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551 records in US in 1987
United States · United States Congress · 9 February 1987
Amends the Education for Economic Security Act to increase and extend the authorization of appropriations for the Magnet Schools Assistance Program through FY 1989.
United States · United States Congress · 9 February 1987
Amends the Internal Revenue Code with respect to deductions for ordinary and necessary business expenses to provide a special rule for construction workers' travel and transportation expenses. Provides that a job at a site located more than 30 miles from a worker's residence: (1) shall be considered temporary for the first two years of employment at that site; and (2) shall be considered temporary or not temporary after the first two years based on an examination of all the facts and circumstances. Provides that no deduction shall be disallowed solely because a construction worker's employment at a job site is of indefinite duration. Prohibits the application of the "one-year" rule set forth in Revenue Ruling 59-371, which specifies the length of time which automatically or presumptively classifies the job as other than temporary. Defines "construction worker," for purposes of this Act, as any individual employed as a skilled, semiskilled, or unskilled laborer in the building or construction industry.
United States · United States Congress · 9 February 1987
Amends the Internal Revenue Code to allow noncorporate shareholders of a foreign sales corporation an income tax deduction equal to: (1) 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; and (2) 85 percent of any dividend received from a corporation which is distributed out of earnings and profits attributable to qualified interest and carrying charges received or accrued by such corporation while such corporation was a foreign sales corporation.
United States · United States Congress · 9 February 1987
Amends the Tax Reform Act of 1986 to repeal the penalty on underpayments of income tax attributable to the overstatement of pension liabilities. Specifies that the Internal Revenue Code shall be applied and administered as if such provision had not been enacted.
United States · United States Congress · 5 February 1987
Amends the Internal Revenue Code to provide an income tax exclusion for foster care payments provided by an agency of the Federal Government. (Present law excludes only such payments made by State or private placement agencies.) Specifies that such treatment shall be applied as if included in the Tax Reform Act of 1986. Amends the Tax Reform Act of 1986 to make retroactive to taxable years beginning after December 31, 1978, certain amendments made concerning the tax treatment of foster care payments.
United States · United States Congress · 5 February 1987
Department of Justice Appropriation Authorization Act, Fiscal Year 1988 - Title I - Authorizes appropriations for FY 1988 to the Department of Justice for: (1) general administration; (2) the General Administration Working Capital Fund; (3) the United States Parole Commission; (4) general legal activities; (5) the Foreign Claims Settlement Commission; (6) the United States Marshals Service; (7) the support of United States prisoners in non-Federal institutions; (8) fees and expenses of witnesses; (9) the Community Relations Service; (10) the United States Trustees System Fund; (11) the Assets Forfeiture Fund; (12) the Federal Bureau of Investigation (FBI); (13) the Drug Enforcement Administration (DEA); (14) the Immigration and Naturalization Service (INS); and (15) the Federal Prison System. Allows up to $75,000 of the funds authorized to the Department to be made available for official reception and representation expenses. Title II - Provides general authorizations for: (1) travel expenses; (2) construction of new law enforcement facilities; (3) the treatment and care of prisoners; (4) purchasing and leasing motor vehicles; (5) purchasing firearms and ammunition; (6) leasing surveillance sites; (7) the acquisition, maintenance, and operation of aircraft; (8) miscellaneous and emergency expenses; (9) official reception and representation expenses; (10) meetings; (11) training for law enforcement personnel; (12) services of interpreters and translators; (13) the payment of rewards; (14) insurance; and (15) benefits for employees serving overseas. Authorizes the Attorney General to collect fees from State, local, and private agencies to defray the cost of services provided by the Department. Authorizes the Attorney General to accept, subject to specified restrictions, gifts for the purpose of aiding or facilitating the work of the Department. Provides guidelines for the use of appropriations by the Attorney General for: (1) the FBI; (2) the DEA; (3) the INS; (4) the Bureau of Prisons; and (5) the United States Marshals Service. Provides guidelines with respect to the authorizations and exemptions which may be utilized for undercover operations conducted by the FBI, the DEA, the INS, and the U.S. Marshals Service. Title III - Authorizes the Attorney General to make payments for assistance to individuals under the Refugee Education Assistance Act of 1980. Amends the Immigration and Nationality Act of 1952 to authorize INS agents and officers to: (1) carry firearms; (2) execute and serve warrants, subpoenas, or other processes issued under the authority of the United States; (3) make arrests without a warrant (under certain circumstances); and (4) perform other law enforcement duties as designated by the Attorney General. Authorizes the Attorney General to make payments for the support of United States prisoners in non-Federal institutions. Authorizes Federal Prison Industries, Incorporated, and the U.S. Parole Commission to purchase motor vehicles. Authorizes the Attorney General to host the annual meeting of the General Assembly of INTERPOL and to periodically sponsor INTERPOL conferences. Authorizes the Foreign Claims Settlement Commission to hire motor vehicles. Establishes the United States Marshals Service as a bureau within the Department of Justice. States that the Service shall be under the authority and direction of the Attorney General. Directs the President to appoint a U.S. Marshal for each judicial district of the United States. Specifies the powers and duties of the Service. Prescribes the schedule of fees that the Service may collect. Title IV - Amends the Comprehensive Crime Control Act of 1984 to require that funds in excess of a certain amount within the Crime Victims Fund be deposited in the general fund of the Treasury. Repeals the authority of: (1) the Attorney General to make grants to State and local governments to assist in suppressing the diversion of controlled substances from legitimate medical, scientific, and commercial use; (2) the Director of Justice Assistance to make grants to State and local governments for the construction of correctional facilities; (3) the Administrator of the Office of Juvenile Justice and Delinquency Prevention to make grants to State and local governments for juvenile justice programs; and (4) the Director of the Bureau of Justice Assistance to make grants to State and local governments for certain programs to improve the functioning of the criminal justice system. Title V - Makes technical changes to the United States Code.
United States · United States Congress · 5 February 1987
Amends the Tax Reform Act of 1986 to repeal the provision which disallows the treatment of certain technical personnel as self-employed individuals for employment tax purposes. Specifies that the Internal Revenue Code shall be applied and administered as if such provision had not been enacted.
United States · United States Congress · 5 February 1987
Constitutional Amendment - Prohibits total Government expenditures (excluding expenditures for the redemption of Government obligations) from exceeding projected revenue (excluding revenue derived from the issuance of Government obligations) for a fiscal year, unless the Congress projects that the real growth rate of the economy will be less than three percent for that year. Requires that any deficit resulting from expenditures exceeding revenue in such a year of low economic growth be extinguished within the five subsequent years. Provides for the suspension of this article in time of war or national emergency as declared by the Congress. Requires that any surplus revenue over expenditures for a fiscal year be considered revenue for the following fiscal year.
United States · United States Congress · 5 February 1987
Amends the Internal Revenue Code to allow a partial exclusion from gross income of amounts received as an annuity, pension, or other retirement benefit by a taxpayer who has attained the age of 65. Limits the amount of such exclusion to an amount equal to $10,000 minus benefits received under title II of (Old Age, Survivors and Disability Insurance) the Social Security Act or under certain sections of the Railroad Retirement Act of 1974.
United States · United States Congress · 5 February 1987
Amends the Internal Revenue Code to require the Secretary of the Treasury to pay to domestic oil producers the applicable percentage of the excess of the adjusted base price of such oil over its removal price. Defines "applicable percentage" in terms of the windfall profit tax rate for such oil. Prohibits filing a claim for payment more than once a year, unless such payment exceeds $1,000 in specified quarters. Requires, with specified exceptions, tax credits in lieu of payments. Terminates the provisions of this Act for crude oil removed after December 31, 1991.
United States · United States Congress · 5 February 1987
Amends rule XXI of the Rules of the House of Representatives to prohibit the consideration of the legislative branch appropriation bill for any fiscal year until the House and the Senate have agreed to all other general appropriation bills for such fiscal year.
United States · United States Congress · 4 February 1987
Amends the Internal Revenue Code to impose an import fee on: (1) the first sale within the United States of any crude oil or any refined petroleum product imported into the United States; and (2) the use within the United States of any crude oil or any refined petroleum product imported into the United States if no such tax has been imposed prior to such use. Exempts from such tax crude oil or refined petroleum products purchased for export. Sets the rate of such tax at $4 per barrel reduced by an amount equal to the excess of the energy policy price per barrel over $18.
United States · United States Congress · 4 February 1987
Amends the Tax Reform Act of 1986 to delay from 1987 to 1988 the increase from 80 percent to 90 percent in the current year liability test for estimated tax payments by individuals. Extends the waiver of estimated tax penalties for underpayments of tax by individuals attributable to the Tax Reform Act of 1986 from April 16, 1987, to April 16, 1988. Allows certain taxpayers to elect to pay part or all of the taxes for the taxpayer's first taxable year beginning in 1987 in three installments.
United States · United States Congress · 4 February 1987
Amends the Tax Reform Act of 1986 to repeal provisions which eliminated the allowance of income averaging for farmers. Specifies that the Internal Revenue Code shall be applied and administered as if such provisions had not been enacted. Specifies that income averaging shall be allowed only for farmers who: (1) are actively engaged in the trade or business of farming; and (2) have 50 percent or more of their annual gross income for the three preceding taxable years attributable to such trade or business. Amends the Internal Revenue Code to allow an investment tax credit for qualified farm property. Defines "qualified farm property" as any property which is used in the trade or business of farming. Provides special rules for qualified farm property to allow such property (at the election of the taxpayer) to be depreciated according to the accelerated cost recovery system in effect prior to the enactment of the Tax Reform Act of 1986. Reduces to 20 percent the maximum rate of tax on net capital gains realized from the sale of timber by individuals. Reduces to 28 percent the maximum rate of tax on net capital gains realized from the sale of timber by corporations.
United States · United States Congress · 4 February 1987
Amends the Internal Revenue Code to deny the foreign income tax credit for any income, war profits, or excess profits taxes paid or accrued to the Republic of South Africa.
United States · United States Congress · 4 February 1987
Authorizes appropriations for the Maritime Administration for FY 1988 for: (1) payment of operating-differential subsidy obligations; (2) research and development activities; and (3) operations and training activities. Authorizes appropriations for the Federal Maritime Commission for FY 1988. Amends the Merchant Marine Act, 1936 to revise Federal provisions relating to the making of student incentive payments to individuals enrolled in State maritime academies.
United States · United States Congress · 4 February 1987
Amends the Tax Reform Act of 1986 to repeal provisions which eliminated the three-year use of the basis recovery rule in computing the amount of an employee's retirement benefits includable in gross income. Provides that the Internal Revenue Code shall be applied and administered as if such provisions had not been enacted.
United States · United States Congress · 4 February 1987
Amends the Internal Revenue Code to allow the suspension of the running of the two-year period allowed for the rollover of the gain realized from the sale of a home during a time when the sale proceeds cannot be withdrawn from an insolvent financial institution.
United States · United States Congress · 4 February 1987
Family Education Assistance Act of 1987 - 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. Imposes: (1) a six percent excise tax on excess contributions to an education savings account; and (2) a five percent excise tax on amounts connected with any prohibited transaction with respect to such an account. Excludes from the gross income of an individual distributions from an education savings account used exclusively for that individual's educational expenses. 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 · 4 February 1987
Provides that taxpayer transfers of interests in property between December 17, 1980, and January 1, 1981, which are certified within one year of the date of enactment of this Act by the Secretary of the Interior to the Secretary of the Treasury as being of historic significance shall have such certification treated as having been made at the time of transfer for purposes of charitable contribution tax deductions. Waives for one year the statutes of limitations regarding overpayments of tax and assessments of tax deficiencies resulting from the application of this Act.
United States · United States Congress · 4 February 1987
Amends the Internal Revenue Code to allow an income tax deduction for interest paid or incurred on a qualified educational loan. Defines "qualified educational loan" as any indebtedness incurred to pay the educational expenses of the taxpayer or the taxpayer's spouse or dependent. (Present law requires that such a loan be secured by an interest in real property.)
United States · United States Congress · 4 February 1987
Amends the Internal Revenue Code to allow a noncustodial parent to claim a dependency exemption for a child in cases where: (1) the noncustodial parent provides $1,200 or more annually for the support of the child; (2) the custodial parent does not clearly establish that he or she provided more than such amount annually for the support of the child; and (3) the decree of divorce or separate maintenance or written agreement was executed before January 1, 1985, and has not been modified since such date.
United States · United States Congress · 4 February 1987
Repeals the limitations enacted by the Tax Reform Act of 1986 on individual retirement account (IRA) deductions for active participants in certain pension plans. Amends the Internal Revenue Code to permit a nonworking or the lesser-earning spouse filing a joint income tax return to include the spouse's compensation in calculations made to determine the maximum amount permitted as a deduction for qualified retirement contributions (thus permitting such a taxpayer to deduct up to $2,000).
United States · United States Congress · 4 February 1987
Expresses the sense of the House of Representatives that: (1) the Administration's proposal to terminate funding for FY 1988 Soil Conservation Service programs should not be supported; and (2) such programs are needed and adequate funding for them should continue to be provided.
United States · United States Congress · 4 February 1987
Expresses the sense of the House of Representatives that benefits paid pursuant to the Black Lung Benefits Act should continue to be exempt from Federal income tax.
United States · United States Congress · 4 February 1987
Expresses the sense of the Congress that the tax withholding form (W-4) should be recalled and a new tax withholding form should be issued.
United States · United States Congress · 3 February 1987
Amends the Internal Revenue Code to disallow an income tax deduction for any amounts paid or incurred to advertise any tobacco products. Defines "tobacco products" as cigarettes, cigars, smokeless tobacco, pipe tobacco, or any similar tobacco product.
United States · United States Congress · 3 February 1987
Amends the Internal Revenue Code to increase the excise tax on cigarettes from: (1) $8 to $16 per thousand for small cigarettes; and (2) $16.80 to $33.60 per thousand for large cigarettes. Increases the excise tax on snuff from 24 cents to $1.20. Increases the excise tax on chewing tobacco from eight cents to 40 cents. Imposes a floor stock tax on domestic and imported large and small cigarettes, snuff, and chewing tobacco.
United States · United States Congress · 3 February 1987
Amends the Tax Reform Act of 1986 to repeal provisions relating to the taxation of both individual and corporate capital gains. Provides that the Internal Revenue Code shall be applied and administered as if such provisions had not been enacted. Amends the Deficit Reduction Act of 1984 to increase the holding period required for long-term capital gain tax treatment of property acquired after 1986. Amends the Internal Revenue Code to revise the method of calculating the deduction for capital gains. Allows a capital gains deduction of 60 percent for assets held three years or more, and 40 percent for assets held for more than one but less than three years.
United States · United States Congress · 3 February 1987
Provides that the Internal Revenue Code shall be applied and administered as if the repeal of the investment tax credit has not been enacted. Amends the Internal Revenue Code to disallow the investment tax credit and the tax deduction for accelerated cost recovery for property with insufficient domestic content. Specifies that property shall be deemed to have insufficient domestic content if the property: (1) is manufactured or assembled outside the United States; (2) is less than 65 percent attributable to U.S. content; and (3) has a substitute 65 percentage or more of which is attributable to U.S. content.
United States · United States Congress · 3 February 1987
Amends the Internal Revenue Code to allow a five-percent investment tax credit after 1987 for tangible property which: (1) is used as a part of manufacturing, production, or extraction or of furnishing transportation, communications, electrical energy, gas, water, or sewage disposal services; (2) constitutes a research facility used in connection with such activities; or (3) constitutes a facility used in connection with such activities for the bulk storage of fungible commodities.
United States · United States Congress · 3 February 1987
Federal Employees Fair Tax Act of 1987 - Amends the Tax Reform Act of 1986 to repeal provisions which eliminated the three-year basis recovery rule in computing the amount of an employee's retirement benefits includable in gross income. Provides that the Internal Revenue Code shall be applied and administered as if such provisions had not been enacted. Repeals provisions which require the inclusion in income of certain distributions received before an annuity starting date.
United States · United States Congress · 3 February 1987
Amends the Internal Revenue Code to repeal the windfall profit tax on domestic crude oil. Imposes an import fee on crude oil and refined petroleum products imported into the United States. Specifies that such fee shall be imposed only during any week following a four-week period when the average international price of crude oil is less than $18 per barrel. Exempts from such fee crude oil or refined petroleum products purchased for export. Sets the rate of such import fee as the difference between $18 per barrel and the average world price of crude oil per barrel.
United States · United States Congress · 3 February 1987
Expresses the sense of the House of Representatives that the income tax rates provided in the Tax Reform Act of 1986 should not be raised or delayed.
United States · United States Congress · 2 February 1987
Amends the Tax Reform Act of 1986 to delay until December 31, 1988 (currently, December 31, 1986) the exception for certain technical personnel from certain rules for determining whether an individual is an employee or independent contractor for employment tax purposes.
United States · United States Congress · 2 February 1987
Amends Federal law to make certain producers of the 1987 wheat crop eligible for disaster assistance (including drought assistance).
United States · United States Congress · 2 February 1987
Amends the Tax Reform Act of 1986 to provide that provisions relating to the repeal of the income tax deduction for adoption expenses shall not take effect until taxable years beginning after December 31 of the calendar year in which final regulations are issued to implement the reimbursement of nonrecurring adoption expenses under any adoption assistance agreement under subtitle E (Foster Care and Adoption Assistance) of title IV of the Social Security Act.
United States · United States Congress · 29 January 1987
Amends the Tax Reform Act of 1986 to repeal provisions which eliminated the 60 percent capital gains deduction for taxpayers other than corporations. Reduces the alternative tax rate for capital gains realized by a corporation from 34 percent to 14 percent.
United States · United States Congress · 29 January 1987
National Violent Crime Program Authorization Act, Fiscal Year 1988 - Establishes the National Violent Crime Program for the detection, investigation, apprehension, prosecution, and incarceration of individuals involved in violent crime activity and drug trafficking. Authorizes appropriations for construction and remodeling of correctional facilities, the Office of Justice Assistance, and other prevention and law enforcement activities.
United States · United States Congress · 29 January 1987
Expresses the sense of the Senate that the President's recommendation in the 1988 Federal Budget proposal to repeal the partial excise tax exemption for alcohol fuels should be rejected by the Congress.
United States · United States Congress · 29 January 1987
Title I - Authorizes appropriations for FY 1988 to the Department of Justice for: (1) general administration; (2) the General Administration Working Capital Fund; (3) the United States Parole Commission; (4) general legal activities; (5) the Foreign Claims Settlement Commission; (6) the United States Marshals Service; (7) the support of United States prisoners in non-Federal institutions; (8) fees and expenses of witnesses; (9) the Community Relations Service; (10) the United States Trustees System Fund; (11) the Assets Forfeiture Fund; (12) the Federal Bureau of Investigation (FBI); (13) the Drug Enforcement Administration (DEA); (14) the Immigration and Naturalization Service (INS); and (15) the Federal Prison System. Allows up to $75,000 of the funds authorized to the Department to be made available for official reception and representation expenses. Title II - Provides general authorizations for: (1) travel expenses; (2) construction of new law enforcement facilities; (3) the treatment and care of prisoners; (4) purchasing and leasing motor vehicles; (5) purchasing firearms and ammunition; (6) leasing surveillance sites; (7) the acquisition, maintenance, and operation of aircraft; (8) miscellaneous and emergency expenses; (9) official reception and representation expenses; (10) meetings; (11) training for law enforcement personnel; (12) services of interpreters and translators; (13) the payment of rewards; (14) insurance; and (15) benefits for employees serving overseas. Authorizes the Attorney General to collect fees from State, local, and private agencies to defray the cost of services provided by the Department. Authorizes the Attorney General to accept, subject to specified restrictions, gifts for the purpose of aiding or facilitating the work of the Department. Provides guidelines for the use of appropriations by the Attorney General for: (1) the FBI; (2) the DEA; (3) the INS; (4) the Bureau of Prisons; and (5) the United States Marshals Service. Provides guidelines with respect to the authorizations and exemptions which may be utilized for undercover operations conducted by the FBI, the DEA, the INS, and the U.S. Marshals Service. Title III - Authorizes the Attorney General to make payments for assistance to individuals under the Refugee Education Assistance Act of 1980. Amends the Immigration and Nationality Act of 1952 to authorize INS agents and officers to: (1) carry firearms; (2) execute and serve warrants, subpoenas, or other processes issued under the authority of the United States; (3) make arrests without a warrant (under certain circumstances); and (4) perform other law enforcement duties as designated by the Attorney General. Authorizes the Attorney General to make payments for the support of United States prisoners in non-Federal institutions. Authorizes the Federal Prison Industries, Incorporated, and the U.S. Parole Commission to purchase motor vehicles. Authorizes the Attorney General to host the annual meeting of the General Assembly of INTERPOL and to periodically sponsor INTERPOL conferences. Authorizes the Foreign Claims Settlement Commission to hire motor vehicles. Establishes the United States Marshals Service as a bureau within the Department of Justice. States that the Service shall be under the authority and direction of the Attorney General. Directs the President to appoint a U.S. Marshal for each judicial district of the United States. Specifies the powers and duties of the Service. Prescribes the schedule of fees that the Service may collect. Title IV - Amends the Comprehensive Crime Control Act of 1984 to require that funds in excess of a certain amount within the Crime Victims Fund be deposited in the general fund of the Treasury. Repeals the authority of: (1) the Attorney General to make grants to State and local governments to assist in suppressing the diversion of controlled substances from legitimate medical, scientific, and commercial use; (2) the Director of Justice Assistance to make grants to State and local governments for the construction of correctional facilities; (3) the Administrator of the Office of Juvenile Justice and Delinquency Prevention to make grants to State and local governments for juvenile justice programs; and (4) the Director of the Bureau of Justice Assistance to make grants to State and local governments for certain programs to improve the functioning of the criminal justice system. Title V - Makes technical changes to the United States Code.
United States · United States Congress · 29 January 1987
Amends the Internal Revenue Code to allow deductions for State and local sales taxes on the purchase of domestically-produced automobiles.
United States · United States Congress · 29 January 1987
Amends the Internal Revenue Code to permit qualified pension and annuity plans to make distributions to participants for purposes of acquiring, constructing, or rehabilitating a dwelling unit if: (1) within a reasonable period of time such dwelling unit is to be used as the principal residence of the participant; and (2) such participant has not previously received a distribution for such purposes.
United States · United States Congress · 29 January 1987
Family Education Assistance Act of 1987 - 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. Imposes: (1) a six percent excise tax on excess contributions to an education savings account; and (2) a five percent excise tax on amounts connected with any prohibited transaction with respect to such an account. Excludes from the gross income of an individual distributions from an education savings account used exclusively for that individual's educational expenses. 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 · 28 January 1987
Provides for a waiver of estimated tax penalties on employees due to an employer's failure to withhold tax in cases where an employer fails to withhold tax on the basis of valid withholding certificates. Limits such waiver to taxable years 1987 and 1988. Amends the Tax Reform Act of 1986 to delay for two years from December 31, 1986, until December 31, 1988, the increase from 80 percent to 90 percent in the current year liability test for estimated tax payments.
United States · United States Congress · 28 January 1987
Repeals specified provisions of the Tax Reform Act of 1986 which eliminate the income tax deduction for State and local sales taxes. Provides that the Internal Revenue Code of 1986 shall be applied and administered as if such provisions had not been enacted.
United States · United States Congress · 28 January 1987
Tax Fairness for Farmers, Ranchers, and Small Businessmen Act of 1987 - Amends the Tax Reform Act of 1986 to repeal provisions which eliminated the use of income averaging. Specifies that the Internal Revenue Code shall be applied and administered as if such provisions had not been enacted. Increases the amount of the income tax deduction for health insurance premiums paid by self-employed individuals from 25 percent of such costs to 50 percent of such costs. Repeals requirements that farmers must capitalize preproductive costs. Denies the use of cash accounting for all corporations engaged in farm product processing with annual gross receipts in excess of $100,000,000. Allows farmers the full investment tax credit carry forward. (Present law requires a 35 percent reduction in the carry forward of such credit.) Allows a one-time exclusion of any gain realized from the sale or exchange of land used in the trade or business of farming.
United States · United States Congress · 28 January 1987
Amends the Tax Reform Act of 1986 to repeal provisions which require the adoption of certain taxable years by: (1) partnerships; (2) S corporations; and (3) personal service corporations. Specifies that the Internal Revenue Code shall be applied and administered as if such provisions had not been enacted.
United States · United States Congress · 28 January 1987
Live Birth Abortion Revision Act - Amends the Internal Revenue Code to deny a taxpayer's personal exemption deduction for a child who is born alive after an induced abortion or an attempt to perform an abortion and dies as a result of such procedure. Denies the deduction for abortion expenses unless the abortion was performed to save the life of the mother. Denies the personal exemption deduction for the spouse or a dependent of the taxpayer if the taxpayer intentionally causes the death of such spouse or dependent. Requires a court determination of an intentional cause of death.
United States · United States Congress · 28 January 1987
Amends the Tax Reform Act of 1986 to delay until December 31, 1988 (currently, December 31, 1986) the exception for certain technical personnel from certain rules for determining whether an individual is an employee or independent contractor for employment tax purposes.