The world's political record
Person
![Official portrait of Rep. Ullman, Al [D-OR-2]](https://www.congress.gov/img/member/u000004_200.jpg)
United States · Official source
423 records where Rep. Ullman, Al [D-OR-2] is listed as a sponsor, author, or other actor. Search with topics and years
United States · United States Congress · 4 January 1977
Amends the Local Public Works Capital Development and Investment Act of 1976 to increase the amount authorized to be appropriated under such Act to $6,000,000,000.
United States · United States Congress · 4 January 1977
Authorizes the President of the United States to designate the week of September 18 through September 24, 1977, as "National Lupus Week."
United States · United States Congress · 1 October 1976
Amends the Colorado River Basin Project Act to extend for an additional ten years until September 30, 1988, the period during which the Secretary of the Interior shall not undertake studies of water importation plans for the basin.
United States · United States Congress · 16 September 1976
Directs the Clerk of the House of Representatives to make various technical and conforming corrections in the enrollment of H.R. 10612 (the Tax Reform Act).
United States · United States Congress · 1 September 1976
Directs the Secretary of the Army and the Secretary of the Interior to prepare comprehensive plans for the development of hydroelectric power at water resource projects within their respective jurisdictions.
United States · United States Congress · 26 August 1976
Authorizes the President to issue a proclamation designating the week beginning October 3, 1976, and ending October 9, 1976, as "National Volunteer Firemen Week."
United States · United States Congress · 10 August 1976
Repeals the prohibition against the sale of remains of free-roaming wild horses and burros destroyed to control their population. Authorizes the Secretary of the Interior through the Bureau of Land Management or the Secretary of Agriculture through the Forest Service to enter into contracts for the sale of free-roaming wild horses and burros under population control programs. Requires humane care and treatment of such animals. Authorizes the appropriate Secretary to utilize aircraft or motor vehicles in administration of the population control program.
United States · United States Congress · 9 August 1976
Designates the following trails for study as potential additions to the national trails system: (1) Bartram Trail, extending through Georgia, North Carolina, South Carolina, Alabama, Florida, Louisiana, Mississippi, and Tennessee; (2) Daniel Boone Trail, extending through North Carolina, Virginia, Tennessee, and Kentucky; (3) Desert Trail, extending through Washington, Idaho, Oregon, California, Nevada, and Arizona; (4) Dominguez-Escalante Trail, extending through New Mexico, Colorado, Utah, and Arizona; (5) Florida Trail; (6) Indian Nations Trail, Oklahoma; (7) Nez Perce Trail, extending through Oregon, Idaho, and Montana; and (8) Pacific Northwest Trail, extending through Washington, Idaho, and Montana.
United States · United States Congress · 5 August 1976
National Forest Management Act - Amends the Forest and Rangeland Renewable Resources Planning Act to direct the Secretary of Agriculture to identify and report to Congress annually all lands in the National Forest System which either need to be reforested or are not growing at their best potential rate. Requires the Secretary to annually transmit to Congress an estimate of the sums necessary to replant and otherwise treat an amount of land equal to the acreage to be cut over that year plus a sufficient portion of those lands currently in need of replanting or treatment so as to eliminate the backlog of lands in need of reforestation within eight years of the enactment of this Act. Requires the Secretary, subsequent to such eight-year period, to annually transmit to Congress an estimate of the sums necessary to replant and treat lands being cut over and to maintain planned timber production on other lands within the National Forest System in order to prevent the development of a backlog larger than the needed work at the beginning of the fiscal year. Requires the Renewable Resource Assessment to include program recommendations which reflect specified policy objectives. Directs the Secretary to provide for public participation in the consideration of land and resource management plans for National Forest System lands. Requires the Secretary to assure that such plans are developed, maintained, and revised so as to: (1) achieve specified goals of the Multiple-Use Sustained-Yield Act of 1960; (2) be in accordance with specified guidelines and procedures; and (3) permit the application of silvicultural systems only in conformity with specified standards. Limits timber sales contracts, in lieu of specified findings, to ten years. Stipulates that, unless the necessity for permanent roads is set forth in the forest development road system plan, roads constructed on land of the National Forest System in connection with a timber contract or other lease or permit shall be designed with the goal of reestablishing vegetative cover on the roadway and other affected areas. Prohibits the return to the public domain of lands now or hereafter reserved or withdrawn from the public domain as national forests other than by Act of Congress. Abolishes the National Forest Reservation Commission and transfers the Commission's functions to the Secretary. Directs the Secretary to implement an annual report of all land purchasers and exchanges relating to the National Forest System. Directs the Secretary to sell trees and forest products found upon National Forest System lands in accordance with policies set forth in the Multiple-Use Sustained-Yield Act and the Forest and Rangeland Renewable Resources Planning Act. Increases to $10,000 in appraised value the maximum value of timber and cordwood which the Secretary may sell without advertisement.
United States · United States Congress · 5 August 1976
Supplemental Security Income Amendments - Amends Title XVI (Supplemental Security Income for the Age, Blind, or Disabled) of the Social Security Act in order to provide for the more timely determination of eligibility of individuals for benefits and payment of benefits to eligible individuals. Authorizes the Secretary of Health, Education, and Welfare to make payments of benefits to presumptively blind individuals for up to three months prior to the determination of the indivudual's blindness. Directs the Secretary to refer blind or disabled recipients of supplemental security income benefits who are under the age of 13 to the appropriate State agencies administering plans for maternal and child health services, and services for crippled children. Directs the Secretary to carry out a program designed specifically to assure that all individuals who are or may become eligible for supplemental security income benefits will be fully informed of the availability and nature of such benefits and of the steps to be taken in obtaining them. Removes the requirement that benefit payments for persons who are disabled by alcoholism or drug addiction be paid to third parties and permits the payment of benefits direct to such disabled persons if the Secretary determines, upon the certification of the physician supervising the beneficiary's treatment, that direct payment would be of significant theraputic value to such individual. Authorizes the continuation of benefit payments for individuals hospitalized outside of the United States in cases in which: (1) the individual is a resident of the United States, and the hospital involved is closer than the closest hospital inside the United States which is equipped to provide the care required; or (2) the hospital services are emergency services. Excludes from the computation of income for the purposes of determining an individual's eligibility for benefits, gifts and inheritances which are not readily convertible into cash. Excludes from income, assistance based on need which is furnished by a tax-exempt organization. Provides that in determining an individual's financial resources an individual's house shall be valued at the lesser of: (1) the current market value; (2) the purchase price; or (3) its appraised value, if acquired other than by purchase. Extends the Supplemental Security Income program to Puerto Rico, Guam, and the Virgin Islands. States that the benefits paid in each territory shall be in amounts proportionate to the ratio of the per capita income in each territory to the per capita income of the State having the lowest per capita income. Increases the amount of the cash advance which may be made to a presumptively blind or presumptively disabled individual before the final determination of eligibility from $100 to an amount not in excess of the aggregate amount of the benefits to which such individual is presumptively eligible. Permits the Secretary, upon written authorization by a beneficiary, to withhold benefits due such beneficiary and reimburse a State from the amount withheld, for interm assistance furnished by the State to the beneficiary while awaiting the initiation of benefits. Provides for the termination of the mandatory State supplementation of supplemental security income benefits in cases set forth in this Act. Requires that an individual's eligibility for benefits be determined monthly, instead of quarterly, as is now required. Provides for the payment to an individual who is in a hospital, extended care facility, nursing home, or intermediate care facility, of the full amount of such individual's benefit during the first three months during which such individual is in a hospital, home, or facility. Sets forth the specific amounts to which an individual is entitled after the third month or when such individual is receiving payments under Title XIX (Medicaid) of the Social Security Act. Requires each State to establish or designate one or more State or local authorities which shall establish, maintain, and insure the enforcement of standards for any category of institutions, foster homes, or group living arrangements in which a significant number of recipients of supplemental security income benefits is residing or is likely to reside.
United States · United States Congress · 26 July 1976
Estate and Gift Tax Reform Act - Amends the Internal Revenue Code to provide a single unified rate schedule for estate and gift taxes. Establishes progressive rates based on cumulative lifetime transfers and transfers at death. Determines the amount of estate tax by applying the unified rates to such cumulative transfers and then subtracting the taxes payable on lifetime transfers. Provides that for purposes of determining the amount of the gross estate, the amount of gift tax paid with respect to transfers made within three years of death shall be included in the decedent's gross estate. Provides, as a transitional rule, that the lifetime transfers taken into account in determining cumulative transfers at death, for purposes of imposing the estate tax under the unified schedule, shall only include taxable gifts made after December 31, 1976. Repeals the estate and gift tax exemptions. Substitutes for such exemptions a credit against estate and gift taxes in the amount of $40,000. Increases the estate tax marital deduction to $250,000 or one-half of the decedent's gross estate, whichever is greater. Increases the gift tax marital deduction in the case of lifetime gifts to a spouse. Allows an unlimited marital deduction for the first $100,000 of lifetime gifts made to a spouse and, thereafter, a deduction for one-half of the aggregate lifetime gifts made to a spouse in excess of $200,000. Allows the executor of an estate which includes real property being put to a qualified use to value such property at such use, rather than its fair market value determined on the basis of its highest and best use. Defines qualified use as: (1) use as a farm; or (2) use in a trade or business. Imposes special conditions for such valuation, including: (1) the value of the qualified real property and related personal property must be at least 50 percent of the decedent's gross estate; (2) at least 25 percent of the adjusted value of the gross estate must be qualified real property; (3) the real property must pass to a qualified heir; (4) the real property must have been used or held for qualified use for five of the last eight years prior to the decedent's death; and (5) there must have been material participation in the operation or management of the real property by the decedent or a member of his family in five out of the eight years immediately preceding the decedent's death. Provides for recapture of any tax benefits obtained by use of the reduced valuation if, prior to the death of the qualified heir or within 15 years of the death of the decedent, the property is disposed of to nonfamily members or ceases to be used for qualified purposes. Provides for a lien on all such real property with respect to which the special valuation is elected. Provides for a 15-year period for the payment of the estate tax attributable to the decedent's interest in a farm or closely held business, with a deferral of the tax for five years and installment payments over the next ten years. Requires, as a qualification for such deferral and installment treatment, the value of the closely held business or farm in the decedent's estate to be at least 65 percent of the gross estate. Allows discretionary extensions of up to ten years to pay the estate tax for reasonable cause (rather than for "undue hardship" as under present law). Provides for a lien for payment of the deferred taxes attributable to a closely held business or farm. Provides that the basis of property acquired from a decedent dying after December 31, 1976, shall be the adjusted basis of the property immediately before the death of the decedent increased by a specified proportion of the Federal and State estate taxes. Stipulates that such increase shall not increase the basis of the property above its fair market value. Excludes personal and household effects from the carryover basis rule. Limits such exclusion to $10,000. Imposes a tax, in the case of generation skipping transfers under a trust, upon a distribution of the trust assets to a generation skipping heir, or upon the termination of an intervening interest in the trust. Determines the tax by adding the value of the distributed property, or terminated interest, to the heir's taxable transfers and applying the heir's marginal transfer tax rate to the value of such interest. Allows a deduction from value of the gross estate of a decedent for amounts left to children of the decedent if the decedent's spouse has predeceased him. Limits such deduction to $5,000 multiplied by the number of years each child is under the age of 21. Requires gift tax returns to be filed for any quarter only when the total cumulative gifts made during the taxable year exceed $25,000, or during the last quarter if the total does not reach $25,000. Provides that if the Internal Revenue Service proposes a deficiency in the estate tax because of a higher valuation of the assets included in the decedent's gross estate, it must disclose to the executor during the settlement process the basis on which the higher valuation was determined.
United States · United States Congress · 22 July 1976
Provides for the relief of Pedro and Lourdes Gonzalez.
United States · United States Congress · 20 July 1976
Establishes within the Department of Health, Education, and Welfare the Office of Inspector General comprised of an Inspector General and a Deputy Inspector General appointed by the President by and with the advice and consent of the Senate. Provides that the Inspector General and Deputy shall be removed from office only by impeachment or by the President but only for malfeasance, criminal conduct, incompetence, gross neglect of duty, or disability. States that they shall be subject only to the general supervision of the Secretary of Health, Education, and Welfare. Sets forth the duties of the Office which include promoting economy and efficiency and preventing and detecting fraud and abuse of the programs and operations of the Department. Requires the Office to report to the Secretary and Congress with respect to its findings and activities quarterly or whenever the Office becomes aware of particularly serious or flagrant problems or abuse. Transfers to the Office the functions of the HEW Audit Agency and the Department's Office of Investigations.
United States · United States Congress · 28 June 1976
Estate and Gift Tax Reform Act - Amends the Internal Revenue Code to provide a single unified rate schedule for estate and gift taxes. Establishes progressive rates based on cumulative lifetime transfers and transfers at death. Determines the amount of estate tax by applying the unified rates to such cumulative transfers and then subtracting the taxes payable on lifetime transfers. (Provides that for purposes of determining the amount of the gross estate, the amount of gift tax paid with respect to transfers made within three years of death shall be included in the decedent's gross estate.) Provides, as a transitional rule, that the lifetime transfers taken into account in determining cumulative transfers at death, for purposes of imposing the estate tax under the unified schedule, shall only include taxable gifts made after December 31, 1976. Repeals the estate and gift tax exemptions. Substitutes for such exemptions a credit against estate and gift taxes in the amount of $29,800. Provides for an additional credit against the estate tax for specified farms and closely held businesses passing to a qualified heir. Defines "qualified heir" as a member of the decedent's family, including his spouse, lineal desendents, parents, and aunts and uncles of the decedent and their desendants. Makes such credit available where the value of a farm or closely held business included in a decedent's gross estate equals or exceeds 65 percent of the value of the gross estate. Stipulates that such credit shall be available only if the farm or closely held business has been owned by the decedent or his family for at least five out of the preceding eight years. Provides that the amount of such credit shall be $25,000. Phases out such credit after the value of the gross estate exceeds $1,000,000. Provides for the recapture of the estate tax benefit of such credit where there is a disposition of the business by the qualified heir to nonfamily members prior to the qualified heir's death or within 25 years of the death of the decedent. Provides for a lien on the qualified interest in a farm or closely held business with respect to which an election of such credit has been made. Increases the estate tax marital deduction to $250,000 or one-half of the decedent's gross estate, whichever is greater. Increases the gift tax marital deduction in the case of lifetime gifts to a spouse. Allows an unlimited marital deduction for the first $100,000 of lifetime gifts made to a spouse and, thereafter, a deduction for one-half of the aggregate lifetime gifts made to a spouse in excess of $200,000. Allows the executor of an estate which includes real property being put to a qualified use to value such property at such use, rather than its fair market value determined on the basis of its highest and best use. Defines qualified use as: (1) use as a farm; (2) use in a trade or business; (3) use as a forest; or (4) use as an open space. Imposes special conditions for such valuation, including: (1) the value of the qualified real property and related personal property must be at least 50 percent of the decedent's gross estate; (2) at least 25 percent of the adjusted value of the gross estate must be qualified real property; (3) the real property must pass to a qualified heir; (4) the real property must have been used or held for qualified use for five of the last eight years prior to the decedent's death; and (5) there must have been material participation in the operation or management of the real property by the decedent or a member of his family in five out of the eight years immediately preceding the decedent's death. Provides for recapture of any tax benefits obtained by use of the reduced valuation if, prior to the death of the qualified heir or within 25 years of the death of the decedent, the property is disposed of to nonfamily members or ceases to be used for qualified purposes. Provides for a lien on all such real property with respect to which the special valuation is elected. Provides for a 15-year period for the payment of the estate tax attributable to the decedent's interest in a farm or closely held business, with a deferral of the tax for five years and installment payments over the next ten years. Requires, as a qualification for such deferral and installment treatment, the value of the closely held business or farm in the decedent's estate to be at least 65 percent of the gross estate. Allows discretionary extensions of up to ten years to pay the estate tax for reasonable cause (rather than for "undue hardship" as under present law). Provides for a lien for payment of the deferred taxes attributable to a closely held business or farm. Imposes a tax, in the case of generation skipping transfers under a trust, upon a distribution of the trust assets to a generation skipping heir, or upon the termination of an intervening interest in the trust. Determines the tax by adding the value of the distributed property, or terminated interest, to the heir's taxable transfers and applying the heir's marginal transfer tax rate to the value of such interest. Requires gift tax returns to be filed for any quarter only when the total cumulative gifts made during the taxable year exceed $25,000, or during the last quarter if the total does not reach $25,000. Provides that if the Internal Revenue Service proposes a deficiency in the estate tax because of a higher valuation of the assets included in the decedent's gross estate, it must disclose to the executor during the settlement process the basis on which the higher valuation was determined.
United States · United States Congress · 23 June 1976
Provides, under the Occupational Safety and Health Act of 1970, that whenever an employer's failure to comply with any provision of that Act or any State requirement relating to industrial safety causes or contributes to an accident resulting in bodily injury, no provision of any workers' compensation law or similar statute shall be construed to bar an action at law for contribution, indemnification, or other relief against the employer by a person alleged liable for such injury.
United States · United States Congress · 2 June 1976
Expresses the sense of the House of Representatives that the United States Postal Service shall not close or suspend the operation of any post offices, unless there is a clear and compelling need to do so. Encourages the service to continue cost-cutting programs which do not affect levels of service.
United States · United States Congress · 1 June 1976
Amends the Second Liberty Bond Act to increase the temporary debt limit as follows: (1) for the period beginning on July 1, 1976, ending September 30, 1976, by $236,000,000,000; (2) for the period beginning on October 1, 1976, ending March 31, 1977, by $282,000,000,000; and (3) for the period beginning on April 1, 1977, ending September 30, 1977, by $300,000,000,000.
United States · United States Congress · 1 June 1976
Estate and Gift Tax Reform Act - Amends the Internal Revenue Code to provide a single unified rate schedule for estate and gift taxes. Establishes progressive rates based on cumulative lifetime transfers and transfers at death. Determines the amount of estate tax by applying the unified rates to such cumulative transfers and then subtracting the taxes payable on lifetime transfers. Provides that for purposes of determining the amount of the gross estate, the amount of gift tax paid with respect to transfers made within three years of death shall be included in the decedent's gross estate. Provides, as a transitional rule, that the lifetime transfers taken into account in determining cumulative transfers at death, for purposes of imposing the estate tax under the unified schedule, shall only include taxable gifts made after December 31, 1976. Repeals the estate and gift tax exemptions. Substitutes for such exemptions a credit against estate and gift taxes in the amount of $29,800. Provides for an additional credit against the estate tax for specified farms and closely held businesses passing to a qualified heir. Defines "qualified heir" as a member of the decedent's family, including his spouse, lineal decendents, parents, and aunts and uncles of the decedent and their decendants. Makes such credit available where the value of a farm or closely held business included in a decedent's gross estate equals or exceeds 65 percent of the value of the gross estate. Stipulates that such credit shall be available only if the farm or closely held business has been owned by the decedent or his family for at least five out of the preceding eight years. Provides that the amount of such credit shall be $25,000 multiplied by a percentage representing the portion of the decedent's estate consisting of the farm or other closely held business. Phases out such credit after the value of the gross estate exceeds $1,000,000. Provides for the recapture of the estate tax benefit of such credit where there is a disposition of the business by the qualified heir to nonfamily members prior to the qualified heir's death or within 25 years of the death of the decedent. Provides for a lien on the qualified interest in a farm or closely held business with respect to which an election of such credit has been made. Increases the estate tax marital deduction to $250,000 or one-half of the decedent's gross estate, whichever is greater. Increases the gift tax marital deduction in the case of lifetime gifts to a spouse. Allows an unlimited marital deduction for the first $100,000 of lifetime gifts made to a spouse and, thereafter, a deduction for one-half of the aggregate lifetime gifts made to a spouse in excess of $200,000. Imposes a tax on the unrealized appreciation of property transferred by a decedent. Provides that the basis of such property shall be its fair market value on December 31, 1976. Allows an election to carry over the decedent's basis in any property instead of having the appreciation taxed. Exempts the first $50,000 of appreciation from taxation. Excludes the appreciation of assets valued at less than $10,000 and which are not held for use in a trade or business or for the production of income from such tax. Allows the deduction of the appreciation tax in computing the value of the taxable estate for estate tax purposes. Exempts from the appreciation tax any property transferred from the decedent if the income tax carries over to the recipient (income in respect of a decedent and survivor annuities). Provides that if an election to carry over the decedent's basis in lieu of paying the appreciation tax is made, the basis of the property is to be increased by the Federal and State estate taxes attributable to the net appreciation in value for the property. Allows the executor of an estate which includes real farm property to value the property as a farm, rather than its fair market value determined on the basis of its highest and best use. Imposes special qualifying conditions for such valuation, including: (1) the farm assets in the decedent's estate including both farm real property and personal property must be at least 50 percent of the decedent's gross estate (reduced by debts and expenses); (2) at least 25 percent of the adjusted value of the gross estate must be qualified farm real property; (3) the real property must pass to a qualified heir; (4) the real property must have been used or held for use as a farm for five of the last eight years prior to the decedent's death; and (5) there must have been material participation in the operation of the farm by the decedent or a member of his family in five years out of the eight years immediately preceding the decedent's death. Provides for recapture of any tax benefits obtained by use of the reduced valuation if, prior to the death of the qualified heir or within 25 years of the death of the decedent, the property is disposed of to nonfamily members or ceases to be used for farming purposes. Provides for a lien on all such real property with respect to which the farm valuation is elected. Provides for a 15-year period for the payment of the estate tax attributable to the decedent's interest in a farm or closely held business, with a deferral of the tax for five years and installment payments over the next ten years. Requires, as a qualification for such deferral and installment treatment, the value of the closely held business or farm in the decedent's estate to be at least 65 percent of the gross estate. Allows discretionary extensions of up to ten years to pay the estate tax for reasonable cause (rather than for "undue hardship" as under present law). Provides for a lien for payment of the deferred taxes attributable to a closely held business or farm. Imposes a tax, in the case of generation skipping transfers under a trust, upon a distribution of the trust assets to a generation skipping heir, or upon the termination of an intervening interest in the trust. Determines the tax by adding the value of the distributed property, or terminated interest, to the heir's taxable transfers and applying the heir's marginal transfer tax rate to the value of such interest. Extends from nine months to 12 months the period after the decedent's death in which an estate tax return must be filed. Requires gift tax returns to be filed for any quarter only when the total cumulative gifts made during the taxable year exceed $25,000, or during the last quarter if the total does not reach $25,000. Provides that if the Internal Revenue Service proposes a deficiency in the estate tax because of a higher valuation of the assets included in the decedent's gross estate, it must disclose to the executor during the settlement process the basis on which the higher valuation was determined.
United States · United States Congress · 1 June 1976
Amends the Internal Revenue Code to exempt until January 1, 1977, specified sales, exchanges, or other dispositions of property by a private foundation to a disqualified person from the five percent tax on all self-dealing.
United States · United States Congress · 1 June 1976
Estate and Gift Tax Reform Act - Amends the Internal Revenue Code to provide a single unified rate schedule for estate and gift taxes. Establishes progressive rates based on cumulative lifetime transfers and transfers at death. Determines the amount of estate tax by applying the unified rates to such cumulative transfers and then subtracting the taxes payable on lifetime transfers. Provides that for purposes of determining the amount of the gross estate, the amount of gift tax paid with respect to transfers made within three years of death shall be included in the decedent's gross estate. Provides, as a transitional rule, that the lifetime transfers taken into account in determining cumulative transfers at death, for purposes of imposing the estate tax under the unified schedule, shall only include taxable gifts made after December 31, 1976. Repeals the estate and gift tax exemptions. Substitutes for such exemptions a credit against estate and gift taxes in the amount of $29,800. Provides for an additional credit against the estate tax for specified farms and closely held businesses passing to a qualified heir. Defines "qualified heir" as a member of the decedent's family, including his spouse, lineal decendents, parents, and aunts and uncles of the decedent and their decendants. Makes such credit available where the value of a farm or closely held business included in a decedent's gross estate equals or exceeds 65 percent of the value of the gross estate. Stipulates that such credit shall be available only if the farm or closely held business has been owned by the decedent or his family for at least five out of the preceding eight years. Provides that the amount of such credit shall be $25,000 multiplied by a percentage representing the portion of the decedent's estate consisting of the farm or other closely held business. Phases out such credit after the value of the gross estate exceeds $1,000,000. Provides for the recapture of the estate tax benefit of such credit where there is a disposition of the business by the qualified heir to nonfamily members prior to the qualified heir's death or within 25 years of the death of the decedent. Provides for a lien on the qualified interest in a farm or closely held business with respect to which an election of such credit has been made. Increases the estate tax marital deduction to $250,000 or one-half of the decedent's gross estate, whichever is greater. Increases the gift tax marital deduction in the case of lifetime gifts to a spouse. Allows an unlimited marital deduction for the first $100,000 of lifetime gifts made to a spouse and, thereafter, a deduction for one-half of the aggregate lifetime gifts made to a spouse in excess of $200,000. Imposes a tax on the unrealized appreciation of property transferred by a decedent. Provides that the basis of such property shall be its fair market value on December 31, 1976. Allows an election to carry over the decedent's basis in any property instead of having the appreciation taxed. Exempts the first $50,000 of appreciation from taxation. Excludes the appreciation of assets valued at less than $10,000 and which are not held for use in a trade or business or for the production of income from such tax. Allows the deduction of the appreciation tax in computing the value of the taxable estate for estate tax purposes. Exempts from the appreciation tax any property transferred from the decedent if the income tax carries over to the recipient (income in respect of a decedent and survivor annuities). Provides that if an election to carry over the decedent's basis in lieu of paying the appreciation tax is made, the basis of the property is to be increased by the Federal and State estate taxes attributable to the net appreciation in value for the property. Allows the executor of an estate which includes real farm property to value the property as a farm, rather than its fair market value determined on the basis of its highest and best use. Imposes special qualifying conditions for such valuation, including: (1) the farm assets in the decedent's estate including both farm real property and personal property must be at least 50 percent of the decedent's gross estate (reduced by debts and expenses); (2) at least 25 percent of the adjusted value of the gross estate must be qualified farm real property; (3) the real property must pass to a qualified heir; (4) the real property must have been used or held for use as a farm for five of the last eight years prior to the decedent's death; and (5) there must have been material participation in the operation of the farm by the decedent or a member of his family in five years out of the eight years immediately preceding the decedent's death. Provides for recapture of any tax benefits obtained by use of the reduced valuation if, prior to the death of the qualified heir or within 25 years of the death of the decedent, the property is disposed of to nonfamily members or ceases to be used for farming purposes. Provides for a lien on all such real property with respect to which the farm valuation is elected. Provides for a 15-year period for the payment of the estate tax attributable to the decedent's interest in a farm or closely held business, with a deferral of the tax for five years and installment payments over the next ten years. Requires, as a qualification for such deferral and installment treatment, the value of the closely held business or farm in the decedent's estate to be at least 65 percent of the gross estate. Allows discretionary extensions of up to ten years to pay the estate tax for reasonable cause (rather than for "undue hardship" as under present law). Provides for a lien for payment of the deferred taxes attributable to a closely held business or farm. Imposes a tax, in the case of generation skipping transfers under a trust, upon a distribution of the trust assets to a generation skipping heir, or upon the termination of an intervening interest in the trust. Determines the tax by adding the value of the distributed property, or terminated interest, to the heir's taxable transfers and applying the heir's marginal transfer tax rate to the value of such interest. Extends from nine months to 12 months the period after the decedent's death in which an estate tax return must be filed. Requires gift tax returns to be filed for any quarter only when the total cumulative gifts made during the taxable year exceed $25,000, or during the last quarter if the total does not reach $25,000. Provides that if the Internal Revenue Service proposes a deficiency in the estate tax because of a higher valuation of the assets included in the decedent's gross estate, it must disclose to the executor during the settlement process the basis on which the higher valuation was determined.
United States · United States Congress · 27 May 1976
Amends the Forest and Rangeland Renewable Resources Planning Act of 1974 to direct the Secretary of Agriculture to include in the Renewable Resource Program, national program recommendations which take into account specified policy objectives. Requires the Secretary to provide for public participation in the formulation and review of proposed land management plans for units of the National Forest System. Directs the Secretary to promulgate regulations that set out the process for the development and revision of such land management plans. Requires that such regulations specify procedures to insure that plans are prepared in accordance with the National Environmental Policy Act and guidelines set out in this Act. Authorizes the Secretary to appraise and sell so much of the trees and other forest products found upon National Park System lands as may further the policies set forth in the Multiple Use and Sustained Yield Act, and the Forest and Rangeland Renewable Resources Planning Act of 1974. Repeals the requirement that such forest products be sold for use only in the United States or territory in which the timber reservation from which such products were taken is located. Increases to $10,000 in appraised value the maximum value of timber and cord wood which the Secretary may sell without advertisement.
United States · United States Congress · 27 May 1976
Consumer Communications Reform Act - States that Congress finds that the revenues from integrated interstate and foreign common carrier telecommunications services helped maintain a level of charges for telephone exchange service which is lower than otherwise would be required. Expresses the sense of Congress that the authorization of lines, facilities, or services of specialized carriers which duplicate the lines, facilities, or services of other telecommunications common carriers is contrary to the public interest. Reaffirms the intent of Congress that the complete authority to regulate terminal and station equipment used for telephone exchange service shall rest with the States even though such terminal and station equipment also may be used in connection with interstate services. Amends the Communications Act of 1934 to provide that no compensatory charges for or in connection with such communication service may be found to be unjust or unreasonable on the ground that it is too low. Prohibits the Federal Communications Commission from holding the charge of a carrier up to a particular level to protect the traffic or revenues from a communication service offered or provided by another carrier if such charge proposed by the carrier is compensatory. Provides that the Commission shall not grant or authorize any construction permit, station, license, or certificate for the construction, acquisition, or operation of any communication or transmission line or facility, or extension thereof, or any modification or renewal thereof, unless the Commission shall find, after full opportunity for evidentiary hearing on the record, that such permit, license, or certificate, will not result in increased charges or unnecessary duplication of communication lines.
United States · United States Congress · 27 May 1976
Authorizes under the Federal Civil Defense Act of 1950 the use of Federal civil defense funds by local civil defense agencies for natural disaster relief. Increases the Federal contribution for travel expenses and per diem allowances for students in civil defense training programs and increases the Federal financial contribution to States for civil defense personnel and administrative expenses. Increases the authorization for appropriations under such Act for travel expenses, for personal equipment for State and local workers,and for personnel and administrative expenses.
United States · United States Congress · 24 May 1976
Estate and Gift Tax Reform Act - Amends the Internal Revenue Code to provide a single unified rate schedule for estate and gift taxes. Establishes progressive rates based on cumulative lifetime transfers and transfers at death. Determines the amount of estate tax by applying the unified rates to such cumulative transfers and then subtracting the taxes payable on lifetime transfers. Provides that for purposes of determining the amount of the gross estate, the amount of gift tax paid with respect to transfers made within three years of death shall be included in the decedent's gross estate. Provides, as a transitional rule, that the lifetime transfers taken into account in determining cumulative transfers at death, for purposes of imposing the estate tax under the unified schedule, shall only include taxable gifts made after December 31, 1976. Repeals the estate and gift tax exemptions. Substitutes for such exemptions a credit against estate and gift taxes in the amount of $29,800. Provides for an additional credit against the estate tax for specified farms and closely held businesses passing to a qualified heir. Defines "qualified heir" as a member of the decedent's family, including his spouse, lineal decendents, parents, and aunts and uncles of the decedent and their decendants. Makes such credit available where the value of a farm or closely held business included in a decedent's gross estate equals or exceeds 65 percent of the value of the gross estate. Stipulates that such credit shall be available only if the farm or closely held business has been owned by the decedent or his family for at least five out of the preceding eight years. Provides that the amount of such credit shall be $25,000 multiplied by a percentage representing the portion of the decedent's estate consisting of the farm or other closely held business. Phases out such credit after the value of the gross estate exceeds $1,000,000. Provides for the recapture of the estate tax benefit of such credit where there is a disposition of the business by the qualified heir to nonfamily members prior to the qualified heir's death or within 25 years of the death of the decedent. Provides for a lien on the qualified interest in a farm or closely held business with respect to which an election of such credit has been made. Increases the estate tax marital deduction to $250,000 or one-half of the decedent's gross estate, whichever is greater. Increases the gift tax marital deduction in the case of lifetime gifts to a spouse. Allows an unlimited marital deduction for the first $100,000 of lifetime gifts made to a spouse and, thereafter, a deduction for one-half of the aggregate lifetime gifts made to a spouse in excess of $200,000. Imposes a tax on the unrealized appreciation of property transferred by a decedent. Provides that the basis of such property shall be its fair market value on December 31, 1976. Allows an election to carry over the decedent's basis in any property instead of having the appreciation taxed. Exempts the first $50,000 of appreciation from taxation. Excludes the appreciation of assets valued at less than $10,000 and which are not held for use in a trade or business or for the production of income from such tax. Allows the deduction of the appreciation tax in computing the value of the taxable estate for estate tax purposes. Exempts from the appreciation tax any property transferred from the decedent if the income tax carries over to the recipient (income in respect of a decedent and survivor annuities). Provides that if an election to carry over the decedent's basis in lieu of paying the appreciation tax is made, the basis of the property is to be increased by the Federal and State estate taxes attributable to the net appreciation in value for the property. Allows the executor of an estate which includes real farm property to value the property as a farm, rather than its fair market value determined on the basis of its highest and best use. Imposes special qualifying conditions for such valuation, including: (1) the farm assets in the decedent's estate including both farm real property and personal property must be at least 50 percent of the decedent's gross estate (reduced by debts and expenses); (2) at least 25 percent of the adjusted value of the gross estate must be qualified farm real property; (3) the real property must pass to a qualified heir; (4) the real property must have been used or held for use as a farm for five of the last eight years prior to the decedent's death; and (5) there must have been material participation in the operation of the farm by the decedent or a member of his family in five years out of the eight years immediately preceding the decedent's death. Provides for recapture of any tax benefits obtained by use of the reduced valuation if, prior to the death of the qualified heir or within 25 years of the death of the decedent, the property is disposed of to nonfamily members or ceases to be used for farming purposes. Provides for a lien on all such real property with respect to which the farm valuation is elected. Provides for a 15-year period for the payment of the estate tax attributable to the decedent's interest in a farm or closely held business, with a deferral of the tax for five years and installment payments over the next ten years. Requires, as a qualification for such deferral and installment treatment, the value of the closely held business or farm in the decedent's estate to be at least 65 percent of the gross estate. Allows discretionary extensions of up to ten years to pay the estate tax for reasonable cause (rather than for "undue hardship" as under present law). Provides for a lien for payment of the deferred taxes attributable to a closely held business or farm. Imposes a tax, in the case of generation skipping transfers under a trust, upon a distribution of the trust assets to a generation skipping heir, or upon the termination of an intervening interest in the trust. Determines the tax by adding the value of the distributed property, or terminated interest, to the heir's taxable transfers and applying the heir's marginal transfer tax rate to the value of such interest. Extends from nine months to 12 months the period after the decedent's death in which an estate tax return must be filed. Requires gift tax returns to be filed for any quarter only when the total cumulative gifts made during the taxable year exceed $25,000, or during the last quarter if the total does not reach $25,000. Provides that if the Internal Revenue Service proposes a deficiency in the estate tax because of a higher valuation of the assets included in the decedent's gross estate, it must disclose to the executor during the settlement process the basis on which the higher valuation was determined.
United States · United States Congress · 17 May 1976
Amends the Internal Revenue Code to extend the term of office of a judge of the Tax Court beyond a 15 year term until whichever of the following occurs first; (1) his successor is qualified, (2) he retires or otherwise relinquishes office, or (3) the expiration of the 60 day period following the end of his normal term. Provides that a judge of the Tax Court with 12 years of service as such and a total of at least 35 years of Federal service shall receive retired pay as if he had served a full 15 year term on the Tax Court. Makes widowers of Tax Court judges eligible for pensions on an equal basis with widows. Excludes a Tax Court judge's service as a member of Congress or in the Armed Forces in calculating the amount of a survivor's annuity. Provides that annuities payable to survivors of Tax Court judges shall be increased when Civil Service annuities are increased due to cost-of-living rises. Allows the Tax Court to waive its filing fee. Authorizes the Court to designate a commissioner to act as chief commissioner. Provides that in Tax Court cases involving $2,500 or less and which are assigned to be heard by a commissioner of the Tax Court, the Tax Court may authorize a commissioner to make the report of the Tax Court and make the decision of the Court with respect to such proceedings. Provides that the Tax Court need not follow civil service laws with regard to the appointment of employees. Authorizes the Tax Court to extend by 30 days the period for filing a petition.
United States · United States Congress · 7 April 1976
Authorizes the Secretary of the Interior to establish the acreage of individually owned land which may eligibly receive project water as nonexcess acreage under Federal reclamation laws at 160 acres of class I land or the equivalent acreage of lands of lesser productive value as would be appropriate for an economic family size farm. Requires the Secretary in establishing land classes to take into account factors including soil characteristics, crop adaptability, cost of crop production and soil characteristics.
United States · United States Congress · 7 April 1976
Wheat and Wheat Foods Research and Nutrition Education Act - States that the purpose of this Act is to authorize and enable the creation of an orderly procedure, adequately financed through an assessment and voluntary contributions, for the development and initiation of an effective and continuous coordinated program of research and nutrition education designed to improve and enhance the quality and make the most efficient use of American wheat, processed wheat, and wheat end products to insure an adequate diet for all Americans. Authorizes the Secretary of Agriculture to issue orders to effectuate the declared purpose of this Act. States that such orders shall include provisions: (1) for establishing projects for research and nutrition education for wheat and wheat products; (2) for establishing and carrying on research or studies with respect to the sale, distribution, marketing, and utilization of wheat and wheat products and the creation of new products; and (3) requiring that processors, distributors of processed wheat, and end product manufacturers maintain and make available for inspection such books and records as may be required by any order issued pursuant to this Act. Directs the Secretary to issue orders providing for the establishment of a Wheat Industry Council to: (1) administer and make rules and regulations to effectuate orders issued pursuant to this Act; (2) receive, investigate and report to the Secretary complaints of violations of such orders; and (3) recommend to the Secretary amendments to such orders. States that the membership of such Council shall represent wheat producers, processors, end product manufacturers and consumers on an equal basis. Requires each end product manufacturer to pay to such Council an assessment, not to exceed five cents per hundredweight, based on the total number of hundredweights of processed wheat purchased by or transferred to such manufacturer to be used for expenditures and expenses incurred by the Council or Secretary under this Act. Exempts from this Act any end product manufacturer who does not purchase more than 2,000 hundredweight of processed wheat per year for use in manufacture. Requires the Secretary to conduct a referendum among end product manufacturers to determine whether the issuance of an order under this Act is favored by such manufacturers. States that no such order shall become effective unless: (1) votes were cast by more than 50 percent of the registered end product manufacturers; and (2) not less than two-thirds of such voting manufacturers approve of such order or by a majority of such manufacturers if such majority manufacturerd not less than two-thirds of the total processed wheat contained in all end products manufactured by those voting in the referendum. Allows end product manufacturers who have reserved the right to seek refunds and who disfavor the programs under this Act to receive from the Council the assessment paid to such Council. Sets forth the procedures for the administrative and judicial review of orders or obligations imposed under this Act. States that any person who willfully violates any order issued under this Act or who fails to remit any required assessment or fee shall be liable to a civil penalty of not more than $1,000 per violation. Requires the Secretary to conduct a referendum on request by ten percent or more of the end product manufacturers to determine whether such manufacturers favor the suspension or termination of any order. States that such order shall be suspended or terminated if 50 percent of the voting manufacturers or manufacturers who produce end products containing more than 50 percent of the total processed wheat contained in all end products manufactured by those voting approve of such action. Authorizes the Secretary to make investigations for the effective carrying out of his or her responsibilities under this Act or to determine whether any person has or is about to violate any of the provisions of this Act. Sets forth the eligibility requirements for any organization wishing to: (1) participate in the nominating of Council members; (2) represent wheat producers, processors, end product manufacturers or consumers; and (3) request the issuance of an order under this Act. Authorizes the appropriation of such funds as are necessary to carry out the provisions of this Act.
United States · United States Congress · 6 April 1976
Sets forth provisions regulating inheritance of trust or restricted lands on the Umatilla Indian Reservation, Oregon. States that when any Indian dies leaving any land interest not lawfully devised, it shall descend in equal shares to his or her children, and to the issue of any deceased child by right of representation. Specifies that the surviving spouse of any Indian who dies leaving any interest in trust or restricted land within the Umatilla Reservation shall be entitled to one-half of such land. Permits the spouse to elect such an interest whenever any Indian has devised an interest in land by an approved will.
United States · United States Congress · 30 March 1976
Disapproves the proposed deferral of budget authority in the amount of $278,657,000 for the Forest Service, Department of Agriculture (proposed deferral number D76-036), as transmitted to the Congress by the President.
United States · United States Congress · 24 March 1976
Municipal Taxable Bond Alternative Act - Amends the Internal Revenue Code to allow a State, a possession of the United States, any political subdivision of any of the following, or the District of Columbia, to elect to issue taxable obligations, the interest of which will be included in the gross income of the recipient. Directs the Secretary of the Treasury to pay without condition or requirement 35 percent of the interest yield on each obligation for which the election of taxability has been made. Makes technical and conforming amendments.
United States · United States Congress · 23 March 1976
Authorizes the balance to the credit of an employee who is a beneficiary of an exempt trust or annuity, under the Internal Revenue Code, to be paid out within one taxable year of the employee, on account of a termination of the employee benefit plan without inclusion in the gross income of such employee if such benefit payment is transferred to an individual retirement annuity, account, or bond within 60 days. Makes technical and conforming amendments.
United States · United States Congress · 18 March 1976
Title I: Amends the Land and Water Conservation Fund Act of 1965 to increase the amount of appropriations authorized under such Act to $300,000,000 for fiscal year 1977, $450,000,000 for fiscal year 1978, $625,000,000 for fiscal year 1979, and $800,000,000 for each fiscal year thereafter through fiscal year 1989. Revises procedures for the apportionment of land and water conservation fund moneys to States by the Secretary of the Interior. Imposes public participation requirements with respect to the preparation of comprehensive statewide outdoor recreation plans. Authorizes Federal financial assistance for the planning and development of sheltered facilities for swimming pools and ice skating rinks, provided specified conditions are met. Title II: Amends the National Historic Preservation Act of 1966 to establish a historic preservation fund in the United States Treasury. Stipulates that $24,400,000 for fiscal year 1977, $75,000,000 annually for fiscal years 1978 and 1979 and $100,000,000 annually for each fiscal year thereafter until fiscal year 1989 be covered into the fund from revenues due and payable to the United States under the Outer Continental Shelf Lands Act and other Federal Mining laws. Stipulates that such moneys shall remain available until appropriated to carry out the purposes of the National Historic Preservation Act of 1966. Authorizes the appropriation of $175,000 per year for fiscal years 1977,1978, and 1979 for the International Center for the Preservation and Restoration of Cultural Property.
United States · United States Congress · 17 March 1976
Expresses the sense of Congress that the U.S. Postal Service should not close or otherwise suspend the operation of any post office during the six-month period beginning on the date of adoption of this resolution.
United States · United States Congress · 11 March 1976
Authorizes the nonrecognition of gain or loss, under the Internal Revenue Code, on the transfer of rail properties or stock or securities of a transferor railroad corporation to the Consolidated Rail Corporation pursuant to an order under the Regional Rail Reorganization Act to carry out the final system plan, in exchange solely for stock of the Consolidated Rail Corporation and certificates of value of the United States Railway Association. Prohibits the carryover of any net operating loss of a transferor corporation to the Consolidated Rail Corporation. Makes technical and conforming amendments.
United States · United States Congress · 4 March 1976
Authorizes the President to designate the second full calendar week in March of 1976 as "National Employ the Older Worker Week."
United States · United States Congress · 19 February 1976
Bank Holding Company Tax Act - Allows bank holding companies, under the Internal Revenue Code, to make pro rata distributions of prohibited property without the surrender of stock by the shareholder or in exchange for preferred stock or securities without the shareholder or security holder recognizing any gain on the receipt of such prohibited property. Requires the Board of Governors of the Federal Reserve System to certify such prohibited property as an interest in a nonbanking organization. Allows a bank holding company to first create a second corporation to receive such prohibited property and then to distribute stock in such second corporation without the stockholder or security holder recognizing any gain on the receipt of such property. Allows a bank holding company to distribute all or a part of the property by reason of which such corporation controls a bank or bank holding company without the shareholder or security holder recognizing any gain on the receipt of such property. Allows a bank holding company to exchange the property by reason of which it is a bank holding company for all of the stock of a second corporation created to receive such property and then to distribute the stock in such second corporation without the stockholder or security holder recognizing any gain on the receipt of such property. Disallows the use of such provisions as a device to avoid Federal income tax on the distribution of earnings and profits of any corporation. Establishes rules for the allocation of basis and earnings and profits following such a distribution of property or stock. Defines the terms used in this Act. Prohibits the application of such nonrecognition provisions to any property acquired by the distributing corporation after July 7, 1976, unless such property was received in a nontaxable transaction. Authorizes the installment payment of tax attributable to the divestiture of, instead of the distribution of, prohibited property or bank property. Makes technical and conforming amendments.
United States · United States Congress · 17 February 1976
Stipulates that gain or loss on transfers to investment companies or partnerships functioning as investment companies shall be considered realized and recognized gain or loss for purposes of taxation under the Internal Revenue Code.
United States · United States Congress · 17 February 1976
Increases the temporary public debt limit until July 31, 1976, by $231,000,000,000.
United States · United States Congress · 10 February 1976
Amends the Internal Revenue Code to provide that income to agricultural organizations derived from conducting of horse races and dog races shall not be unrelated business taxable income. Denies all deductions directly connected with such races for any taxable year.
United States · United States Congress · 27 January 1976
Expresses the sense of the House of Representatives that the people of Angola should be allowed to determine their own political future without foreign interference. Expresses support for efforts by the Organization of African Unity to achieve a settlement of the conflict in Angola. Calls upon all countries to terminate military assistance to any group in Angola. States that the President should do his utmost to seek an agreement among the various parties involved in hostilities or in the support of such hostilities in Angola to terminate such hostilities. Directs the President to refrain from providing assistance of any kind, for military activities in Angola, until specifically approved by Congress.
United States · United States Congress · 21 January 1976
Provides that an amount not to exceed $2,115,000, shall be paid out of the contingent fund of the House on vouchers for expenditure by the Committee on Ways and Means. Prohibits the use of the funds authorized by this resolution for expenditure in connection with the study or investigation of any subject which is being investigated for the same purpose by any other committee of the House. Directs the chairman of the Committee to furnish the Committee on House Administration information with respect to any study or investigation intended to be financed from such funds.
United States · United States Congress · 10 December 1975
Prohibits the use of expenditures pursuant to the Airport and Airway Revenue Act for terminal development not authorized by such Act.
United States · United States Congress · 6 November 1975
Tax Reform Act - Title I: Limitation on Artificial Losses - Restricts the extent to which losses arising from accelerated deductions under the Internal Revenue Code on real property can be used currently to offset income unrelated to real estate. Places accelerated deductions, to the extent that the deductions exceed the taxpayer's net related income from real property, in a deferred deduction account for use in a later year. Defines "net related income" as gross income from real property less the ordinary deductions attributable to real property (deductions other than the accelerated deductions). Stipulates that the limitation does not apply to true economic losses which continue to be deductible currently. States that the accelerated deductions which are subject to this limitation are the deductions for interest and taxes during the construction period, and accelerated depreciation in excess of straight line depreciation. Applies the limitation on artificial losses (LAL) to commercial and residential property where the construction begins after December 31, 1975. Delays the application of LAL to residential property if specified conditions are met. Applies LAL to farm operations to restrict the extent to which losses arising from accelerated deductions from farm operations can be used currently to offset nonfarm income. States that the accelerated deductions which would be limited include: (1) prepaid seed, seed, fertilizer and similar farm supply expenses; (2) preproductive period expenses attributable to specified crops, animals, and livestock; and (3) accelerated depreciation of livestock. Allows losses attributable to accelerated deductions from farm operations to be used to offset $20,000 of nonfarm income. Eliminates such allowance for taxpayers who have nonfarm income of $40,000 or more. Applies LAL to intangible drilling and development costs on developmental oil and gas wells on a property-by-property basis. Stipulates that such deductions cannot be taken in any year to the extent they exceed the net related income derived in that year from the operation of the same property. Provides that the amount of the related income (against which the intangible drilling costs can be deducted) shall be reduced by the amount of any percentage depletion and dry hole deductions taken with respect to that income. Extends the limitation on artificial losses to motion picture films, equipment leasing, and sports franchises. Stipulates that with respect to sports franchises LAL shall only apply to those established or transfered after November 4, 1975. Extends from December 31, 1975, until December 31, 1977, the termination date of the five-year amortization of expenditures incurred to rehabilitate low-income rental housing. Title II: Other Amendments Related to Tax Shelters - Provides, under the Internal Revenue Code, that in the case of residential real estate, all depreciation in excess of straight line depreciation shall be completely recaptured to the extent of any gain realized at the time of the sale of such property. Provides that any gain on the disposition of an interest in oil or gas properties (or an interest in an oil and gas venture) shall be treated as ordinary income to the extent of the excess of the intangible drilling deductions taken with respect to those properties over the deductions that would have been allowed had the expenses been capitalized. Requires corporations engaged in farm operations, other than Subchapter S corporations and family corporations, to use accrual and inventory accounting methods for tax purposes. Permits taxpayers using the cash method of accounting to deduct prepayment of interest only in the period to which it relates under an accrual method of accounting. Requires points to be deducted ratably over the term of a loan, except in the case of a mortgage secured by the taxpayer's principal residence. Imposes a limit of $12,000 a year on the amount of nonbusiness interest that an individual can claim as a deduction. Provides that in the case of a loan for investment purposes, interest on the loan shall be deductible to the extent of the investment income in addition to such $12,000 limitation. Limits the deduction of a loss to the amount for which the taxpayer is at risk in the cases of motion picture films, livestock, and specified crops, including wheat and cotton. Limits the deduction for intangible drilling and development costs attributable to a property to the extent of the taxpayer's equity investment in a partnership. Stipulates that a taxpayer cannot deduct such expenses paid out of borrowed funds, unless he has personal liability with respect to those borrowings. Specifically limits the extent to which a partnership may allocate income and loss generally and also specified items of income, gain, loss, deduction, or credit among the partners. Provides that with respect to hobby loss elections, the waiver of the statute of limitations shall be limited so that the waiver does not apply to unrelated items on the taxpayer's return. Title III: Minimum Tax for Individuals - Makes changes in the present minimum tax on individuals, estates, trusts, and Subchapters S corporations. Reduces the present $30,000 exemption on the minimum tax for individuals to $20,000. Eliminates the exemption completely when preference income exceeds $40,000. Increases the minimum tax from 10 to 14 percent. Reduces the deduction under the minimum tax for regular income taxes from 100 percent of the regular taxes to 50 percent. Title IV: Extensions of Individual Income Tax Reductions - Makes permanent the individual income tax reductions directed by the Tax Reduction Act. Provides a tax credit for 1976 equal to the greater of: (1) two percent of so much of a taxpayer's taxable income as does not exceed $12,000, or (2) $30 per taxpayer's, spouse and dependent. Directs that the earned income credit provided in the Tax Reduction Act not be taken into account as income or receipts for purposes of determining eligibility of the taxpayer or any other individual for benefits or assistance or for purposes of determining the amount of benefits or assistance, under any Federal program or under any State or local program financed in whole or in part with Federal funds. Title V: Tax Simplification in the Individual Income Tax - Replaces the 12 existing optional tax tables with 4 tables based upon taxable income rather than adjusted gross income. Applies these four new tables to taxable incomes up to $20,000 and makes them available to those who itemize and to those who take the standard deduction. Changes the alimony deduction from an itemized deduction to a deduction from gross income in arriving at adjusted gross income (making the alimony deduction available to those who take the standard deduction). Converts the present retirement income credit to a tax credit for the elderly, available to all taxpayers age 65 or older regardless of whether they have retirement income or earned income. Increases the maximum amount on which the credit is computed. Revises the present procedure for reduction of the credit by substituting an income phaseout based upon adjusted gross income above $7500. Replaces the itemized deduction for household and dependent care expenses with a nonrefundable tax credit. Extends the credit to married couples in which the husband or wife, or both, work part time (presently, both are required to work full time). Revises the sick pay exclusion to provide a maximum annual exclusion of $5200 for taxpayers under age 65 who are permanently and totally disabled. Reduces the exclusion on a dollar-for- dollar basis by the taxpayer's income in excess of $15,000. Provides that members of the armed services who enlist after September 24, 1975 will be allowed to exclude military disability payments from their gross income only if the payments are directly related to "combat injuries". Defines "combat injuries" for purposes of such exclusion. Revises the deduction for the expenses of moving to a new residence in connection with beginning work at a new location. Increases the maximum deduction for premove househunting and temporary living expenses at the new job location from $1,000 to $1,500. Removes the present requirement that members of the armed forces report as income any moving expenses, for which they are provided in-kind services by the Department of Defense or the Department of Transportation, for required moves incident to a permanent change of station. Title VI: Business Related Individual Income Tax Provisions - Prohibits a taxpayer from deducting any expenses attributable to the use of his home for business purposes except with respect to such portion of the home that is used exclusively on a regular basis as (1) the taxpayer's principal place of business, or (2) a place of business which is used for patients, clients, or customers in meeting or dealing with the taxpayer in the normal course of business. Stipulates that such deduction may not exceed the income generated by the business activity of the taxpayer in his home. Imposes new limitations on deductions allowable for the expenses of taxpayers attending conventions, or similar meetings outside the United States. Modifies the present tax treatment of qualified stock options, so that they are subject to the rules of the Internal Revenue Code, and in general are treated as ordinary income. Provides that where a taxpayer has a loss arising from the guaranty of a loan, he will receive the same treatment as where he has a loss from a loan which he makes directly (presently, nonbusiness guarantees are treated as business loans). Revises the treatment of the deduction for trade or business expenses away from home afforded State legislators and members of Congress. Eliminates the present $3,000 limitation and substitutes an amount to be determined by the Internal Revenue Service in accordance with specified factors. Title VII: Accumulation Trusts - Substitutes a single method for the two alternative methods used in computing the throwback rule for accumulation distributions. Provides that income accumulated by a trust prior to a beneficiary's attaining the age of 21, and the years a beneficiary was not in existence, shall not be subject to the throwback rule. Repeals the capital gains throwback rule. Title VIII: Investment Credit Changes - Extends for four years, until 1980, the increase in the investment tax credit and the increase in the limitation on used property effected by the Tax Reduction Act. Revises the investment credit with respect to movie and television films. Title IX: Continuation for Two Years of 1975 Change in Corporate Tax Rates and Increase in Surtax Exemption - Continues until December 31, 1977, the increase in the corporate surtax exemption and the decrease in the corporate tax rates effected by the Tax Reduction Act. Title X: Changes in the Treatment of Foreign Income - Phases out over a four-year period the present exclusions allowed U.S. citizens living abroad for income earned abroad. Continues the exclusion for employees of charitable organizations and employees on construction projects. Applies the present grantor trust rules to U.S. grantors of foreign trusts with U.S. beneficiaries. Provides that the definition of "investments in U.S. property" by controlled foreign corporations (which are treated as dividends) will be limited to investments in stock or obligations of a related U.S. person and to tangible property leased to, or used by, such related U.S. person. Repeals that provision of the Internal Revenue Code which excepts U.S. shareholders of less- developed country corporations from ordinary income tax on gain from the sale of stock of those corporations (to the extent of their accumulated profits). Repeals the "per country" limitation on the foreign tax credit. Requires foreign losses to be offset against U.S. income when, and to the extent, foreign income is earned in future years. Provides new treatment for foreign sources capital gains and losses. Repeals the present 30 percent withholding tax on dividend and interest income received from the United States by foreign persons. Modifies the tax treatment of "possessions" corporations by providing a new tax credit for such corporations in lieu of the income exclusion provided under present law. Title XI: Amendments Affecting Domestic International Sales Corporations - Eliminates Domestic International Sales Corporations taxable income treatment for products sold for use as military equipment and for agricultural products not in surplus in the United States. Revises the method of computing DISC benefits. Title XII: Administrative Provision - Establishes a series of rules dealing with income tax return preparers, including: (1) each prepared return, statement or other document must contain the identification number of the return preparer and other data sufficient to identify the preparer; (2) each preparer must furnish to a taxpayer a copy of the return of claim for refund prepared by the tax return preparer at the time the return is given to the taxpayer for his signature; and (3) each return preparer or person employing a tax return preparer to prepare the returns of others must file an annual report with the IRS. Provides a $100 penalty for negligent or intentional disregard of Internal Revenue Service rules or regulations by a tax return preparer. Provides a $500 penalty for a willful attempt to evade, defeat or understate any tax by a tax return preparer. Provides a procedure to permit an organization to ask the U.S. Tax Court or a Federal district court for a declaratory judgment as to its tax-exempt status and classification under the Internal Revenue Code or its charitable donee status. Specifies the situations in which the IRS can make summary assessments in case of mathematical error. Authorizes the paying officers of the House of Representatives to enter into agreements with requesting States or the District of Columbia to withold State or District income tax from any Members or employees of the House who request such withholding. Authorizes the withholding of State and local income taxes from the pay of members of the National Guard and Ready Reserve when such members participate in drills or training. Replaces the present information reporting requirement on specified gambling winnings of more than $1000 with a 20 percent withholding requirement on such winnings. Exempts state-conducted lotteries from the two percent wagering tax. Provides expedited Tax Court review of jeopardy and termination assessments. Exempts a limited amount of a taxpayer's wages, salary, and other income from levy under jeopardy and termination assessments. Title XIII: Technical Income Tax Provisions - Provides that in the case of homeowner associations, condominium housing associations, and cooperative housing corporations, only the investment income and income derived from a trade or business shall be taxable. Allows cash basis farmers who receive payments under the Agriculture and Consumer Protection Act of 1973 for losses to crops caused by natural disasters, to elect to report the disaster proceeds as income in the year in which the income normally received from the crops would have been reproted. Permits a deduction for a bad debt owed by a political party or campaign committee to an accrual basis taxpayer if specified conditions are satisfied. Title XIV: Treatment of Certain Capital Losses; Holding Period for Capital Gains and Losses - Increases the amount of ordinary income against which a capital loss may be deducted from $1,000 to $4,000 effective in 1978 with lesser increases in the intervening years. Allows an individual with capital losses of $30,000 or more in any taxable year an option of electing a three-year carryback of capital losses against capital gains (but not against ordinary income). Increases over a three-year period the holding period for long-term capital gains and losses from six months to a year. Title XV: Individual Retirement Account Amendments - Makes tax-free rollover treatment available to an employee who receives a payment on account of a termination of his employer's retirement plan or on account of a complete discontinuance of contributions under such plan. Title XVI: Real Estate Investment Trusts - Establishes a deficiency dividend procedure that allows a real estate investment trust (REIT) which fails to meet the income distribution requirements upon and audit by the Internal Revenue Service to make a late distribution to its shareholders to avoid disqualificaiton. Permits a REIT to have a limited amount of income (up to one percent of its gross income) from property held for sale to customers. Subjects such income to corporate tax. Title XVII: Amortization of Certain Railroad Grading and Tunnel Bores; Tax Treatment of Certain Railroad Ties - Allows amortization over a 50-year period of railroad grading and tunnel bores that were placed in service before 1969. Allows railroads which use the retirement -replacement method of accounting for depreciation of their railroad track to expense currently (rather than capitalize) expenditures for acquiring and installing replacement ties which are not made of wood. Title XVIII: Tax Credit for Home Garden Tool Expenses - Provides a seven percent tax credit to individuals for the purchase of home garden tools used in the production of home vegetable gardens. Limits the credit to a maximum of $100 annually. Title XIX: Repeal and Revision of Approximately Obsolete, Rarely Used, Etc., Provisions - Removes or amends approximately 1,000 sections of the Internal Reveue Code which are no longer used in computing current taxes or are little used and of minor importance.
United States · United States Congress · 6 November 1975
Increases by $95,000,000,000 the temporary public debt limitation until March 15, 1976.
United States · United States Congress · 4 November 1975
Reclamation Authorization Act - Title I: Polecate Bench, Wyoming - Reauthorizes as a part of the Pick-Sloan Missouri Basin program the Polecat Bench area of the Shoshone River. Directs the Secretary of the Interior to implement such inclusion into the program. Reuires that the development under this Act of the Polecat Bench area shall be in accordance with the Federal Water Project Recreation Act. Provides for limiting of water applications from the area for a period of ten years to exclude use by newly irrigated lands. Title II: Dickinson Dam, North Dakota - Authorizes the Secretary of the Interior to modify the Dickinson Dam spillway on the Heart River in the State of North Dakota. Authorizes the construction of a new spillway. Authorizes an amendatory repayment contract with the city of Dickinson, North Dakota for repayment of specified authorized work costs. Authorizes the appropriation of $4,000,000 for works construction under this title. Title III: McKay Dam and Reservoir, Oregon - Directs the Secretary of the Interior to reallocate costs of the Umatilla project in the State of Oregon for the purposes of irrigation, flood control and recreation at McKay Dam and Reservoir in such State. Authorizes the appropriation of $1,300,000 for the modification of McKay Dam for purposes of this title. Title IV: Pollock-Herreid Unit, South Dakota - Authorizes the Secretary of the Interior to construct and operate the Pollock-Herreid unit, in the State of South Dakotta, of the Pick-Sloan Missouri program. Sets forth the principal works of such project. Authorizes the appropriation of $26,000,000 for the works authorized under this title.
United States · United States Congress · 22 October 1975
Condemns the resolution adopted by the Third Committee of the United Nations General Assembly which equates Zionism with racism, and urges the U.N. General Assembly to disapprove such resolution.
United States · United States Congress · 6 October 1975
Increases the temporary public debt limitation until March 31, 1976, by $197,000,000,000.
United States · United States Congress · 3 October 1975
Authorizes the Secretary of Agriculture to enter into cooperative agreements with public or private agencies to construct, operate, and maintain cooperative pollution abatement equipment and facilities, to engage in training programs and to perform forestry protection, maintenance and improvement work in the National Forest System. Specifies that such authority does not extend to mining operations. Provides that cooperators and their employees may perform work under the supervision of the Forest Service in emergencies, but shall not be deemed to be Federal employees.
United States · United States Congress · 2 October 1975
Provides that the interest on governmental obligations issued to finance dams to be utilized for irrigation purposes, the water from which is available by reasonable demand to the general public, shall be exempt from income taxation under the Internal Revenue Code.
United States · United States Congress · 26 September 1975
Expresses the sense of the House that the Secretary of the Interior should assist the State or Oregon in the preservation and protection of the home of Senator Wayne Morse.