United States · United States Congress · 18 May 1978
Amends Title II (Old Age, Survivors, and Disability Insurance) of the Social Security Act to require the financing of disability insurance benefits from general revenues, rather than through the imposition of employment and self-employment taxes. Amends the Internal Revenue Code to reduce employment and self- employment tax rates below the level established by the Social Security Amendments of 1977 for purposes of the Old-Age and Survivors Insurance program and the Hospital Insurance program. Requires deductions from disability benefits based on family income on the same basis that such deductions are made from old-age and survivors benefits. Directs the Secretary of Health, Education, and Welfare to establish within the Social Security Administration an Office of Training to provide specialized training for State and Federal officials required to make determinations of disability. Requires that such officials be certified by the Secretary as having successfully completed such training before engaging in making disability determinations. Entitles an individual whose disability claim has been rejected or partially disallowed to a personal interview with the examiner making the determination. Directs the Secretary to publish in the Federal Register regulations defining physical and mental impairments which would qualify an individual for disability benefits.
United States · United States Congress · 17 May 1978
Small Business Regulatory Relief Act - Amends the Small Business Act to direct each Federal department, agency, and instrumentality engaged in rulemaking to prepare a written analysis of whether it is legal, feasible, and desirable to exempt small businesses (or classes thereof) from a rule or whether the agency should promulgate a rule with lesser compliance standards for businesses. Sets forth information which must be present in such analysis.
United States · United States Congress · 17 May 1978
Requests the President to (1) instruct the Department of State to report to Congress on the violations of human rights in Cambodia, (2) instruct the International Communications Agency to disseminate such information, and (3) instruct the Ambassador to the United Nations to introduce a resolution in the General Assembly condemning these atrocities.
United States · United States Congress · 15 May 1978
Congressional Award Program Act - Establishes the Congressional Award Program in the United States and its territories to recognize and promote youth leadership and excellence in the areas of expedition fitness, personal creative development, and public service. Creates a Congressional Award Board with a Director to supervise such program. Authorizes the appointment of State award directors under this Act. Creates three Congressional Award Medals to be awarded under this Act.
United States · United States Congress · 11 May 1978
Targeted Tax Relief Act - Amends the Internal Revenue Code to allow manufacturers planning property eligible for the investment tax credit in designated "labor surplus" areas to take double investment tax credits and depreciation deduction for the property. Doubles the allowable deduction for real property taxes on realty used in connection with this property.
United States · United States Congress · 11 May 1978
Amends the Internal Revenue Code by providing graduated corporate income tax rates ranging, over seven brackets, from a 16 percent rate on a corporation's first $25,000 income to a 45 percent rate on income over $150,000.
United States · United States Congress · 10 May 1978
Defines "person" and "net worth" for purposes of the Small Business Investment Act of 1958. Adds the following title to the Small Business Investment Act of 1958: Title VI: Equity Investments in Small Business. Permits any person to provide equity capital to small business concerns in amounts aggregating to not more than five percent of such person's net worth. Repeals the provision of the Small Business Act which authorizes grants for studies, research, and counseling concerning the operation of small business enterprises.
United States · United States Congress · 9 May 1978
Amends the Small Business Investment Act of 1958 to authorize the Small Business Administration to guarantee the timely payment of all principal and interest as scheduled on any debenture issued by any qualified State or local development company.
United States · United States Congress · 9 May 1978
Condemns those responsible for the crimes against Aldo Moro. States the sense of Congress that: (1) the President extend support to the Government of Italy; and (2) the President encourage nations of the North Atlantic Treaty Organization to work with the Italian Government to coordinate and strengthen efforts of free nations to apprehend terrorists and work through diplomatic channels for the isolation and condemnation of those countries which give refuge and support to terrorists.
United States · United States Congress · 2 May 1978
Graduated Income Tax Rate Act - Amends the Internal Revenue Code to provide graduated income tax rates for corporations ranging from a 14 percent rate on the first $25,000 in income to a 48 percent rate on income in excess of $100,000,000.
United States · United States Congress · 1 May 1978
Housing and Community Development Amendments - Title I: Community and Neighborhood Development and Conservation - Amends the Housing Act of 1964 to extend the rehabilitation loan program through fiscal year 1979. Amends the Housing and Community Development Act of 1974 to extend the Urban Homesteading program through fiscal year 1979. Changes the requirements for application and eligibility for assistance under the Community Development Block Grant program. Title II: Housing Assistance Programs - Authorizes the Secretary of Housing and Urban Development to make, and contract to make, assistance payments to owners of housing projects insured under the National Housing Act and assisted under rent supplement programs on an annual basis. Permits payments to be made only if such payments are necessary to restore or maintain the economic soundess of the project and to maintain its low-to-moderate-income character. Amends the Housing Act of 1959 to set aside a specified amount of the funds appropriated for housing for the handicapped to be made available for loans for the development of rented housing and related facilities specifically designed to meet the needs of handicapped (primarily non-elderly) persons. Amends the United States Housing Act of 1937 to authorize funds to be appropriated for annual contributions for low-income housing projects through fiscal year 1978. Authorizes the Secretary to make assistance payment to low-income families for the rental of real property on which is located a mobile home which is owned by such family and used by it as a principal residence. Title III: Program Amendments and Extensions - Amends the National Housing Act to extend specified Federal Housing Administration insurance programs including the following: (1) housing renovation and modernization; (2) general insurance authorization; (3) housing for moderate income and displaced families; (4) membership in cooperative associations for lower income families; (5) rental housing for low-income families; (6) coinsurance of mortgages; (7) experimental housing; (8) armed services housing; (9) group practice facilities and medical practice facilities; (10) new communities; and (11) crime and riot reinsurance. Permits the Secretary of Housing and Urban Development to insure, on a permanent basis, mortgages and loans with provisions for varying rates of amortization through fiscal year 1979. Extends the Emergency Home Purchase Assistance program through fiscal year 1979. Amends the Housing Act of 1954 to authorize appropriations for comprehensive planning for urban and rural development through fiscal year 1979. Calls for triennial, instead of biennial, review of the comprehensive plans developed by recipients of assistance under such Act. Amends the Housing and Urban Development Act of 1970 to extend research authorizations through fiscal year 1979. Authorizes the Secretary of such Department to conduct demonstrations to determine the feasiblity of expanding home ownership opportunities in urban areas including encouraging the conversion of multifamily housing properties to cooperative or condominium ownership by individuals and families. Amends the National Flood Insurance Act to extend the National Flood Insurance program and flood insurance through fiscal year 1979. Authorizes the Secretary to bid on specified properties which are not insured under the National Housing Act at foreclosure sales. Amends the National Housing Act to extend mortgage insurance to nonresident care facilities. Changes the eligiblity requirements for condominium mortgage insurance under the National Housing Act. Amends the National Housing Act to increase the authorization of appropriations for fiscal year 1979 for losses sustained by the General Insurance fund. Authorizes the Secretary of Housing and Urban Development to insure loans for the acquisition of fee simple title to residential property from lessors beyond limits established by the National Housing Act, if such property is located in Hawaii. Amends the Department of Housing and Urban Development Act to authorize the establishment of more than one day care facility for the children of employees of such Department. Amends the Housing and Urban Development Act of 1969 to remove certain restrictions on the purchase or lease of surplus real property for use in providing housing for low- and moderate-income families and individuals. Amends the National Housing Act to increase: (1) the total amount of purchase authority of the Government National Mortgage Association; and (2) the limits on the amounts of principal obligations of various classes of mortgages which such Association may purchase. Title IV: Rural Housing - Amends the Housing Act of 1949 to extend the following housing programs until September 30, 1979: (1) low-income repair loans and grants; (2) low rent housing for domestic farm labor; (3) rural rental housing loans; (4) rural housing loans; and (5) mutual self-help housing loans and grants. Directs the Secretary of Agriculture to conduct a study of housing which is available for migrant and settled farmworkers. Requires the adequate written notification of the reasons for which such assistance was denied be given to anyone who has applied for and been denied rural housing assistance. Removes the limitation on the amounts authorized to be appropriated for the low-income repair program and the mutual self-help housing program. Authorizes the Secretary of Agriculture to provide additional assistance to persons receiving aid for rural housing under the interest credit program who are unable to afford a dwelling. Prescribes the formula for determining the amount of such additional assistance. Provides for the recapture of all or a portion of the assistance rendered upon the disposition or nonoccupancy of the property by the borrower. Title V: Congregate Services - Congregate Housing Services Act - Authorizes the Secretary of Housing and Urban Development to enter into contracts with public housing agencies for the establishment of congregate housing projects which are supplemented by supportive services for frail and physically impaired residents. Requires assisted public housing authorities to maintain any financial effort they are making in furtherance of congregate services prior to contract authority approval, unless the Secretary waives such requirement. Amends the United States Housing Act of 1937 to permit the provisions of congregate services in existing public housing. Makes provisions for the administration of services and requires assisted public housing agencies to employ elderly and physically disabled residents to the maximum extent practicable. Sets forth application procedures, requirements for eligibility for services, and rules for the setting of fees for congregate services. Directs assisted public housing agencies to review this program with eligible residents and with the professional assessment committee within the 12-month period prior to the submission of an application for renewed funding. Title VI: Neighborhood Reinvestment Corporation - Establishes the National Neighborhood Reinvestment Corporation. Opens all meetings of the board to public observation unless a board majority votes to close a specific meeting. Empowers the Corporation to continue the work of the Urban Reinvestment Task Force in establishing neighborhood housing services programs, in providing grants and technical assistance to selected neighborhood preservation projects, and in supporting Neighborhood Housing Services of America. Requires the Corporation, in making grants, to determine reporting and management restrictions or requirements on recipients and to assure that recipients make information necessary to determine compliance with Federal laws available to the Corporation. Authorizes specified Federal departments and Federal banks to provide services to the Corporation with or without reimbursement. Directs the Corporation to publish an annual report to the President and the Congress. Requires an annual audit of the Corporation. Requires the Corporation to prepare annual business-type budgets for submission to the Office of Management and Budget. Requires inclusion of such budget as part of the President's annual budget to Congress.
United States · United States Congress · 1 May 1978
Amends the Internal Revenue Code to allow small business investment companies electing to be taxed as regulated investment companies, and having a tax deficiency as a result of a judicial judgment or administrative settlement concerning certain capital gains or dividend deductions to satisfy such deficiencies by paying out dividends within 90 days after the judgment or settlement.
United States · United States Congress · 1 May 1978
Small Business Capital, Investment, and Business Opportunity Act - Title I: Amendments of the Small Business Investment Act of 1958 - States that the interest rate on loans guaranteed by the Small Business Administration (SBA) to small business investment companies shall be three percent per annum. Authorizes the Small Business Administration to guarantee up to 75 percent of the funds advanced by small business investment companies to start small business concerns. Limits such guarantees to not more than 20 percent of the private paid-in capital of the small business investment company. Makes the Associate Administrator for Investment of the SBA responsible for the administration of the small business investment program and removes any other duties. Title II: Amendments to the Securities Act of 1933 - Amends the Securities Act of 1933 to permit the sale of restricted securities without registration under specified circumstances. Requires issuers to report only material information with respect to transactions not involving any public offering. Title III: Amendment of the Employee Retirement Income Security Act of 1974 - Amends the Employee Retirement Income Security Act to provide that the prudence requirement under such Act is not violated solely by an investment in a small business, provided investments of this nature do not exceed in value five percent of the market value of all assets in a defined benefit plan fund. Title IV: Tax Provisions - Increases the surtax exemption from tax on the income of a corporation for any taxable year to $100,000. States that the gain from the sale of an interest in a small concern qualifies as a non-taxable exchange provided such gain is reinvested within 18 months of the sale in another eligible small concern. Repeals the amendments pertaining to qualified stock options under section 442 of the Code as enacted by the Tax Reform Act of 1976 and reinstates the former law. Changes the allowable deduction for any taxable year with respect to the issuance of small business stock. Makes small business investment companies eligible to be shareholders of subchapter S corporations. Provides for reserves for losses on equity investments of small business investment companies.
United States · United States Congress · 1 May 1978
Product Liability Tax Relief Act - Amends the Internal Revenue Code to qualify trusts established for the payment of product liability claims as tax exempt organizations. Allows taxpayers a business income tax deduction for contributions to such trusts only to the extent they do not exceed the reasonable costs of product liability insurance for the taxpayer. Imposes excise taxes on self-dealing and excess contribution by persons who contribute, control, own, or have beneficial interests in the trusts. Includes distribution from these trusts in the taxpayers' gross income when made for an unqualified purpose, and imposes a ten percent tax on the trusts for such expenditures.
United States · United States Congress · 1 May 1978
Product Liability Tax Assistance Act - Amends the Internal Revenue Code to allow an income tax deduction for amounts contributed to a product liability trust, up to the fair market value of product liability insurance for the taxpayer. Sets forth the requirements such a product liability trust must meet to be tax-exempt. Includes distributions from such a trust other than for payment of product liability claims in the recipient's gross income. Imposes excise taxes on such trusts for self-dealing, unqualified expenditures, and contributions in excess of the fair market value of product liability insurance.
United States · United States Congress · 1 May 1978
Standards for State Product Liability Tort Litigation Act - Declares that each State has authority to adopt legislation relating to product liability tort law in accordance with specified basic standards set forth in this Act. Establishes, as an independent instrumentality within the Department of Commerce, the Standards for Product Liability Tort Law Review Panel to review State product liability legislation, to determine whether such legislation is in accordance with the basic standards. Declares that such State legislation will be deemed to be in accordance with such basic standards, and hence an "Approved State Plan," if the Review Panel determines that such legislation provides for: (1) a product liability cause of action; (2) a statute of limitations; (3) a state of the art defense; (4) court appointment of expert witnesses; (5) comparative responsibility; and (6) the treatment of workplace injuries in accordance with this Act. States that the product liability cause of action provided by this Act shall be in lieu of all existing causes of action for damage as a result of bodily injury caused by a product. Sets forth the procedure whereby the Review Panel shall examine product liability legislation certified to it by the chief executive officer of a State. Declares that the Review Panel shall determine that a certified State plan is in accordance with the basic standards only if such plan is in compliance with all the provisions set forth in this Act. Subjects a declaration by the Review Panel that a State plan is not in accordance with the basic standards, to judicial review in the United States courts of appeals. States that if the Review Panel declares that a State does not have an approved State plan, an alternative plan for product liability, under which the product liability cause of action shall be in lieu of all existing causes of action for damages resulting from both bodily injury and injury to property caused by a product, shall take effect in that State. Stipulates that this Act is not a grant of Federal jurisdiction over actions for product liability benefits.
United States · United States Congress · 1 May 1978
Federal Insurance Commission Act - Creates the Federal Insurance Commission which shall have the duty to supervise and regulate all activities of any insurer affecting commerce, to insure that such insurer is solvent, charges reasonable premiums, and otherwise acts in the public interest. Declares unfair insurance practices in commerce to be unlawful. Empowers and directs the Commission to prevent persons from engaging in unfair insurance practices. Sets forth the procedures to be employed by the Commission in any proceeding against any person believed to be using unfair insurance practices in commerce. Empowers the Commission to issue cease and desist orders to persons, partnerships, or corporations found to be involved in such practices. Sets forth the procedure for obtaining a review of such order in the United States courts of appeals. Transfers to and vests in the Federal Insurance Commission, all the functions, powers, and duties of the Federal Insurance Administrator of the Department of Housing and Urban Development, and of the other officers and offices within the Federal Insurance Administration. Authorizes the appropriation of such sums as the Commission may deem necessary to carry out its duties under this Act.
United States · United States Congress · 27 April 1978
New York City Financial Assistance Act - Title I: Emergency Assistance - Authorizes the Secretary of the Treasury to guarantee, under stated conditions, obligations of the City of New York or of its financing agent. Limits the total amount of guarantees that may be outstanding at any time to $2,000,000,000. Title II: Amendments to the Internal Revenue Code of 1954 - Makes interest income received on any obligation guaranteed under Title I of this Act after the date of the enactment of this title taxable under the Internal Revenue Code of 1954.
United States · United States Congress · 26 April 1978
Independent Local Newspaper Act - Amends the Internal Revenue Code to promote the survival of independent newspapers by providing for the establishment of tax exempt trusts for paying estate taxes on such papers, and by postponing the payment of estate taxes on such papers.
United States · United States Congress · 25 April 1978
Amends the Internal Revenue Code to allow active participants in a retirement plan an income tax deduction for contributions to an individual retirement account in taxable years prior to the vesting of the individual's rights under the retirement plan.
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 · 25 April 1978
Declares that the President should take steps to discourage activities by the United States which benefit the Government of Uganda; including closing the Ugandan embassy in the District of Columbia; restricting the movement of officials of the Ugandan mission to the United Nations; supporting legislation to prohibit imports to or exports from Uganda; prohibiting the entry of individuals on scholarships from Uganda; prohibiting the training of Ugandans in areas having military application; revoking the landing rights of Ugandan aircraft in the United States; and prohibiting maintenance in the United States of equipment having police or military application.
United States · United States Congress · 24 April 1978
Amends Title XVIII, part A (Hospital Insurance Benefits for the Aged and Disabled) of the Social Security Act and repeals provisions of the Internal Revenue Code imposing a tax on employment and self employment income. Provides for the financing of the hospital insurance program from general revenues. Repeals the increases in the contribution and benefit base enacted by the Social Security Amendments of 1977.
United States · United States Congress · 20 April 1978
Rural Housing Act - Amends the Housing Act of 1949 to state that foreclosure of any rural housing loan made, insured, or guaranteed under Title V of such Act shall be undertaken only as a last resort. Authorizes and directs the Secretary of Agriculture to conduct specified programs of research, study and analysis of rural housing. Authorizes the Secretary to make expenditures from the Rural Housing Insurance Fund in order to correct construction defects or to pay claims of the owner of property arising from such defects. Makes changes with respect to the Secretary's power to make rules and regulations. Authorizes increases in assistance to specified rural housing programs for fiscal years 1978 and 1979. Extends rural housing loans for elderly and handicapped facilities to include supervisory assistance personnel for congregate housing facilities. Makes it mandatory for the Secretary to provide rural rental assistance. Amends the Housing Act of 1949 to direct the Secretary to withhold assistance for specified programs from any otherwise eligible borrower who fails to incorporate energy conservation features into any structure commenced by such borrower after January 1, 1979.
United States · United States Congress · 19 April 1978
Solar Photovoltaic Energy Research, Development, and Demonstration Act - Requires the Secretary of Energy to develop research, development, and demonstration programs concerning the use of solar photovoltaic energy systems. Authorizes the Secretary to provide up to 75 percent of the purchase and installation costs of selected systems used for research purposes. Requires the Secretary to formulate definitive performance criteria concerning solar photovoltaic systems and to develop a system certification for conforming systems. Directs the Secretary to consult with relevant Federal agencies concerning the use of solar photovoltaic systems in Federal facilities. Requires the Secretary to set up a development and demonstration program of prototype photovoltaic systems at the Solar Energy Research Institute in Golden, Colorado. Directs the Secretary to establish a solar energy data bank at the Golden facility. Requires relevant Federal officials to ensure that small business concerns are granted realistic and adequate opportunities to participate, to the maximum extent possible, in the programs under this Act.
United States · United States Congress · 17 April 1978
Anti-Inflation Tax Relief Act - Amends the Internal Revenue Code to provide for annual cost-of-living adjustments to the individual income tax rates, personal exemption amounts, withholding tax amounts and the minimum amounts of income which necessitate filing a return.
United States · United States Congress · 12 April 1978
Voluntary Job Preservation and Community Stabilization Act - Directs the Secretary of Commerce to conduct a continuing investigation to identify those industrial, business, agricultural, and service organizations (1) which are in danger of ceasing operation or of outmigration and (2) whose closing or relocation would result in substantial unemployment and economic dislocation in the community. Provides, through the Secretary, loans for technical assistance and status and operating costs to an employee or employee/community corporation which meets certain requirements in order that it may assume ownership and operation of an organization so identified. Conditions loans, among other factors, upon certification that the corporation will allow new employees to participate and will adopt a method for acquisition of stock of persons no longer associated with the organization for the purpose of making it available to all employees on a nondiscriminatory basis. Authorizes loans of up to $15,000 to an employee who wishes to purchase stock in a purchasing corporation and who is unable to secure financing elsewhere.
United States · United States Congress · 12 April 1978
Amends the Internal Revenue Code to provide identical income tax rates for single persons and married couples filing joint returns. Limits the earned income that must be reported by a married individual filing a separate return to the amount actually earned by that individual.
United States · United States Congress · 10 April 1978
Amends part II of the Interstate Commerce Act (Motor Carriers) to exempt from the provisions of such part vehicles carrying up to 15 persons in a single day roundtrip for the purpose of commuting to and from work. Amends the Fair Labor Standards Act to exempt from the minimum wage and maximum hours provisions of such Act individuals participating in a voluntary ride-sharing arrangement for the transportation of up to 15 persons in a single day roundtrip for the purpose of commuting to and from work.
United States · United States Congress · 10 April 1978
National Infant Screening Act - Amends the Public Health Service Act to direct the Secretary of Health, Education, and Welfare to make grants and contracts to public and private entities to acquire the automated equipment, supplies, and personnel required to conduct multiple screening of blood specimens routinely collected from newborn infants for metabolic disorders. Requires the States to develop plans for the screening, diagnosis, and management of newborn infants for metabolic disorders. States that no entity shall be eligible for a grant under this Act unless it is in compliance with the applicable State plan.
United States · United States Congress · 6 April 1978
Targeted Tax Relief Act - Amends the Internal Revenue Code to allow manufacturers planning property eligible for the investment tax credit in designated "labor surplus" areas to take double investment tax credits and depreciation deduction for the property. Doubles the allowable deduction for real property taxes on realty used in connection with this property.
United States · United States Congress · 6 April 1978
Comprehensive Family Planning Services, Research in Human Reproduction, and Prevention of Unwanted Teenage Pregnancy Act - Amends the Public Health Service Act to authorize the Secretary of Health, Education, and Welfare to make grants to, and enter into contracts with, public or nonprofit entities to assist: (1) in the establishment, maintenance and expansion of voluntary family planning projects which offer a broad range of family planning methods (including natural family planning methods) to all persons who need and desire them; (2) in the provision through such projects of comprehensive services appropriate to the needs of teenagers who are at risk of unwanted pregnancy; and (3) in the establishment and operation of demonstration projects aimed toward the alleviation of problems of infertility through counseling, referral, and medical services to persons who need and desire them. Authorizes the Secretary to make grants to public or nonprofit private entities and enter into contracts with public or nonprofit private entities and individuals: (1) to establish and maintain a network of community-based informational and educational services designed to help adolescents more fully understand the risks and consequences of teenage pregnancy and childbearing; and (2) to assist in developing appropriate information and educational materials for dissemination to such community-based services. Requires the Secretary to annually report a plan for achieving the purposes set forth in this Act with particular emphasis on assistance to adolescents. Authorizes the appropriation of specified amounts for fiscal years 1979 through 1981 to carry out the programs specified in this Act.
United States · United States Congress · 4 April 1978
Fair Franchise Practices and Distribution Practices Reform Act - Prohibits a franchisor from terminating a franchise during the term of the franchise agreement and from failing to renew the relationship at the expiration of the franchise term unless the termination or non-renewal is based upon specified grounds and executed in accordance with specified notice requirements. Requires 60 days' notice of termination or nonrenewal in most cases. Makes the provisions of this Act enforceable by private civil action in the appropriate U.S. district court. Authorizes injunctive relief and money damages. Preempts State law in the subject areas with which this Act deals, including termination and non-renewal of franchise relationships and the notice applicable thereto, unless State law provisions are the same as the applicable provisions of this Act.
United States · United States Congress · 4 April 1978
Amends the Agricultural Act of 1970 to require exporters of agricultural commodities to report to the Secretary of Agriculture contracts involving exportation of a into the United States by foreign subsidiaries and affiliates of such exporters.
United States · United States Congress · 4 April 1978
Directs the Department of Commerce, in consultation with the Department of Labor, to develop methods for better collection and publication of labor force characteristics relating to women in professional, technical, and managerial occupations (including a breakdown in the statistical tables of the Bureau of the Census).
United States · United States Congress · 3 April 1978
Anti-Inflation Tax Reduction and Reform Act - Amends the Internal Revenue Code to provide cost-of-living adjustments for the individual income tax rates and withholding tables.
United States · United States Congress · 22 March 1978
New York City Financial Assistance Act - Title I: Emergency Assistance - Authorizes the Secretary of the Treasury to guarantee, under stated conditions, obligations of the City of New York or of its financing agent. Limits the total amount of guarantees that may be outstanding at any time to $2,000,000,000. Title II: Amendments to the Internal Revenue Code of 1954 - Makes interest income received on any obligation guaranteed under Title I of this Act after the date of the enactment of this title taxable under the Internal Revenue Code of 1954.
United States · United States Congress · 22 March 1978
Omnibus Product Liability Insurance Act - Title I: Federal Insurance Commission - Creates the Federal Insurance Commission which shall have the duty to supervise and regulate all activities of any insurer affecting commerce, to insure that such insurer is solvent, charges reasonable premiums, and otherwise acts in the public interest. Declares unfair insurance practices in commerce to be unlawful. Empowers and directs the Commission to prevent persons from engaging in unfair insurance practices. Sets forth the procedures to be employed by the Commission in any proceeding against any person believed to be using unfair insurance practices in commerce. Empowers the Commission to issue cease and desist orders to persons, partnerships, or corporations found to be involved in such practices. Sets forth the procedure for obtaining a review of such order in the United States courts of appeals. Transfers to and vests in the Federal Insurance Commission, all the functions, powers, and duties of the Federal Insurance Administrator of the Department of Housing and Urban Development, and of the other officers and offices within the Federal Insurance Administration. Authorizes the appropriation of such sums as the Commission may deem necessary to carry out its duties under this Title. Title II: Standards For State Product Liability Tort Litigation Act - Declares that each State has authority to adopt legislation relating to product liability tort law in accordance with specified basic standards set forth in this Title. Establishes, as an independent instrumentality within the Department of Commerce, the Standards for Product Liability Tort Law Review Panel to review State product liability legislation, to determine whether such legislation is in accordance with the basic standards. Declares that such State legislation will be deemed to be in accordance with such basic standards, and hence an "Approved State Plan," if the Review Panel determines that such legislation provides for: (1) a product liability cause of action; (2) a statute of limitations; (3) a state of the art defense; (4) court appointment of expert witnesses; (5) comparative responsibility; and (6) the treatment of workplace injuries in accordance with this Title. States that the product liability cause of action provided by this Title shall be in lieu of all existing causes of action for damage as a result of bodily injury caused by a product. Sets forth the procedure whereby the Review Panel shall examine product liability legislation certified to it by the chief executive officer of a State. Declares that the Review Panel shall determine that a certified State plan is in accordance with the basic standards only if such plan is in compliance with all the provisions set forth in this Title. Subjects a declaration by the Review Panel that a State plan is not in accordance with the basic standards, to judicial review in the United States courts of appeals. States that if the Review Panel declares that a State does not have an approved State plan, an alternative plan for product liability, under which the product liability cause of action shall be in lieu of all existing causes of action for damages resulting from both bodily injury and injury to property caused by a product, shall take effect in that State. Stipulates that this Title is not a grant of Federal jurisdiction over actions for product liability benefits. Title III: Internal Revenue Code Amendments - Product Liability Tax Assistance Act - Amends the Internal Revenue Code to allow an income tax deduction for amounts contributed to a product liability trust, up to the fair market value of product liability insurance for the taxpayer. Sets forth the requirements such a product liability trust must meet to be tax-exempt. Includes distributions from such a trust other than for payment of product liability claims in the recipient's gross income. Imposes excise taxes on such trusts for self-dealing, unqualified expenditures, and contributions in excess of the fairmarket value of product liability insurance.
United States · United States Congress · 22 March 1978
Franchising Termination Practices Reform Act - Requires a franchisor to notify a franchisee at least 90 days in advance of the franchisor's intention to terminate the franchise and to state the reasons for termination. Prohibits a franchisor from cancelling a franchise or failing to renew a franchise unless the franchisor is effecting a market area withdrawal or the franchisor has good cause for failure to renew and has given proper notice. Makes any franchisor who has violated the requirements of this Act civilly liable to the aggrieved franchisee.
United States · United States Congress · 22 March 1978
Amends the Home Owners' Loan Act of 1933 to authorize Federal savings and loan associations to invest in cooperative housing. Removes the limitation on the percentage of its assets which a savings and loan association may invest in the following: (1) commercial real estate loans; (2) loans for home improvement and mobile homes; and (3) State and local government bonds to raise revenue for the rehabilitation, financing, or construction of residential real estate.
United States · United States Congress · 22 March 1978
National Infant Screening Act - Amends the Public Health Service Act to direct the Secretary of Health, Education, and Welfare to make grants and contracts to public and private entities to acquire the automated equipment, supplies, and personnel required to conduct multiple screening of blood specimens routinely collected from newborn infants for metabolic disorders. Requires the States to develop plans for the screening, diagnosis, and management of newborn infants for metabolic disorders. States that no entity shall be eligible for a grant under this Act unless it is in compliance with the applicable State plan.
United States · United States Congress · 22 March 1978
Amends the Foreign Assistance Act of 1961 to require that appropriations for the United Nations for any fiscal year be reduced by an amount equal to the product of the United States contribution to the United Nations for the preceding year and the proportion which the aggregate budget of the Committee on the Exercise of the Inalienable Rights of the Palestinian People and the Special Unit on Palestinian Rights for such fiscal year bears to the budget of the United Nations for such fiscal year.
United States · United States Congress · 22 March 1978
Targeted Tax Relief Act - Amends the Internal Revenue Code to allow manufacturers planning property eligible for the investment tax credit in designated "labor surplus" areas to take double investment tax credits and depreciation deduction for the property. Doubles the allowable deduction for real property taxes on realty used in connection with this property.
![Official portrait of Rep. LaFalce, John J. [D-NY-29]](https://www.congress.gov/img/member/l000556_200.jpg)