United States · United States Congress · 11 April 1973
Provides that if the total budget receipts for any fiscal year do not equal or exceed total outlays, no allocation or payment shall be made under the State and Local Fiscal Assistance Act of 1972 to any State or unit of local government for any entitlement which begins in that fiscal year. Requires the Secretary of the Treasury to transfer to the general fund of the Treasury all amounts which are not paid out of such entitlement period by reason of the provisions of this Act.
United States · United States Congress · 11 April 1973
Makes it the sense of Congress that it shall be the policy of the United States to require repayment of the longstanding debts which are delinquent in nature. Makes it the sense of Congress that the Department of the Treasury submit to the Congress within ninety days of passage of this resolution a list and report on the extent of such indebtedness on the part of foreign nations. Declares that it is the sense of Congress that the Department of the Treasury, through the appropriate departments and agencies, should, immediately after the filing of this report, begin consultations with foreign governments involved for the purpose of making arrangements for the prompt repayment of those longstanding debts which are delinquent.
United States · United States Congress · 19 March 1973
Provides for the disposition of funds appropriated to pay judgments in favor of the Sac and Fox Indians in Iowa and Oklahoma. Exempts members of the Sac and Fox Tribes from payment of Federal or State income tax on any portion of such funds.
United States · United States Congress · 19 March 1973
Provides for the disposition of funds appropriated to pay judgments in favor of the Sac and Fox Indians in Iowa, Kansas, and Oklahoma. Exempts members of the Sac and Fox tribes from payment of Federal or State income tax on any portion of such funds.
United States · United States Congress · 12 March 1973
Makes it the sense of the House of Representatives that should United States gold be offered for public sale, the sale of such gold must be restricted to the domestic market and American citizens for a period of 30 days before being offered on the world market.
United States · United States Congress · 6 March 1973
Small Business Tax Simplification and Reform Act - Title I: Tax Simplification Relating to Small Business - Creates a Committee on Tax Simplification for Small Business for the purpose of devoting continued attention to the simplification of the Internal Revenue Code to small business, and the regulations, instructions, procedures, and other publications relating to small business taxation. Provides that the membership of the Committee would include representatives of the Secretary of the Treasury (for policy matters); Internal Revenue Service (for technical matters); Office of Management and Budget (for coordinating the paperwork aspects of IRS forms, in view of the Federal Reports Act) and the Small Business Administration to express the interests of the small business community. Creates in the Treasury Department an Office of Small Business Analyst, which would be responsible for looking at tax problems primarily from the view of small business and the free enterprise system. Calls upon the Treasury Department for a comprehensive study of depreciation policies with particular attention to: the impact of legislation; the rapid advances in technology to which small business must adapt; and the practices of other industrialized nations. Calls upon the Treasury to study the entire range of pension, retirement, health, medical, and insurance benefits in the larger context of what both corporations (including large corporate enterprise) and other forms of business are providing for their employees and executives. Authorizes a special study of the differential effect of tax law changes on businesses of different sizes. Title II: Adjustment of Corporate Normal Tax - Effects a progressive reform in the entire corporate tax structure by providing for reductions in normal corporate tax rates based on the corporations earning. Provides that as corporate earnings rise above $1 million per year the normal tax would incline upward to a maximum of 24 percent for corporations earning over $1 billion annually. Title III: Special Provisions to Encourage Establishment of New Small Business Enterprises - Permits eligible new small business corporatians on income tax deduction equal to the corporations net operating income so long as that amount does not exceed $2083. Allows an income tax deduction to a partnership for its oragnizational expenses ratably over a period of 60 months. Provides for a bad debt tax deduction for guarantors of obligations of, and lenders, to, small business corporations. Title IV: Provisions to Assist Small Business Growth - Increases the additional first-year depreciation limitation for small business property from $10,000 to $20,000. Extends the period for use of the loss carryover provisions for small businesses by allowing existing corporations to carry these losses over a ten year period. Raises the earning credit in accordance with the costs of doing business to $150,000. Allows the expenses of certain types of small business stock flotations, such as those under Regulation A and section 1244 of the Code, which are not otherwise deductible, to be amortized over a period of 60 months. Allows research and development expenses of small business to be amortized beginning at the time they are made. Permits a limited number of surtax exemptions (up to 5) in the event members of a family are placed in proprietary positions where they have ownership of at least 50 percent of the stock (or other interest) and full time management of a separately incorporated unit of a family business. Title V: Provisions Relating to Partnerships - Allows the closing of the partnership year for a decedent at any of the following times: (1) normal close of the partnership year if there has been no prior sale, exchange, or liquidation of the partnership interest; (2) the date of any of the above described transactions; or (3) the day after the partner's death. Permits a partner to deduct currently his share of partnership losses in excess of the adjusted basis of his partnership interests, in the event that the partner is unconditionally obligated for his share of such partnership losses. Title VI: Provisions Relating to Subchapter S Corporations - Allows enlargment of the Subchapter S "tax-option" small business corporations in the following 3 ways: (1) initial shareholders could number 15, rather than the present 10; (2) shareholders in excess of this ceiling who take their stock by reason of heirship would not disqualify election; and (3) after 5 years, the number of permissible shareholders would increase to 25. Provides that the classes of shareholders would be expanded to include: (1) trusts where stock passes pursuant to a will, and where the trust is used merely to convey the stock to a long term eligible holder within 60 days; (2) trusts where the entire income is taxable to the grantor; and (3) small business investment companies, subject to such income. Provides for nondisqualification of a Subchapter S corporation by reason of exceeding the limit of 20 percent passive income in a single year. Provides that the election privilege could still be lost pursuant to this proposal if the limit is exceeded in any 2 of 4 consecutive years. Provides that if the corporation is able to establish that the termination was, in fact, inadvertent and gain full compliance within 90 days of notification, its Subchapter S status would be preserved for future years. Title VII: Business Development Corporations - Permits State and local development companies to extend long-term financing to non-bankable new enterprises and such companies would be permitted a bad-debt reserve deduction up to 10 percent of outstanding loans. Provides that certain types of business development corporations would be nontaxable upon the condition that the proceeds from such unusual transactions are re-invested the area of service and no part of these proceeds insures to the benefit of any individual or private institution. Title VIII: Preservation of Small Business Independence - Allows recovery of losses in 1 or 2 quarters to the extent the newly estimated tax for the year is less than the amount already paid in. Disallows interest deductions beyond $500,000 on any loan for small business acquistion purposes. Permits valuation comparisons with any similar closely held corporation whether or not it is listed on an exchange. Changes the standard of "undue hardship" (required to qualify for 10-year estate tax installments) to "hardship." Directs the Treasury to conduct a comprehensive examination of the pressures of income taxes, capital gains tax, reorganization rules, and estate and gift taxes which are causing so many small business to sell or merge out of existence rather than continue in independent form.
United States · United States Congress · 1 March 1973
Choctaw-Chickasaw-Cherokee Boundary Dispute Act - Grants the consent of the United States to the Choctaw Nation, the Chickasaw Nation, and the Cherokee Nation to bring suit against each other to quiet the title in and to the bed of the Arkansas River below the Canadian fork and to the eastern boundary of Oklahoma.
United States · United States Congress · 27 February 1973
Provides, under the Federal Trade Commission Act, that exclusive territorial arrangements in any trademark licensing contract or agreement for the manufacture, distribution and sale of a trademarked food product shall not be deemed unlawful, provided: (1) that such product is in free and open competition with products of the same general class manufactured, distributed, and sold by others; (2) the licensee is in free and open competition with vendors of other products of the same general class; and (3) the licensor retains control over the nature and quality of such product in accordance with the provisions of the Trademark Act. (Amends 15 U.S.C. 41)
United States · United States Congress · 21 February 1973
Directs the Secretary of the Treasury to strike and furnish to the Jim Thorpe Memorial, Oklahoma Athletic Hall of Fame Commission, not more than one hundred thousand medals with suitable emblems, devices, and inscriptions to be determined by the Secretary after consultation with the commission. Provides that the medals, which may be disposed of by the commission at a premium, shall be delivered at such times as may be required by the commission in quantities of not less than two thousand. Requires the Secretary of the Treasury to cause such medals to be struck and furnished at not less than the estimated cost of manufacture, including labor, materials, dies, use of machinery, and overhead expenses, and security satisfactory to the Director of the Mint shall be furnished to indemnify the United States for the full payment of such costs. Provides that no medals shall be made under the authority of this Act after December 31, 1974.
United States · United States Congress · 21 February 1973
Provides for the disposition of funds appropriated to pay certain judgments by the Indian Claims Commission in docket numbered 135 in favor of the Iowa Tribes of Oklahoma and of Kansas and Nebraska.
United States · United States Congress · 5 February 1973
Declares that specified land of the United States in the State of Oklahoma is held by the United States in trust for the Cheyenne-Arapaho Tribes of oklahoma.
United States · United States Congress · 5 February 1973
Provides for the disposition of funds appropriated to pay judgement in favor of the Ponca Indians of Oklahoma and Nebraska in Indian Claims Commission dockets numbered 322 and 324. Authorizes the Secretary of the Interior to prescribe necessary rules and regulations to carry out this Act.
United States · United States Congress · 18 January 1973
Increases, under title II (Old-Age, Survivors', and Disability Insurance) of the Social Security Act, to $3,000 the amount of outside earnings permitted each year without deductions from benefits thereunder.
United States · United States Congress · 18 January 1973
Rural Job Development Act - Provides income tax incentives and other benefits for employers operating certain industrial or commercial enterprises in rural job development areas. Title I: Eligibility for Assistance - Directs the Secretary of Agriculture to certify as eligible for benefits under this Act new facilities or new parts of facilities which meet the requirements set forth in this Act, including: (1) that such facility has been approved by the local authority as consistent with local zoning ordinances and economic and physical planning; (2) that such facility was placed in service by the person to whom the certificate is to be issued a rural job development area in the first taxable year of the certification period; (3) the creation of new, full-time jobs for at least ten persons; and (4) the employment of persons in at least 50 percent of the jobs in such facility who reside within the rural job development area, or have served at least one year on active duty in the Armed Forces, or have been enrolled at least one year in the Job Corps. Requires the Secretary to issue a certificate of eligibility to such businesses which meet the requirements set forth in this Act. Authorizes the Secretary to require certified businesses to file reports, and provides criminal sanctions for filing false reports. Title II: Tax Incentives - Provides an income tax credit for investment in certified, depreciable property in rural job development areas. Limits the amount of credit to the taxpayer's tax liability for the year, but provides for carryback and carryover of excess credits. Provides for tax increases if property for which credits were allowed are disposed of under certain circumstances within 10 years of the expenditures which qualified for the credits in the case of real property, or within 4 years in the case of personal property. Provides regulations for depreciation deductions for property of the same type for which credits are allowed under this Act, and for carryover as a deduction of net operating losses of certified businesses. Allows a tax deduction to an eligible employer of 50 percent of the compensation paid during the taxable year to employees who: (1) satisfy the requirements of section 101 of the Rural Job Development Act of 1969; (2) performs substantially all of his services at a qualified facility; and (3) is receiving training to acquire the skills necessary to perform (A) the position or job in which he is employed or (B) another position or job as an employee of such facility. Title III: Miscellaneous Provisions - Authorizes the Secretary of Agriculture to collect, analyze, and publish economic data for the information and guidance of businessmen seeking to establish jobs creating enterprises in rural job development areas. Authorizes expenditures of $250,000 for each fiscal year for purposes of this Act. Creates the National Advisory Committee on Rural Industrialization, to be composed of twenty-five members appointed by the Secretary of Agriculture, to assist the Secretary in administering this Act. Directs the Secretary of Agriculture to make an annual report to Congress concerning his operations under this Act.
United States · United States Congress · 15 January 1973
Allows a tax deduction under the Internal Revenue Code of not more than $750 for ordinary and necessary expenses paid during the taxable year for the repair or improvement of property used by the taxpayer as his principal residence. Permits any person who is the owner of rental housing and who rehabilitates or restores such housing to deduct the cost of such restoration, with respect to the amortization of the adjusted basis of such housing as so restored, based on a period of 60 months. Entitles any person who acquires rehabilitated or restored rental housing from a taxpayer who elected the amortization deduction and who did not discontinue the amortization deduction, to a deduction with respect to the adjusted basis of such facility based on the remaining amount of the 60 month period taken by the person who rehabilitated the house. Provides procedures for the election and termination of the amortization deduction and defines the terms used in this Act.
United States · United States Congress · 15 January 1973
Constitutional Amendment - Provides that no public school student shall, because of his race, creed, or color, be assigned to or required to attend a particular school. Grants Congress the power to enforce this article by appropriate legislation.
![Official portrait of Rep. Steed, Tom [D-OK-4]](https://www.congress.gov/img/member/s000829_200.jpg)