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Bill· HRH.R. 7061 (96th)referred
United States · United States Congress · 15 April 1980
Amends the Internal Revenue Code to allow a refundable income tax credit for certain charges paid or incurred on agricultural operating loans (as defined by the Consolidated Farm and Rural Development Act) in excess of a 12 percent rate. Limits the application of this Act to loans whose payout period does not exceed 12 months and whose aggregate principal does not exceed $25,000.
Bill· HRH.R. 7049 (96th)referred
United States · United States Congress · 15 April 1980
Small Business Capital Formation, Capital Retention, and Expansion Act of 1980 - Amends the Internal Revenue Code to allow small businesses an income tax credit equal to 50 percent of the cash contributions to a business expansion reserve. Limits the amount of such credit to $300,000 for a taxable year. Requires that expenditures made from such reserve be used to acquire, construct, reconstruct, or erect depreciable business assets, for research or experimentation in connection with the taxpayer's trade or business, or for employee wage increases. Permits the accumulation of amounts of capital in the business expansion reserve for up to five years without tax penalty. Disallows any business expense deduction or credit for amounts paid out of a business expansion reserve other than the credit authorized by this Act. Limits the allowable deduction for depreciation of property acquired by funds paid out from a business expansion reserve to an amount determined under the straight line method.
Bill· HRH.R. 7037 (96th)referred
United States · United States Congress · 15 April 1980
Authorizes appropriations for the payment of U.S. contributions to the International Natural Rubber Agreement's buffer stock account. Requires notification that expenditure of such funds is necessary to stabilize the price of natural rubber on international markets.
Bill· HRH.R. 7051 (96th)failed
United States · United States Congress · 15 April 1980
Amends the Gold Reserve Act of 1934 to authorize the Secretary of the Treasury to provide its personnel who are performing international affairs functions with allowances and benefits comparable to those provided civil servants for the travel expenses for their dependents to and from U.S. schools. Authorizes appropriations for fiscal year 1981 for the Department's international affairs function and for salary equalization payments under an agreement with the Asian Development Bank. Authorizes additional appropriations for salary increases and increases in allowances and benefits. Authorizes necessary appropriations for fiscal year 1982.
Bill· HRH.R. 7044 (96th)referred
United States · United States Congress · 15 April 1980
Requires the Director of the Office of Management and Budget to assure that no more than 25 percent of any Federal agency's budget authority for a fiscal year may be obligated in the last quarter of that fiscal year. Permits departures from such requirements if necessary to avoid disruption. Requires the Director to report to Congress on action taken pursuant to this Act and on any departures. Exempts any reserves established and any other actions taken to satisfy this Act from specified reporting requirements of the Impoundment Control Act of 1974.
Bill· HRH.R. 7043 (96th)referred
United States · United States Congress · 15 April 1980
Amends the Internal Revenue Code to provide for a repayment of the oil import fee equal to ten cents per gallon of gasoline used for certain exempt purposes. Defines "exempt use" as: (1) any use by a State or local government; (2) any use by a nonprofit educational institution; (3) any use as supplies for vessels or aircraft; (4) agricultural uses; (5) certain business uses; and (6) any use in connection with intercity, local, or school buses.
Bill· HRH.R. 7046 (96th)referred
United States · United States Congress · 15 April 1980
Social Security Payroll Credit Act of 1980 - Amends the Internal Revenue Code to allow employers, employees, and self-employed individuals an income tax credit equal to ten percent of the amount of social security taxes paid by such individuals in 1981 or 1982.
Resolution· SCONRESS.Con.Res. 86 (96th)passed
United States · United States Congress · 9 April 1980
Sets forth the congressional budget for the United States Government for fiscal years 1981, 1982, and 1983. Recommends the following levels of Federal revenues: $612,900,000,000 in fiscal year 1981; $697,200,000,000 in fiscal year 1982; and $780,600,000,000 in fiscal year 1983. Recommends a decrease in the aggregate level of Federal revenues of: $3,700,000,000 in fiscal year 1981; $9,600,000,000 in fiscal year 1982; and $33, 500,000,000 in fiscal year 1983. States that the appropriate level of new budget authority is: $687,900,000,000; $759,300,000,000; and $831,500,000,000 for fiscal years 1981, 1982, and 1983 respectively. Sets the appropriate level of total budget outlays in such years at: $612,900,000,000; $687,200,000,000; and $753,500,000,000. States that a balanced budget would be appropriate in fiscal year 1981 in light of economic conditions. Recommends budget surpluses of $10,000,000,000 in fiscal year 1982 and $27,100,000,000 in fiscal year 1983. States that the appropriate level of the public debt is $927,800,000,000 in fiscal year 1981 with an increase in the temporary statutory debt limit of $32,700,000,000. Sets the appropriate level of the public debt in fiscal year 1982 at $953,800,000,000 with an increase in the temporary debt limit of $26,000,000,000. Recommends a level of public debt in fiscal year 1983 of $968,700,000,000 with an increase in the debt limit of $14,900,000,000. Sets forth recommended levels of new budget authority and outlays for each major functional category of the budget in fiscal years 1981, 1982, and 1983. Revises the second concurrent resolution on the budget for fiscal year 1980 (S. Con. Res. 53) by: (1) increasing the recommended levels of Federal revenues to $528,900,000,000; (2) eliminating the recommended increase in the aggregate level of Federal revenues; (3) increasing the appropriate level of total new budget authority to $653,700,000,000; (4) increasing the appropriate level of total budget outlays to $566,400,000,000; (5) increasing the budget deficit to $37,500,000,000; (6) increasing the level of the public debt to $895,100,000,000; (7) raising the temporary statutory limit on such debt to $16,100,000,000; and (8) amending the corresponding levels of new budget authority and outlays for each major functional category of the budget. Directs the Committees on Appropriations of the House of Representatives and the Senate to recommend methods of accomplishing specified reductions in budget authority and outlays for fiscal 1980. Directs the following congressional committees to effectuate specified reductions in budget authority and outlays for fiscal year 1981 contained in legislation within their jurisdiction and to report recommendations for accomplishing such reductions: (1) the Senate Committee on Governmental Affairs and the House Committee on Government Operations; (2) the Senate and House Committees on Armed Services; (3) the Senate Committee on Environment and Public Works and the House Committee on Public Works and Transportation; (4) the Senate Committee on Labor and Human Resources and the House Committee on Education and Labor; (5) the Senate Committee on Commerce, Science, and Transportation and the House Committee on Interstate and Foreign Commerce; (6) the Senate Committee on Agriculture, Nutrition, and Forestry and the House Committee on Agriculture; (7) the House and Senate Committees on Veterans' Affairs; (8) the Senate Committee on Finance and the House Committee on Ways and Means; and (9) the Senate Select Committee on Small Business and the House Committee on Small Business. Requires such committees to report their recommendations by June 9, 1980, or ten days after the completion of action on this resolution, whichever is later. Expresses the sense of the Congress that the President should direct agencies not to increase the rate of obligation of budget authority provided for fiscal year 1980 in advance of anticipated rescission actions. States that the appropriate level of Federal new direct loan obligations in fiscal year 1981 is $63,900,000,000 with on-budget lending at a level not exceeding $38,100,000,000 and off-budget lending not exceeding $25,800,000,000. Sets the appropriate level of new primary loan guarantee commitments in fiscal year 1981 at $77,000,000,000. Expresses the sense of the Congress that such ceilings on credit activity should be maintained by the President and the Congress through the appropriations process. Prohibits the House and Senate from considering any legislation authorizing new direct loan or loan guarantees unless such authority is confined to amounts contained in appropriation Acts. Prohibits the enrollment of any legislation which would reduce revenues by more than $100,000,000 or provide new budget or spending authority in fiscal year 1981 before the completion of the congressional budget process. Sets at 1985 the target date for the achievement of the employment goals provided for in the Full Employment and Balanced Growth Act.
Law· SS. 2549 (96th)open
United States · United States Congress · 3 April 1980
Amends the Atlantic Tunas Convention Act of 1975 to authorize appropriations for fiscal years 1981, 1982, and 1983 to carry out the purposes of such Act.
Bill· SS. 2548 (96th)referred
United States · United States Congress · 3 April 1980
Amends the Internal Revenue Code to permit the issuance of tax free industrial development bonds to finance the improvement of existing wharf facilities.
Bill· SS. 2547 (96th)referred
United States · United States Congress · 3 April 1980
Amends the Internal Revenue Code to exclude from gross income interest on industrial development bonds the proceeds of which are to be used to provide for the construction, reconstruction, erection, or acquisition of a beverage container facility used in connection with a law prohibiting or discouraging the sale of beverages in nonreturnable containers.
Bill· SS. 2533 (96th)referred
United States · United States Congress · 2 April 1980
Amends the Internal Revenue Code to exempt independent producer oil and royalty oil from the windfall profits tax.
Bill· SS. 2521 (96th)referred
United States · United States Congress · 2 April 1980
Amends the Internal Revenue Code to exempt a certain portion of royalty owner oil production from the windfall profit tax. Limits the amount so exempted per quarter to ten barrels per day. Requires proportionate allocation of any production in excess of ten barrels per day between tier 1 oil and tier 2 oil, and within any tier on the basis of removal prices. Requires allocation of the ten barrel amount among royalty owners who are members of the same related group.
Bill· SS. 2520 (96th)referred
United States · United States Congress · 2 April 1980
Amends the Internal Revenue Code to increase the unified tax credit allowed against the estate tax and the gift tax from $47,000 to $192,800.
Bill· SS. 2526 (96th)referred
United States · United States Congress · 2 April 1980
Amends the Internal Revenue Code to exclude from gross income interest on industrial development bonds whose proceeds are to be used to furnish railroad transportation facilities, including rolling stock.
Bill· SS. 2522 (96th)referred
United States · United States Congress · 2 April 1980
Amends the Internal Revenue Code to eliminate the requirement that a taxpayer must have attained age 55 to qualify for the one-time exclusion of gain from the sale of a principal residence. Reduces the limitation on the amount of such exclusion from $100,000 ($50,000 in the case of a married individual filing separately) to the excess of such dollar figure over the amount of gain excluded for any preceding taxable year. Applies such reduced limitation only with respect to excluded gain attributable to sales or exchanges after July 27, 1978.
Bill· HRH.R. 7009 (96th)referred
United States · United States Congress · 2 April 1980
Amends the Internal Revenue Code to exclude from gross income Federal grants for tuition and related expenses at institutions of higher education, even though the grant recipient is required to perform future service as a Federal employee. Deems service in a health manpower shortage area as Federal service.
Bill· HRH.R. 7032 (96th)referred
United States · United States Congress · 2 April 1980
Amends the Federal Civil Defense Act of 1950 to implement a new civil defense program designed to: (1) enhance the survivability of the American people and its leadership; (2) enhance deterrence and stability; (3) continue reliance on strategic nuclear forces as the preponderant factor in maintaining deterrence; and (4) plan for population relocation during times of international crisis. Requires the President to develop and execute such a program. Directs that the program include the following elements: (1) a survey of shelter inherent in existing facilities; (2) nuclear civil protection planning for both in-place protection and population relocation during times of international crisis; (3) planning for the crisis development of additional shelters; (4) improvement of warning systems; (5) improvement of systems and capabilities for direction and control of emergency operations; (6) improvement of radiological defense capabilities; (7) improvement of emergency public information and training programs and capabilities; (8) development of emergency evacuation plans in areas where nuclear powerplants are located; (9) development of plans for post attack or post disaster economic recovery; (10) improvement of systems and capabilities for building stockpiles of food, medicine, and other essential life-support materials; (11) improvement of and training in self-help nuclear war survivor skills; (12) research and development; (13) development of such other systems and capabilities as are necessary to realize the maximum life-saving potential of the civil defense program. Authorizes appropriations to carry out the provisions of such Act, with provisions for inflation adjustments.
Bill· HRH.R. 7024 (96th)referred
United States · United States Congress · 2 April 1980
Small Business Capital Formation, Capital Retention and Expansion Act of 1980 - Amends the Internal Revenue Code to allow small businesses an income tax credit equal to 50 percent of the cash contributions to a business expansion reserve. Limits the amount of such credit to $300,000 for a taxable year. Requires that expenditures made from such reserve be used to acquire, construct, reconstruct, or erect depreciable business assets or to provide for employee wage increases. Permits the accumulation of amounts of capital in the business expansion reserve for up to five years without tax penalty.
Bill· HRH.R. 7012 (96th)referred
United States · United States Congress · 2 April 1980
National Bureau of Standards Authorization Act for Fiscal Year 1981 - Authorizes appropriations to carry out the activities of the National Bureau of Standards for fiscal year 1981. Sets forth minimum amounts to be spent on specified programs, including the Environmental Measurement Program, Earthquake Hazards Engineering, Measurement Standards for Bioengineering, the Automated Manufacturing Research Facility, and for Transfer to Working Capital Fund. Establishes a spending ceiling for expenses of the Bureau incurred outside the United States. Authorizes additional appropriations to carry out the activities performed by the National Technical Information Service for fiscal year 1981, for research, development, and related activities in the field of innovation and productivity, and for adjustments in salary and employee benefits. Sets forth a formula for the apportionment of appropriated funds. Permits the transfer of funds among the line items according to a specified formula and procedure. Directs the Director of the Bureau to charge other agencies for any services performed by the Bureau at such agency's request or as required by law. Increases the ceiling on the amount the Bureau may spend for facilities improvement. Authorizes the Director to expend funds to defray the expenses of foreign nationals not in service to the Federal government while they are performing scientific or engineering work at the National Bureau of Standards or participating in the exchange of scientific or technical information at the Bureau. Authorizes employees of the Bureau to participate in foreign exchanges offered by a foreign government for the performance of scientific or engineering activities or the exchange of information if to do so would be in the interests of the United States. Repeals the provision relating to limited authorization.
Bill· HRH.R. 7019 (96th)referred
United States · United States Congress · 2 April 1980
Amends the Internal Revenue Code to increase the excise tax on small cigarettes from $4 per thousand to $9 per thousand, and on large cigarettes from $8.40 per thousand to $18.90 per thousand.
Bill· HRH.R. 7015 (96th)referred
United States · United States Congress · 2 April 1980
Tax Restructuring Act of 1980 - Title I; Rate Reductions and Related Adjustments - Amends the Internal Revenue Code to lower the income tax rates on individuals and trusts and estates. Reduces the top marginal income tax rate to 50 percent of taxable income and the bottom rate to 12 percent. Reduces the number of income tax brackets to eight for each category of taxpayer. Increases the amount of the zero bracket amount (formerly the standard deduction) for married individuals filing jointly to $4,000, for unmarried individuals to $2,600, and for married individuals filing separately to $2,000. Increases the minimum income levels at which a taxpayer is required to file an income tax return. Reduces the rate of the alternative minimum tax. Increases the rate of the earned income credit to 15 percent. Increases the maximum dollar amount of such credit to $750 (reduced by 15 percent of adjusted gross income in excess of $7,000). Qualifies childless couples for such credit. Makes the credit for the elderly refundable where the amount of such credit exceeds tax liability. Reduces the amount of income eligible for the credit for the elderly by amounts received as benefits under Title XVI (Supplemental Security Income Benefits for the Aged, Blind, and Disabled) of the Social Security Act. Allows married individuals filing jointly an income tax deduction from gross income equal to ten percent of the earned income of the lower income spouse (or of one spouse if both incomes are the same). Limits the amount of such deduction to $2,000 for the taxable year. Requires State plans for benefits under Title IV (Aid to Families with Dependent Children) of the Social Security Act to adjust levels used by the State for determining payments under such title to reflect changes in the cost of living. Reduces social security taxes with respect to wages earned after 1980. Directs the Secretary of the Treasury to deposit revenues from the value added tax into the Federal Old-Age and Survivors Insurance Trust Fund, the Federal Disability Insurance Trust Fund, and the Federal Hospital Insurance Trust Fund to compensate the loss of social security tax revenues resulting from rate reductions. Reduces the income tax rates for corporations and the rate of tax on corporate capital gains. Title II: Capital Formation - Amends the Internal Revenue Code to permit a tax exclusion from the gross income of shareholders (other than trusts, estates, and shareholders holding five percent or more of the value of the voting power of the distributing corporation) of up to $1,500 ($3,000 in the case of joint returns) of stock dividends paid by domestic corporations in the form of newly issued common stock. Specifies that the number of shares so issued shall be determined by reference to a value equal to between 95 and 105 percent of the stocks' value on the distribution date. Disqualifies the stock of a corporation which has repurchased any of its stock within one year before or after the distribution date. Establishes the basis of stock distributed at zero. Treats as ordinary income, rather than capital gain, stock which is sold by a shareholder within one year of its distribution. Increases the allowable amount of the income tax deduction for contributions to an individual retirement account (IRA) to the lesser of $2,000 or 15 percent of an employee's taxable compensation. Permits active participants in tax-qualified retirement plans, tax-sheltered annuities, or governmental plans to claim an income tax deduction for contribution to an IRA up to a maximum of $1,000 for the taxable year. Disqualifies self-employed individuals and shareholder employees for the retirement savings deduction. Revises the method for computing depreciation allowances. Establishes a simplified cost recovery system for depreciable tangible property (other than public utility property, certain livestock, property subject to amortization, certain leased property, and property depreciable on a basis other than time) which is used in a trade or business or held for the production of income and which is placed in service after December 31, 1980. Assigns recovery periods to such property of three, six, nine, or 12 years depending upon the current midpoint useful life of the property under the present Asset Depreciation Range (ADR) system utilized by the Internal Revenue Service. Requires that the recovery period for each type of depreciable property be at least 35 percent shorter than its present midpoint useful life under ADR, unless the taxpayer elects to place the property in a class having a longer recovery period. Permits taxpayers to choose depreciation percentages of either 200, 150, or 100 percent of straight line depreciation. Specifies that the recovery percentage used in computing the depreciation allowance for a taxable year shall be the depreciation percentage selected by the taxpayer divided by the number of years in the recovery period assigned to the property. Requires the taxpayer to establish a recovery account into which the cost of depreciable property which is placed in service is added in accordance with the "half-year convention" rule of the ADR system (one-half of the asset's cost is added to the account in the year it is placed in service, one-half in the next year). Reduces the amount of the recovery account by the amount realized on the sale of any asset in the account disposed of by the taxpayer. Reduces to three years the present six year useful life requirement for depreciable assets which otherwise qualify for additional first year depreciation. Establishes a 25 year useful life for buildings (except public utility buildings) assigned a 45 year or less useful life under IRS Revenue Procedure 62-61, and a 30 year useful life for buildings assigned a useful life of more than 45 years. Establishes a 15 year useful life for farm buildings. Increases the present 20 percent variance for useful lives of depreciable property allowed under ADR to 35 percent in the case of public utility property. Shortens to six years the useful life required for the full basis of an asset to qualify for the investment tax credit. Provides that 60 percent of the basis of an asset is eligible for the investment tax credit if its useful life is at least three years but less than six years. Title III: Value Added Tax - Imposes a ten percent tax on business transactions involving: (1) the sale of property in the United States; (2) the performance of services in the United States; and (3) the importing of property into the United States by individuals engaging in a trade or business. Exempts from the value added tax the following commodities: (1) food; (2) housing; and (3) medical care. Exempts from such tax sales by farmers or fishermen, the performance of mass transportation services in urbanized areas, sales to governmental entities and educational activities of such entities, tax-exempt public charities, exports of property, and interest. Imposes a tax on sales and the performance of services by a governmental entity and tax-exempt organization other than public charities if (and only if) a separate charge or fee is made therefor. Allows taxpayers a refundable credit against the value added tax for the amount of such tax paid by suppliers of the taxpayer. Charges the seller of property or services with the responsibility for payment of the value added tax. Requires the seller to provide the purchaser with a tax invoice relating to the transaction if the seller has reason to believe that the purchaser is liable for the value added tax. Conditions the allowance of a tax credit upon the receipt of a tax invoice. Exempts individuals, at their election, from the value added tax whose taxable transactions do not exceed $20,000 for the calendar year, and can reasonably be expected not to exceed $20,000 for the following calendar year. Terminates such exemption if the taxpayer's taxable transactions exceed specified amounts during any quarter of the calendar year. Requires tax returns for the value added tax to be filed before the first day of the second month after the close of each calendar quarter (or calendar month if the taxpayer so elects). Requires individuals engaged in business activity to notify the Secretary of any change in the form of their business which might affect their liability for the value added tax. Sets forth rules for the application of the value added tax, including rules relating to: (1) the income tax treatment of property which is subject to the value added tax; (2) gifts of business property or services; (3) dispositions of nonbusiness real property; and (4) insurance contracts. Title IV: Limitation on Growth of Federal Spending - Federal Spending Control Act of 1980 - Amends the Congressional Budget Act of 1974 to prohibit the adoption of any concurrent resolution on the budget which contains a level of total budget outlays in excess of specified percentages for fiscal years after 1980. Establishes procedures to enable the President and Congress to suspend such limitations. Requires the inclusion in the Congressional budget, for purposes of this Act, of the outlays of all agencies of the Federal Government which are otherwise exempt from inclusion under the Budget and Accounting Act, 1921.
Bill· HRH.R. 7014 (96th)referred
United States · United States Congress · 2 April 1980
National Science Foundation Authorization Act for Fiscal Year 1981 - Authorizes appropriations for the National Science Foundation for fiscal year 1981. Makes funds authorized for 1981 available for: (1) mathematical and physical sciences; (2) astronomical, atmospheric, earth and ocean sciences; (3) United States Antarctic Program; (4) biological, behavioral, and social sciences; (5) Ocean Drilling Programs; (6) Science Education Programs; (7) engineering and applied science; (8) scientific, technological, and international affairs; (9) Cross-Directorate Programs; and (10) program development and management. Establishes minimum amounts to be spent for specified programs, including Earthquake Hazards Mitigation, the Small Business Innovation Program, Research and Development in Appropriate Technology, Science Facility Improvement Programs, Science Education Programs relating to Appropriate Technology, and for salaries of faculty members at institutions of higher education with limited programs in science and engineering. Establishes spending ceilings for specified programs, including the Ocean Margin Drilling Project and United States/Union of Soviet Socialist Republics cooperative research. Requires the Foundation to prepare and submit to Congress a report on the Ocean Margin Drilling Project. Requires the National Academy of Sciences to study and report on marine earth sciences research. Limits the amount which may be used for official consultation or representation at the discretion of the Director of the National Science Foundation and for the expenses of the National Science Foundation incurred outside the United States. Permits the transfer of funds from one category to another as specified. Requires the foundation to consolidate all Directors. Requires the Director of the Foundation, with the Secretary of Education, to develop and transmit to Congress a proposed joint science education program plan. Eliminates the Civil Service Commission clearance of personnel with access to specified information or property requirement. Makes individuals who make outstanding contributions in the behavioral or social sciences eligible to receive a National Medal of Science. Directs the President to develop and report to Congress a comprehensive national policy respecting women and minorities in science and technology. Requires the Director to require that all Foundation grants contain a brief statement of the purpose of the research being undertaken.
Law· SS. 2511 (96th)open
United States · United States Congress · 1 April 1980
Amends the Civil Rights Act of 1957 to authorize appropriations for the Commission on Civil Rights for fiscal year 1981.
Bill· SS. 2514 (96th)failed
United States · United States Congress · 1 April 1980
Amends the Gold Reserve Act of 1934 to authorize the Secretary of the Treasury to provide its personnel who are performing international affairs functions with allowances and benefits comparable to those provided civil servants for the travel expenses of their dependents to and from U.S. schools. Authorizes appropriations for fiscal year 1981 for the Department's international affairs functions and for salary equalization payments under an agreement with the Asian Development Bank. Authorizes additional appropriations for salary increases and increases in allowances and benefits. Authorizes necessary appropriations for fiscal year 1982.
Bill· SS. 2505 (96th)referred
United States · United States Congress · 1 April 1980
Amends the Internal Revenue Code to increase from $100 to $250 the business deduction for service awards given to employees.
Bill· SS. 2512 (96th)referred
United States · United States Congress · 1 April 1980
Service Liability Partial Self- Insurance Act of 1980 - Amends the Internal Revenue Code to allow a deduction to any taxpayer furnishing professional design services for cash contributions to his service liability trust and for cash amounts paid to a captive insurer (wholly or partially-owned by the taxpayer) for service liability insurance. Defines service liability as liability for tort damages attributable to negligence in, breach of warranty regarding, or defects in the professional construction or modification design of buildings or structures on real property. Limits the allowable deduction: (1) for a taxpayer with a severe service liability problem to a maximum of $100,000, or one of two specified formula sums, whichever is least; and (2) for a taxpayer with no severe liability problem to a maximum of $25,000, or one of two formula sums, whichever is least. Penalizes unauthorized distributions from such accounts except for: (1) corrective withdrawal of excess contributions; (2) distributions when a change of circumstances renders continued maintenance of no trade or business purpose; (3) transfers of rollover amounts; (4) distributions following complete liquidation of the pertinent trade or business; and (5) certain sales deemed distributions. Limits the investment of account assets to: (1) Federal public debt securities; (2) nondefaulted State or local obligations; (3) time or demand deposits in certain Federally insured financial institutions; or (4) any other investment asset permissable under law of the State where such account is organized. Treats service liability loss reserves as amounts accumulated for the reasonably anticipated needs of a business, for purposes of avoiding the accumulated earnings tax.
Bill· SS. 2504 (96th)referred
United States · United States Congress · 1 April 1980
Amends the Internal Revenue Code to provide that evergreen trees more than three years old (currently six years) will be treated as timber for purposes of tax rules relating to capital gains treatment of cut timber.
Bill· SS. 2503 (96th)referred
United States · United States Congress · 1 April 1980
Amends the Internal Revenue Code to allow a refundable income tax credit for certain charges paid or incurred on agricultural operating loans (as defined by the Consolidated Farm and Rural Development Act) in excess of a 12 percent rate. Limits the application of this Act to loans whose payout period does not exceed 12 months and whose aggregate principal does not exceed $25,000.
Bill· SJRESS.J.Res. 157 (96th)referred
United States · United States Congress · 1 April 1980
Provides for the transfer of an additional $10,000,000 for salaries and expenses for the Small Business Administration disaster loan program for fiscal year 1980.
Bill· HRH.R. 6997 (96th)referred
United States · United States Congress · 1 April 1980
Amends the Internal Revenue Code to allow a personal exemption deduction for a dependent without regard to: (1) such dependent's gross income; or (2) whether the dependent, if a child, is under age 19 or a student.
Bill· HRH.R. 6989 (96th)referred
United States · United States Congress · 1 April 1980
Title I: Statement of Antitrust Policy - Amends the Clayton Antitrust Act to set forth Congressional findings that private antitrust suits are a vital part of the effort to enforce the antitrust laws and that allowing a tax deduction for punitive damage payments weakens the deterrent effect of antitrust laws. Title II: Amendments to the Internal Revenue Code of 1954 - Amends the Internal Revenue Code to disallow tax deductions for antitrust punitive damages paid or incurred by a taxpayer.
Bill· HRH.R. 6985 (96th)referred
United States · United States Congress · 1 April 1980
Amends the Internal Revenue Code to allow an employee, in the case of an employee annuity, to elect to exclude from gross income all amounts received by such employee under the annuity until the employee recovers his consideration, without regard to whether such consideration is recovered during the first three years of such annuity. Authorizes revocation of such election only with the consent of the Secretary of the Treasury.
Bill· HRH.R. 7002 (96th)referred
United States · United States Congress · 1 April 1980
Amends the Internal Revenue Code to restore the income tax deduction for State and local taxes on gasoline and other motor fuels and to make such deduction available to taxpayers who do not itemize deductions. Requires prescription of gasoline tax tables based on the average fuel economy of automobiles with six cylinders, with no provision for different amounts of deduction for different sizes of automobiles.
Resolution· HRESH.Res. 634 (96th)referred
United States · United States Congress · 1 April 1980
Declares that it is the sense of the House of Representatives that the Committee on Ways and Means should study, and consider legislation to achieve the goals of recent proposals by certain prominent economists to control inflation by providing tax benefits to employers who moderate price increases for their products and employees who moderate wage demands.
Resolution· HCONRESH.Con.Res. 314 (96th)referred
United States · United States Congress · 1 April 1980
Sets forth the congressional budget for the United States Government for fiscal year 1981. Recommends a level of Federal revenues in fiscal year 1981 of $599,900,000,000. Sets the appropriate level of new budget authority at $681,300,000,000 and total budget outlays at $597,800,000,000. States that a budget surplus of $2,100,000,000 would be appropriate in fiscal year 1981 in light of economic conditions. Establishes $921,200,000,000 as the appropriate level of the public debt in fiscal year 1981. Sets the appropriate level of total gross obligations for the principal amount of direct loans at $60,600,000,000. Recommends a ceiling of $79,600,000,000 on total commitments to guarantee loan principal in fiscal year 1981.
Bill· HRH.R. 6981 (96th)referred
United States · United States Congress · 31 March 1980
Amends the Internal Revenue Code to allow an employee, in the case of an employee annuity, to elect to exclude from gross income all amounts received by such employee under the annuity until the employee recovers his consideration, without regard to whether such consideration is recovered during the first three years of such annuity. Authorizes revocation of such election only with the consent of the Secretary of the Treasury.
Bill· HRH.R. 6978 (96th)referred
United States · United States Congress · 31 March 1980
Amends the Internal Revenue Code to extend from June 15, 1981, to July 1, 1986, the termination date for certain provisions of the Tax Reform Act of 1976 relating to the allowance of a deduction for the amortization of certain rehabilitation expenditures for certified historic structures.
Resolution· HRESH.Res. 630 (96th)passed
United States · United States Congress · 31 March 1980
Sets forth the rule for the consideration of H.R. 6614 (National sea grant program appropriations for fiscal years 1981, 1982, and 1983).
Resolution· HRESH.Res. 629 (96th)passed
United States · United States Congress · 31 March 1980
Sets forth the rule for the consideration of H.R. 6554 (Maritime appropriations, fiscal years 1981 and 1982).
Bill· SS. 2493 (96th)referred
United States · United States Congress · 28 March 1980
Amends the Internal Revenue Code to declare that the manufacturers excise tax on tires, tubes, and tread rubber shall be due and payable 90 days after the last day of the month in which the manufacturer, producer, or importer of articles subject to such tax sells them.
Bill· SS. 2500 (96th)referred
United States · United States Congress · 28 March 1980
Amends the Internal Revenue Code to allow an investment tax credit to a taxpayer for up to 66 2/3 percent of the qualified United States costs of any theatrical production in which such taxpayer has an ownership interest. Defines such costs as: (1) direct production costs allocable to the United States (including the cost of equipment, supplies, and compensation for services performed, but not cost of advertising and promotion); plus (2) if 80 percent or more of the direct production costs are allocable to the United States, all other production costs (including the cost of overhead, presentation rights, residuals, and participations) allocable outside the United States.
Bill· HRH.R. 6967 (96th)referred
United States · United States Congress · 28 March 1980
Amends the Internal Revenue Code to subject to income tax withholding agricultural labor which is otherwise subject to FICA tax withholding. States that withholding shall be applied to agricultural labor if: (1) the cash remuneration is $150 or more during the calendar year; or (2) the employee performs such labor for the employer on 20 days or more during such year for cash remuneration computed on a time basis.
Law· SS. 2489 (96th)open
United States · United States Congress · 27 March 1980
Authorizes appropriations for the Coast Guard for fiscal years 1981 and 1982. Sets forth the amount of funds allocated for: (1) operation and maintenance expenses; (2) acquisition, construction, rebuilding, and improvement of aids to navigation, shore facilities, vessels, and aircraft, including equipment related thereto; (3) alteration or removal of bridges over navigable waters of the United States constituting obstructions to navigation; and (4) research, development, testing, and evaluation. Permits the Coast Guard to have an end-of-year strength for active duty personnel of 39,487, provided that such ceiling does not include members of the Ready Reserve called to active duty. Specifies the average military training student loads for the Coast Guard as follows: (1) recruit and special training; 4,175 students; (2) flight training; 117 students; and (3) professional training in military and civilian institutions; 595 students; and (4) officer acquisitions; 925 students. Authorizes the leasing of housing facilities in foreign countries on a multiyear basis for a period not to exceed five years, and in accordance with local custom and practice, provides for advance payment for the lease. Authorizes the Secretary of the Department in which the Coast Guard is operating to increase the existing capital of the Coast Guard Supply Fund by the value of usable materials transferred thereto from the Coast Guard inventories carried in other accounts. Disallows reductions in the rate of pay and allowances to which appointed temporary officers would have been entitled had they remained in their former grade and continued to receive the increases in pay and allowance authorized for that grade. Permits the payment of a monetary allowance in place of transportation to a member whose baggage and household effects are moved by a privately owned or rented vehicle.
Bill· SS. 2485 (96th)referred
United States · United States Congress · 27 March 1980
Chapter 42 Second Tier Tax Correction Act of 1980 - Amends the Internal Revenue Code to eliminate the correction period, thus shortening the time for determining the amount of second tier taxes payable for failure to correct specified prohibited transactions, discountenanced conditions, or other taxable events, or for failure to meet minimum standards, with respect to certain private tax-exempt foundations, black-lung benefit trusts, and qualified pension plans. Imposes such tax upon mailing of the deficiency notice. Requires nonassessment or abatement of any assessed or refund or crediting of any collected second tier taxes if any such specified taxable event is corrected during the prescribed period. Provides for a supplemental court proceeding to determine whether a taxable event was so corrected, if any court determination of second tier tax liability has become final. Requires suspension of any levy or proceeding in court for collection of the second tier tax if within 90 days after its assessment, the first tier tax is paid in full and a claim for refund of the amount so paid is filed. Suspends the running of the statute of limitations for the period of such suspension. Ends such collection suspension period 90 days after denial of a refund claim if the person against whom a second tier tax was assessed fails to file suit for such refund.
Bill· SS. 2484 (96th)referred
United States · United States Congress · 27 March 1980
Amends the Internal Revenue Code to extend for two years the time by which a corporation, which has sustained substantial losses prior to January 1, 1976, and which has dismissed substantially all its employees before April 15, 1977, must liquidate in order to exempt a taxpayer who holds at least a ten percent interest in such corporation from the application of the foreign loss recapture rules enacted by the Tax Reform Act of 1976.
Bill· SS. 2487 (96th)referred
United States · United States Congress · 27 March 1980
Amends the Internal Revenue Code to exempt from the crude oil windfall profit tax: (1) an independent oil producer's entire production of oil; and (2) a proportionate interest in an independent producer's production held by a royalty owner. Excludes from such exemption any independent producer's interest in production from a property to the extent that such interest was held by an integrated oil company on October 24, 1979.
Bill· SS. 2486 (96th)referred
United States · United States Congress · 27 March 1980
Amends the Internal Revenue Code to exclude from gross income interest earned on industrial development bonds substantially all of the proceeds of which are used to provide financing for railroad rehabilitation. Includes in such rehabilitation: (1) the acquisition, construction, reconstruction, or erection of any roadbed, track, trestle, depot, switching and signaling equipment, but not rolling stock; or (2) the acquisition of land or rights-of-way.
Bill· HRH.R. 6953 (96th)referred
United States · United States Congress · 27 March 1980
Extends from January 1, 1977, to January 1, 1978, the income tax exclusion for subsistence allowances paid to State police officers. Allows until one year after the date of enactment of this Act a period for applying for any refund or credit for overpayment of taxes for years after 1977, which was prevented by law or rule of law during such time.
Bill· SS. 2480 (96th)referred
United States · United States Congress · 26 March 1980
Amends the Internal Revenue Code to increase the minimum accumulated earnings credit for corporations from $150,000 to $250,000.
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