United States · United States Congress · 28 March 1973
Authorizes R. Edward Bellamy, doctor of philosophy, a retired officer of the Commissioned Corps of the United States Public Health Service, to accept employment by the Canadian Department of Agriculture.
United States · United States Congress · 28 March 1973
Provides under title XVIII (Medicare) of the Social Security payments for services furnished a beneficiary under the supplementary medical insurance program shall be made, at the beneficiary's option (and without regard to whether such payment covers the full charge for the services), directly to the provider or other person who furnished such services. (Amends 42 U.S.C. 1395u(b)(3)(B))
United States · United States Congress · 28 March 1973
Redefines the meaning of "ultimate purchaser" under the provisions of the Tariff Act of 1930, to mean, with respect to any article to be processed by the importer for subsequent sale at wholesale or retail, the purchaser of the finished product at wholesale or retail.
United States · United States Congress · 27 March 1973
Freezes, under the Economic Stabilization Act of 1970, all prices and interest rates at levels no higher than those prevailing on March 16, 1973. Authorizes the President to roll back prices and interest rates to levels lower than those prevailing on such date. Provides for the stabilization of rents at levels prevailing on January 10, 1973. Authorizes the President to roll back rents to levels lower than those prevailing on such date. Provides for the regulation of credit for commodity futures trading by the Board of Governors of the Federal Reserve System. Establishes in the legislative branch an Officer of Consumer Counselor. Provides the Consumer Counselor with duties to carry out the provisions of this Act. Extends for one year (to 1974) the Economic Stabilization Act of 1970.
United States · United States Congress · 27 March 1973
Tax Reform Act - Title I: Capital Gains of Individuals and Corporations - Eliminates the twenty-five percent capital gain rate on the first $50,000 of an individual's capital gains. Increases to thirty-five percent (thirty percent in the case of a taxable year beginning after December 31, 1970, and before July 1, 1973) the alternative rate of taxation on capital gains for corporations. Title II: Gain on Certain Property Transferred at Death or by Gift - Provides that in the case of the death of a taxpayer there shall be included in computing taxable income for the taxable period in which falls the date of his death, the gains and losses which would be taken into account if the taxpayer has sold all property, which is considered to have been acquired from or to have passed from the decedent taxpayer, at a selling price equal to its fair market value at death. Makes exceptions to this provision for household or personal items whose total value is less than $2000, and for property which passes or was passed to a surviving spouse. Sets forth rules applicable in determining the the basis for computing gain or loss. Makes provisions and rules for including gains and losses on lifetime property gifts in computing taxable income for the taxable period in which the transfer was made. Requires the filing of a final income tax return for a decendent by April 15 of the year following the taxable year, or 9 months after the date of death, whichever is later. Makes provisions for extension of time for the paying of tax. Title III: Depreciation Revision - Eliminates the provision permitting a variance from any class life for depreciation allowance purposes of up to 20 percent of such life. Title IV: State and Local Bonds - Allows a State or local government to elect to issue obligations without excluding their interest from gross income. Authorizes necessary appropriations to pay a fixed percentage of interest yield on taxable issues, and sets forth procedures for such payment. Title V: Foreign Corporations - Provides that if a foreign corporation is a controlled foreign corporation for an uninterrupted period of 30 days or more during any taxable year, every United States shareholder of such corporation who owns stock in such corporation on the last day in such year or which such corporation is a controlled foreign corporation, shall include in its gross income for its taxable year its pro rata share of the corporation's anyyyyyyy and profits for such year. Excludes from such shareholder's gross income any previously taxed earnings or profits from a foreign corporation. Provides that such shareholders in foreign corporations may be required to maintain records and accounts for purposes of this Act. Makes conforming amendments for this section. Title VI: Income Derived From Extraction of Oil and Gas - Reduces to fifteen percent the depletion rate for oil and gas wells (presently twenty-two percent). Eliminates the granting of an option to deduct as expenses intangible drilling and development costs in the case of oil and gas wells. Title VII: Farm Losses - Provides that, in the case of a taxpayer engaged in the business of farming, the deductions attributable to such business which would be allowable for the taxable year shall not exceed the sum of: (1) the adjusted farm gross income for the taxable year, and (2) the higher of the amount of the special deductions allowable for the taxable year, or $15,000 ($7,500 in the case of a married individual filing a separate return), reduced by the amount by which the taxpayer's adjusted gross income (taxable income in the case of a corporation) for the taxable year attributable to all sources other than the business of farming exceeds $15,000 ($7,500 in the case of a married individual filing a separate return). Provides for a disallowable farm operating loss carryback to each of the three taxable years preceding the loss year and a disallowed farm loss carryover to each of the five taxable years following the loss year. Defines the various terms of this title. States that a taxpayer shall be treated as engaged in the business of farming for any taxable year if: (1) any deduction is allowable for any expense paid or incurred by the taxpayer with respect to farming, or with respect to any farm property held by the taxpayer, or (2) any deduction would otherwise be allowable to the taxpayer for any expense paid or incurred with respect to farming, or with respect to property held for the production of income, which is used in farming. Excludes the raising of timber from the definition of farming. Establishes a formula limiting the amount of deduction, regarding the business of farming, to a controlled group of corporations. Directs that, under regulations prescribed by the Secretary or his delegate, an electing small business corporation which is engaged in the business of farming during its taxable year, and the shareholders of such corporation, shall apply the provisions of the Internal Revenue Code dealing with certain corporation payments to shareholders separately with respect to: (1) income derived from the business of farming by such corporation and deductions attributable to such business, and (2) all other income and deductions of such corporation. Title VIII: Minimum Tax for Tax Preferences - Imposes for each taxable year, with respect to the income of every person, a tax equal to 20 percent (previously 10 percent) of the amount by which the sum of the items of tax preference exceeds $12,000. Repeals the provision allowing tax carry-overs for 7 taxable years for excess taxes.
United States · United States Congress · 27 March 1973
Public Service Employment Act - Directs the Secretary of Labor to enter into arrangements with eligible applicants in order to make financial assistance available for the purposes of providing, during each of the fiscal years 1974 and 1975, employment for five hundred thousand unemployed and underemployed persons in jobs providing needed public services. Requires at least eighty-five percent of the funds appropriated pursuant to this Act to be expended only for wages and employment benefits. Provides that programs assisted under this Act shall be designed with a view toward: (1) developing new careers; (2) providing opportunities for career advancement; (3) providing opportunities for continued training, including on the job training; or (4) providing transitional public service employment which will enable the individuals so employed to move into public or private employment. Requires applications for financial assistance for a public service employment program under this Act to include provisions enumerated in this Act. Directs that the amounts authorized to be appropriated for any fiscal year be allocated by the Secretary among the States on the basis of the proportion which the total number of unemployed persons in each such State bears to the total number of such persons in the United States, determined on the basis of the monthly average for the fourth calendar quarter of the fiscal year immediately preceding the one for which the apportionment is made. States that the Secretary shall not provide financial assistance for any program or activity under this Act unless he determines that specified goals and requirements will be met by such program or activity. Requires the Secretary to transmit to the Congress at least annually a detailed report setting forth the activities conducted under this Act. Authorizes to be appropriated during each of fiscal years 1974 and 1975 such sums as may be necessary to carry out the provisions of this Act.
United States · United States Congress · 22 March 1973
Permits persons who are aged, blind, or disabled and receiving assistance under title XVI of the Social Security Act (Aid and Medical Assistance to the Aged, Blind, and Disabled) to participate in specified food stamp and surplus commodities programs. (Repeals Sec. 411 of Pub. 92-603)
United States · United States Congress · 22 March 1973
Declares that, because of the outstanding and exemplary display of citizenship by De Pere, Wisconsin, the Congress of the United States of America: (1) extends its congratulations and commendations to the people of that city, and in addition (2) designates that city as "America's Votingest Small City".
United States · United States Congress · 21 March 1973
Prohibits the use of lead shot for hunting in marshes and other aquatic areas. Provides penalties of a $1,000 fine or imprisonment for not more than one year, or both, for violations of this Act.
United States · United States Congress · 21 March 1973
Establishes the Select Committee on the Cost and Availability of Food, to be composed of twelve Members of the House of Representatives to be appointed by the Speaker, to conduct a full and complete investigation of all matters affecting, influencing, and pertaining to the cost and availability of food to the American consumer. Requires the committee to report to the House as soon as practicable during the present Congress the results of its investigation and study, together with such findings, conclusions, and recommendations as it deems advisable. Grants the committee various powers to carry out the objectives of this resolution.
United States · United States Congress · 20 March 1973
Authorizes the President, through the temporary Vietnam Children's Care Agency, to enter into arrangements with the Government of South Vietnam to provide assistance in improving the welfare of children in South Vietnam and to facilitate the adoption of orphaned or abandoned Vietnamese children, particularly children of United States fathers. Authorizes necessary funds to carry out the purposes of this Act. Authorizes additional funds that may be necessary to assist the United Nations or any other multi-lateral or non-profit organization to perform functions which would otherwise be performed by the Agency under this Act.
United States · United States Congress · 19 March 1973
States that in order to reduce inflation, all prices are frozen at the levels existing on March 16, 1973. Permits the President to make price adjustments in order to correct gross inequities.
United States · United States Congress · 15 March 1973
Opportunities Industrialization Assistance Act - Authorizes $100,000,000 for fiscal year 1974. $150,000,000 for fiscal year 1975, and $200,000,000 for fiscal year 1976 for the purposes of this Act. Provides that appropriations not obligated in one fiscal year may be obligated in the next fiscal year and that obligated funds may be expended for two years after obligations. Directs the Secretary of Labor to assist the States in the establishment and operation of opportunities industrialization centers designed to provide comprehensive employment services and job opportunities for low-income persons who are unemployed or underemployed. Requires assurances that residents of the area to be served participate in the planning and operation of the center and that local businessmen will be consulted as to its development and operation. Gives priority to programs in the inner-city areas with high unemployment or underemployment. Authorizes the Secretary to establish criteria for the equitable distribution of money to the States. Limits federal financial assistance to 90 percent of the program costs. Permits contributions in excess of this percentage if the Secretary determines that this is necessary in furtherance of the objectives of this Act. Requires the Secretary to prescribe regulations to assure that these programs are operated in a manner designed to best fulfill the purposes of this Act. Directs the Secretary to include, in the annual Department of Labor report, information as to activities conducted under this Act.
United States · United States Congress · 14 March 1973
Provides that no sentence of death shall be imposed upon any person convicted of any criminal offense punishable under provision of law of the United States, the District of Columbia, or Puerto Rico, and that no unexecuted sentence of death shall be carried into execution after the enactment of this Act. Reduces all sentences of death to life imprisonment. Directs the Attorney General to transmit to Congress appropriate amendments substituting a sentence of life imprisonment in all provisions of law which relate to the imposition of a sentence of death.
United States · United States Congress · 14 March 1973
Economic Opportunity Amendments - Prohibits the impoundment of funds appropriated by Congress for economic opportunity programs and exempts the Office of Economic Opportunity from the provisions of the Federal Anti-deficiency Act. Provides for the continuation of Community Action Programs. Provides that a vacancy occurring in the positions of Director, Deputy Director, or Assistant Director may be filled temporarily for not more than 30 days. Suspends the President's authority to authorize the Director to delegate any of his powers or functions, or programs administered under this Act unless he complies with the requirements for executive reorganizations. Prohibits the Director from disposing of property belonging to the Office of Economic Opportunity that would have the effect of reducing the Office's powers, functions or programs. Provides that the Director shall not transfer funds to other Federal agencies for the performance of Office of Economic Opportunity functions delegated after January 31, 1973, if the President has not complied with the requirements of the Executive Reorganization Act of 1949 as provided in this Act. Provides that any unexpended funds so transferred prior to January 31, 1973, shall be returned to the Office of Economic Opportunity. Provides procedures for a full and fair hearing before financial assistance may be suspended under any title of this Act.
United States · United States Congress · 8 March 1973
Provides, under the Freedom of Information Act, that each agency, upon a request under the Act that records be made available to the public, shall: (1) determine within ten days after the receipt of any such request whether to comply with such request and immediately notify the person making such request of such determination and the reasons therefor; (2) in the case of a determination not to comply with any such request, immediately notify the person making such request that such person has a period of twenty days within which to appeal such determination to such agency; and (3) make a determination with respect to such appeal within twenty days after the receipt of such appeal. Permits the district court, to examine the contents of agency records in camera to determine if such records shall be exempted from disclosure. Provides that in the case of an action in the United States district court to enjoin an agency from withholding agency records and to order the production of any agency records improperly withheld, the United States or an officer or agency thereof shall serve an answer to any complaint made in such action within twenty days after the service upon the United States Attorney of the pleading in which such complaint is made. Provides that the court may assess against the United States reasonable attorney fees and other litigation costs reasonably incurred in such action in which the United States or an officer or agency thereof has not prevailed. Provides that such disclosures under the Act may be obtained in the case of investigatory records for law enforcement purposes to the extent that such records are scientific tests, reports, or data, inspection reports of any agency which relates to health or safety, or records which serve as a basis for any public policy statement made by any agency or officer or employee of the United States or which serves as a basis for rulemaking by any agency. Provides that each Agency shall submit an annual report to the Committee on Government Operations of the House of Representatives and the Committee on the Judiciary of the Senate which include statistics on the request and appeal procedures of the Act. (Amends 5 U.S.C. 552)
United States · United States Congress · 7 March 1973
Designates specified lands in the following national forests for inclusion in the National Wilderness Preservation System including: (1) Bankhead National Forest, Alabama; (2) Ouachita National Forest, Arkansas; (3) Ozark National Forest, Arkansas; (4) Appalachicola National Forest, Florida; (5) Chattahooche and Cherokee National Forests, Georgia and Tennessee; (6) White Mountain National Forest, Maine; (7) Mark Twain National Forest, Missouri; (8) White Mountain National Forest, New Hampshire; (9) Natahala and Cherokee National Forests, North Carolina and Tennessee; (10) Monongahela National Forest, West Virginia; (11) George Washington National Forest, Virginia and West Virginia; (12) Jefferson National Forest, Virginia; (13) Daniel Boone National Forest, Kentucky; (14) Sumter National Forest, South Carolina, (15) Green Mountain National Forest, Vermont; (16) Chequamegon National Forest, Wisconsin; (17) Clark National Forest, Missouri, Hiawatha National Forest, Michigan; and (18) Mark Twain National Forest, Missouri. Authorizes necessary appropriations to carry out the provisions of this Act.
United States · United States Congress · 7 March 1973
Pure Air Tax Act - Imposes a tax, under the Internal Revenue Code, of 15 cents upon each pound of sulfur contained in a sulfurous fuel sold by a registered taxpayer during any calendar year beginning after 1975. Imposes a floor stocks tax on the sulfurous fuel held by a person who ceases to be a registered taxpayer. Provides that such rate shall be 15 cents per pound of sulfur if the floor stocks were sold by such person for ultimate use in the sulfur tax region where they are located at the time he ceases to be a registered taxpayer. Imposes a tax of 15 cents per pound upon each pound of sulfur emitted into the atmosphere by a registered taxpayer, or by a processor during any calendar year beginning after 1975. Imposes a tax of up to 15 cents per pound on the number of pounds by which the sum of the pounds of sulfur contained in sulfurous fuel sold by a registered taxpayer for ultimate use in a sulfur tax region and the pounds of sulfur emitted into the atmosphere in such region by such person, or the number of pounds of sulfur emitted into the atmosphere in a sulfur tax region by a processor, during any calendar year beginning after 1975, exceeds the net base pounds of sulfur of such processor or registered taxpayer for such sulfur tax region for the preceding calendar year. Provides that the following persons shall be required to register with the Secretary of the Treasury: (1) any person who is a dealer in sulfurous fuel if, during any one of the five calendar years preceding a taxable year, such person purchased, imported, or produced sulfurous fuel containing more than 250,000 million BTU's of heat content, or emitted more than 1,000 tons of sulfur into the atmosphere; (2) any person who is a producer-user of sulfurous fuel; and (3) any person who operates or maintains an emission source during any calendar year beginning after 1974. Provides for the designation of sulfur tax regions by the Administrator of the Environmental Protection Agency. Provides that the tax on the sulfurous content of sulfurous fuels sold shall be deemed to be an overpayment by the person who paid such tax if such fuel is exported, sold to a registered taxpayer, or used by the ultimate purchaser for a nonfuel use. Provides that nothing in this title or any other law of the United States shall prevent the several States from taxing the sulfur content of sulfurous fuels.
United States · United States Congress · 7 March 1973
Wilderness Study Act - Provides for a study of various lands enumerated in this Act to determine their suitability for designation as wilderness in accordance with the Wilderness Act of 1964. Requires the Secretary of Agriculture to report the findings of such study to the President within five years after the date of the enactment of this Act. Authorizes to be appropriated such sums as may be necessary to carry out the provisions of this Act. Designates lands in the Cherokee National Forest, Tennessee, as the North Cohutta Wilderness Preserve.
United States · United States Congress · 7 March 1973
Requires the Secretary of Agriculture, under the Water Bank Act, to enter into agreement with landowners in important migratory waterfowl nesting and breeding areas for the conservation of water on specified farm, ranch, or other wetlands identified in a conservation plan developed in cooperation with the Soil and Water Conservation District in which the lands are located, under such rules and regulations as the Secretary may prescribe. (Amends 16 U.S.C. 1302)
United States · United States Congress · 7 March 1973
Authorizes the Secretary of the Treasury to establish a new par value of the dollar of $1 equals 0.828948 Special Drawing Right or, the equivalent in terms of gold, of $1 equals 0.023684 of a fine troy ounce of gold (presently one thirty-eighth of a fine troy ounce of gold) for the purpose of defining the legal standard for the relationship of the dollar to gold for the purpose of issuing gold certificates. (Amends P.L. 92-268). Expresses the sense of the Congress that the President shall take all appropriate action to expedite realization of the international monetary reform noted at the Smithsonian on December 18, 1971; and that the executive branch shall not intervene in the foreign exchange market to artificially prop up the dollar to deal with fundamental misalignments in the U.S. payments position.
United States · United States Congress · 28 February 1973
Permits the sale of competitive food in food service facilities under the National School Lunch Act if the proceeds will inure to the benefit or the school or a student organization. Directs the Secretary of Health, Education, and Welfare to make grants to State education departments for programs to increase children's knowledge of the nutritional value of foods and the relationship of nutrition to human health. Authorizes appropriations of such sums as Congress deems necessary, and specifies procedures for the apportionment of funds between States. (Amends 42 U.S.C. 1779, adds 42 U.S.C. 1787)
United States · United States Congress · 28 February 1973
Trade Adjustment Assistance Organization Act - Title I: Transfer of Functions and Establishment of Administration and Advisory Council - States that it is the purpose of this Act to consolidate in a single agency in the executive branch the administration and coordination of programs of economic development and worker retraining and assistance, and to provide a comprehensive program for the solution of economic and unemployment problems caused by economic dislocation resulting from increased imports. Establishes within the Department of Labor the Trade Adjustment Assistance Administration to assist the Secretary of Labor in carrying out the purposes of this Act. Establishes an Economic Priorities Advisory Council to: (1) advise and assist the Secretary and Administrator with respect to the activities of the Trade Adjustment Assistance Administration under this Act; (2) review and evaluate the effectiveness of programs carried out under this Act; (3) conduct surveys and establish area and industry priorities for the application of trade adjustment assistance under this Act; (4) carry out studies and prepare projections of future areas of economic activity in which the United States can expect to be competitively disadvantaged and identify industries in which economic adjustment assistance may be necessary; and (5) conduct research and propose new measures and programs to provide economic adjustment assistance to workers and firms who may be eligible for assistance under this Act. Title II: Trade Adjustment Assistance - Prescribes the requirements for a firm, individual, or community to receive trade adjustment assistance under this Act. Provides that upon the filing of a petition the Secretary shall determine whether a firm, the workers of a firm, or a community is eligible for economic adjustment assistance under this Act. States that a firm certified as eligible for economic adjustment assistance under this Act may, at any time within 2 years after the date of such certification, file and application with the Secretary for such economic adjustment assistance. Provides that economic adjustment assistance under this Act consist of technical assistance, financial assistance, and tax assistance, which may be furnished singly or in combination. Authorizes to be appropriated to the Secretary such sums as are necessary to carry out purposes of this section. Requires each recipient of economic adjustment assistance under the Act to keep records which fully disclose the amount and disposition by such recipient of the proceeds of such assistance which will facilitate an effective audit. States that the Secretary and the Comptroller General of the United States shall have access for the purpose of audit and examination to any books, documents, papers, and records of the recipient pertaining to economic adjustment assistance under this Act. Stipulates that whoever makes a false statement of a material fact knowing it to be false knowingly fails to disclose a material fact, or whoever willfully overvalues any security, for the purpose of influencing in any way the action of the Secretary under this Act, or for the purpose of obtaining money, property, or anything or value under this Act, shall be fined not more than $5,000 or imprisoned for not more than two years, or both. Authorizes any adversely affected worker to file an application with the Secretary for economic adjustment assistance in the form of readjustment allowances, training benefits, relocation allowances, and early retirement benefits. Provides that the readjustment allowance payable to an adversely affected worker for a week of unemployment shall be an amount equal to 85 percent of his average weekly wage. Provides that payment of readjustment allowances shall not be made to an adversely affected worker for more than 52 weeks, except that, in accordance with regulations prescribed by the Secretary: (1) such payments may be made to an adversely affected worker for the entire period of his retraining to assist him to complete the training approved by the Secretary, or (2) such payments shall be made to an adversely affected worker who had reached his 60th birthday for the period of time until he qualifies for social security payments, or until he has been relocated in suitable employment. Requires every adversely affected worker who applies for a readjustment allowance under this Act to apply for testing , counseling, training, and placement assistance. Directs the Secretary, insofar as possible, to provide assistance under this Act through existing programs established by law. Directs the Secretary to contract for basic and supplemental hospital and medical care for persons receiving assistance under this Act under such insurance plans as he deems appropriate. Provides that a relocation allowance may be granted to assist an adversely affected worker in relocating within the United States if the Secretary determines that such worker cannot reasonably be expected to secure suitable employment in the commuting area in which he resides and that such worker: (1) has obtained suitable employment affording a reasonable expectation of long-term duration in the area in which he wishes to relocate, or (2) has obtained a bona fide offer of such employment. Authorizes the Secretary to pay to each adversely affected worker who meets the requirements of this Act, and who files an application therefor, the retirement pay or the benefits under the old-age, survivors, and disability insurance provisions of the Social Security Act, in the same amounts, and subject to the same terms and conditions, as the adversely affected worker will receive when he becomes entitled to receive such retirement pay or benefits. Authorizes the Secretary on the behalf of the United States to enter into an agreement with any State or State agency under which such State or agency will receive applications for, and will provide assistance under, the programs established by this Act. Provides that a community certified as eligible to apply for adjustment assistance may, at any time within two years after the date of such certification, file an application with the Secretary of Commerce for adjustment assistance under this subtitle. Directs the Community, within a reasonable time after filing his application, to present a proposal, either separately or in conjunction with a firm or a group of workers or both, for its economic adjustment. Directs the Secretary, upon approval of such application, to provide a community such additional technical assistance as in his judgment will materially contribute to the economic adjustment of the community. Title III: Location of Firms - Requires every firm with plans to relocate faciltites outside the United States to apply for all economic adjustment assistance for which its workers are entitled under this Act and to offer first choice of future employment in the new facilities to individuals employed in the old facilities. Provides that any firm which fails without good cause to comply with the requirement of this section shall be liable to the United States for one-half the cost incurred in providing economic adjustment assistance to its workers. Title IV: Establishment of an Early Warning System - Requires the Trade Adjustment Assistance Administration to undertake to develop an integrated system of foreign and domestic economic statistics, which would provide the data necessary to forcast problems of economic adjustment, and to shift industrial and manpower planning into priority economic areas. Requires each firm engaged in the manufacture, sale or transportation of products in the interstate or foreign commerce of the United States to give the Trade Adjustment Assistance Administration advance notice of decisions to relocate facilities outside the United States, which would cause any total separations, partial separations, or other reductions in their work force. Provides that any firm or individual who willfully violates this section shall be assessed a civil penalty by the Adminsitration of not more than $5,000 for each such violation.
United States · United States Congress · 27 February 1973
Housing and Urban Development Act - Title I: Community Development Block Grants - Authorizes the Secretary of Housing and Urban development to make and contract to make annual grants to States and units of general local government to help finance Community Development programs under this title. Sets forth requirements which must be met before a grant is made to any applicant. States that a Community Development program assisted under this title may include: (1) the acquisition, construction, reconstruction, or installation of public works, facilities, and site or other improvements; (2) code enforcement in deteriorated or deteriorating areas in which such enforcement, together with public improvements and services to be provided, may be expected to arrest the decline of the area; (3) clearance, demolition, removal, and rehabilitation of buildings and improvements, (4) payments to housing owners for losses of rental income incurred in holding for temporary periods housing units to be utilized for the relocation of individuals and families displaced by program activities; and (5) disposition (through sale, lease, donation, or otherwise) of any real property acquired pursuant to this title or its retention for public purposes. Authorizes the Secretary to incur obligations on behalf of the United States in the form of grant agreements or otherwise in amounts aggregating such sum, not to exceed $5,500,000,000, as may be approved in an appropriation Act. Provides that the amount so approved shall become available for obligation on July 1, 1973, and shall remain available until obligated. Authorizes to be appropriated for liquidation of the obligations incurred not to exceed $2,500,000,000 prior to July 1, 1974, which amount may be increased to not to exceed an aggregate of $5,500,000,000 prior to July 1, 1975. Requires the Secretary to report annually to the Congress with respect to outstanding grants or other contractual agreements executed pursuant to the above paragraph, and shall submit to the Congress timely requests for increased authorizations for fiscal years commencing after June 30, 1975. Provides for the allocation and distribution of such funds. Authorizes the Secretary to make loans to States and units of general local government to provide financing for the acquisition of real property to serve or be used in carrying out activities which are eligible for assistance under this title. Requires all laborers and mechanics employed by contractors or subcontractors in the performance of construction work financed in whole or in part with grants received under this title shall be paid wages at rates not less than those prevailing on similar construction in the locality as determined by the Secretary of Labor in accordance with the Davis-Bacon Act. Authorizes the Secretary to transfer the assets and liabilities of any program of housing or urban development which is superseded or made inactive by reason of this title to the revolving fund for liquidating programs established pursuant to title II of the Independent Offices Appropriation Act of 1955. Title II: Housing for Low and Moderate Income Families - Provides that Title I of this Act shall not be effective so long as funds appropriated or otherwise made available for assistance payments under the National Housing Act, for rent supplement payments under the Housing and Urban Development Act, or for annual contributions under the United States Housing Act are being impounded or otherwise withheld from use for their intended purpose. Establishes local responsibilities for low and modern income housing.
United States · United States Congress · 22 February 1973
Requires each Member of Congress and each employee of the Congress to file, not later than May 15 of each year or not more than three months after the last day he occupies such office or position (if he leaves such position before May 15), with the Comptroller General, a report containing a full and complete statement of: (1) the amount and source of each item of income, each item of reimbursement for any expenditure, and each gift or aggregate of gifts from one source (other than gifts received from his spouse or any member of his immediate family) recieved by him or by him and his spouse jointly during the preceding calander year which exceeds $100 in amount or value; (2) the value of each asset held by him, or by him and his spouse jointly, which has a value in excess of $5,000, and the amount of each liability owed by him, or by him and his spouse jointly, which is in excess of $5,000 as of the close of the preceding calander year; and (3) any business transaction by him, or by him and his spouse jointly, or by any person acting in his behalf, during the preceding calander year if the aggregate amount involved in such transaction exceeds $5,000 during such year. Provides that the reports required by this Act shall be in such form and detail as the Comptroller General may prescribe. Establishes a penalty of $2,000, or imprisonment for not more than five years, or both for whoever willfully fails to file a report or knowingly files a false report under this Act.
United States · United States Congress · 21 February 1973
Abolishes the Committee on Internal Security of the House of Representatives. Enlarges the jurisdiction of the Committee on the Judiciary of the House of Representatives to include those activities involving sabotage and other overt acts affecting internal security.
United States · United States Congress · 7 February 1973
Provides that appointments to the Offices of Director and Deputy Director of the Office of Management and Budget shall be subject to confirmation by the Senate. Declares that the Director and Deputy Director shall be appointed for a term of four years, to coincide with the term of the President, except individuals: (1) first appointed under this Act; and (2) appointed to fill a vacancy. States that nothing contained in this Act shall impair the power of the President to remove the occupants of such offices.
United States · United States Congress · 7 February 1973
Forest Lands Restoration and Protection Act - Title I: Commercial Forest Lands - Asserts that within forty-five days after the enactment of this Act the Secretary of Agriculture shall publish in the Federal Register proposed criteria for the designation by the States of commercial forest lands located therein. Provides that within a reasonable time for interested person to submit opinions (but no later than ninety days after the initial publication) the Secretary shall promulgate such criteria. Requires each State to designate all lands consistent with the criteria as commercial forest lands and in addition each State shall adopt: (1) standards for timber harvesting and land management of such designated lands and (2) a plan for the implementation, maintenance and enforcement of such standards. Restricts the sale or introduction of any timber into commerce which was harvested from any land in the several States other than from designated commercial forest lands or which was harvested in violation of the applicable standards or plans. Asserts that a person convicted of the above violation shall be punished by a fine of not more than $10,000, or by imprisonment for not more than one year or both for the first conviction and for second and subsequent offenses by a fine up to $25,000 and/or imprisonment up to 5 years. Provides that one-third of the fine shall be paid to any person who gives information leading to a conviction. Authorizes the Secretary to require the person who owns, leases, operates, or otherwise controls such forest lands to maintain records and to make such reports as he may require. Provides that the Secretary shall have a right of entry to such lands and at reasonable times access to the records maintained pursuant to this Act. Provides that each State shall establish requirements for the licensing by the State of all foresters working within the State in accordance with criteria to be established by the Secretary. Requires the Secretary to cooperate with the States in providing technical assistance to small forest landowners in the development of timber harvesting and land management plans. Title II: Timber Harvesting and Land Management on Federal Forest Lands - Asserts that, beginning one year after the enactment of this Act, timber harvesting on Federal forest lands shall be conducted under timber harvesting and land management plans promulgated under this title. Requires the Secretary, or in certain cases the Secretary of the Interior, to promulgate plans for the harvesting of timber on Federal forest lands. Provides that any contract for timber harvesting on Federal lands shall be entered into by competitive bidding and the appropriate Secretary shall also provide that it is the responsibility of said contractor to comply fully with the policies and requirements of this Act. Provides penalties for the violation of any plan promulgated under this Act. Provides that no logs or unfinished forest products from Federal forest lands or from commercial forest lands shall be exported from the United States unless the Secretary shall find that the Nation's projected timber supply needs for each of 5 consecutive years thereafter can be satisfied entirely by domestic supplies. Establishes the Federal Forest Land Fund and provides that the Fund shall consist of such amounts as may be appropriated or credited to the Fund as provided in this Act. Authorizes to be appropriated to the Fund amounts equal to the net proceeds accruing to the United States from the sale of forest products. Requires the Secretary of the Treasury to hold the Fund and to report to the Congress not later than the 1st day of March each year on the financial condition and the results of the operations of the Fund. Provides that amounts in the Fund shall be available to the Secretary to complete the national forest system, to enlarge tree-planting operations, and to carry out other activities to improve the environment within Federal forest lands. Provides protection for employees of timber harvesting operations who believe they were discharged or discriminated against by reason of the fact that any such employee has notified the Secretary of an alleged violation of this Act or has testified or is about to testify in any proceedings resulting from the administration or enforcement of the provisions of this Act. Provides that the Secretary and the Secretary of the Interior shall submit to the Congress on September 1 of each year a report on the actions taken by each under this Act.
United States · United States Congress · 7 February 1973
Act for Freedom of Emigration in East-West Trade - States that after October 15, 1972, products from any nonmarket economy country shall not be eligible to receive most-favored-nation treatment, such country shall not participate in any program of the Government of the United States which extends credits or credit guarantees or investment guarantees, directly or indirectly, and the President of the United States shall not conclude any commercial agreement with any such country during the period beginning with the date on which the President determines that such country: (1) denies its citizens the right or opportunity to emigrate; (2) imposes more than a nominal tax on emigration or on the visas or other documents required for emigration, for any purpose or cause whatsoever; or (3) imposes more than a nominal tax, levy, fine, fee, or other charge on any citizen as a consequence of the desire of such citizen to emigrate to the country of his choice. Provides that, before any of the aforementioned commercial agreements are entered into with any foreign country, the President shall submit to the Congress a report indicating that such country is not in violation of any of the requirements of the preceding paragraph.
United States · United States Congress · 6 February 1973
National Credit Union Bank Act - Declares the Congressional finding that there exists an urgent need for consumer credit at reasonable rates. Cites the contribution made by credit unions in alleviating this situation. States that the extent of such relief would be enlarged by establishing a National Credit Union Bank empowered to make temporary loans for liquidity purposes to its shareholders, discount notes of its shareholders, provide a national service of interlending for credit unions, sell debt securities in the open market, aid in the rehabilitation and stabilization of credit unions, aid in the orderly liquidation of credit unions when necessary, aid in the development of credit unions serving low-income persons, and to cooperate with and assist credit unions and related State regulatory bodies for the purpose of improving the general welfare of the people through credit unions. Creates a body corporate to be known as the "National Credit Union Bank" which shall exist perpetually until dissolved by Act of Congress and which shall not be an agency of the United States Government. Asserts that the principal office of the Bank shall be located in the District of Columbia but that the Bank may establish such district and branch offices throughout the United States as it deems appropriate. Makes provisions for a permanent Board of Directors to manage the Bank. Authorizes the Secretary of the Treasury to advance no more than $500,000 to be utilized for the initial organizational and operating expenses of the Bank. Directs that this advance shall be at a rate of interest to be determined by the Secretary of the Treasury and shall be repaid within one year from the date of any such advance. Provides that, upon the enactment of this Act, the Board of Directors of the Bank shall open books for subscription to the capital stock of the Bank. Declares that the capital stock shall be divided into shares of par value $100 each. Directs that the minimum capital stock shall be issued at par and stock issued thereafter shall be isseud at such price not less than par as may be fixed by the Board of Directors. Provides that each credit union which is chartered after enactment of this Act and which is accepted for membership in the Bank within one year from the date it is chartered shall pay $25 in cash to be credited to its purchase of stock in the Bank. Asserts that at the expiration of one year from the date of its charges, the newly organized credit union shall subscribe for stock in the Bank in an amount equal to 1 percent of its total assets on this date. Provides that every credit union insured by the Administrator and which is not prohibited by the Administration and which is not prohibited by the laws under which it is organized to become a shareholder in the Bank shall apply for membership in the Bank within three months of the effective date of this Act. Directs that any other State credit union may apply for membership in the Bank. Provides that the Bank shall act on applications for membership, and, upon approval, shall require such applicants to subscribe to capital stock of the Bank in an amount equal to 1 percent of the subscriber's total assets. Grants the bank the necessary powers and authority in order to carry out its operations. Provides for auditing of the Bank's records by the General Accounting Office. Provides that the Bank, its property, its franchise, capital, reserves, surplus, security holdings, and other funds, and its income shall be exempt from all taxation now or hereafter imposed by the United States or by any State or local taxing authority, except that: (1) any real property and tangible personal property of the Bank shall be subject to Federal, State, and local taxation to the same extent according to its value as other such property is taxed; and (2) any and all obligations issued by the Bank shall be subjected both as to principal and interest to Federal, State, and local taxation to the same extent that the obligations of private corporations are taxed.
United States · United States Congress · 31 January 1973
Bicycle Transportation Act - Makes funds authorized for Federal-aid highways available to finance the Federal share of the cost of projects for the construction of exclusive or preferential bicycle lanes or paths, bicycle traffic control devices, and shelters and parking facilities to serve bicycles and persons using bicycles. (Adds 23 U.S.C. 145)
United States · United States Congress · 31 January 1973
Authorizes appropriations for construction of facilities and equipment for public mass transportation projects, including preferential bus lanes, highway traffic loading and parking facilities, construction of fixed rail facilities, and the purchase of passenger equipment, including rolling stock for fixed rail. (Amends 23 U.S.C. 142(b))
United States · United States Congress · 24 January 1973
Provides that on or after June 30, 1973, no import quota or other nontariff trade restriction shall be imposed by or pursuant to law with respect to the importation into the United States of petroleum and petroleum products. (Amends 19 U.S.C. 1862)
United States · United States Congress · 23 January 1973
Urban Mass Transportation Assistance Act - Authorizes the Secretary of Transportation, under the Urban Mass Transportation Act, to make grants or loans to assist States and local public bodies and agencies thereof in the payment of operating expenses incurred in connection with the provision of mass transportation service in urban areas. Requires a State or public body or agency to submit a comprehensive mass transportation service improvement plan to qualify for such assistance. Authorizes to be appropriated for such grants $400,000,000 for each of the fiscal years 1974 and 1975. Increases to 80 percent the Federal share of projects other than projects for the paying of operating expenses. Increases to $6,100,000,000 the obligations the Secretary may incur to finance urban mass transportation projects under the Act. Authorizes the Secretary to make grants and loans under the Act to private nonprofit corporations and associations for the specific purpose of assisting them in providing transportation services meeting the special needs of elderly and handicapped persons for whom mass transportation services, planned, designed, and carried out under the Act are unavailable, insufficient, or inappropriate. Provides that no financial assistance shall be provided under the Act to any State or local public body or agency thereof which engages directly or indirectly in the transporting of schoolchildren and school personnel to and from school and school-authorized functions, or proposes to expand present routes, schedules, service, or facilities for the purpose of providing transportation for schoolchildren and school personnel to and from school and school-authorized functions, in competition with or supplementary to the service currently provided by a private transportation company, or other person, engaged in so transporting such schoolchildren and school personnel.
United States · United States Congress · 23 January 1973
Provides, under title XVIII (Medicare) and title II (Old-Age, Survivors' and Disability Insurance) of the Social Security Act, that qualified drugs requiring a physicians prescription or certification shall be included among the items and services covered under the hospital insurance program for the aged at a specified amount of payment. Establishes, within the Department of Health, Education, and Welfare, a Formulary Committee to compile and publish a Formulary listing the drugs deemed qualified for benefits under this Act, together with maximum allowable costs and additional information concerning such drugs. Makes provisions for selecting drugs for the Formulary.
United States · United States Congress · 22 January 1973
Expresses the sense of Congress that: (1) the level of supplies of home heating oil has not been adequate to meet the needs of homes across the Nation; and (2) the major cause of the inadequate supply of such oil is the limitation on imports of petroleum and petroleum products. Provides that beginning on the date of enactment of this resolution, such limitation shall not apply to the importation of crude oil or number 2 fuel oil (home heating oil) until the ninety-first day after the date of enactment of this resolution (in the case of crude oil) or April 1, 1974 (in the case of number 2 fuel oil).
United States · United States Congress · 18 January 1973
Requires the advice and consent of the Senate for presidential appointments to the positions of Director and Deputy Director of the Office of Management and Budget.
United States · United States Congress · 18 January 1973
Provides no part of any appropriation and no local currency owned by the United States shall be available for payment of any expenses, nor shall transportation be provided by the United States, in connection with travel outside the fifty States (including the District of Columbia) of the United States of: (1) any Delegate, Resident Commissioner, or member of either House of Congress after he has been defeated as a candidate for nomination, or election, to a seat in the House of Representatives or Senate of the United States in any primary or regular election until such time as he shall thereafter again become a Member of Congress, or (2) any Delegate, Resident Commissioner, or Member of either House of Congress after the adjournment sine die of the last session of a Congress if he is not a candidate for reelection in the next Congress.
United States · United States Congress · 15 January 1973
Provides that, notwithstanding any other provision of law or any other regulation, no State shall receive a lesser allocation of water pollution control funds in fiscal year 1973 or fiscal year 1974 than it received in fiscal year 1972.
United States · United States Congress · 11 January 1973
Allows an income tax credit under the Internal Revenue Code to a claimant who is domiciled in the United States and 62 years of age for a taxable year for the property taxes accrued or 25 percent of the gross rent actually paid by a household solely for its right of occupancy for such taxable year, or both. Sets forth a table of claims allowed under the provisions of this Act, based on household income and taxes paid. Directs the Secretary of the Treasury to make available suitable forms with instructions for claimants, including a form which may be included with or a part of the lindividual income tax form. Allows any person aggrieved by the denial in whole or in part of relief to appeal such denial to the Tax Court by filing a petition with such court within 30 days after such denial. (Adds 26 U.S.C. 1601-1605)
United States · United States Congress · 9 January 1973
Provides that in the determination of the annual income of recipients of vetetans' pensions and dependency and indemnity compensation the Administrator of Veterans' Affairs shall not reduce the amount of such pension or compensation because of increases in monthly social security benefits under Public law 92-336. (Adds 38 U.S.C. 415(g)(4) 503(d))
United States · United States Congress · 6 January 1973
Public Service Employment Act - Directs the Secretary of Labor to enter into arrangements with eligible applicants in order to make financial assistance available for the purposes of providing, during each of the fiscal years 1974 and 1975, employment for five hundred thousand unemployed and underemployed persons in jobs providing needed public services. Requires at least eighty-five percent of the funds appropriated pursuant to this Act to be expended only for wages and employment benefits. Provides that programs assisted under this Act shall be designed with a view toward: (1) developing new careers; (2) providing opportunities for career advancement; (3) providing opportunities for continued training, including on the job training; or (4) providing transitional public service employment which will enable the individuals so employed to move into public or private employment. Requires applications for financial assistance for a public service employment program under this Act to include provisions enumerated in this Act. Directs that the amounts authorized to be appropriated for any fiscal year be allocated by the Secretary among the States on the basis of the proportion which the total number of unemployed persons in each such State bears to the total number of such persons in the United States, determined on the basis of the monthly average for the fourth calendar quarter of the fiscal year immediately preceding the one for which the apportionment is made. States that the Secretary shall not provide financial assistance for any program or activity under this Act unless he determines that specified goals and requirements will be met by such program or activity. Requires the Secretary to transmit to the Congress at least annually a detailed report setting forth the activities conducted under this Act. Authorizes to be appropriated during each of fiscal years 1974 and 1975 such sums as may be necessary to carry out the provisions of this Act.
United States · United States Congress · 6 January 1973
Public Service Employment Act - Directs the Secretary of Labor to enter into arrangements with eligible applicants in order to make financial assistance available for the purposes of providing, during each of the fiscal years 1974 and 1975, employment for five hundred thousand unemployed and underemployed persons in jobs providing needed public services. Requires at least eighty-five percent of the funds appropriated pursuant to this Act to be expended only for wages and employment benefits. Provides that programs assisted under this Act shall be designed with a view toward: (1) developing new careers; (2) providing opportunities for career advancement; (3) providing opportunities for continued training, including on the job training; or (4) providing transitional public service employment which will enable the individuals so employed to move into public or private employment. Requires applications for financial assistance for a public service employment program under this Act to include provisions enumerated in this Act. Directs that the amounts authorized to be appropriated for any fiscal year be allocated by the Secretary among the States on the basis of the proportion which the total number of unemployed persons in each such State bears to the total number of such persons in the United States, determined on the basis of the monthly average for the fourth calendar quarter of the fiscal year immediately preceding the one for which the apportionment is made. States that the Secretary shall not provide financial assistance for any program or activity under this Act unless he determines that specified goals and requirements will be met by such program or activity. Requires the Secretary to transmit to the Congress at least annually a detailed report setting forth the activities conducted under this Act. Authorizes to be appropriated during each of fiscal years 1974 and 1975 such sums as may be necessary to carry out the provisions of this Act.
United States · United States Congress · 6 January 1973
Public Service Employment Act - Directs the Secretary of Labor to enter into arrangements with eligible applicants in order to make financial assistance available for the purposes of providing, during each of the fiscal years 1974 and 1975, employment for five hundred thousand unemployed and underemployed persons in jobs providing needed public services. Requires at least eighty-five percent of the funds appropriated pursuant to this Act to be expended only for wages and employment benefits. Provides that programs assisted under this Act shall be designed with a view toward: (1) developing new careers; (2) providing opportunities for career advancement; (3) providing opportunities for continued training, including on the job training; or (4) providing transitional public service employment which will enable the individuals so employed to move into public or private employment. Requires applications for financial assistance for a public service employment program under this Act to include provisions enumerated in this Act. Directs that the amounts authorized to be appropriated for any fiscal year be allocated by the Secretary among the States on the basis of the proportion which the total number of unemployed persons in each such State bears to the total number of such persons in the United States, determined on the basis of the monthly average for the fourth calendar quarter of the fiscal year immediately preceding the one for which the apportionment is made. States that the Secretary shall not provide financial assistance for any program or activity under this Act unless he determines that specified goals and requirements will be met by such program or activity. Requires the Secretary to transmit to the Congress at least annually a detailed report setting forth the activities conducted under this Act. Authorizes to be appropriated during each of fiscal years 1974 and 1975 such sums as may be necessary to carry out the provisions of this Act.
United States · United States Congress · 6 January 1973
Public Service Employment Act - Directs the Secretary of Labor to enter into arrangements with eligible applicants in order to make financial assistance available for the purposes of providing, during each of the fiscal years 1974 and 1975, employment for five hundred thousand unemployed and underemployed persons in jobs providing needed public services. Requires at least eighty-five percent of the funds appropriated pursuant to this Act to be expended only for wages and employment benefits. Provides that programs assisted under this Act shall be designed with a view toward: (1) developing new careers; (2) providing opportunities for career advancement; (3) providing opportunities for continued training, including on the job training; or (4) providing transitional public service employment which will enable the individuals so employed to move into public or private employment. Requires applications for financial assistance for a public service employment program under this Act to include provisions enumerated in this Act. Directs that the amounts authorized to be appropriated for any fiscal year be allocated by the Secretary among the States on the basis of the proportion which the total number of unemployed persons in each such State bears to the total number of such persons in the United States, determined on the basis of the monthly average for the fourth calendar quarter of the fiscal year immediately preceding the one for which the apportionment is made. States that the Secretary shall not provide financial assistance for any program or activity under this Act unless he determines that specified goals and requirements will be met by such program or activity. Requires the Secretary to transmit to the Congress at least annually a detailed report setting forth the activities conducted under this Act. Authorizes to be appropriated during each of fiscal years 1974 and 1975 such sums as may be necessary to carry out the provisions of this Act.
United States · United States Congress · 3 January 1973
Tax Equity Act - Title I: Capital Gains and Losses - Disallows the alternative tax on capital gains. Excludes from gross income so much of the gain on the sale or exchange of property held for more than twelve months as does not exceed the smaller of: (1) an amount equal to one-third of one percent of the adjusted basis of such property times the number of full months the property was held after the date it was held for twelve months; or (2) an amount equal to sixty percent of such adjusted basis of the property. States that capital losses with respect to a corporation shall be allowed only to the extent of gains for the taxable year from the sale or exchange of capital assets and property used in the trade or business. Provides that capital losses in the case of other taxpayers shall be allowed only to the extent of gains from the sale or exchange of capital assets and property used in a trade or business plus the taxable income of the taxpayer or $1000 ($500 in the case of a separate return of a married individual), whichever is smaller. Establishes criteria for determining capital loss carrybacks and carryovers. Defines the terms "capital gain", "capital loss", "net capital gain", and "net capital loss". Provides that if carryover basis property is acquired from a decedent dying after June 30, 1973, then the basis of such property in the hands of the person so acquiring it shall be the adjusted basis of the property immediately before the death of the decedent. Creates methods for adjusting such basis. Requires every executor to furnish information to the Secretary of the Treasury or his delegate regarding: (1) the name and last address of the decedent; (2) the name and address of each person acquiring property from the decedent; and (3) the adjusted basis of each such item in the hands of the decedent immediately before his death. States that amounts received by a seller as transferor of a patent shall be treated as royalties from such patent and not as gain from the sale or exchange of property. Title II: Income Derived from Extraction of Minerals - Terminates the depletion allowance for minerals effective after the taxable year ending December 31, 1973. Allows a taxpayer a deduction for income expenditures paid or incurred during the taxable year for the exploration or development of any mineral property. Removes the imposition of a maximum tax relating to the sale of oil or gas properties. Establishes criteria for determining income from mineral properties located outside the United States. Title III: Reform Measures Affecting Primarily Individuals - Imposes a fifty percent maximum tax rate on the income of individuals whose income exceeds $44,000. Allows a twenty-four percent tax credit for personal exemptions and nonbusiness deduction. Permits the President to adjust this percentage if he deems it to be in the public interest. Provides that income received during the taxable year by a child from a trust or dividends, interest, and royalties shall be included in the gross income of the parent and not the child of the parent who claims the child as an exemption. Eliminates the $100 dividend exclusion. Reduces from $25,000 to $5,000 the limitation on the deduction of interest on investment indebtedness. Disallows deductions in specified instances for expenses incurred while attending conventions outside the United States. Limits deductions for an individual engaged in farming. Provides that, in computing dividends, a distribution by a common parent corporation of a controlled group of corporations, the earnings and profits of the common parent corporation for the taxable year shall not be less than its share of the earnings and profits of the controlled group computed on a consolidated basis. Repeals the provision granting an exemption for earned income from foreign sources. Title IV: Reform Measures Affecting Primarily Corporations - Provides that the reasonable allowance for depreciation shall be computed on the basis of the expected useful life of property in the hands of the taxpayers. States that the depreciation deduction is not to exceed book depreciation and is to be limited to the amount recorded on books. Establishes criteria for computing limitations on dividends received deductions. Denies tax-free exchanges in the case of investment companies. Requires shareholders of any corporation to hold at least twenty percent of the total combined voting power of all classes of stock entitled to vote of the surviving, controlling, or acquiring corporation in order for the transaction to qualify as a reorganization. Provides that if a foreign corporation is a controlled foreign corporation for an uninterrupted period of thirty days or more during any taxable year, every person who is s United States shareholder of such corporation who owns stock in such corporation on the last day in such year on which such corporation is a controlled foreign corporation shall include in his gross income, for his taxable year in which or with which such taxable year of the corporation ends, his pro rata share of the corporation's earnings and profits for such year. Title V: Reforms Affecting Individuals and Corporations - Imposes, generally, in addition to other taxes, with respect to the income of every person, a tax of 10 percent of the amount (if any) by which the sum of the items of tax preference exceeds $12,000. Disallows, in the case of depreciable realty, the deduction for depreciation to the extent it would reduce the adjusted basis of the property at the end of the year below an amount equal to any mortgage indebtedness at the end of the year on the property minus the adjusted basis of the land allocable to such property. Makes provision for the treatment of charitable gifts of appreciated property and capital expenditures incurred in planting and developing fruit and nut groves. Repeals the tax exemption for ships under foreign flag. Title VI: Estate Tax Amendments - Imposes a tax on the transfer of the taxable estate of every decedent who was a citizen or resident of the United States at the time of his death. Provides that in the case of an estate of a decedent who made taxable gifts before death, a tax shall be imposed in an amount equal to the excess of: (1) a tax computed in accordance with the rate schedule set forth on the amount of the taxable estate increased by the amount of the adjusted inter vivos gifts; (2) a tax computed in accordance with such rate schedule on the amount of such adjusted inter vivos gifts as if the taxable estate were equal to such amount. Includes life insurance policies in the gross estate of a decedent. Title VII: State and Local Obligations - Repeals the exemption for interest on issues of State and local banks occurring after December 31, 1973. Provides that the United States shall pay fifty percent of the interest yield on each issue of State and local banks occurring after December 31, 1973.
United States · United States Congress · 3 January 1973
Tax Reform Act - Title I: Capital Gains of Individuals and Corporations - Eliminates the twenty-five percent capital gain rate on the first $50,000 of an individual's capital gains. Increases to thirty-five percent (thirty percent in the case of a taxable year beginning after December 31, 1970, and before July 1, 1973) the alternative rate of taxation on capital gains for corporations. Title II: Gain on Certain Property Transferred at Death or by Gift - Provides that in the case of the death of a taxpayer there shall be included in computing taxable income for the taxable period in which falls the date of his death, the gains and losses which would be taken into account if the taxpayer has sold all property, which is considered to have been acquired from or to have passed from the decedent taxpayer, at a selling price equal to its fair market value at death. Makes exceptions to this provision for household or personal items whose total value is less than $2000, and for property which passes or was passed to a surviving spouse. Sets forth rules applicable in determining the the basis for computing gain or loss. Makes provisions and rules for including gains and losses on lifetime property gifts in computing taxable income for the taxable period in which the transfer was made. Requires the filing of a final income tax return for a decendent by April 15 of the year following the taxable year, or 9 months after the date of death, whichever is later. Makes provisions for extension of time for the paying of tax. Title III: Depreciation Revision - Eliminates the provision permitting a variance from any class life for depreciation allowance purposes of up to 20 percent of such life. Title IV: State and Local Bonds - Allows a State or local government to elect to issue obligations without excluding their interest from gross income. Authorizes necessary appropriations to pay a fixed percentage of interest yield on taxable issues, and sets forth procedures for such payment. Title V: Foreign Corporations - Provides that if a foreign corporation is a controlled foreign corporation for an uninterrupted period of 30 days or more during any taxable year, every United States shareholder of such corporation who owns stock in such corporation on the last day in such year or which such corporation is a controlled foreign corporation, shall include in its gross income for its taxable year its pro rata share of the corporation's anyyyyyyy and profits for such year. Excludes from such shareholder's gross income any previously taxed earnings or profits from a foreign corporation. Provides that such shareholders in foreign corporations may be required to maintain records and accounts for purposes of this Act. Makes conforming amendments for this section. Title VI: Income Derived From Extraction of Oil and Gas - Reduces to fifteen percent the depletion rate for oil and gas wells (presently twenty-two percent). Eliminates the granting of an option to deduct as expenses intangible drilling and development costs in the case of oil and gas wells. Title VII: Farm Losses - Provides that, in the case of a taxpayer engaged in the business of farming, the deductions attributable to such business which would be allowable for the taxable year shall not exceed the sum of: (1) the adjusted farm gross income for the taxable year, and (2) the higher of the amount of the special deductions allowable for the taxable year, or $15,000 ($7,500 in the case of a married individual filing a separate return), reduced by the amount by which the taxpayer's adjusted gross income (taxable income in the case of a corporation) for the taxable year attributable to all sources other than the business of farming exceeds $15,000 ($7,500 in the case of a married individual filing a separate return). Provides for a disallowable farm operating loss carryback to each of the three taxable years preceding the loss year and a disallowed farm loss carryover to each of the five taxable years following the loss year. Defines the various terms of this title. States that a taxpayer shall be treated as engaged in the business of farming for any taxable year if: (1) any deduction is allowable for any expense paid or incurred by the taxpayer with respect to farming, or with respect to any farm property held by the taxpayer, or (2) any deduction would otherwise be allowable to the taxpayer for any expense paid or incurred with respect to farming, or with respect to property held for the production of income, which is used in farming. Excludes the raising of timber from the definition of farming. Establishes a formula limiting the amount of deduction, regarding the business of farming, to a controlled group of corporations. Directs that, under regulations prescribed by the Secretary or his delegate, an electing small business corporation which is engaged in the business of farming during its taxable year, and the shareholders of such corporation, shall apply the provisions of the Internal Revenue Code dealing with certain corporation payments to shareholders separately with respect to: (1) income derived from the business of farming by such corporation and deductions attributable to such business, and (2) all other income and deductions of such corporation. Title VIII: Minimum Tax for Tax Preferences - Imposes for each taxable year, with respect to the income of every person, a tax equal to 20 percent (previously 10 percent) of the amount by which the sum of the items of tax preference exceeds $12,000. Repeals the provision allowing tax carry-overs for 7 taxable years for excess taxes.
![Official portrait of Rep. Reuss, Henry S. [D-WI-5]](https://www.congress.gov/img/member/r000165_200.jpg)