Taxation

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551 records in US in 1973

Records

Bill· HRH.R. 4902 (93rd)referred

A bill to amend the Internal Revenue Code of 1954, to provide a basic $5,000 exemption from income tax for amounts received as annuities, pensions, or other retirement benefits.

United States · United States Congress · 28 February 1973

Provides that gross income during any taxable year for Federal tax purposes does not include any amount received as an annuity, pension or other retirement benefit, so long as the total of such benefits for any one year does not exceed $5,000. (Amends 26 U.S.C. 72(a))

Bill· HRH.R. 4931 (93rd)referred

A bill to amend the Internal Revenue Code of 1954, to provide that charitable contributions in excess of certain amounts shall not be deductible for purposes of the income tax.

United States · United States Congress · 28 February 1973

Limits the amount allowable to a taxpayer as a charitable contribution under the Internal Revenue Code to $10,000 plus three percent of the amount in excess of $10,000. Provides that for a husband or wife who files a separate return, the amount shall be $20,000, in lieu of $10,000. Provides that for a controlled group of corporations, the $10,000 amount shall be apportioned among the component members as the Secretary of the Treasury prescribes. Imposes on amounts set aside for charitable purposes in estates and trusts the limitation of a $10,000 deduction, plus three percent of the amount in excess of $10,000. Provides that if the Secretary determines that the purpose of the creation of two or more trusts by the same grantor for the same beneficiary or class of beneficiaries is to avoid the limitations imposed by this Act, he shall treat such trusts as a single trust for the purposes of applying these limitations. (Amends 26 U.S.C. 170(b))

Bill· HRH.R. 4907 (93rd)referred

A bill to provide an additional exemption for income tax purposes for a taxpayer or spouse who is disabled.

United States · United States Congress · 28 February 1973

Allows under the Internal Revenue Code of 1954, an additional income tax exemption for a taxpayer or spouse who is disabled. (Amends 26 U.S.C. 151)

Bill· HRH.R. 4912 (93rd)referred

Tax Equalization Act

United States · United States Congress · 28 February 1973

Tax Equalization Act - Provides that no deduction or any other allowance which has the effect of reducing gross income shall be permitted to cooperative corporations for amounts paid or accrued as "patronage dividends by such corporations." assets or that is otherwise operated for the mutual benefit of persons that deal with it. Defines patronage dividends as allocations paid to members on some basis related to their transaction with the cooperative corporation if the allocation is based on profit margins, income income from the resale of the producers products, or dividends declared. Allows the tax exclusion for patronage dividends with respect to farmer's cooperative associations.

Bill· HRH.R. 4908 (93rd)referred

A bill to amend section 62 of the Internal Revenue Code of 1954, to provide that amounts which the taxpayer pays as alimony or separate maintenance shall be deductible from his gross income in determining adjusted gross income.

United States · United States Congress · 28 February 1973

Provides, under the Internal Revenue Code of 1954, that amounts which the taxpayer pays an alimony or separate maintenance shall be deductibe from his gross income in determing adjusted gross income. (Adds 26 U.S.C. 62 (10))

Bill· SS. 1030 (93rd)referred

Fiscal and Budgetary Reform Act

United States · United States Congress · 27 February 1973

Fiscal and Budgetary Reform Act - Title I: Congressional Office of Budget Analysis and Program Evaluation - Establishes for the Congress an Office of Budget Analysis and Program Evaluation which shall be subject to supervision and control by the Joint Economic Committee. Provides for the structure and organization of such Office. States that prior to the submission of the Budget of the United States Government for each fiscal year, the Joint Committee staff, including the office, shall make a thorough study of the nation's economic conditions and that based upon that study the Executive Director of the Joint Committee shall two days prior to reciept of the United States Budget make a report to the Joint Committee with an estimate of Federal revenues and outlays. Provides that upon receipt of this study and the United States Budget the Joint Committee will hold hearings and report to all Committees of the Senate and House of Representatives the appropriate Federal fiscal policy. Provides that upon receipt of the Joint Committee report the respecting committees on Appropriation shall report a bill establishing the total outlays for the fiscal year. Provides for the Office of Budget Analysis and Program Evaluation to provide sundry fiscal information to the committees and members of Congress. Title II: Departmental Budget Process -Provides that in the departmental formulation of the budget there shall be participation by State and local officials. Requires open hearings and the opportunity for elected officials to appear before budget examiners and departmental secretaries in the preparation of the budget. Title III: Investigation by Comptroller General of Impoundment Funds - Requires the Comptroller General to investigate impoundments to verify the information provided by the Executive Branch and to assess the validity of the reason given for the impoundment. Title IV: Legislative Oversight and Veto of Impoundment of Funds - Prohibits the President from impounding funds when such impoundment would impair a congressionally approved program. States that no program would be permitted to be terminated by the impoundment of funds. Requires the Comptroller General to report to Congress as to whether or not the impoundment has impaired or terminated a program. Provides that if such a finding is made Congress must within 30 days approve such impoundment or the impoundment is disallowed and the funds must be spent. Title V: Three-Year Limitation on Authorizations for Appropriations; Congressional Review of Major Expenditure Programs - Provides for a 3 year limitation on authorization. Provides for congressional review of expenditure programs in the last fiscal year for which appropriations are authorized for such programs. Title VI: Information to Taxpayers on Spending of Income Taxes Paid by Them - Requires the Internal Revenue Service to furnish to all taxpayers a statement setting forth the proportional dollar amount of that individual's income taxes which were spent by the Federal Government for each of the specified subjects areas.

Bill· HRH.R. 4877 (93rd)referred

A bill to amend the Rural Electrification Act of 1936, as amended, to reaffirm that such funds made available for each fiscal year to carry out the programs provided for in such act be fully obligated in said year, and for other purposes.

United States · United States Congress · 27 February 1973

Provides, under the Rural Electrification Act, that the Administrator of the Rural Electrification Administration is directed (presently "empowered") to fully obligate funds made available for each fiscal year for rural electrification programs provided for in such Act. (Amends 7 U.S.C. 901, 902, 904, 922)

Bill· HRH.R. 4833 (93rd)referred

A bill to provide an annual general outline for the current Federal budgetary and fiscal situation.

United States · United States Congress · 27 February 1973

Requires the Committee on Ways and Means of the House and the Committee on Finance of the Senate to, within the period beginning January 20 and ending March 1 of each calendar year, investigate, study, and hold hearings on the then current budgetary and fiscal situation of the Federal Government, and matters pertaining thereto, which will affect the fiscal, budgetary, and spending policies of the Federal Government for the following full fiscal year. Requires that, on or before March 15 of the year in which such investigation, study, and hearings are conducted, the Committee shall report to their respective House a simple resolution containing: (1) the anticipated gross national product in the following full fiscal year; (2) the estimated national total of all personal income in that fiscal year; (3) the estimated national total of all corporate and other business income in that fiscal year; (4) the estimated situation of the United States with respect to its balance of payments with foreign nations in that fiscal year; (5) the estimated revenues of the Federal Government in that fiscal year under existing authority; and (6) methods by which such estimated revenues may be increased or decreased, as necessary. Provides that the Committee on Appropriations of the House of Representatives and the Committee on Appropriations of the Senate each shall, within the period beginning January 20 and ending March 15 of each calendar year, investigate, study, and hold hearings on the entire appropriations program and policies of the Federal Government, for the following full fiscal year. Requires that, after March 20 and before April 1 of the year in which such investigation, study, and hearings are conducted, the Committee's shall report to their respective Houses a simple resolution containing: (1) the total anticipated appropriations objective, estimated in monetary terms, of the Congress and of the President in the following full fiscal year for which the Congress will provide appropriations for that year; (2) the total anticipated objective, estimated in monetary terms, of the Congress and of the President in the following full fiscal year with respect to the provision of lending programs for which the Congress will provide appropriations for that year; (3) the total anticipated allocations, estimated in monetary terms, of the Congress and of the President with respect to the costs of foreign exchange for programs in the following full fiscal year for which the Congress will provide appropriations in that year; and (4) estimated monetary allocations of the Budget dollar, stated in aggregate dollar amounts, for the respective activities of the Federal Government listed in the principal categories of national defense, aid to education, urban renewal, social security, agriculture, and transportation, and such other categories as the committee concerned considers appropriate, in the following full fiscal year, for which the Congress will provide appropriations for that year.

Bill· HRH.R. 4867 (93rd)referred

A bill to amend the Rural Electrification Act of 1936, as amended, to reaffirm that such funds made available for each fiscal year to carry out the programs provided for in such act be fully obligated in said year, and for other purposes.

United States · United States Congress · 27 February 1973

Bill· HRH.R. 4805 (93rd)referred

A bill to exempt from Federal income taxation certain nonprofit corporations all of whose members are tax-exempt credit unions.

United States · United States Congress · 27 February 1973

Exempts from Federal income taxation specified nonprofit corporations all of whose members are tax-exempt credit unions.

Bill· HRH.R. 4843 (93rd)referred

A bill to provide for an overall limit on appropriations for a fiscal year, legislative control over impoundment of Federal funds, and modification of the fiscal year so that it coincides with the calendar year.

United States · United States Congress · 27 February 1973

Establishes procedures for determining an overall limit on appropriations for a fiscal year. Requires the President to notify within ten days each House of the Congress by special message of every instance in which he impounds funds or authorizes such impoundment by any officer of the United States. States that such message must specify the amount of impounded funds, the specific programs affected, and the reasons for the impoundment of funds. Provides that the President shall cease the impounding of funds set forth in each special message within sixty days of continuous session after the message is received by the Congress unless the specific impoundment shall have been ratified by the Congress by the passage of a resolution in States that four years after the enactment of this Act the fiscal year shall coincide with the calender year.

Bill· HRH.R. 4831 (93rd)referred

Fiscal and Budgetary Reform Act

United States · United States Congress · 27 February 1973

Fiscal and Budgetary Reform Act - Title I: Congressional Office of Budget Analysis and Program Evaluation - Establishes for the Congress an Office of Budget Analysis and Program Evaluation which shall be subject to supervision and control by the Joint Economic Committee. Provides for the structure and organization of such Office. States that prior to the submission of the Budget of the United States Government for each fiscal year, the Joint Committee staff, including the Office shall make a through study of the nation's economic conditions and that based upon that study the Executive Director of the Joint Committee shall two days prior to receipt of the United States Budget make a report to the Joint Committee with an estimate of Federal revenues and outlays. Provides that upon receipt of this study and the United States Budget the Joint Committee will hold hearings and report to all committees of the Senate and House of Representatives the appropriate Federal fiscal policy. Provides that upon receipt of the Joint Committee report the respective Committees on Appropriation shall report a bill establishing the total outlays for the fiscal year. Provides for the Office of Budget Analysis and Program Evaluation to provide sundry fiscal information to the committees and members of Congress. Title II: Departmental Budget Process - Provides that in the departmental formulation of the budget there shall be participation by State and local officials. Requires open hearings and opportunity for elected officials to appear before budget examiners and departmental secretaries in the preparation of the budget. Title III: Investigation by Comptroller General of Impoundment Funds - Requires the Comptroller General to investigate impoundment to verify the information provided by the executive branch and to assess the validity of the reasons given for the impoundment. Title IV: Legislative Oversight and Veto of Impoundment of Funds - Prohibits the Presidents from impounding funds when such impoundment would impair a congressionally approved program. States that no program would be permitted to be terminated by the impoundment of funds. Requires the Comptroller General to report to Congress as to whether or not the impoundment has impaired or terminated a program. Provides that if such a finding is made Congress must within 30 days approve such impoundment or the impoundment is disallowed and the funds must be spent. Title V: Three-Year Limitation on Authorizations for Appropriations; Congressional Review of Major Expenditure Programs - Provides for a 3 year limitation on authorizations. Provides for congressional review of expenditure programs in the last fiscal year for which appropriations are authorized for such program. Title VI: Information to Taxpayers on Spending of Income Taxes Paid by Them - Requires the Internal Revenue Service to furnish to all taxpayers a statement setting forth the proportional dollar amount of that individual's income taxes which were spent by the Federal Government for each of the specified subject areas.

Bill· HRH.R. 4782 (93rd)referred

A bill concerning the allocation of water pollution control funds among the States in fiscal 1973 and fiscal 1974.

United States · United States Congress · 27 February 1973

Provides that, notwithstanding any other provision of law or any other regulation, no State shall receive a lesser allocation of water pollution control funds in fiscal year 1973 or fiscal year 1974 than it received in fiscal year 1972.

Bill· HRH.R. 4777 (93rd)referred

A bill to allow a credit against Federal income taxes or a payment from the U.S. Treasury for State and local real property taxes or an equivalent portion of rent paid on their residences by individuals who have attained age 65.

United States · United States Congress · 27 February 1973

Allows a tax credit under the Internal Revenue Code against the Federal income tax for State and local real property taxes or an equivalent portion of rent paid on their residences by individuals who have attained the age of 65. Provides that where an indivudal has attained the age of 65, there shall be allowed as a credit the amount of real property taxes paid which were imposed by a State or political subdivision on property owned and used by him as a principal residence or rent constituting such taxes as defined by the Internal Revenue Code. Allows payment by the U.S. Treasury to taxpayers to the extent of the difference between the credit and amount of such real property taxes where the tax imposed is less than real property taxes. Provides that the total credit payment for any taxable year shall not exceed $300 (or $150 in case of a single return). Reduces the amount of the credit allowed by the amount that the taxpayer's income exceeds $6,500 (or $3250 in the case of a married person filing a separate return). Directs that the credit be applied collectively in cases of joint ownership. Provides that where the joint return of the husband or wife is filed, the age requirement is met if either person is 65 or older. Apportions the credit allowed to cover only that part of a residence actually used by the taxpayer or that part of a farm not in excess of forty acres. Provides that an individual who is a tenant-stockholder in a cooperative housing corporation shall be treated as owning the house or apartment which he occupies and such person shall be treated as having paid real property taxes equal to the deduction allowable in direct proportion to taxes actually paid on a particular residence where during the taxable year there has been a change in residence. Provides that the term 'rent constituting property taxes" means an amount equal to 25 percent of the rent paid during a taxable year by the taxpayer for the right to occupy his dwelling (exclusive of charges for utilities, services, and furnishings). Reduces the amount of real property taxes paid by an individual by the amount of any refund given on such taxes. Provides that there shall be no assessment of interest charges where there has been an underpayment of taxes by an individual if the amount due is paid within sixty days after the taxpayer receives a refund of real property taxes which caused the underpayment. Specifies that deductions for State and local real property taxes shall not be affected by the credit allowed.

Bill· HRH.R. 4769 (93rd)referred

Federal Fiscal Responsibility Act

United States · United States Congress · 27 February 1973

Fiscal Responsibility Act - Title I: Modification of the Fiscal Year - Provides that the fiscal year of all departments, agencies, and instrumentalities of the United States shall be the calendar year. Title II: Establishing Congressional Expenditures Limitations - Provides that the expenditures and net lending of the Federal Government during any fiscal year shall not exceed that amount which the Congress shall fix by concurrent resolution no later than forty-five legislative days after the latest day set by law for the budget message of the President with respect to such fiscal year. Provides for modification of such amount under specified circumstances. Title III: Establishing a Federal Impoundment Procedure - Provides that whenever the President impounds any funds appropriated by law out of the Treasury for a specific purpose or project, or approves the impounding of such funds by an officer or employee of the United States, he shall, within ten days thereafter, transmit to the House of Representatives and the Senate a special message specifying: (1) the amount of funds impounded; (2) the specific projects or governmental functions affected thereby; and (3) the reasons for the impounding of such funds. Provides that the President shall cease the impounding of funds specified in each special message within sixty calendar days of continuous session after the message is received if such impounding shall have been disapproved by either House of Congress by passage of a resolution stating in substance that that House does not favor the impounding. Provides that the President shall not impound any funds from appropriations made by the Congress for any appropriations categories of any department or agency of the Federal Government unless such impoundment is made in all appropriations categories of that department or agency on the basis of equal percentage impoundment among appropriations categories.

Bill· HRH.R. 4746 (93rd)referred

A bill to amend the Internal Revenue Code of 1954 to allow a deduction for expenses incurred by a taxpayer in making repairs and improvements to his residence, and to allow the owner of rental housing to amortize at an accelerated rate the cost of rehabilitating or restoring such housing.

United States · United States Congress · 27 February 1973

Allows a tax deduction under the Internal Revenue Code of not more than $750 for ordinary and necessary expenses paid during the taxable year for the repair or improvement of property used by the taxpayer as his principal residence. Permits any person who is the owner of rental housing and who rehabilitates or restores such housing to deduct the cost of such restoration, with respect to the amortization of the adjusted basis of such housing as so restored, based on a period of 60 months. Entitles any person who acquires rehabilitated or restored rental housing from a taxpayer who elected the amortization deduction and who did not discontinue the amortization deduction, to a deduction with respect to the adjusted basis of such facility based on the remaining amount of the 60 month period taken by the person who rehabilitated the house. Provides procedures for the election and termination of the amortization deduction and defines the terms used in this Act.

Bill· HRH.R. 4800 (93rd)referred

A bill to amend the Internal Revenue Code of 1954, to extend certain transitional rules for allowing a charitable contribution deduction for purpose of the estate tax in the case of certain charitable remainder trusts.

United States · United States Congress · 27 February 1973

Extends specified transitional rules, under the Internal Revenue Code of 1954, for allowing a charitable contribution deduction for purposes of the estate tax in the case of certain charitable remainder trusts. (Adds 26 U.S.C. 2055(e)(3)

Bill· HRH.R. 4743 (93rd)referred

A bill to amend the Internal Revenue Code of 1954 to extend certain transitional rules for allowing a charitable contribution deduction for purposes of the estate tax in the case of certain charitable remainder trusts.

United States · United States Congress · 27 February 1973

Bill· HRH.R. 4727 (93rd)referred

A bill to amend the Internal Revenue Code of 1954 to extend certain transitional rules for allowing a charitable contribution deduction for purposes of the estate tax in the case of certain charitable remainder trusts.

United States · United States Congress · 26 February 1973

Bill· HRH.R. 4711 (93rd)referred

Family Farm Inheritance Act

United States · United States Congress · 26 February 1973

Family Farm Inheritance Act - Provides that for purposes of the estate tax imposed, under the Internal Revenue Code of 1954, the value of the taxable estate shall be determined by deducting from the value of the gross estate the lesser of: (1) $200,000, and (2) the value of the decedent's interest in a family farming operation continually owned by him or his spouse during the five years prior to the date of his death and which passes or has passed to an individual or individuals related to him or his spouce. States that the difference between the tax actually paid under this Act on the transfer of the estate and the tax which would have been paid on that transfer had the interest in a family farming operation not given rise to a deduction shall be a deficiency in the payment of the tax assessed on that estate unless for at least five years after the decedent's death: (1) the interest which gave rise to the deduction is retained by the individual or individuals to whom such interest passed, and (2) the individual or any of the individuals to whom the interest passed resides on such farm, and (3) such farm continues to qualify as a family farming operation.

Resolution· SCONRESS.Con.Res. 12 (93rd)referred

A concurrent resolution it is the sense of the Congress that the President, in accordance with the policy of the United States established by law, should continue the Office of Economic Opportunity administering and supervising the important activities entrusted to that Office under the provisions of the Economic Opportunity Act of 1964 and submit a revised budget request for such activities for fiscal year 1974.

United States · United States Congress · 22 February 1973

Makes it the sense of the Congress that the President should: (1) continue in operation the Office of Economic Opportunity administering and supervising the important programs and activities entrusted to that Office under the provisions of the Economic Opportunity Act of 1964 utilizing fully funds appropriated by the Congress for such purposes; and (2) submit a revised budget request for the fiscal year ending June 30, 1974, requesting appropriations for the Office of Economic Opportunity and its administration of programs and activities entrusted to it under and in accordance with the provisions of the Economic Opportunity Act of 1964.

Bill· HRH.R. 4626 (93rd)referred

A bill to amend section 411(c) of the Tax Reform Act of 1969.

United States · United States Congress · 22 February 1973

Provides that the provisions of the Tax Reform Act of 1969 relating to the interest or indebtedness incurred by a corporation to acquire the assets of another corporation shall not apply to such indebtedness before January 1, 1980, where the issuing corporation falls within guidelines set by this Act.

Bill· HRH.R. 4609 (93rd)referred

A bill to amend the Rural Electrification Act of 1936, as amended, to reaffirm that such funds made available for each fiscal year to carry out the programs provided for in such act be fully obligated in said year.

United States · United States Congress · 22 February 1973

Bill· HRH.R. 4606 (93rd)referred

A bill to amend the Internal Revenue Code of 1954 to extend certain transitional rules allowing a charitable contribution deduction for purposes of the estate tax in the case of certain charitable remainder trusts.

United States · United States Congress · 22 February 1973

Bill· HRH.R. 4597 (93rd)referred

A bill to prohibit travel at Government expense outside the United States by Members of Congress who have been defeated, or who have resigned, or retired.

United States · United States Congress · 22 February 1973

Prohibits travelat Government expense outside the United States by any Delegate, Resident Commissioner, or Member of Congress after he has been defeated, resigned, or retired.

Bill· HRH.R. 4664 (93rd)referred

A bill concerning the allocation of water pollution control funds among the States in fiscal 1973 and fiscal 1974.

United States · United States Congress · 22 February 1973

Bill· HRH.R. 4615 (93rd)referred

A bill to amend the Rural Electrification Act of 1936, as amended, to reaffirm that such funds made available for each fiscal year to carry out the programs provided for in such act be fully obligated in said year, and for other purposes.

United States · United States Congress · 22 February 1973

Bill· HRH.R. 4648 (93rd)referred

A bill to exclude from gross income the first $750 of interest received on deposits in certain financial institutions.

United States · United States Congress · 22 February 1973

Excludes from gross income under the Internal Revenue Code, the first $750 of interest received on deposits in thrift institutions. (Amends 26 U.S.C. 123)

Bill· SS. 947 (93rd)referred