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United States · Official source
1,107 records where Rep. Schulze, Richard T. [R-PA-5] is listed as a sponsor, author, or other actor. Search with topics and years
United States · United States Congress · 27 April 1983
Amends the Trade Act of 1974 to define unreasonable foreign acts, policies, and practices for purposes of enforcing U.S. trade rights.
United States · United States Congress · 20 April 1983
Constitutional Amendment - Requires Congress, prior to each fiscal year, to adopt a statement of receipts and outlays for that year in which total outlays are no greater than total receipts. Permits Congress in such statement to provide for a specific excess of outlays over receipts by a three-fifths vote directed solely to that subject. Prohibits total receipts for any fiscal year set forth in such statement from increasing by a rate greater than the rate of increase in national income in the last calendar year ending before such fiscal year, unless Congress passes a bill directed solely to approving specific additional receipts and such bill has become law. Permits Congress to waive the provisions of this Act with respect to any fiscal year in which a declaration of war is in effect. Declares that total receipts shall include all receipts of the United States, except those derived from borrowing and total outlays shall include all outlays of the United States except those for repayment of debt principal.
United States · United States Congress · 14 April 1983
Amends part A (General Provisions) of title XI of the Social Security Act to authorize any State having an approved plan under part A (Aid to Families With Dependent Children) of title IV of the Act to conduct one or more pilot projects to demonstrate the use of integrated service delivery systems for human services. Requires a State desiring to conduct a project to submit an application to the Secretary of Health and Human Services. Directs the Secretary to approve not less than four nor more than eight of the proposed projects. Directs the Secretary to pay to a State which has an approved project: (1) 90 percent of the first year's costs; (2) 80 percent of the second year's costs; and (3) 70 percent of the third year's costs. Authorizes appropriations.
United States · United States Congress · 14 April 1983
Directs the Secretary of the Treasury to study and report to specified congressional committees on the advisability of replacing only the Federal individual income tax or replacing both the Federal individual income tax and the Federal corporate income tax with a simplified income tax on gross income.
United States · United States Congress · 12 April 1983
Amends the Internal Revenue Code to provide that gross income does not include interest on securities issued by certain educational organizations. Requires such educational organizations to: (1) grant baccalaureate or higher degrees; and (2) be a college or university created by specific act of the legislature of the State within which such college or university is located and for which such legislature has regularly made appropriations.
United States · United States Congress · 12 April 1983
Requests the President to grant posthumous citizenship to William Penn, founder of the Commonwealth of Pennsylvania, and his wife, Hannah Callowhill Penn.
United States · United States Congress · 24 March 1983
Constitutional Amendment - Provides for a six-year term for the offices of President and Vice President and prohibits any person from being elected to such offices more than twice. Declares the term of office of a Representative to be three years. Prohibits a person from being a Senator if such person has been a Senator throughout the immediately preceding three terms, or from being a Representative if such person has been a Representative throughout the immediately preceding six terms. States that such prohibition does not prevent any person from filling a congressional vacancy during a term.
United States · United States Congress · 22 March 1983
Declares that the House of Representatives deplores the denial of the rights of Hungarians and people of other nationalities in Transylvania by the Romanian Government. Requests the President and the Secretary of State to discuss the human rights of the Hungarians in Transylvania with the Government of Romania.
United States · United States Congress · 16 March 1983
Designates June 14, 1983, as Baltic Freedom Day.
United States · United States Congress · 16 March 1983
Urges the President and the Secretary of Defense to act expeditiously to carry out the National Cemeteries Act of 1973 by arranging for the burial of the remains of an unknown soldier of the Vietnam era in the Memorial Amphitheater at Arlington National Cemetery.
United States · United States Congress · 10 March 1983
Air Travelers Security Act of 1983 - Amends the Federal Aviation Act of 1958 to declare congressional policy with respect to the marketing and sale of passenger air transportation. Directs the Civil Aeronautics Board to vacate Order 82-12-85, adopted on December 16, 1982, and to adopt as its final decision in docket numbered 36595 the recommended order of an administrative law judge dated June 1, 1982.
United States · United States Congress · 9 March 1983
Savings Incentive Act of 1983 - Amends the Internal Revenue Code to allow nondeductible excess contributions to individual retirement accounts and individual retirement annuities up to a specified amount. Permits withdrawals from such accounts or annuities up to $10,000 without tax penalty, in order to purchase a first home or finance the higher or vocational education of a dependent child.
United States · United States Congress · 9 March 1983
Expresses the sense of the Congress that the national security policy should reflect a national strategy of peace through strength. Sets forth the principles and goals of such a policy.
United States · United States Congress · 8 March 1983
Enterprise Zone Act of 1983 - Title I: Designation of Enterprise Zones - Amends the Internal Revenue Code to provide for the designation of enterprise zones by the Secretary of Housing and Urban Development for purposes of extending the tax incentives and regulatory flexibility measures provided by this Act. Specifies that State and local governments shall nominate areas for such designation. Limits the designation of enterprise zones to 75 nominated areas per year over three years (one third of which such designations shall remain in effect. Specifies that the Secretary may designate such zones only if: (1) the area is within the jurisdiction of the local government; (2) the boundary of the area is continuous; (3) the area has a population of at least 4,000 if any portion thereof is located within a standard metropolitan statistical area (with a population of at least 50,000) or 1,000 otherwise, or is within an Indian reservation; and (4) the area meets specified unemployment and poverty requirements. Requires nominating local governments, as a condition of the Secretary's designation, to agree in writing to follow a course of action which may include reducing tax rates, improving local services, simplifying or streamlining regulation of business, or receiving commitments of private entities to assist employees and residents of the area. Terminates the authority of the Secretary to designate enterprise zones on June 30, 1986, or three years after the publication of regulations pertaining to such zones, whichever is later. Describes areas to which preference shall be given in deciding to designate enterprise zones. Exempts enterprise zones from certain requirements relating to Federal environmental policy. Requires the Secretary to prepare and submit to the Congress every four years a report on the effects of such enterprise zones' designation. Requires that any property tax reduction effected by a local government under the terms of this Act be disregarded for purposes of determining the eligibility of a State or local government for Federal assistance or benefits. States that designation of an enterprise zone shall not give displaced persons from such an area any rights or benefits under the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970. Title II: Federal Income Tax Incentives - Subtitle A: Credits for Employers and Employees - Allows employers located in enterprise zones a nonrefundable income tax credit for increased employment expenditures and employment of the disadvantaged. Allows a three year carryback and 15 year carryover of such credit. Sets the amount of such credit at ten percent of the increase in payroll (taking into account a maximum of $15,000 in wages per year per employee) plus 50 percent of the wages paid to certain disadvantaged workers for the first three years of the enterprise zone designation. Phases out such credit in the last three years of the enterprise zone designation. Disallows a deduction for the portion of wages taken into account for such credit. Allows employees located in enterprise zones a nonrefundable income tax credit equal to five percent of qualified wages earned per year (taking into account a maximum of $9,000 in wages per year). Phases out such credit in the last three years of the enterprise zone designation. Subtitle B: Credits for Investment in Tangible Property in Enterprise Zones - Allows businesses an additional investment tax credit for investment in certain tangible property located in enterprise zones. Limits such credit to five percent for zone personal property and ten percent for new zone construction property, including rental property. Requires that the property subject to such credit be predominantly used in the zone, be purchased after zone designation, and not be acquired from relatives or related corporations. Requires the recapture of such credit upon early disposition of the property. Phases out such credit in the last three years of the enterprise zone designation. Subtitle C: Reduction in Capital Gain Tax Rates - Eliminates the capital gains tax on property of corporations acquired after the enterprise zone designation and used in a zone business. Qualifies certain low-income rental housing located in an enterprise zone for such treatment. Permits property to remain qualified for purposes of the revised capital gains treatment after a designation of an enterprise zone has terminated. Exempts gain from the sale or exchange of property used in a business in an enterprise zone from the computation of the minimum tax. Allows noncorporate taxpayers to deduct from gross income 100 percent of any net capital gain from qualified enterprise zone property. Subtitle D: Rules Relating to Industrial Development Bonds - Provides that limitations on the cost recovery deductions for property financed with tax-exempt industrial development bonds shall not apply to enterprise zone property. Provides that the termination of the small issue exemption shall not apply to industrial development bonds the proceeds of which are used to finance facilities in such enterprise zones. Subtitle E: Sense of the Congress with Respect to Tax Simplification - Expresses the sense of the Congress that the Internal Revenue Service should simplify the administration and enforcement of any provision of the Internal Revenue Code affected by this Act. Title III: Regulatory Flexibility - Revises the definition of "small entity" for purposes of the analysis of regulatory functions to include qualified businesses (as defined in Title II of this Act), governments, and nonprofit enterprises operating within enterprise zones. Authorizes Federal agencies, upon the request of a designating government, to waive or modify rules and regulations which pertain to the carrying out of projects or activities within an enterprise zone. Requires agencies to approve such request if the resulting benefits of job creation, community development, or economic revitalization outweigh the public interest in continuing the rule unchanged. Disallows waiver or modification of a rule that would directly violate a statutory requirement (including the Davis-Bacon Act and Fair Labor Standards Act) or which would present a danger to the public health and safety. Provides that such waivers or modifications of a rule shall remain in effect as long as the zone designations remain in effect. Amends the Department of Housing and Urban Development Act to direct the Secretary of Housing and Urban Development to promote the coordination of all enterprise zone programs and consolidate all periodic reports required under such programs into one summary report. Title IV: Establishment of Foreign-Trade Zones in Enterprise Zones - Requires the Foreign-Trade Board to consider on a priority basis, and expedite the processing of, applications for the establishment of foreign-trade zones within enterprise zones. Requires the Secretary of the Treasury to give priority to, and expedite applications for, the establishment of ports of entry necessary to establish such zones. States that to the maximum extent practicable foreign-trade zones should be established within enterprise zones.
United States · United States Congress · 7 March 1983
Authorizes and requests the President to designate April 23, 1983, as Army Reserve Day.
United States · United States Congress · 3 March 1983
Vietnam Veterans National Medal Act - Directs the Secretary of the Treasury to coin and sell a medal in honor of the members and former members of the Armed Forces who served in Vietnam. Declares that the Secretary shall offer such medals for sale to the public at a price sufficient to cover the cost of minting and distributing of such medals.
United States · United States Congress · 3 March 1983
Amends the Internal Revenue Code to treat research and experimental expenses attributable to activities conducted in the United States as allocable to sources of income within the United States.
United States · United States Congress · 3 March 1983
Requires the containers of imported preserved mushrooms to indicate in English the country in which the mushrooms were grown in order to comply with labeling laws relating to imports.
United States · United States Congress · 3 March 1983
Amends the Federal Food, Drug, and Cosmetic Act to require foods containing imported mushrooms to bear labeling that identifies the country in which the mushrooms were grown.
United States · United States Congress · 3 March 1983
Designates May 21, 1983, as National Sakharov Day. Authorizes and requests the President to: (1) call upon all nations to designate May 21, 1983, as National Sakharov Day; (2) urge the Soviet Union to permit the Sakharovs to freely choose their place of residence; and (3) direct the American delegation to the United Nations to introduce a resolution in the General Assembly calling upon that body to designate May 21, 1983, as International Sakharov Day.
United States · United States Congress · 24 February 1983
DISC Revision Act of 1983 - Amends the Internal Revenue Code to provide for the imposition of an interest charge on the accumulated income of a Domestic International Sales Corporation (DISC) which has been subject to deferral. Sets such interest rate at four percent for small exporters (those with less than $250,000 of DISC taxable income) and at the Federal funds rate for large exporters. Permanently defers all accumulated DISC income existing for taxable years beginning on or before December 31, 1983. Revises rules concerning the taxation of DISC income to shareholders. Revises rules concerning allocation in case of distributions and losses.
United States · United States Congress · 23 February 1983
Small Business Tax Relief Act of 1983 - Amends the Internal Revenue Code to limit recognition on the gain from the sale or exchange of an unincorporated trade or business prior to the time that the taxpayer attains age 55 by providing that such gain shall be recognized only to the extent that it exceeds the cost of reinvesting in replacement property for another small business venture. Provides for the taxation of such gain, after age 55, as ordinary income according to the ten year averaging rules applicable to lump sum distributions from qualified retirement trusts. Increases the amount of depreciable business property which a taxpayer may elect to deduct in the current year to a maximum of $20,000 in 1986 and thereafter. Permits a current year deduction for the cost of real property purchased for use in a trade or business. Permits a taxpayer election to amortize over a 36 month period expenses for depreciable property which is acquired to put a small business in compliance with Federal regulations and and which does not have any economic usefulness for the business. Exempts domestic international sales corporations (DISC) which have an adjusted taxable income of $1,000,000 or less from the limitations on deferral of base period export gross receipts which are applicable to larger corporations. Permits businesses with gross receipts of less than $1,000,000 to elect the cash method of accounting in reporting income. Allows a credit or refund to employers of their proportionate share of excess social security taxes paid on behalf of employees who were employed by two or more employers during the taxable year. Permits an income tax credit of $5 for each form or document which a small business is required to file pursuant to Federal law.
United States · United States Congress · 22 February 1983
Reciprocal Trade and Investment Act of 1983 - Amends the Trade Act of 1974 to set forth provisions dealing with foreign trade barriers. Requires the United States Trade Representative (USTR) to submit an annual report to the appropriate congressional committees on foreign trade barriers of U.S. exports. Directs that such report contain a comprehensive inventory and an assessment of acts, policies, or practices which restrict market access for competitive U.S. exports of goods or services, or foreign direct investment by U.S. persons with implications for trade in goods or services. Requires such report to be developed and coordinated by the USTR through the interagency trade organization established pursuant to the Trade Expansion Act of 1962. Requires the head of each executive branch department or agency to furnish necessary information to the USTR. Authorizes such department or agency heads to detail personnel and to furnish services as the USTR may request. Requires the USTR to submit a report to Congress on factors not addressed in this Act which significantly affect the competitiveness of U.S. high technology industries. Sets forth conditions and limitations upon the President's authority to enforce U.S. rights under trade agreements and to respond to certain foreign trade practices. Authorizes the President to restrict or deny access to a foreign supplier of services to the U.S. service market concerned. Directs that such access restrictions only apply to specified trade authorizations pending on or after a certain petition is filed or the USTR makes a determination to initiate market access restrictions. Requires the USTR to consult with the head of any Federal agency which regulates the services of any foreign country before the President imposes fees or other restrictions on such services. Sets forth provisions for the review of petitions by the USTR. Requires the USTR to publish any determination to initiate an investigation in the Federal Register. Requires the USTR to consult with certain committees before making any such determinations. Requires the USTR to recommend to the President what action to take on the basis of investigations and consultations. Requires the USTR to make such recommendations within specified time periods. Sets forth provisions concerning the availability of certain business information and the use of such information by the USTR. Requires the USTR to publish notice in the Federal Register of any extensions of investigations or recommendations agreed to by the petitioner. Makes conforming amendments. Expresses the sense of Congress that the United States should seek: (1) negotiations with foreign governments to reduce or eliminate restrictions on fair access to foreign markets for U.S. exports; and (2) the agreement of the contracting parties to the General Agreement on Tariffs and Trade on certain international trade matters including trade restrictions and barriers. Sets forth the principal U.S. negotiating objectives with respect to trade in services, foreign direct investment, and high technology products. Directs the USTR to develop and coordinate the implementation of U.S. policies concerning trade in services. Requires Federal agencies responsible for regulating any service sector industry to advise and work with the USTR concerning: (1) the treatment afforded U.S. services sector interest in foreign markets; (2) allegations of unfair practices by foreign governments or companies in a service sector; (3) negotiations on service-related issues; and (4) domestic implementation of service-related agreements. Authorizes the Secretary of Commerce to establish a service industries development program. Sets forth the goals of the program. Expresses the policy of the Congress that the President shall: (1) consult with State governments on trade policy issues affecting the regulatory authority of non-Federal governments or their procurement of goods and services; (2) establish one or more intergovernmental policy advisory committee on trade; and (3) provide advice, assistance and information on U.S. policies on international trade in services to State and local governments. Authorizes the President to establish policy advisory committees representing non-Federal governmental interests to provide policy advice on trade negotiating objectives, bargaining positions, and the implementation of trade agreements.
United States · United States Congress · 22 February 1983
Amends the Tariff Schedules of the United States to extend permanent duty-free treatment to warp knitting machines.
United States · United States Congress · 22 February 1983
Expresses the sense of the Congress that: (1) the Soviet Union should comply with certain international agreements relating to human rights by pursuing a more humane emigration policy and by ceasing harassment of Jews and others seeking to emigrate; (2) Soviet compliance with internationally recognized emigration rights would significantly promote improved relations with the United States; (3) the President should convey these concerns of Congress to the Soviet Union at every appropriate opportunity; and (4) the President should also convey these concerns to U.S. allies.
United States · United States Congress · 17 February 1983
Provides for the retirement of all U.S. notes in the denomination of $100 and their replacement with new notes in such denomination.
United States · United States Congress · 10 February 1983
Amends the Internal Revenue Code to provide for quarterly rather than semimonthly payment of the manufacturers excise tax on fishing rods, reels, and other sports fishing equipment.
United States · United States Congress · 8 February 1983
Amends the Internal Revenue Code to make permanent the deduction for charitable contributions by taxpayers who do not itemize deductions.
United States · United States Congress · 8 February 1983
Expresses the sense of the House of Representatives that Anatoly Shcharansky should be released from prison and permitted to emigrate. Urges continued expression of U.S. opposition to the imprisonment of Anatoly Shcharansky.
United States · United States Congress · 7 February 1983
Social Security Savings Bond Act of 1983 - Permits an individual entitled to a benefit from the Federal Old-Age and Survivors Insurance Trust Fund under title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to make irrevocable elections to receive the total amount of the payments of such benefit for 12- month periods in the form of social security savings bonds issued at the end of each such period. Adjusts the amount of such a savings bond elected by an individual who dies before the end of a 12-month period to include only the amount of benefit payments for the months preceding his or her death. Sets forth requirements pertaining to the redemption of, interest on, circulation privilege of, and disposition upon the beneficiary's death of social security savings bonds. Declares that an individual electing to receive such a savings bond shall be subject to the imposition of income taxes on 50 percent of the value of such bond on redemption. Exempts such bonds from any other Federal, State, or local income, estate or gift taxation. Provides that an election under this Act shall have no effect on an individual's rights under title II of the Social Security Act. Makes an election under this Act applicable to benefits payable on or after January 1, 1984.
United States · United States Congress · 7 February 1983
National Heritage Resource Act of 1983 - Amends the Internal Revenue Code to allow creators of artistic properties an income tax deduction for the current fair market value of literary, musical, or artistic compositions which they contribute to charitable organizations. Requires: (1) that the artistic property be created by the taxpayer at least one year prior to the time of such contribution; (2) that the fair market value of such property be appraised within one year of the date of contribution; and (3) that the donee of such property show that the use of the property will be related to the charitable purpose or function of his organization. Denies a fair market value deduction for contributions of any letter, memorandum, or similar property produced by a Federal or State employee which arose out of the performance of such employee's official duties. Exempts such fair market value deduction from the application of the minimum tax.
United States · United States Congress · 3 February 1983
Amends the Federal criminal code to establish penalties for taking or attempting to take property by force, violence, or intimidation from either a pharmacy or a person registered with the Drug Enforcement Administration. Increases the penalties if any person's life is endangered by use of a dangerous weapon or if any person is assaulted or killed during the commission of such offense. Directs the Attorney General to report to Congress on the enforcement of this Act.
United States · United States Congress · 2 February 1983
Grants a Federal charter to the Catholic War Veterans of the United States of America, Incorporated.
United States · United States Congress · 2 February 1983
Housing Finance Opportunity Act of 1983 - Amends the Internal Revenue Code of 1954 to permit the continued issuance of tax-exempt (interest excluded from gross income) mortgage revenue bonds after December 31, 1983.
United States · United States Congress · 1 February 1983
Amends the Tariff Schedules of the United States to increase the tariff on imported roses. (Makes the U.S. tariff consistent with the tariff imposed by the European Economic Community.)
United States · United States Congress · 1 February 1983
Amends the Internal Revenue Code and the Social Security Act to exempt employees who are members of religious faiths which oppose participation in the social security program from coverage under such program and to grant to such employees a refund of social security taxes. Exempts employers engaged in farming and their employees in cases where both are members of faiths which oppose participation in the social security system. Extends the exemption from social security taxes to self-employed members of religious groups who are opposed to participation in the social security program but not opposed to participation in private insurance plans.
United States · United States Congress · 27 January 1983
Semiconductor Chip Protection Act of 1983 - Extends copyright protection to mask works. Defines a mask work as a series of related images: (1) having the predetermined, three- dimensional pattern of metallic, insulating, or semiconductor material present or removed from the layers of a semiconductor chip product; and (2) in which the relation of the images to one another is that each image has the pattern of the surface of one form of the chip product. Excludes masks and mask works from the pictorial, graphic, or sculptural works categories. Sets forth the exclusive rights the owner of copyright holds, including the right to: (1) embody the mask work in a mask, a two-dimensional partially transparent and opaque sheet; (2) distribute a mask embodying the mask work; (3) reproduce such work on material intended to be part of the semiconductor chip product; and (4) manufacture and distribute semiconductor chip products incorporating such masks. Sets forth limitations on such exclusive rights, including compulsory licensing, as specified. Sets the copyright term for masks at ten years from first authorized distribution, use, or manufacture. Excludes an innocent purchaser in good faith of a semiconductor chip product from infringement liability. Permits the impoundment and seizure of masks made or used in violation of the copyright owner's exclusive rights.
United States · United States Congress · 27 January 1983
Honest American Savers Relief Act of 1983 - Amends the Tax Equity and Fiscal Responsibility Act of 1982 to repeal provisions which require the withholding of tax on interest and dividends.
United States · United States Congress · 27 January 1983
Urges the United States Postal Service to issue a postage stamp commemorating members of the uniformed services who have been prisoners of war or missing in action especially those missing as a result of the conflict in Southeast Asia.
United States · United States Congress · 25 January 1983
Amends the Internal Revenue Code to prorate the heavy trucks highway use tax where a truck is used on public highways more than 5,000 miles, but not more than 10,000 miles.
United States · United States Congress · 3 January 1983
Individual Investors' Incentive Act of 1983 - Amends the Internal Revenue Code to allow individuals a nonrefundable income tax credit for ten percent of their investment in domestic corporate stock. Limits the amount of such credit to $1,000 per year ($2,000 for joint returns). Disallows such credit if the taxpayer controls the corporation. Requires recapture of such credit if stock is disposed of within one year of purchase.
United States · United States Congress · 1 October 1982
Provides for the retirement of all U.S. notes in the denomination of $100 and their replacement with new notes in such denomination.
United States · United States Congress · 22 September 1982
Urges the President to declassify and publicize to the American people existing intelligence information on the military threat to the United States and its allies posed by the Soviet Union.
United States · United States Congress · 14 September 1982
Amends the Internal Revenue Code to reduce to ten percent the income tax rate on Virgin Islands source income and provide for corresponding reductions in tax withholding.
United States · United States Congress · 18 August 1982
Foreign Surveillance Prevention Act of 1982 - Directs the President, whenever the President has reason to believe that any individual covered by diplomatic immunity is willfully engaging in electronic surveillance on behalf of a foreign power in the United States, to inform specified congressional committees and, unless it would seriously compromise U.S. intelligence gathering sources, to: (1) inform those persons reasonably believed to be targets of such surveillance; (2) inform the foreign power and demand that such surveillance cease; and (3) declare the individual persona non grata in the United States if the surveillance does not cease within 30 days and demand that that person leave the United States.
United States · United States Congress · 18 August 1982
Disapproves the President's recommendation to extend the President's authority to waive the freedom of emigration requirements under the Trade Act of 1974 in order to extend the most-favored nation status of the People's Republic of China.
United States · United States Congress · 11 August 1982
Amends the Internal Revenue Code to revise requirements for the deduction of expenses incurred in attending a convention, seminar, or other meeting held on a domestic cruise ship and to extend eligibility for such deduction to a foreign cruise ship in specified Caribbean Basin countries. Permits the President to disqualify countries under certain conditions.
United States · United States Congress · 13 July 1982
Disapproves the President's recommendation to extend the President's authority to waive the freedom of emigration requirements under the Trade Act of 1974 in order to extend the most-favored nation status of Romania.
United States · United States Congress · 24 June 1982
Caribbean Basin Investment Incentive Tax Act of 1982 - Amends the Internal Revenue Code to allow an income tax credit in an amount equal to 30 percent of the cost of qualified business insurance for new business activities in designated Caribbean countries. Defines "qualified business insurance" as: (1) expropriation insurance; (2) inconvertibility insurance; (3) war damage and other political risk insurance; and (4) currency rate fluctuation insurance. Sets forth special rules relating to the designation of Caribbean countries. Authorizes the President to designate certain countries as beneficiary countries. Lists the countries which the President may designate. Restricts such a designation under specified circumstances. Limits such credit to the amount of the taxpayer's tax liability. Allows a three year carryback and a 15 year carryover of any unused portion of such credit.
United States · United States Congress · 22 June 1982
Amends the Internal Revenue Code to authorize the Secretary of the Treasury to prescribe regulations exempting retirees or individuals over age 65 from interest penalties with respect to any underpayment of estimated tax. Requires that such underpayment be due to reasonable cause (defined to include mistake or ignorance of the law) and not to willful neglect.