($100,000 for married individuals filing joint tax returns) the amount of loss on small business corporation stock which may be treated as ordinary, rather than capital loss. Repeals the requirement that a corporation issue small business corporation stock pursuant to a plan developed by the corporation. Increases the amount of allowable first year additional depreciation for small business property to 25 percent of the first $20,000 of such property ($40,000 for married individuals filing joint tax returns). Extends eligibility for such depreciation allowance to only those taxpayers whose depreciable property has an aggregate adjusted basis of less than $1,000,000. Exempts from the rule requiring accrual accounting and capitalization of expenses incurred in preproductive periods certain two and three family farm corporations. Exempts farmers, nurserymen, and florists who use an accrual method of accounting and who are not required to capitalize preproductive period expenses from the requirement of taking an inventory of growing crops in computing taxable income. Permits such individuals to change to a cash method of accounting until 1981. Title IV: Capital Gains - Repeals the alternate 25 percent tax rate on the first $50,000 of long term capital gain individual taxpayers. Removes capital gains of individuals and corporations as an item of tax preference for purposes of computing the minimum or maximum tax.
United States · United States Congress · 14 July 1978
Foreign Earned Income Act - Amends the Internal Revenue Code to limit the tax exclusion for income earned outside the United States to such income as is earned in a "qualified foreign country." Defines "qualified foreign country." Limits the amount of excludable income to $20,000 for United States citizens who establish bona fide residency in a qualified foreign country for at least one taxable year and for United States citizens or resident aliens who work in such a country during a period of 18 consecutive months. Limits the excludable amount to $25,000 for United States citizens who establish bona fide residency in a qualified foreign country for an uninterrupted period of three consecutive years. Treats presence on certain North Sea equipment used in exploring natural resources as presence in a qualified foreign country. Repeals the requirement that income earned outside the United States must be received in the country in which it is earned. Allows a tax deduction for United States citizens or residents working abroad for the sum of the qualified cost-of-living differential (difference between the cost-of-living in a particular foreign country and the Washington metropolitan area), housing, schooling, and home leave travel expenses. Limits the amount of the deduction to the amount earned abroad by an individual reduced by the amount excludable under the foreign earned income exclusion plus the amount of the exclusion for meals and lodging provided by an employer and the amount of specified allocable deductions. Specifies that the deductions for such living expenses be taken from gross income, thus permitting taxpayers who do not itemize deductions to claim such expenses as deductions in computing adjusted gross income. Sets forth definitions for qualified housing, schooling, and home leave travel expenses and rules for computing allowable deductions for such expenses. Permits an individual to maintain a separate household for spouse and dependents and still claim tax deductions for living expenses, if the living conditions in which such individual works are dangerous, unhealthy, or otherwise adverse. Increases the time and amount limitations for moving expenses for the relocation of a taxpayer at a new principal place of work outside the United States. Permits deductions for the moving expenses of a taxpayer due to retirement or for the expenses of a survivor upon the death of such taxpayer. Includes the storage fees incurred for the duration of a foreign assignment within the expenses qualifying for the moving expense deduction. Excludes from gross income meals and lodging furnished to the taxpayer, a spouse, and dependents by the employer outside the United States in a "camp style" or communal setting. Provides taxpayers working abroad the same extended repurchase time limitations as are presently provided servicemen stationed overseas for the nonrecognition of gain on the sale or exchange of a principal residence. Directs the Secretary of the Treasury to submit a report to Congress indicating the number and characteristics of individuals claiming tax benefits under this Act, the economic impact of such benefits, and the manner in which such benefits have been administered.
United States · United States Congress · 11 July 1978
Amends the Tariff Schedules of the United States to impose a customs duty of 6 1/2 cents per pound on unrefined montan wax and to allow the free entry of other montan wax.
United States · United States Congress · 11 July 1978
Amends Title II (Old-Age, Survivors, and Disability Insurance) of the Social Security Act to provide that no part of the excess earnings of an individual shall be charged to any month if such month is in the taxable year in which occurs the first month after December 1977 that is both a month in which the individual is entitled to benefits and is unemployed.
United States · United States Congress · 29 June 1978
Amends Title II (Old-Age, Survivors, and Disability Insurance) of the Social Security Act to provide that no part of the excess earnings of an individual shall be charged to any month if such month is in the taxable year in which occurs the first month after December 1977 that is both a month in which the individual is entitled to benefits and is unemployed.
United States · United States Congress · 23 June 1978
International Unfair Trade Laws Procedural Reform Act - Title I: Antidumping Act Amendments - Amends the Antidumping Act, 1921, to require the Secretary of the Treasury to conduct a preliminary investigation upon being informed that a particular class of merchandise is being, or is likely to be sold at less than its fair value (dumping). Requires that possible margins of dumping be published in the Federal Register along with notice of the investigation. Prescribes procedures for reporting information on dumping injuries to the Secretary and the United States International Trade Commission. Requires the Commission to conclude whether injury exists. Makes mandatory the Secretary's currently discretionary authority to suspend liquidation retroactively to cover merchandise entering after the publication of the notice of initiation of a full-scale investigation. Reduces the time limits allowed for agency investigations. Adds, to those circumstances under current law following which a hearing will be available, the notice of tentative discontinuance of an antidumping investigation or notice of a tentative modification or revocation of a dumping finding. Authorizes the Secretary to calculate the foreign market value for purposes of assessing antidumping duties through the use of weighted averages on a manufacturer-by- manufacturer basis over a period of no longer than six months. Requires payment of estimated dumping duties upon entry following a finding of dumping. Provides for review no less than once a year of the amount of estimated duty, with adjustments based on the most recent data available. Provides for return of excess duties. Changes the bonding requirements to require additional information. Requires the liquidation of merchandise subject to a dumping finding within 15 months of entry into the country, or within 18 months if the Secretary concludes that it cannot reasonably be performed within 15 months. Requires information developed in connection with the assessment and liquidation of antidumping duties to be made available in accordance with the provisions of the Freedom of Information Act. Title II: 1930 Tariff Act Amendments - Amends the Tariff Act of 1930 with respect to countervailing duties to require initiation of investigations as to whether a bounty or grant is being paid or bestowed and to shorten the time limit for making determinations. Changes the requirements for suspension of liquidation as to merchandise. Revises procedures governing the Secretary's actions following the issuance of an order directing the assessment and collection of countervailing duties. Imposes civil penalties for violations of cease and desist orders of the Commission. Specifies standards for review of actions contesting determinations by the Secretary or the Commission in countervailing duty and antidumping cases. Enumerates the decisions which may be challenged in the United States Customs Court. Title III: Study of Transferring Treasury Investigative Responsibilities to International Trade Commission - Directs the General Accounting Office to undertake a one-year study of the need for and feasibility of a transfer of the duties of the Treasury Department under the Antidumping Act, 1921, and the countervailing duty statutes of the Tariff Act of 1930, to the International Trade Commission, or to an independent section of a department of international trade. Title IV: Amendments to the Revenue Act of September 8, 1916 - Amends existing law to redescribe behavior which constitutes dumping to make it unlawful to manufacture in a foreign country and sell in the United States (whether through a related or unrelated importer) merchandise for which the purchase or exporter's sales price is less than the foreign market value, where the effect of such sale has been to substantially lessen competition, restrain trade, or monopolize commerce within the United States.
United States · United States Congress · 16 June 1978
Directs the Secretary of the Treasury to strike bronze, silver, and gold national medals and deliver them to the Lake Placid 1980 Olympic Winter Games Corporation, a nonprofit corporation. Requires such medals to be struck at not less than their estimated cost of manufacture, plus a surcharge equal to 25 percent of such cost. Requires such surcharge to be deposited in the Treasury as miscellaneous receipts.
United States · United States Congress · 14 June 1978
Susan B. Anthony Dollar Coin Act - Amends the Coinage Act of 1965 to change the size and weight of the one-dollar coin and to require that the obverse side of such coin bear the likeness of Susan B. Anthony.
United States · United States Congress · 12 June 1978
Amends the Internal Revenue Code to increase to $5,000 the jurisdictional ceiling on taxpayer disputes involving deficiencies or overpayments to which small tax case procedures will be applied in the United States Tax Court. Authorizes the chief judge of the Tax Court to assign small tax cases ($5,000 or less) to commissioners of the court. Authorizes a commissioner of the Tax Court to administer oaths and to procure the testimony of witnesses.
United States · United States Congress · 31 May 1978
Authorizes the President of the United States to designate the week beginning on the Sunday preceding the fourth Thursday in November of each year as "National Family Week".
United States · United States Congress · 18 May 1978
Amends the Internal Revenue Code to exempt taxicabs from the Federal excise tax on gasoline, diesel and special motor fuels. Defines "taxicabs" as land vehicles with a passenger capacity of less than ten adults, including the driver. Defines "taxicab services" as nonscheduled passenger land transportation for a fixed fare operated by a person who is licensed by the appropriate authority to provide such services and is not prohibited by any law from doing so. Renders the tax exemption inapplicable to vehicles purchased or manufactured in 1978 or later or vehicles which do not meet fuel economy standards under the Motor Vehicle Information and Cost Savings Act. Authorizes the Secretary of the Treasury to repay to the operator of an eligible taxicab any tax imposed upon the purchase of gasoline or other motor fuels which are exempt from the excise tax under this Act.
United States · United States Congress · 18 May 1978
Amends Title XVIII (Medicare) of the Social Security Act to eliminate the requirement that home health agencies providing medical services under such Title have a nonprofit, tax-exempt status or a license granted by the State in which it provides such services.
United States · United States Congress · 18 May 1978
Amends the Internal Revenue code to exclude from gross income statutory subsistence allowances received by State police officers between 1969 and 1978.
United States · United States Congress · 18 May 1978
Expresses the sense of Congress that, in conformity with the Helsinki Find Act, the Declaration of Human Rights, the International Covenant on Civil and Political Rights, and basic standards of justice, the unjustly imprisoned members and affiliates of the Soviet Helsinki Group should be granted their freedom and allowed to pursue their lawful activities in behalf of basic human rights. Urges the President, the Secretary of State, and other appropriate executive branch officials to continue to express at every suitable opportunity and in the strongest terms the opposition of the United States to the imprisonment of the Helsinki Group members.
United States · United States Congress · 15 May 1978
Amends the Internal Revenue Code to repeal the carryover basis provisions enacted by the Tax Reform Act which provide that beneficiaries receiving property from a decedent's estate will retain the decedent's basis in the property. Restores prior law which "stepped up" or "stepped down" the property's basis to its market value at the time of death without imposing tax consequences on the appreciation or depreciation the property underwent while held by the decedent.
United States · United States Congress · 15 May 1978
Amends the Internal Revenue Code to adjust the social security tax rates established by the Social Security Amendments of 1977. Increases, through and past the year 2009, the rate of tax on wages received by employees and paid by employers. Decreases the rate of tax on self employment income for the purposes of Title II (Old-Age, Survivors, and Disability Insurance) of the Social Security Act. Decreases such rates on employers', employees', and self-employment income for the purposes of the Hospital Insurance Program. Amends such Title II to increase allocations of employment income and decrease allocations of self- employment income from the Treasury to the Federal Disability Insurance Trust Fund. Extends allocation percentages through and past the year 2009. Repeals the yearly increases in the contribution and benefit base enacted by the Social Security Amendments of 1977 for purposes of the Old-Age, Survivors, and Disability Insurance program. Permits mutual borrowing by the Federal Old-Age, Survivors Trust Fund and the Federal Disability Insurance Trust Fund to insure prompt payment of benefits and the full operation of such Fund.
United States · United States Congress · 4 May 1978
Directs the Secretary of the Treasury to pay to a certain farm an amount to be determined by the Secretary of Agriculture to have been lost by such farm as a result of specified Federal regulations.
United States · United States Congress · 4 May 1978
Extends, from June 30, 1978, until June 30, 1981, the authority of the Secretary of the Treasury to make loans under the New York City Seasonal Financing Act.
United States · United States Congress · 4 May 1978
Amends the Internal Revenue Code to allow a deduction from the gross income of an employee for cash contributions made for his benefit to: (1) a qualified pension, profit sharing, or stock bonus plan; (2) a qualified annuity plan; (3) a qualified bond purchase plan; or (4) an individual retirement account. Limits such deduction to ten percent of the employee's compensation for the taxable year or $1,000, whichever is less.
United States · United States Congress · 4 May 1978
Amends the Internal Revenue Code to deny compensation under the Federal Unemployment Tax Act to substitute teachers who are paid on a per diem basis and are employed for less than 45 days in the applicable base period.
United States · United States Congress · 2 May 1978
Social Security Financing Amendments - Title I: Provisions to Improve the Financing of the Old Age-Survivors, and Disability Insurance Program - Amends the Internal Revenue Code to increase the rate of tax established by the Social Security Financing Amendments of 1977 on wages received by the employees and paid by employers, and on the earnings of the self employed, for the purposes of Title II (Old-Age, Survivors, and Disability Insurance) of the Social Security Act. Maintains at the level established by the Social Security Financing Amendments of 1977 the rate of tax on employment and self employment income for purposes of Title XVIII (Medicare) of the Social Security Act. Increases, to specified levels, the allocations of wages and self- employment income from the Treasury to the Federal Disability Insurance Trust Fund. Repeals the increases in the contribution and benefit base enacted by the Social Security Amendments of 1977. Establishes measures to maintain balances in the Federal Old-Age and Survivor Insurance Trust Fund, and the Federal Hospital Insurance Trust Fund, sufficient to make the payments required of such funds by means of loans among such funds. Title II: Improvement of Long-Range Financing Through a Gradual Increase in Retirement Age - Increases, from 65 to 68 years, the retirement age at which an individual may receive old-age, wife's, husband's, widow's or widower's insurance benefits without a reduction because such individual became eligible for such benefits before reaching retirement age. Sets forth a schedule for such increase in steps to occur between December, 1999 and March, 2011. Title III: Working Spouse's Benefit and Elimination of Gender-Based Distinctions Under the Old-Age, Survivors, and Disability Insurance Program - Establishes a "working spouse's benefit" under Title II. Provides that any individual who receives both old-age benefits or a disability insurance benefit and wife's, husband's, widow's, widower's, or mother's insurance benefits shall be entitled to such working spouse benefit. States that such benefit shall be a percentage of the smaller of the two benefits to which the recipient was entitled. Limits the receipt of such benefits to one member of a married couple when both members are eligible. Amends Title II to eliminate gender-based distinctions in awarding benefits under such Title. Equalizes treatment of fathers, husbands, divorced husbands, surviving divorced husbands, and widowers with the treatment of their female counterparts under the Old-Age, Survivors, and Disability Insurance Program. Eliminates marriage or remarriage of a benefit recipient as a factor in terminating or reducing benefits. Title IV: Coverage of Federal Employees Under the Old-Age, Survivors, and Disability Insurance Program - Amends Title II of the Social Security Act and the Internal Revenue Code to include Federal employees within the coverage of the Social Security system. Directs the Secretary of Health, Education, and Welfare in consultation with the Civil Service Commission to carry out a detailed study of how best to coordinate the benefits of the civil service retirement system and the benefits of the old-age, survivors, and disability insurance system, with the objective of developing for Federal employees a combined program of retirement, disability, and related benefits which will assure that such employers are no worse off, comparing their benefits under the combined program with the benefits they would receive under the Federal staff retirement systems at the time of their coverage under the old-age, survivors, and disability insurance system pursuant to the amendments made by this Act. Directs the Secretary to carry out a study of how best to coordinate the Medicare program and the program established by the Federal Employees Health Benefits Act, with the objective of developing for Federal employees a combined program of health insurance benefits to accompany the retirement and disability program developed by this Act. Title V: Liberalization and Eventual Repeal of Earnings Limitation for Individuals Age 65 and Over - Increases the minimum amount which an individual may earn before suffering a loss or reduction of benefits under the Old-Age, Survivors, and Disability Insurance program to $625 for each month of the taxable year ending after 1980 and before 1982. Removes the earning limitation for taxable years beginning after January 1, 1982.
United States · United States Congress · 1 May 1978
Amends the Internal Revenue Code to provide that an individual's allowable charitable contributions shall be deducted when determining the individual's adjusted gross income, thereby allowing the deduction to individuals who do not itemize.
United States · United States Congress · 25 April 1978
Authorizes a certain nonprofit corporation to have medals struck in commemoration of the XIII Olympic Winter Games to be held in Lake Placid, New York in 1980.
United States · United States Congress · 24 April 1978
Amends the Internal Revenue Code to adjust the social security tax rates established by the Social Security Amendments of 1977. Increases, through and past the year 2009, the rate of tax on wages received by employees and paid by employers. Decreases the rate of tax on self employment income for the purposes of Title II (Old-Age, Survivors, and Disability Insurance) of the Social Security Act. Decreases such rates on employers', employees', and self-employment income for the purposes of the Hospital Insurance Program. Amends such Title II to increase allocations of employment income and decrease allocations of self- employment income from the Treasury to the Federal Disability Insurance Trust Fund. Extends allocation percentages through and past the year 2009. Repeals the yearly increases in the contribution and benefit base enacted by the Social Security Amendments of 1977 for purposes of the Old-Age, Survivors, and Disability Insurance program. Permits mutual borrowing by the Federal Old-Age, Survivors Trust Fund and the Federal Disability Insurance Trust Fund to insure prompt payment of benefits and the full operation of such Fund.
United States · United States Congress · 24 April 1978
Amends the Employee Retirement Income Security Act to revise the definition of church plan. Deems as a church plan any plan established and maintained by an organization whose principal purpose is the administration of retirement benefit and welfare programs for church employees. Deems as a church employee any employee of a tax-exempt organization which is associated with or controlled by a church or convention of churches. Sets forth guidelines relative to treatment of church plans which presently fail to conform with the requirements of this Act.
United States · United States Congress · 24 April 1978
Amends the Internal Revenue Code to provide that an individual's allowable charitable contributions shall be deducted when determining the individual's adjusted gross income, thereby allowing the deduction to individuals who do not itemize.
United States · United States Congress · 20 April 1978
Security Reinvestment Act - Amends the Internal Revenue Code to permit a taxpayer to elect the nonrecognition of gain from a sale of securities if such taxpayer purchases replacement securities within 18 months of the sale of the original securities. Provides that the basis of the replacement securities shall be reduced by the amount of gain realized from the sale of the original securities. Treats any gain from the sale of the replacement securities as personal service income, subject to a 50 percent maximum tax rate. Limits, according to a formula based upon the number of years a taxpayer holds the replacement securities, the tax which can be levied on a gain from the sale of replacement securities. Establishes a three year statute of limitation for assessing tax deficiencies under this Act. Permits a taxpayer to offset against taxable income all losses from the sale of replacement securities, regardless of present ceilings on capital losses. Repeals limitations on allowable deductions for interest payments on investment indebtedness.
United States · United States Congress · 18 April 1978
Reverses Revenue Ruling 77-85 in order to restore the tax treatment formerly extended policy holders receiving dividends and interest on custodial account annuity contracts and the insurance companies maintaining the assets.
United States · United States Congress · 18 April 1978
Amends the Internal Revenue Code to make permanent the special tax treatment of church agency pension plans as qualified church plans. Provides that plans maintained by groups or associations of churches include individuals "substantially all" of whom are qualified beneficiaries. Allows such plans to retain accrued benefits, according to their terms, or to continue receiving contributions for up to five years for separated employees. Allows any plan which is determined to have failed to meet church plan requirements a grace period of 270 days, or any other period specified by the Secretary of the Treasury or a court in an adjudication of such an issue, to bring itself into compliance without becoming disqualified. Applies these provisions retroactively to 1974.
United States · United States Congress · 17 April 1978
Amends the Internal Revenue Code to provide that an individual's allowable charitable contributions shall be deducted when determining the individual's adjusted gross income, thereby allowing the deduction to individuals who do not itemize.
United States · United States Congress · 13 April 1978
Amends the Internal Revenue Code to repeal the carryover basis provisions enacted by the Tax Reform Act which provide that beneficiaries receiving property from a decedent's estate will retain the decedent's basis in the property. Restores prior law which "stepped up" or "stepped down" the property's basis to its market value at the time of death without imposing tax consequences on the appreciation or depreciation the property underwent while held by the decedent.
United States · United States Congress · 13 April 1978
Amends the Internal Revenue Code to exempt from taxation certain contributions to profit sharing plans by employers which would otherwise be taxable to the employee merely because a plan includes an arrangement under which the contribution is made only if the employee elects not to receive such contribution in cash.
United States · United States Congress · 13 April 1978
Investment Incentive Act - Amends the Internal Revenue Code to restore part of the pre-1969 tax treatment of capital gains by repealing the capital gains item of tax preference for the minimum tax; lowering the corporate alternative tax to 25 percent of net capital gain; and lowering the alternative individual tax to 25 percent of net capital gain.
United States · United States Congress · 12 April 1978
Amends the Internal Revenue Code to allow New York State and City employee pension plans to purchase New York City debt up to specified portions of their total assets without losing their status as tax exempt organizations or qualified pension plans.
![Official portrait of Rep. Conable, Barber B., Jr. [R-NY-30]](https://www.congress.gov/img/member/c000666_200.jpg)