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551 records in US in 1985
United States · United States Congress · 26 March 1985
Amends the Arms Control and Disarmament Act to increase the authorization of appropriations for FY 1985 for the Arms Control and Disarmament Agency.
United States · United States Congress · 26 March 1985
Amends the Internal Revenue Code to exclude from an employee's gross income the value of an employer awarded achievement award up to $250 (up to $1000 in the case of qualified plan awards). Requires employers to make informational returns relating to certain employee achievement awards which are not excludable in whole or in part from the recipient's income.
United States · United States Congress · 26 March 1985
Reduction of the Deficit and Public Debt Revenue Act of 1985 - Amends the Internal Revenue Code to impose an excise tax on gasoline and diesel fuel in addition to the present nine cents per gallon tax on such fuels. Sets the rate of such tax at: (1) ten cents per gallon after October 1, 1985; (2) 20 cents per gallon after October 1, 1986; and (3) 30 cents per gallon after October 1, 1987. Imposes a floor stock excise tax of ten cents per gallon on gasoline. Establishes within the Treasury the Public Debt Repayment Trust Fund. Transfers to such trust fund 50 percent of the revenues raised by such additional tax. Prohibits any revenues raised from such addition from being transferred to the Highway Trust Fund or the Airport and Airway Trust Fund.
United States · United States Congress · 26 March 1985
Amends the Federal Supplemental Compensation Act of 1982 to extend the Federal supplemental unemployment compensation program for an additional six months, through September 30, 1985. Requires modification of agreements with States to reflect the amendments made by this Act.
United States · United States Congress · 26 March 1985
Amends the Internal Revenue Code to treat as a tax-exempt employee fringe benefit any transportation provided by an airline to parents of its employees.
United States · United States Congress · 26 March 1985
Amends the Internal Revenue Code to repeal the capital gains tax on disposition of investments in U.S. real property by foreign citizens. Repeals the withholding of tax on dispositions of U.S. real property interests and the special reporting requirements with respect to U.S. real property interests.
United States · United States Congress · 26 March 1985
Amends the Internal Revenue Code to allow an amortization deduction, based on a period of 60 months, for bus operating authorities held by the taxpayer on November 19, 1982, or acquired under a binding contract in effect on that date. Limits the aggregate amount of such deduction to $5,000,000.
United States · United States Congress · 26 March 1985
Amends the Earthquake Hazards Reduction Act of 1977 to authorize appropriations to carry out specified provisions of such Act through FY 1987. Requires the Director of the Federal Emergency Management Agency to maintain a written plan for earthquake hazards reduction programs and submit such plan to the Congress. Requires such plan to be updated at least every five years.
United States · United States Congress · 26 March 1985
Amends the Internal Revenue Code to provide that tax-exempt interest shall not be taken into account in determining the amount of social security benefits subject to tax.
United States · United States Congress · 26 March 1985
Amends the Internal Revenue Code to permit tax-exempt charitable and social welfare organizations to conduct convention and trade show activities designed to educate persons in attendance regarding new developments or products and services related to the exempt activities of such organizations without subjecting them to the unrelated business tax.
United States · United States Congress · 26 March 1985
Amends the Internal Revenue Code to allow an individual taxpayer an income tax deduction for contributions to a savings account established to pay the educational expenses (tuition, supplies, meals, and lodging) of the taxpayer or the taxpayer's dependent child at an institution of higher education or a vocational school. Limits the amount of such deduction to $2,000 (adjusted for inflation) for each account per calendar year. Provides that no account may have more than one beneficiary and that no individual may be a beneficiary of more than one account. Requires the trustee of an education savings account to transfer five percent of the amount of any contribution to the trust to a State educational fund which is established by State law, the assets of which are used to provide scholarship assistance to individuals attending educational institutions within the State. Permits a tax exclusion for income accumulated in such education savings accounts as long as such amounts are used exclusively for educational expenses. Sets forth penalties for the use of account funds for other than educational purposes. Requires that the trustee of an education savings account file reports with the Secretary of the Treasury on the maintenance of the account. Imposes penalties for not filing required reports. Extends the deduction for contributions to an education savings account to taxpayers who do not otherwise itemize deductions. Includes in the gross income of account beneficiaries over a ten-year period beginning at age 25 an amount equal to ten percent of the amounts paid or used on their behalf for educational expenses.
United States · United States Congress · 26 March 1985
Amends the Internal Revenue Code to provide that transportation may be excluded from gross income as a no-additional-cost fringe benefit without regard to whether such service is offered for sale to customers. (Current law excludes employer-provided transportation only if such service is offered for sale to customers in the ordinary course of business.) Sets forth special rules for the valuation of employer-provided transportation only if such service is offered for sale to customers in the ordinary course of business. Sets forth special rules for the valuation of employer-provided transportation if the value of a flight on an employer-provided aircraft is includible in the gross income of the employees.
United States · United States Congress · 26 March 1985
Extends until August 13, 1986, the period in which an heir must use certain farm and business property eligible for special use valuation tax treatment in order to avoid the recapture of estate tax.
United States · United States Congress · 26 March 1985
Amends the Internal Revenue Code to permit members of tax-exempt religious and apostolic organizations to claim a share of any investment tax credit accruing to such organizations from taxable business activity.
United States · United States Congress · 25 March 1985
Title I: Authorization of Appropriations for Fiscal Years 1986 and 1987 - Authorizes appropriations to the Nuclear Regulatory Commission for FY 1986 and 1987. Prescribes allocation guidelines for such sums. Prohibits the Commission from using more than one percent of such amounts for grants and cooperative agreements with universities under specified law. Authorizes the Commission to reallocate appropriated sums for specified purposes. Limits such reallocation to increases or decreases of not more than $500,000 unless 30 days pass after certain congressional committees receive notice of such reallocation by the Commission regarding the facts and circumstances for the proposed reallocation. Authorizes the Commission to use appropriated funds for salaries and expenses associated with the cooperative nuclear research program and the material access authorization program.
United States · United States Congress · 25 March 1985
Repeals the requirement added by the Tax Reform Act of 1984 relating to the maintenance of contemporaneous records with respect to: (1) business travel expenses, including automobile expenses; (2) business entertainment expenses; and (3) expenses for gifts.
United States · United States Congress · 25 March 1985
Amends the Internal Revenue Code to allow noncorporate shareholders of a foreign sales corporation a deduction of 100 percent of any dividend received from a corporation which is distributed out of earnings and profits attributable to foreign trade income for a period during which such corporation was a foreign sales corporation. Provides that certain dividend distributions are not deductible.
United States · United States Congress · 21 March 1985
Amends the Internal Revenue Code to treat "business development companies" (as defined by the Investment Company Act of 1940) as regulated investment companies for income tax purposes.
United States · United States Congress · 21 March 1985
Amends the Economic Recovery Tax Act of 1981 to allow an income tax deduction for certain freight forwarder operating authorities.
United States · United States Congress · 21 March 1985
Amends the International Travel Act of 1961 to authorize appropriations through FY 1986 for the U.S. Travel and Tourism Administration.
United States · United States Congress · 21 March 1985
Amends the Internal Revenue Code to provide that consolidated returns may not be filed by any corporation which is determined by the Secretary of the Treasury to be a disqualified oligopolistic corporation. Defines "disqualified oligopolistic corporation" as any corporation which: (1) has more than $250,000,000 in gross receipts for the taxable year; and (2) derives more than $100,000,000 in gross receipts for such year from the sale of any product if such sales account for ten percent or more of the total market in any relevant market area.
United States · United States Congress · 21 March 1985
Amends the Internal Revenue Code to revise requirements concerning the mailing of taxpayer information statements relating to interest, dividends, or patronage dividends to allow such information statements to be included with normal business mailings. (Current law requires a separate mailing for such information statements.)
United States · United States Congress · 21 March 1985
Amends the Internal Revenue Code to allow an income tax deduction for employment expenses incurred by the taxpayer for the care of children or handicapped individuals in the home or in a dependent care center if such care is necessary for the gainful employment of the taxpayer or a member of the household of which any such individual is a member. Limits the amount of the deductible home care expenses to $10,000 for one individual requiring care and $15,000 for two or more such individuals. Limits the amount of the deductible dependent care center expenses to $5,000 for one individual and $7,500 for two or more individuals. Sets forth rules relating to the deduction of employment expenses for dependent care in joint-employment agreement and shared-expense agreement situations. Provides that if a taxpayer elects the employment expense deduction for certain amounts, such amounts are not allowable for the dependent care credit or the medical expense deduction.
United States · United States Congress · 21 March 1985
Family Education Assistance Act of 1985 - Amends the Internal Revenue Code to allow an individual taxpayer an income tax deduction for contributions to a savings account established to pay the education expenses (tuition, supplies, meals, and lodging) at an institution of higher education or a vocational school of a child of the taxpayer, of a child of a brother, sister, stepbrother or stepsister of the taxpayer, of an individual for whom the taxpayer has been appointed as guardian, or of a descendant of a child of the taxpayer. Limits the amount of such deduction to $1,500 (adjusted for inflation) for each account per calendar year. Provides that no account may have more than one beneficiary and that no individual may be a beneficiary of more than one account. Disallows any deduction for contributions to an education savings account for any beneficiary who has attained the age of 19. Requires any balance in an education savings account to be distributed after the individual for whose benefit the account is established attains age 30. Includes the distributions from an education savings account in the gross income of the payee or distributee except for those amounts distributed or used to pay educational expenses incurred by the individual for whose benefit the account is established. Provides that an education savings account is exempt from taxation except for the tax on unrelated business income. Revokes the tax exemption of the account where the individual for whose benefit the account is established engages in certain prohibited transactions with the account. Imposes a ten percent penalty tax on distributions which are not used for educational expenses. Requires the trustee of an education savings account to file reports with the Secretary of the Treasury on the maintenance of the account. Imposes a penalty for failure to file any required report. Extends the deduction for contributions to an education savings account to taxpayers who do not otherwise itemize deductions. Provides that distributions from an education savings account shall not be taken into account in determining support to the extent such distribution is excluded from gross income of the individual for whose benefit the account has been established.
United States · United States Congress · 21 March 1985
Arts and Humanities Tax Reform Act of 1985 - Amends the Internal Revenue Code to permit the executor of an estate, in calculating the value of the gross estate, to disregard that portion of the value of any copyright or literary, musical, or artistic work created by the decedent which would have been ordinary income if such work had been sold by the decedent at its fair market value. Allows an income tax deduction for the current fair market value of a literary, musical, or artistic composition created by the taxpayer and contributed to a charitable organization. Disallows such estate tax valuation and charitable contribution deduction if the property was produced while the taxpayer was a Government officer or employee and arose out of the performance of the taxpayer's duties. Permits a tax deduction for the business use of a home if such dwelling unit is used to a substantial extent (rather than exclusively as provided under current law) for the taxpayer's trade or business. Requires the Secretary of the Treasury to submit to the appropriate congressional committees legislative recommendations with respect to such deduction.
United States · United States Congress · 20 March 1985
Amends the Endangered Species Act of 1973 to extend the authorization of appropriations for five years, through FY 1990.
United States · United States Congress · 20 March 1985
Amends the Internal Revenue Code to repeal the ten percent additional tax on early distributions (other than required distributions) from an individual retirement account.
United States · United States Congress · 20 March 1985
Training Act of 1983 - Amends the Internal Revenue Code to allow employers and individual taxpayers an income tax deduction for contributions to training accounts established to provide employment training. Limits the amount of such deduction to $1,000 for a taxable year. Imposes a $6,000 ceiling on the total amount of contributions to an individual or employer training account. Excludes from gross income any amounts paid from a training account if such amounts are used to obtain training or cover relocation or job-search expenses. Exempts an individual or employer training account from taxation. Imposes a ten percent penalty on any amounts distributed from a training account which are not used for job training. Sets forth rules for the disposition of training account funds upon the death, retirement, or separation of an employee. Requires the trustee of a training account to make reports on the maintenance of such account. Imposes a penalty for failure to file required reports. Requires the Secretary of Labor to certify any training activities funded by distributions from a training account.
United States · United States Congress · 20 March 1985
Amends the Social Security Amendments of 1983 to accelerate the removal from the unified budget of the Federal Old-Age and Survivors Insurance Trust Fund, the Federal Disability Insurance Trust Fund, and the Federal Hospital Insurance Trust Fund. Amends title VII (Administration) of the Social Security Act to prohibit the inclusion in any concurrent resolution on the budget adopted on or after October 1, 1986, of any specifications and directions with respect to such Trust Funds.
United States · United States Congress · 20 March 1985
Directs that funds be made available from appropriations under the Department of Labor, Health and Human Services, and Education and Related Agencies Appropriations Act, 1985 to enable the National Institutes of Health and the Alcohol, Drug Abuse, and Mental Health Administration to award 7,083 new competitive research grants in FY 1985.
United States · United States Congress · 20 March 1985
Revises the concurrent resolution on the budget for FY 1985 and sets forth the first concurrent resolution on the budget for FY 1986 and the appropriate budgetary levels for FY 1987 and 1988. Recommends levels of Federal revenues of $736,200,000,000 for FY 1985, $793,800,000,000 for FY 1986, $866,600,000,000 for FY 1987, and $956,200,000,000 for FY 1988. Sets the amounts by which the aggregate levels of Federal revenues should be increased at zero for FY 1985, $1,100,000,000 for FY 1986, $2,300,000,000 for FY 1987, and $3,700,000,000 for FY 1988. Sets the amounts for Federal Insurance Contributions Act (FICA) revenues for hospital insurance within the recommended levels of Federal revenues at $44,800,000,000 for FY 1985, $51,000,000,000 for FY 1986, $56,100,000,000 for FY 1987, and $61,300,000,000 for FY 1988. Sets the amount for FICA revenues for old-age, survivors and disability insurance within the recommended levels of Federal revenues at $186,200,000,000 for FY 1985, $200,700,000,000 for FY 1986, $216,900,000,000 for FY 1987, and $248,300,000,000 for FY 1988. Sets the appropriate levels of total new budget authority at $1,055,500,000,000 for FY 1985, $1,070,500,000,000 for FY 1986, $1,133,600,000,000 for FY 1987, and $1,210,000,000,000 for FY 1988. States that the appropriate levels of total budget outlays are $949,100,000,000 for FY 1985, $964,400,000,000 for FY 1986, $1,010,000,000,000 for FY 1987, and $1,058,500,000,000 for FY 1988. Sets the amounts of the deficits in the budget which are appropriate in the light of economic conditions and all other relevant factors at $212,900,000,000 for FY 1985, $170,600,000,000 for FY 1986, $143,400,000,000 for FY 1987, and $102,300,000,000 for FY 1988. States that appropriate levels of the public debt are $1,849,300,000,000 for FY 1985, $2,090,300,000,000 for FY 1986, $2,316,900,000,000 for FY 1987, and $2,529,300,000,000 for FY 1988. Sets the amounts by which the statutory limits on such limit should be increased at $25,500,000,000 for FY 1985, $241,000,000,000 for FY 1986, $226,600,000,000 for FY 1987, and $212,400,000,000 for FY 1988. Sets forth the appropriate levels of total Federal credit activity as follows: (1) $53,500,000,000 for new direct loan obligations, $69,300,000,000 for new primary loan guarantee commitments, and $68,200,000,000 for new secondary loan guarantee commitments for FY 1985; (2) $33,900,000,000 for new direct loan obligations, $73,600,000,000 for new primary loan guarantee commitments, and $68,200,000,000 for new secondary loan guarantee commitments for FY 1986; (3) $32,700,000,000 for new direct loan obligations, $73,600,000,000 for new primary loan guarantee commitments, and $68,200,000,000 for new secondary loan guarantee commitments for FY 1987; and (4) $32,300,000,000 for new direct loan obligations, $78,300,000,000 for new primary loan guarantee commitments, and $68,200,000,000 for new secondary loan guarantee commitments for FY 1988. Sets forth the levels of budget authority, budget outlays, new direct loan obligations, and primary and secondary loan guarantee commitments for each major functional category for FY 1985 through 1988. Requires certain Senate and House committees to report changes in laws within their jurisdictions sufficient to achieve savings of specified amounts of budget authority and outlays in each of FY 1986 through 1988. Requires such committees to submit their recommendations to the Committees on the Budget of their respective Houses by June 15, 1985. Requires the Budget Committees to report to the House and Senate a reconciliation bill carrying out such recommendations without any substantive revision. Prohibits House or Senate consideration of legislation which, if enacted, would cause the aggregate total budget authority for national defense or for nondefense discretionary activities to exceed specified ceilings for FY 1986 through 1988. Permits the Senate to waive such prohibition by majority vote with a quorum present or by unanimous consent. Declares that if Congress has not completed action by October 1, 1985, on the second concurrent resolution on the budget for FY 1986, then this concurrent resolution shall be deemed to be such second concurrent resolution for purposes of the Congressional Budget Act of 1974. Prohibits House or Senate consideration during FY 1986 and 1987 of any legislation, except legislation reported in response to reconciliation instructions, authorizing new direct loan obligations or new loan guarantee commitments unless it also provides that such authority shall be effective only to the extent provided in appropriation Acts. Expresses the sense of the Congress that there should no longer be a distinction between unified budget and off-budget spending and that budget authority and outlays for former off-budget agencies should be included in the budget totals. Expresses the sense of the Senate that: (1) tax reform incorporating specified objectives should be adopted as soon as possible; and (2) the Director of the Congressional Budget Office shall issue a weekly report when the Senate is in session tabulating the progress of congressional action on legislation providing new budget authority and changing revenues and the public debt for a fiscal year.
United States · United States Congress · 20 March 1985
Amends the Internal Revenue Code to exclude from gross income the value of lodging located in the proximity of an educational institution and rented by such institution to its employees at cost.
United States · United States Congress · 20 March 1985
National Bureau of Standards Authorization Act for Fiscal Years 1986 and 1987 - Authorizes appropriations for FY 1986 and 1987 to the Secretary of Commerce for the following activities performed by the National Bureau of Standards: (1) measurement research and standards; (2) materials science and engineering; (3) engineering measurements and standards; (4) computer science and technology; (5) technical competence fund; and (6) central technical support. Authorizes appropriations for FY 1986 to the Secretary for the activities of the Office of Productivity, Technology and Innovation. Amends Federal law relating to the National Technical Information Service to authorize the Secretary to: (1) make scientific, technical, and engineering information available through the Service without regard to specified Federal requirements that Government printing and binding be done at the Government Printing Office; and (2) acquire capital equipment and inventories from receipts for work or services performed or to be performed by the Service. Authorizes additional appropriations for FY 1986 and 1987 to the Secretary for the Service's patent licensing activities. Provides that appropriations made under the authority provided in this Act shall remain available for periods specified in the Acts making such appropriations. Requires that sufficient income from the Working Capital Fund remain outside the general fund of the Treasury to ensure the availability of working capital necessary to replace equipment and inventories for the National Bureau of Standards, to the extent provided in advance in appropriation Acts.
United States · United States Congress · 20 March 1985
Amends the Securities Exchange Act of 1934 to authorize appropriations for the Securities and Exchange Commission for FY 1986 through 1988.
United States · United States Congress · 20 March 1985
Amends the Internal Revenue Code to exempt student loan bonds and air and water pollution control bonds from the limit on the amount of tax-exempt private activity bonds which may be issued.
United States · United States Congress · 20 March 1985
Amends the Internal Revenue Code to limit the deductions of a taxpayer attributable to farming to the sum of: (1) the gross income of such taxpayer from the trade or business of farming for such taxable year, plus; (2) an amount equal to the national median family income for the previous year. Requires the non-farm taxable income of such taxpayer to have exceeded the taxpayer's farm income in five of the preceding seven years. Provides that where the taxpayer engages in more than one trade or business of farming, all such trades or businesses shall be treated as a single trade or business.
United States · United States Congress · 20 March 1985
Amends the Internal Revenue Code to allow individuals an income tax credit for 50 percent of the expenses paid or incurred for services for preparing any individual income tax return. Sets the maximum amount of such credit at $15.
United States · United States Congress · 20 March 1985
Nuclear Decommissioning Tax Act of 1985 - Amends the Internal Revenue Code to permit a deduction for amounts which are to be used to decommission a nuclear powerplant if the amounts are either: (1) deposited in a Nuclear Decommissioning Reserve Fund; or (2) recorded in an unfunded reserve on the financial books of account of the taxpayer during the taxable year. Provides that the determination of whether the taxpayer uses the Reserve Fund or the unfunded reserve account shall be made by the applicable regulatory body that establishes the taxpayer's rates. Sets limits on the amounts which the taxpayer may pay into the fund or record in the unfunded reserve account. Requires the taxpayer to include in gross income any amount distributed from the Reserve Fund or any unused balance in the unfunded reserve account which is not distributed or used to pay the cost of nuclear decommissioning of a powerplant. Permits an additional deduction for any taxable year for the amount of the nuclear decommissioning costs with respect to which economic performance occurs during such taxable year. Requires the taxpayer to obtain a ruling as to the amount of the deduction allowed for the Reserve Fund or recorded in the unfunded reserve account. Requires the Secretary of the Treasury to review, and revise if necessary, such amount at least once during the useful life of the nuclear powerplant. Sets forth rules for the establishment and operation of a Nuclear Decommissioning Trust Fund or an unfunded reserve account.
United States · United States Congress · 20 March 1985
Amends the Internal Revenue Code to allow a defined contribution retirement plan of a rural electric cooperative to include a qualified cash or deferred arrangement.
United States · United States Congress · 20 March 1985
Amends the Internal Revenue Code to repeal the limitation on the investment tax credit for public utility property in cases where the Federal Energy Regulatory Commission makes a determination that the domestic supply of natural gas is insufficient to meet the requirements of the domestic economy.
United States · United States Congress · 20 March 1985
Expresses the sense of the Congress that the provisions of the Internal Revenue Code relating to installment sales and the regulations relating to such sales should not be modified or amended in any way that will alter the manner in which mortgage-backed builder bond transactions are currently taxed.
United States · United States Congress · 19 March 1985
Amends the Internal Revenue Code to prohibit State taxation of the foreign source income of a corporation or any income of an affiliated corporation that derives more than 80 percent of its income from foreign sources. Provides that the determination of the source of income shall be made solely on the basis of the provisions for determining the source of income in the Internal Revenue Code.
United States · United States Congress · 19 March 1985
Amends the Internal Revenue Code to permit a private foundation to retain certain excess business holdings where: (1) the board of directors of the foundation and the managers of the business enterprise in which the foundation has such excess holdings are limited to a crossmembership of not more than 25 percent; (2) no disqualified person can be a foundation manager after the enactment of this Act; and (3) no disqualified person can receive compensation from both the foundation and the business enterprise.
United States · United States Congress · 19 March 1985
Amends the Federal Election Campaign Act of 1971 to authorize appropriations for the Federal Election Commission through FY 1986.
United States · United States Congress · 19 March 1985
Amends the Internal Revenue Code to increase the excise tax on cigarettes from: (1) $8 to $16 for small cigarettes; and (2) $16.80 to $33.60 for large cigarettes. Imposes a floor stock excise tax on small and large cigarettes. Appropriates 75 percent of the revenues raised by such tax to the Federal Hospital Insurance Trust Fund (Medicare).
United States · United States Congress · 19 March 1985
Amends the Internal Revenue Code to increase the excise tax on cigarettes from: (1) $8 to $16 for small cigarettes; and (2) $16.80 to $33.60 for large cigarettes. Imposes a floor stock excise tax on small and large cigarettes. Appropriates revenues raised by such additional taxes to the Federal Hospital Insurance Trust Fund (Medicare).
United States · United States Congress · 19 March 1985
Amends the Internal Revenue Code to exempt from the employment taxes imposed for hospital insurance under part A of title XVIII (Medicare) of the Social Security Act: (1) employees aged 65 or over; (2) the employers of such employees with respect to such employment; and (3) self-employed individuals aged 65 or over.
United States · United States Congress · 19 March 1985
Amends the Internal Revenue Code to provide that tax-exempt interest shall not be taken into account in determining the amount of social security benefits subject to tax.
United States · United States Congress · 19 March 1985
Tax Fairness for Families Act - Amends the Internal Revenue Code to increase the amount of the deduction allowed for the personal exemption from the current amount of $1,000 to $2,000.
United States · United States Congress · 19 March 1985
First Things First Credit Act of 1985 - Amends the Internal Revenue Code to disallow an income tax deduction for interest paid or incurred on any loan which is used to acquire control of a corporation which has more than $250,000,000 in gross receipts for the year preceding the year of the acquisition.