Bill· HRH.R. 17248 (93rd)referred
United States · United States Congress · 10 October 1974
Home Purchase Assistance Act - Requires that whenever the Secretary of Housing and Urban Development determines that a substantial number of families are unable to obtain mortgage credit at reasonable rates due to high interest rates or reduced availability of mortgage credit and that the inability to obtain such credit is causing or threatening to cause a significant reduction in the volume of home construction or acquisition and thereby adversely to affect the economy and to delay the orderly achievement of the national housing goals contained in title XVI of the Housing and Urban Development Act of 1968, the Secretary shall direct the Government National Mortgage Association to begin making commitments to purchase and to purchase mortgages in accordance with the provisions of this Act. Establishes within the Association a Housing Trust Fund which shall be used to carry out such purposes. Provides that mortgages may be purchased under this Act only if: (1) such mortgage was executed to finance the acquisition of the principal residence of the mortgagor; and (2) such mortgage involves the acquisition or construction of a residential dwelling at a cost which does not exceed $30,000 (or such greater amount, but not to exceed $45,000 as may be necessary to meet the need for mortgage credit in high cost areas). States that the Association shall not permit the aggregate outstanding amount of mortgages held by the fund under this section to increase by more than $10,000,000,000 in any single fiscal year. Requires that 50 percent of the aggregate principal amount of home mortgages purchased under this Act in any fiscal year shall involve residences upon which construction has been completed within twelve months preceding the date of purchase.
Bill· HRH.R. 17033 (93rd)referred
United States · United States Congress · 2 October 1974
Allows an income tax exclusion under the Internal Revenue Code for interest on deposits in banks, savings institutions, and credit unions. Limits such tax exclusion to $500 ($1000 if a joint return is filed).
Bill· HRH.R. 16955 (93rd)referred
United States · United States Congress · 30 September 1974
New Homestead Act - Provides that in the case of any farm purchase loan to any person who is (1) a nonowner-operator of a farm or (2) an owner-operator of a farm who is not reliant on such farm for his principal source of income, the Secretary of Agriculture may make or insure any such loan up to $100,000 or 90 percent of the value of the farm being purchased, whichever is greater. States that the repayment of any farm purchase loan by any person who was at the time of such loan a nonowner-operator of a farm or an owner-operator of a farm, but not reliant on such farm for his principal source of income, shall, upon the request of such person at the time the loan is made or insured, be made as follows: (1) during the first twelve-month period beginning on the first day of the first month after the loan is made and during each of the next fourteen twelve-month periods, one-eightieth of the total amount to be financed including interest; and (2) (A) during each of the next twenty-five twelve-month periods, one twenty-fifth of an amount equal to the total amount to be financed including interest minus the amount paid pursuant to paragraph (1); or (B) at the close of the fifteenth twelve-month period, the balance of the principal plus an amount of interest which would have been due and payable during the first fifteen twelve-month periods had the forty-year loan been paid in four hundred and eighty equal installments; except that the balance of the loan shall become due and payable if such farm or any interest therin is transferred without the approval of the Secretary to any person ineligible for a loan. Authorizes appropriations of such sums as may be necessary to carry out the purposes of this Act.
Bill· HRH.R. 16894 (93rd)referred
United States · United States Congress · 25 September 1974
Federal Paperwork Burden Relief Act - Directs the Comptroller General to conduct a study of the reporting requirements of Federal regulatory programs to determine the extent to which these requirements may be revised to lessen the burden upon small and independent business establishments. Requires the Comptroller General to report the results of such study to the Congress one year from the date of enactment of this Act.
Bill· HRH.R. 16895 (93rd)referred
United States · United States Congress · 25 September 1974
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 corporations 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.
Bill· HJRESH.J.Res. 1141 (93rd)referred
United States · United States Congress · 23 September 1974
Authorizes the President to designate March 16 through 23, 1975, as "DeMolay Week".
Bill· HRH.R. 16758 (93rd)referred
United States · United States Congress · 19 September 1974
Removes the provisions of the Flood Disaster Protection Act of 1973 which make flood insurance coverage and community participation in the national flood insurance program prerequisites for approval of any financial assistance in a flood hazard area.
Bill· HJRESH.J.Res. 1123 (93rd)referred
United States · United States Congress · 12 September 1974
Authorizes the President to designate March 16 through 23, 1975, as "DeMolay Week".
Bill· HRH.R. 16604 (93rd)referred
United States · United States Congress · 11 September 1974
Requires, under title XVI of the Social Security Act, that the value of maintenance and support furnished an indivudual or his eligible spouse by a nonprofit retirement home be excluded from income for the purpose of determining eligibility for supplemental security income benefits under such Act.
Resolution· HCONRESH.Con.Res. 620 (93rd)referred
United States · United States Congress · 22 August 1974
Expresses the sense of Congress that: (1) the designation of 1975 as International Women's Year is welcomed and full support is expressed for the goals for the Year as proclaimed by the Secretary General of the United Nations and the President of the United States; (2) cooperation in observance of the Year is urged on the part of all concerned people, official and private, men and women, to insure that constructive measures are taken to advance the rights and responsibilities of women during 1975; (3) a concerted effort should be made to insure that 1975 is a year not only of stock-taking but also a time for the launching of new programs and the forming of new attitudes toward the role of women; and (4) women in more than token numbers should be included on all United States delegations to international conferences or other meetings, and on national commissions and other bodies where positions are filled by Federal appointment.
Bill· HRH.R. 16586 (93rd)referred
United States · United States Congress · 22 August 1974
Requires the monthly publication of a Consumer Price Index for the Elderly and provides for studies and legislative recommendations to be made with regard to utilizing such index in determining cost-of-living adjustments authorized in Federal programs for individuals who are at least sixty-two years of age.
Bill· HRH.R. 16413 (93rd)referred
United States · United States Congress · 13 August 1974
Exempts from the child labor provisions of the Fair labor Standards Act individuals under age sixteen employed at public sporting or recreational events for not more than forty hours per week while school is not in session, and not more than thirteen hours per week while school is in session.
Resolution· HCONRESH.Con.Res. 600 (93rd)referred
United States · United States Congress · 13 August 1974
Expresses the sense of Congress that the President of the United States should direct the Secretary of State: (1) to bring to the immediate attention of the Government of the Soviet Union the deep and growing concern among citizens of the United States over the plight of Simas Kudirka as a United States citizen; and (2) to urge that the Soviet Government release him from imprisonment and permit him and his immediate family to emigrate freely to the country of his choice. Expresses the sense of the Congress that the President of the United States forward a copy of this concurrent resolution to the United States Representative to the United Nations for transmission to the Commission on Human Rights or the Division of Human Rights of the United Nations.
Bill· HRH.R. 16412 (93rd)referred
United States · United States Congress · 13 August 1974
States that all returns made with respect to taxes imposed under the Internal Revenue Code are confidential and private records; but they may be opened to inspection by the following persons at such times and in such manner as the Commissioner of Internal Revenue by regulation may prescribe: (1) the taxpayer for whom the return was made or his attorney in fact; (2) officers and employees of the Internal Revenue Service, the Department of Justice for tax administration and economic stabilization purposes; (3) shareholders of record owning 1 percent or more of the outstanding stock of any corporation; (4) tax officials of the States; (5) the Committee on Ways and Means of the House of Representatives, the Finance Committee of the Senate, and the Joint Committee on Internal Revenue and Taxation; (6) the Attorney General, Assistant Attorneys General, and United States attorneys; and (7) officers and employees of executive departments and other establishments of the Federal Government upon written request of the head of such department or establishment naming the taxpayer whose return is to be inspected and provided that the inspection is necessary in the enforcement of Federal statutes. States that whenever a return is open to the inspection of any person, a certified copy thereof shall, upon request, be furnished to such person under regulations prescribed by the Commissioner of Internal Revenue who may prescribe a reasonable fee for furnishing such copy. Provides that all regulations issued by the Commissioner of Internal Revenue pursuant to this Act must have written approval of the Chief of Staff of the Joint Committee on Internal Revenue Taxation. States that this Act shall be effective upon enactment. Allows the Commissioner of Internal Revenue a period of ninety days after enactment to issue the regulations required herein.
Bill· HRH.R. 15880 (93rd)referred
United States · United States Congress · 11 July 1974
Eastern Wilderness Areas Act - Designates specified lands in Alabama, Arkansas, Florida, Georgia, Tennessee, Kentucky, Michigan, Missouri, New Hampshire, North Carolina, South Carolina, Vermont, Virginia, West Virginia and Wisconsin for inclusion in the National Wilderness Preservation System. Provides for a study of specified additional lands in eighteen states and Puerto Rico for such inclusion. Authorizes appropriations of such sums as may be necessary to carry out the purposes of this Act.
Bill· HRH.R. 15659 (93rd)referred
United States · United States Congress · 27 June 1974
Requires, under the Mutual Security Act of 1954, specific accounting requirements for foreign currency expenditures in connection with congressional travel outside the United States. Requires the publication of such travel costs in the Congressional Record. (Amends 22 U.S.C. 1754(b))
Bill· HRH.R. 15587 (93rd)referred
United States · United States Congress · 25 June 1974
Prohibits the military departments from using dogs in connection with any research or other activities relating to biological or chemical warfare agents.
Resolution· HRESH.Res. 1191 (93rd)referred
United States · United States Congress · 25 June 1974
Establishes a Select Committee on Aging in the House of Representatives. Authorizes the committee to conduct a full and complete investigation and study of any and all matters pertaining to problems of older people, including, but not limited to, problems of maintaining health, of assuring adequate income, of finding employment, of engaging in productive and rewarding retirement activity, of securing proper housing, and, when necessary, of assuring adequate care or assistance. Directs the Committee to report to the House from time to time the results of its investigation and study, together with such recommendations as it deems advisable.
Bill· HRH.R. 15596 (93rd)referred
United States · United States Congress · 25 June 1974
Requires, under the Mutual Security Act of 1954, specific accounting requirements for foreign currency expenditures in connection with congressional travel outside the United States. Requires the publication of such travel costs in the Congressional Record. (Amends 22 U.S.C. 1754(b))
Bill· HRH.R. 15560 (93rd)passed
United States · United States Congress · 21 June 1974
Emergency Livestock Credit Act - Authorizes the Secretary of Agriculture to establish a guaranteed loan program for bona fide farmers and ranchers, including operators of feedlots, who are primarily engaged in agricultural production for the purpose of breeding, raising, fattening, or marketing livestock (meaning beef cattle, dairy cattle, swine, chickens, turkeys, and the products thereof.) States that no contract guaranteeing any such loan by an approved lender shall require the Secretary to participate in more than 90 percent of any loss sustained thereon. Provides that loans guaranteed under this Act shall bear interest at a rate to be agreed upon by the lender and borrower. Sets forth conditions for such loan guarantees, including that: (1) the farmer or rancher is primarily engaged in agricultural production, and the financing to be furnished the farmer or rancher is to be used for purposes related to the breeding, raising, fattening, or marketing of livestock or livestock products; (2) the total loans guaranteed under this Act for any farmer or rancher shall not exceed $350,000; and (3) in the case of any loan to refinance the livestock operations of a farmer or rancher, the loan and refinancing are absolutely essential in order for the farmer or rancher to remain in business. Limits such loan guarantees outstanding under this Act to a maximum of $3,000,000,000 at any one time. Terminates the authority to make new guarantees under this Act one year from the date of enactment, except that the Secretary of Agriculture may extend such authority for a period not to exceed six months if he determines a need and properly notifies Congress.
Bill· HRH.R. 15534 (93rd)referred
United States · United States Congress · 20 June 1974
Livestock Producers and Feeders Act - Directs that, for a period of one year from the enactment of this Act, the Secretary of Agriculture shall insure loans made by a lender other than the United States, or made by the Secretary and sold to such lender, to a borrower in the United States who (1) is a citizen of the United States; (2) is or has been engaged in livestock producing and feeding operations to an extent and in a manner determined by the Secretary as necessary to assure reasonable prospects of success in livestock producing endeavors financed by loans insured under this Act; (3) is unable to obtain sufficient credit to finance his actual needs in the livestock producing business at reasonable rates and terms, as determined by the Secretary after considering prevailing private and cooperative rates and terms in the community in or near which the applicant resides for loans for similar purposes and periods of time; (4) has, if he has received previously a loan insured under this Act, performed successfully the terms of such loan; and (5) is not an operator of a commercial feedlot. Stipulates that, subject to the approval to the county committee, the amount of any loan isured under this Act shall be determined by the lender, but in no case shall such amount exceed $250,000. Sets forth requirements pertaining to the insurance of loans and to the rate of interest payments to be made. Establishes the Livestock Feeders Insurance Fund, which shall be used by the Secretary as a revolving fund for the discharge of obligations of the Secretary under the provisions of this Act. Directs the Secretary to utilize the fund: (1) to make loans which can be insured under this Act whenever he has reasonable assurance that they can be sold without undue delay, and he may sell and insure such loans; (2) to pay amounts to which the holder of insured notes is entitled on loans accruing between the date of any payments by the borrower and the date of transmittal of any such payments to the holder; and/or (3) to pay to the holder of insured notes any defaulted installment, or upon assignment of the note to the Secretary at the Secretary's request, the entire balance due on the loan.
Law· HRH.R. 15461 (93rd)open
United States · United States Congress · 18 June 1974
Postpones the effective date of the proposed amendments to the Federal Rules of Criminal Procedure which are embraced by the order entered by the United States Supreme Court on April 22, 1974, and which were transmitted to the Congress by the Chief Justice on April 22, 1974, until August 1, 1975.
Resolution· HCONRESH.Con.Res. 513 (93rd)referred
United States · United States Congress · 4 June 1974
Urges the American people to diligently continue their energy conservation measures in the postembargo period, and congratulates the American people for their energy conservation successes since the embargo was imposed.
Bill· HRH.R. 15137 (93rd)referred
United States · United States Congress · 30 May 1974
Livestock Producers and Feeders Act - Directs that, for a period of one year from the enactment of this Act, the Secretary of Agriculture shall insure loans made by a lender other than the United States, or made by the Secretary and sold to such lender, to a borrower in the United States who (1) is a citizen of the United States; (2) is or has been engaged in livestock producing and feeding operations to an extent and in a manner determined by the Secretary as necessary to assure reasonable prospects of success in livestock producing endeavors financed by loans insured under this Act; (3) is unable to obtain sufficient credit to finance his actual needs in the livestock producing business at reasonable rates and terms, as determined by the Secretary after considering prevailing private and cooperative rates and terms in the community in or near which the applicant resides for loans for similar purposes and periods of time; (4) has, if he has received previously a loan insured under this Act, performed successfully the terms of such loan; and (5) is not an operator of a commercial feedlot. Stipulates that, subject to the approval to the county committee, the amount of any loan isured under this Act shall be determined by the lender, but in no case shall such amount exceed $250,000. Sets forth requirements pertaining to the insurance of loans and to the rate of interest payments to be made. Establishes the Livestock Feeders Insurance Fund, which shall be used by the Secretary as a revolving fund for the discharge of obligations of the Secretary under the provisions of this Act. Directs the Secretary to utilize the fund: (1) to make loans which can be insured under this Act whenever he has reasonable assurance that they can be sold without undue delay, and he may sell and insure such loans; (2) to pay amounts to which the holder of insured notes is entitled on loans accruing between the date of any payments by the borrower and the date of transmittal of any such payments to the holder; and/or (3) to pay to the holder of insured notes any defaulted installment, or upon assignment of the note to the Secretary at the Secretary's request, the entire balance due on the loan.
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