United States · United States Congress · 24 September 1975
Postpones for six months the effective date of the requirement that a child day care center meet specified staffing standards under title XX of the Social Security Act (for children between six weeks and six years old) in order to qualify for Federal payments for the services if the standards actually being applied comply with State law and are no lower than those in effect on September 15, 1975.
United States · United States Congress · 22 September 1975
Provides that the gross income, under the Internal Revenue Code, of an employee shall not include (1) amounts directly or indirectly received as payment or reimbursement for legal services under group legal service plans, (2) the value of legal services rendered under such plans, or (3) contributions by employers to such plans.
United States · United States Congress · 19 September 1975
Provides, under title XX (Grants to States for Services) of the Social Security Act, that the regulations prescribed by the Secretary of Health, Education, and Welfare to impose staffing standards for day care centers shall require staff-to-child ratios of one adult for each child under six weeks old and (subject to State action in specified cases) one adult for each eight children between six weeks and three years old.
United States · United States Congress · 11 September 1975
Provides, under title XX (Grants to States for Services) of the Social Security Act, that the regulations prescribed by the Secretary of Health, Education, and Welfare to impose staffing standards for day care centers shall require staff-to-child ratios of one adult for each child under six weeks old and (subject to State action in specified cases) one adult for each eight children between six weeks and three years old.
United States · United States Congress · 11 September 1975
Provides under the Social Security Act that where benefits are claimed under the Aid to Families with Dependent Children (title XIV), the Medicaid program (title XIX) other Social Services programs, and Federal-State public assistance programs, the Secretary of Health, Education, and Welfare shall make a determination as to the eligibility of the claimant within 90 days of submission of the claim (120 days where the Secretary requires more information from the appropriate State and such information is not furnished within the first 60 days after submission of the claim). Provides that payments made to States for medical assistance to aged, blind, or disablied individuals later determined by the Secretary to be ineligible for such payments shall not be deemed an overpayment to such state.
United States · United States Congress · 8 September 1975
Authorizes the President to issue a proclamation designating Sunday, September 14, 1975, as "National Saint Elizabeth Seton Day" and calling upon the people of the United States to observe that day with appropriate ceremonies.
United States · United States Congress · 3 September 1975
Requires that any rule or regulation proposed by any officer or agency of the executive branch of the Federal Government to implement a law or a program pursuant to a law must be submitted to both Houses of Congress for review. States that such rule or regulation shall become effective 60 legislative days after submission if Congress neither disapproves it by resolution or passes a concurrent resolution specifically approving such rule or regulation. Incorporates the provisions of this Act into the rules of the two Houses of Congress. Establishes procedural rules with respect to the consideration of a resolution disapproving the proposed rule or regulation.
United States · United States Congress · 1 August 1975
Permits a State, under title II (Old-Age, Survivors', and Disability Insurance) of the Social Security Act, to terminate social security coverage for State or local policemen or firemen without affecting the coverage of other public employees who may be members of the same coverage group and permits the reinstatement of coverage for such other employees in cases where the group's coverage has previously been terminated.
United States · United States Congress · 1 August 1975
National Food Stamp Reform Act - Defines the term "income" as used in the Food Stamp Act as the monthly gross income of all members of a household, including any in-kind payment, and the total value of any publicly funded assistance payments which supplement food and housing needs. Excludes specified individuals from the definition of "household. Provides for the distribution of federally donated foods to households upon the request by a political subdivision that such distribution be made to all eligible households in lieu of food stamps. Excludes households from eligibility for food stamps: (1) if the monthly household income exceeds the poverty index level of income established by the Office of Management and Budget; or (2) if the market value of liquid and nonliquid resources of a household consisting of one individual exceeds $1,500 or the resources of a multiple member household exceed $2,250 exclusive of specified resources. Excludes from eligibility households which include an able-bodied adult between the ages of 18 and 65 who is enrolled in an institution of postsecondary education and such enrollment is a substitute for fulltime employment. Declares that a refusal to work at a plant or site because of a strike or other labor dispute shall be deemed a refusal to work which makes the household of the nonworking individual ineligible for food stamps. Rejects as an excuse for refusal to accept work a condition of employment which requires an individual to join, resign from, or refrain from joining any labor organization. Directs the Secretary of Agriculture to require each household receiving benefits under this Act to report its income at least once each month. Requires food coupons to be designed with a space for the recipient to sign upon receipt and again at redemption. Requires one member of each eligible household to be issued a photo-identification card with a color photograph of the recipient. States that such card must be presented at redemption at a food store. Sets forth specific instructions to provide control and accountability over the distribution of food coupons to State agencies. Ties the value of the coupon allotment to the overall retail cost-of-living index. States that the "nutritionally adequate diet" as used to determine the amount of the coupon allotment shall mean the low-cost food plan developed by the Agricultural Research Service of the Department of Agriculture. Establishes as the charge a household shall pay for its coupon allotment the lesser of: (1) the percentage of its income which would be expended for food by an average household of its size and income range in the same region of the country; or (2) 30 percent. Provides, under the requirements for State plans for the administration of the food stamp program, for closer State supervision of eligibility by households. Requires the State agencies administering the program to conduct nutrition education programs for recipients. States that the United States Postal Service shall serve as a food stamp issuing agency upon the request of a State food stamp administration agency. Directs the Secretary of Agriculture to pay the States 100 percent of the costs of providing food stamps to eligible aliens, and 75 percent of the costs of State investigations, prosecutions, collections of claims and other State activities related to retrieving food stamp losses. Provides for payment by the Federal Government to the States of a share of the difference between the face value of the coupon allotment and the amount charged eligible households for the allotment. Sets forth the method of determining and paying the Federal share. Directs the transfer of all functions of the Secretary of Agriculture under the Food Stamp Act to the Secretary of Health, Education, and Welfare.
United States · United States Congress · 1 August 1975
Small Business Investment Company Tax Act - Exempts small business investment companies from the passive investment income test as a condition of eligibility to elect not to be taxed as a corporation under the Internal Revenue Code. Provides a tax deduction for investments made by small business investment companies in small business concerns. Allows small business investment companies to be shareholders in subchapter "S" corporations (corporations electing to be taxed as partnerships). Authorizes small business investment companies to add to their bad debt reserves at the close of a taxable year an amount sufficient to increase the reserve to 10 percent of the loans outstanding. Provides a deduction for dividends paid on preferred stock to small business investment companies.
United States · United States Congress · 1 August 1975
Expresses the House of Representatives strong disapproval of efforts to expel Israel from the United Nations. States that if Israel is expelled the United States should reassess its relationship with the United Nations General Assembly. Provides that such reassessment shall include possible withdrawal from that body.
United States · United States Congress · 31 July 1975
Repeals, under the Social Security Act, the provisions for the establishment of Professional Standards Review Organizations to review services covered under the medicare and medicaid programs.
United States · United States Congress · 30 July 1975
Provides under the Social Security Act that where benefits are claimed under the Aid to Families with Dependent Children (title XIV), the Medicaid program (title XIX) other Social Services programs, and Federal-State public assistance programs, the Secretary of Health, Education, and Welfare shall make a determination as to the eligibility of the claimant within 90 days of submission of the claim (120 days where the Secretary requires more information from the appropriate State and such information is not furnished within the first 60 days after submission of the claim). Provides that payments made to States for medical assistance to aged, blind, or disablied individuals later determined by the Secretary to be ineligible for such payments shall not be deemed an overpayment to such state.
United States · United States Congress · 11 July 1975
Increases the value of exemptions for taxable estates under the Internal Revenue Code from $60,000 to $200,000 of the value of the gross estate. Increases the limitation on the aggregate marital deduction to 50 percent of the adjusted gross value of the estate, plus $100,000. Allows an executor to value farmland, woodland, and scenic open land at its current use value rather than at its fair market value.
United States · United States Congress · 8 July 1975
Provides that in civil actions where the United States is a plaintiff, a prevailing defendant may recover a reasonable attorney's fee and other reasonable litigation costs, whether or not other costs are awarded or awardable against the United States.
United States · United States Congress · 25 June 1975
Capital Recovery Act - Provides, under the Internal Revenue Code, a deduction for capital recovery to be used in lieu of the existing depreciation deduction at the election of the taxpayer. Defines the property with respect to which such a deduction may be made. Sets forth tables from which the amount of such deduction may be determined based on the acquisition costs of the property and the number of taxable years passed since acquisition. Authorizes the taxpayer to carry a portion of the deduction allowable for one taxable year to succeeding years.
United States · United States Congress · 23 June 1975
Revises the Internal Revenue Code in order to change the braket tax on cigars to an ad valorem tax. States that the tax on cigars weighing more than three pounds per thousand shall be eight and one-half percent of the wholesale price but not more than $20 per thousand. Defines wholesale price as manufacturer's suggested delivered price. Provides that records of manufacturers shall be available for inspection by any internal revenue officer during business hours.
United States · United States Congress · 20 June 1975
Emergency Housing Act - Title I: Stimulation of Housing Construction - Emergency Home Purchase Assistance Amendments - States that mortgages purchased by the Government National Mortgage Association under the Emergency Home Purchase Assistance Act may not have an interest rate in excess of 7 1/2 percent. Increases the total amount of mortgage purchases and commitments which may be made by the Secretary of Housing and Urban Development under such Act to $10,000,000,000. Requires that at least 80 percent of such funds be used to purchase mortgages having original principal obligations not exceeding $36,000. Authorizes the Secretary to purchase specified mortgages of multifamily residences not purchasable under present law. Title II: Emergency Mortgage Relief - Emergency Homeowners' Relief Act - States it to be the purpose of this Act to prevent widespread mortgage foreclosure and distress sale of homes resulting from temporary loss of employment and income through a program of emergency loans and advances and mortgage relief payments to homeowners. Sets forth as conditions for the extension of assistance under this Act: (1) that the holder of the mortgage has indicated his intention to foreclose to the mortgagor; (2) that mortgage payments have been delinquent for at last three months; (3) that adverse economic conditions have caused the mortgagor to become involuntarily unemployed or underemployed and to have incurred a substantial reduction in income as a result; (4) that there is a reasonable prospect that the mortgagor will be able to make the adjustments necessary for a full resumption of mortgage payments; and (5) that the mortgaged property is the principal residence of the mortgagor. States that assistance provided under this Act will be in the form of either: (1) emergency mortgage relief loans or advances of credit; or (2) emergency mortgage relief payments. Sets the limits of such payments at $250 per month for up to 12 months with one 12-month extension available. Provides that payments be repaid on such terms as the Secretary prescribes. Authorizes the Secretary to insure financial institutions against losses which they might sustain as a result of emergency loans or advances of credit made pursuant to this Act. States that the aggregate amount of loans and advances insured shall not exceed $1,500,000 at any one time. Authorizes the Secretary to make emergency mortgage relief payments to certain mortgagees on behalf of distressed homeowners. Establishes the Emergency Homeowners' Relief Fund on the books of the United States Treasury for making mortgage relief loans and payments pursuant to this Act. Authorizes to be appropriated such sums as may be necessary for the purposes of this Act. Directs the Secretary and the Federal supervisory agencies with respect to financial institutions to take steps to encourage forebearance in residential mortgage loan foreclosures, and to request all mortgagees to give such agencies at least 30 days notice prior to instituting foreclosure proceedings. Directs the Secretary to report to Congress within 60 days after enactment and at 60-day intervals thereafter on the actions taken under this Act. Authorizes the Federal Deposit Insurance Corporation to make such advances to any insured bank as the Corporation determines to be necessary to facilitate participation in the program authorized by this title.
United States · United States Congress · 19 June 1975
Requires, under the Federal Water Pollution Control Act, a permit from the Secretary of the Army, acting through the Chief of Engineers, for the discharge of dredged or fill material into channels of navigable waters at sewage disposal sites.
United States · United States Congress · 18 June 1975
Removes the numerical limitation on Allen J. Ellender Fellowships to disadvantaged secondary school students. Authorizes $750,000 each for fiscal years 1977 and 1978 and $1,000,000 each for fiscal years 1979 and 1980.
United States · United States Congress · 17 June 1975
Administrative Rulemaking Control Act - States that it is the purpose of this Act to establish a procedure whereby Congress may review certain rulemaking activities of executive agencies, thereby exercising greater control and oversight over the operations of such agencies. Provides that an administrative rule, the violation of which subjects an individual to a criminal penalty, shall take effect only: (1) if published in the Federal Register; (2) after the expiration of 30 days of continuous session of Congress after the date on which the rule was published; and (3) if neither House of Congress passes a resolution disfavoring such a rule. Sets forth procedures governing the consideration of such rules by the Congress.
United States · United States Congress · 17 June 1975
Broadcast License Renewal Act - Permits the Federal Communications Commission to extend three-year broadcast licenses for an additional two years upon a finding of public interest. Requires in making such determination, considerations of whether different term lengths for radio and television stations and for different categories of licensees are in the public interest. Limits other class licenses to a five-year maximum, prescribing the renewal procedures for such licenses and the criteria to be considered in renewal, including responsiveness and lack of serious deficiencies. Sets guidelines for expeditious action on applications for renewal of broadcasting station licenses by limiting material required to be filed. Requires the Commission to examine the renewal process and report within six months on methods of reducing and consolidating filings and supporting documents.
United States · United States Congress · 12 June 1975
Occupational Safety and Health Amendments - Defines "employer," under the Occupational Safety and Health Act, to mean a person engaged in a business affecting commerce who has employees, but does not include the United States, any States or political subdivision of a State, any nonagricultural employer who employed no more than 25 employees at any time during the preceding calendar year, or a small farmer. Requires the evaluation of specified existing standards in order to determine the applicability of each such standard to each class of business concern with each industry. Provides, in specified cases, that the Secretary of Labor give an employer reasonable advance notice that an inspection will be made. Requires that notices of alleged violations of the Occupational Safety and Health Act be in writing and state allegations with particularity. Sets forth specified circumstances in which employers in violation of the provisions of such Act shall not receive notices, including: (1) if the employer can show that implementing a specified rule or standard would not materially affect the safety or health of his employees in the facility inspected; and (2) if he can show that he has employed alternative procedures to protect his employees from contemplated hazards. Sets forth procedures for enforcement of the provisions of such Act. Provides that no person shall discharge or discriminate against any employee because such employee has filed any complaint under such Act. Enumerates affirmative defenses to any proceedings brought under such Act. Allows the Secretary of Labor to enter into compliance agreements with employers believed to be in violation of standards. Directs the Secretary, upon request from an employer, to visit the workplaces of employers for the purpose of affording consultation and advice to such employer. Requires the Secretary to provide technical advice, assistance, and consultation to employers with less than 100 employees when it appears to the Secretary that such assistance is necessary.
United States · United States Congress · 10 June 1975
Establishes in the House of Representatives the Committee on Internal Security. Authorizes the Committee to make investigations of the extent, character, objectives, and activities within the United States of organizations, whether of foreign or domestic origin, their members, agents, and affiliates, which seek to establish a totalitarian dictatorship within the United States, or to overthrow the form of government of the United States or of any State, by force, violence, treachery, espionage, sabotage, insurrection, or any unlawful means.
United States · United States Congress · 3 June 1975
Capital Recovery Act - Provides, under the Internal Revenue Code, a deduction for capital recovery to be used in lieu of the existing depreciation deduction at the election of the taxpayer. Defines the property with respect to which such a deduction may be made. Sets forth tables from which the amount of such deduction may be determined based on the acquisition costs of the property and the number of taxable years passed since acquisition. Authorizes the taxpayer to carry a portion of the deduction allowable for one taxable year to succeeding years.
United States · United States Congress · 22 May 1975
Provides under the Housing and Community Development Act that not less than 5 percent of the 80 percent allocated by the Secretary of Housing and Urban Development for Community Development Programs shall be allocated as of fiscal year 1976 to units of general local government.
United States · United States Congress · 21 May 1975
Jobs Creation Act - Title I: Individual Income Taxes - Allows a tax credit in the amount of 10 percent (up to $1,000) of the amount of qualified savings deposits and investments made by an individual during the taxable year. Defines qualified investments as amounts used to purchase stock in or debt instruments of a domestic corporation. Provides that the first $1,000 of capital gain shall be excluded from gross income during the taxable year. Provides for purposes of the estate tax, that the lessor of: (1) $200,000; and (2) the value of the decedent's interest in a family farming operation continually owned by him for five years prior to his death and which passes to a related individual shall be excluded from the value of the taxable estate. Title II: Corporation Taxes - Reduces the normal tax rates imposed on corporations. Increases the investment credit to 15 percent (12 percent in the case of property constructed or acquired before an unspecified date in March, 1975). Increases the corporate surtax exemption from $25,000 to $100,000. Increases the class life variance for purposes of the depreciation deduction allowed for property used in a trade or business or held for the production of income. Title III: Employee Stock Ownership Plan Financing - Creates special deductions for dividends paid during the taxable year by employers on securities held by an employee stock ownership plan (as defined by this title). Provides for the distribution of dividends to employees and repurchase of qualifying employer securities from persons receiving distributions. Provides for the exclusion from gross income of that part of a distribution held or reinvested within 60 days in income-producing assets of equivalent value for the purpose of realizing current income from such assets.
United States · United States Congress · 20 May 1975
National Welfare Reform Act - Stipulates that no family shall be eligible for the aid to families with dependent children program (AFDC) under the Social Security Act if its total income, without regard to exclusions, exceeds 150 percent of the family's needs. Provides that the Secretary of Health, Education, and Welfare shall provide the full cost of AFDC services to needy families who are not U.S. citizens and are lawfully present in the United States. States that unemployed individuals shall be ineligible for AFDC services for specified periods of time if such individual is determined to have, without good cause, refused an offering of bona fide employment or refused to participate under a work incentive program. Provides procedures for the determination of good cause. States that no sanctions will be applied for a ten day period after failure without good cause has been established, if the individual participates in counseling services. Sets forth procedures governing adjustment of AFDC grant overpayments. Prohibits AFDC grant payments where the caretaker relative is unemployed due to participation in a strike or because he has voluntarily terminated his employment. Defines "income" for purposes of this Act. Authorizes the Secretary to pay directly to any State up to 75 percent of the costs of investigating and prosecuting complaints of fraud under AFDC program. Requires that recipients of aid be issued a detailed identification card specifying the programs for which the recipient is eligible. Provides that any person who resides in the same household of an eligible family, but is not himself eligible for aid, shall be required to make a contribution to the State in an amount equal to the amount of the standard payment for single person household under the State's plan.
United States · United States Congress · 13 May 1975
Suspends for three years the requirement of an environmental impact statement for Federal-aid highway projects. Establishes a Commission of eleven members appointed by the President. Directs the Commission to: (1) study existing statutes and regulations relating to the environmental impact and environmental effects of Federal policies, regulations, and laws as they apply to projects on the Federal-aid highway system; (2) review policies and practices of the Federal and State agencies having jurisdiction over such highway projects insofar as such policies and practices relate to environmental impact and environmental effects; (3) compile data necessary to understand and determine the requirements for environmental control relating to highway programs; and (4) recommend such modifications or additions to existing law, regulations, policies, and practices, as will achieve workable and effective highway programs as well as serve the public interest in protecting environment. Requires the Commission, not later than two years after the date of enactment of this Act, to submit to the President and the Congress its final report. States that the Commission shall cease to exist ninety days after submission of such report.
United States · United States Congress · 13 May 1975
Authorizes the Administrator of the Environmental Protection Agency, under the provisions of the Clean Air Act, to establish and maintain national ambient air quality standards, standards of performance for new stationary sources, and National emission standards for hazardous air pollutants. States that such standards may not be more stringent than primary and secondary ambient air quality standards. Requires the Administrator to approve State implementation plans for national primary and secondary ambient air quality standards if: (1) they include emission limitations, or operational techniques, schedules and time-tables for compliance with such measures as promulgated by the Administrator as such may be necessary to insure attainment of standards within the areas affected by various sources; and (2) they provide for the granting of a variance for an emission source beyond the dates provided an application is made therefor and specified criteria are met. States that a variance granted under an applicable implementation plan shall be deemed approved by the Administrator unless within 30 days after the grant of the variance by the State, the Administration finds that the requirements of this Act have not been met.
United States · United States Congress · 8 May 1975
Calls for a concerted effort to come to an agreement with industry on a plan to increase the use of passive restraint systems on the roads. Defers rulemaking with respect to passive restraints on the highways until they are proven to reduce deaths and injury.
United States · United States Congress · 1 May 1975
Constitutional Amendment - Provides that nothing in the Constitution shall bar any State or territory or the District of Columbia, with regard to any area over which it has jurisdiction, from regulating or prohibiting the practice of abortion.
United States · United States Congress · 29 April 1975
Provides that no debt owned to the United States by any foreign country may be settled in an amount less than full value of such debt unless the Congress by concurrent resolution approves of such settlement.
United States · United States Congress · 23 April 1975
Repeals the provisions of the Flood Disaster Protection Act of 1973 which makes flood insurance coverage and community participation in the national flood insurance program prerequisites for approval of any financial assistance in a flood hazard area.
United States · United States Congress · 18 April 1975
Provides, under the Internal Revenue Code, that where compensation is paid an employee by two or more employers, one of the employers may, by notice to the Secretary of the Treasury and by agreement with the other employer or employers, elect to have the taxes imposed under the Federal Insurance Contributions Act and the Federal Unemployment Tax Act apply to so much of the compensation paid by such employer for such calendar year as does not exceed the maximum amount of compensation with respect to such taxes. States that in such case the liability of the other employer or employers shall be limited to the tax applicable to the difference, if any, between the compensation paid by the electing employer and the maximum amount of compensation to which such taxes apply, if paid by a single employer.
United States · United States Congress · 15 April 1975
Treatment Works Construction Reimbursement Amendment - Authorizes Federal reimbursement for a percentage of the costs of installing waste treatment works under construction before October 18, 1972 (now July 1, 1972). Requires applications for such reimbursement to be filed within six months of enactment of this Act.
United States · United States Congress · 15 April 1975
Provides that any grant funds under the Federal Water Pollution Control Act which were withheld from allotment by Presidential direction for fiscal years 1973, 1974, and 1975 shall be alloted among the States by the Administrator of the Environmental Protection Agency in accordance with a specified formula. Revises the distribution of such allotments to the States for fiscal years beginning with 1976.
United States · United States Congress · 10 April 1975
Authorizes emergency loans to farmers, ranchers, and oyster producers who are unable to obtain sufficent credit elsewhere, to cover losses arising from natural disasters. States that such loans may be made in amounts exceeding actual losses, but that the interest on such excess shall increase from five percent to the prevailing market rate. Allows the Secretary of Agriculture to delegate such loan-making to the State directors of the Farmers' Home Administration. Allows such loans to be made on an annual basis for five additional years, at prevailing market rates.
United States · United States Congress · 19 March 1975
Prohibits the Administrator of the Environmental Protection Agency from requiring, under the Clean Air Act, an indirect source emission review as a part of any applicable implementation plan. States that any rules or regulations with respect to the requirement of such review as a part of any such plan previously promulgated by the Administrator shall be void on the date of the enactment of this Act.
United States · United States Congress · 18 March 1975
Prohibits any change in the status of any member of the uniformed services who is in a missing status as a result of service in Southeast Asia, until the provisions of the Paris Peace Accord of January 27, 1973, have been fully complied with by North Vietnam or the President has determined and reported to Congress that all reasonable actions have been taken to account for such members.
United States · United States Congress · 18 March 1975
National Welfare Reform Act - Stipulates that no family shall be eligible for the aid to families with dependent children program (AFDC) under the Social Security Act if its total income, without regard to exclusions, exceeds 150 percent of the family's needs. Provides that the Secretary of Health, Education, and Welfare shall provide the full cost of AFDC services to needy families who are not U.S. citizens and are lawfully present in the United States. States that unemployed individuals shall be ineligible for AFDC services for specified periods of time if such individual is determined to have, without good cause, refused an offering of bona fide employment or refused to participate under a work incentive program. Provides procedures for the determination of good cause. States that no sanctions will be applied for a ten day period after failure without good cause has been established, if the individual participates in counseling services. Sets forth procedures governing adjustment of AFDC grant overpayments. Prohibits AFDC grant payments where the caretaker relative is unemployed due to participation in a strike or because he has voluntarily terminated his employment. Defines "income" for purposes of this Act. Authorizes the Secretary to pay directly to any State up to 75 percent of the costs of investigating and prosecuting complaints of fraud under AFDC program. Requires that recipients of aid be issued a detailed identification card specifying the programs for which the recipient is eligible. Provides that any person who resides in the same household of an eligible family, but is not himself eligible for aid, shall be required to make a contribution to the State in an amount equal to the amount of the standard payment for single person household under the State's plan.
United States · United States Congress · 18 March 1975
Small Business Tax Relief Act - Allows an investment tax credit under the Internal Revenue Code to small businesses for depreciable property on which construction begins after December 31, 1974, or which is acquired after such time, equal to 10 percent of the qualified investment (the applicable percentage of the basis of each new such property and cost of each used such property placed in service by the taxpayer during the taxable year) up to $20,000 and 7 percent of such investment in excess of $20,000. Increases the additional first-year depreciation allowance under the Internal Revenue Code for a small business from 20 to 25 percent. Increases the cost allowance of such property on which such deduction is based from $10,000 to $15,000. Prescribes a formula for computing the last-in-first-out (LIFO) inventory adjustment for small businesses whose closing inventory is less than $200,000 and who do not use the LIFO inventory methods described in the provisions of the Internal Revenue Code. Allows small businesses a carryover for 10 years of a net operating loss.
United States · United States Congress · 13 March 1975
Authorizes the Administrator of Veterans' Affairs to purchase from one or more life insurance companies a policy or policies of mortgage protection life insurance on a group basis for veterans unable to obtain commercial life insurance because of a service- connected disablility. Sets forth the maximum amount of insurance under a policy provided under this Act. Authorizes the Administrator to deduct insurance premiums from any compensation or other cash benefits payable to veteran by the Veterans' Administration, and to pay such premiums to the insurers. States that any amount of insurance in force under this Act on the date of death of an insured veteran shall be paid only to the holder of the mortgage loan on the veteran's home as a credit toward loan indebtedness. Requires each policy purchased under this Act to provide for the following: (1) reinsurance with other insurers which meet the Administrator's criteria; (2) that the Administrator may discontinue a whole policy, or exclude from coverage loans made after a date fixed by him; (3) issuance to each insured veteran of a certificate setting forth the benefits to which he is entitled; (4) any other provisions necessary to carry out this Act; and (5) an annual accounting to the Administrator of the amount of premiums paid, the total of all mortality and other claim charges incurred, and the amount of the insurer's expenses and risk charges. States that insurance under this Act shall terminate upon whichover of the following events first occurs: (1) satisfaction of the veteran's indebtedness under the loan upon which the insurance is based; (2) the veteran's 70th birthday; (3) termination of the veteran's ownership of the property securing the loan; (4) discontinuance of payment of premiums by the veteran; or (5) discontinuance of the entire contract or agreement. (Adds 38 U.S.C. 791-95)
United States · United States Congress · 12 March 1975
Declares it to be the sense of the House of Representatives that: (1) the Government of the United States should maintain and protect its sovereign rights and jurisdiction over the canal and zone, and should in no way cede, dilute, forfeit, negotiate, or transfer any of these sovereign rights, power, authority, jurisdiction, territory, or property that are indispensably necessary for the protection and security of the United States and the entire Western Hemisphere; (2) that there be no relinquishment or surrender of any presently vested United States sovereign right, power, or authority or property, tangible or intangible, except by treaty authorized by the Congress and duly ratified by the United States; and (3) that there be no recession to Panama, or other divestiture of any United States-owned property, tangible or intangible, without prior authorization by the Congress (House and Senate), as provided in article IV, section 3, clause 2 of the United States Constitution.
United States · United States Congress · 6 March 1975
Exempts the first sale of the share of a State or local government or a subdivision thereof in crude oil produced in the United States from the mineral or leasehold estate of any State or local government or subdivision-owned lands for purposes of the Emergency Petroleum Allocation Act of 1973.
![Official portrait of Rep. Waggonner, Joe D., Jr. [D-LA-4]](https://www.congress.gov/img/member/w000018_200.jpg)