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Bill· HRH.R. 11602 (94th)referred
United States · United States Congress · 29 January 1976
Increases the estate tax exemption under the Internal Revenue Code from $60,000 to $200,000 of the value of the gross estate. Increases the limitation on the aggregate marital deduction to 50 percent of the adjusted gross value of the estate, plus $100,000. Allows an executor to value farmland, woodland, and scenic open land at its current use value rather than at its fair market value.
Bill· HRH.R. 11590 (94th)referred
United States · United States Congress · 29 January 1976
Increases the exemption for taxable estates under the Internal Revenue Code from $60,000 to $200,000 of the value of the gross estate.
Bill· SS. 2885 (94th)referred
United States · United States Congress · 28 January 1976
Increases the estate tax exemption under the Internal Revenue Code from $60,000 to $400,000 of the value of the gross estate. Allows an executor to value farmland and woodland at its current use value rather than at its fair market value.
Law· HRH.R. 11559 (94th)open
United States · United States Congress · 28 January 1976
Authorizes the appropriation of $6,470,000 for fiscal year 1977 to carry out programs under the Saline Water Conversion Act of 1971.
Bill· HRH.R. 11553 (94th)referred
United States · United States Congress · 28 January 1976
Amends the Internal Revenue Code to exempt single unit trucks from the highway use tax.
Bill· HRH.R. 11579 (94th)referred
United States · United States Congress · 28 January 1976
Imposes on each non-resident of the District of Columbia a one-and-a-half percent tax on income derived from (1) those wages received for personal services performed in the District, and (2) that share to which the non-resident is entitled in the net income of an unincorporated business arising from sources within the District. Exempts $6,000 of taxable income from such tax where the period covered by a return is a full year. Repeals the franchise tax on the income of unincorporated businesses. Directs every employer paying wages to non-residents for services performed in the District to deduct and withhold a tax upon such wages in an amount to be determined by the Council of the District of Columbia. Empowers the Council to authorize such employers to follow specified withholding guidelines in instances where a non-resident is paid wages both for services performed within and for services performed outside the District. Subjects employers who fail to withhold or pay required sums to liability therefor. Requires agreements between the Secretary of the Treasury and the Mayor of the District of Columbia relating to compliance with District of Columbia tax law by Federal agency heads with respect to agency employees to cover non-resident as well as resident employees. Directs the Secretary of the Senate, the Clerk of the House of Representatives, and the Sergeant at Arms of the House of Representatives to enter into agreements with the Mayor of the District of Columbia providing for compliance by such officers with the tax withholding and remittance requirements of District of Columbia tax law with respect to those individuals whose compensation is disbursed by them. Forbids the Council of the District of Columbia to take any action not authorized in this Act which would impose any greater or additional tax on the personal income of any non-resident.
Bill· HRH.R. 11567 (94th)referred
United States · United States Congress · 28 January 1976
Amends the Internal Revenue Code to increase from $20,000 to $40,000 the amount to which the adjusted sales price of a residence of an individual over age 65 shall be compared for purposes of determining the amount of gain which shall be excluded from gross income in the case of a sale or exchange of such principal residence.
Bill· HRH.R. 11563 (94th)referred
United States · United States Congress · 28 January 1976
Amends the Internal Revenue Code to allow taxpayers of any age to exclude from gross income gain from the sale or exchange of property if during the eight year period preceding the sale or exchange, such property has been owned and used as the taxpayer's principal residence for periods aggregating five years or more. Allows a surviving spouse to tack on the holding and use periods of the decedent spouse without regard to whether such decedent spouse had made an election to exclude gain from a prior sale or exchange.
Bill· SS. 2879 (94th)referred
United States · United States Congress · 27 January 1976
Increases the estate tax exemption under the Internal Revenue Code from $60,000 to $120,000. Increases the exemption for the estates of nonresidents not citizens from $30,000 to $60,000. Allows a deduction in determining the value of the taxable estate for purposes of the estate tax in the case of a family farm or a small business continually owned by the decedent for five years which passes to a related individual or individuals, in an amount equal to the lesser of (1) $130,000 adjusted for inflation or (2) the value of the decedent's interest in such family farm or small business. Disqualifies the individual to whom the estate passes from the tax benefit authorized by this Act if such individual fails to retain the interest passed in the family farm or small business for at least five years after the decedent's death. States that a spouse's services shall be taken into account in determining the consideration furnished to purchase jointly owned property for purposes of the Federal estate tax.
Bill· SS. 2875 (94th)referred
United States · United States Congress · 27 January 1976
Increases the estate tax exemption under the Internal Revenue Code from $60,000 to $200,000 of the value of the gross estate. Increases the limitation on the aggregate marital deduction to 50 percent of the adjusted gross value of the estate, plus $100,000. Allows an executor to value farmland, woodland, and scenic open land at its current use value rather than at its fair market value.
Bill· HRH.R. 11525 (94th)referred
United States · United States Congress · 27 January 1976
Taxpayer Audit Disclosure Act - Requires the establishment of formal procedures and criteria for the selection of individual income tax returns for audit. Directs the Secretary of the Treasury or his delegate to provide any individual selected for auditing with a written notice which clearly specifies the reasons for and manner in which the return of such individual was selected for audit. Provides that the Secretary or his delegate shall furnish to such individual a written explanation which describes the audit procedure, the rights which a taxpayer may exercise during such procedure, the right of the taxpayer to make an administrative or judicial appeal from an adverse decision at the end of such procedure, and the right of the taxpayer to claim a refund. Requires the Secretary of the Treasury or his delegate to submit to the Joint Committee on Internal Revenue Taxation before September 30 of each year a report setting forth: (1) the number of individuals whose returns were selected for audit during the previous 12-month period; (2) a classification of individuals whose returns were audited during the previous 12-month period by, among other factors, income levels, geographic distribution, and profession; (3) the number of individuals audited during the previous 12-month period who were found to have made underpayments or overpayments of tax, together with summary statistics reflecting the percentage of such number, by income category, who made underpayments or overpayments of certain ranges of amounts (to be determined by the Secretary or his delegate); and (4) such other information as may be requested by the joint committee in accordance with the purposes of this Act.
Bill· HRH.R. 11517 (94th)referred
United States · United States Congress · 27 January 1976
Pollution Control Act - Permits taxpayers, under the Internal Revenue Code, to elect to deduct ratably over a period of three years any certified pollution control expenditure paid or incurred within the taxable year. States that such deduction shall be in lieu of any depreciation deduction otherwise allowable. Defines "certified pollution control expenditure" as meaning any amount paid or incurred by the taxpayer before January 1, 1980, for the construction, reconstruction, erection, or acquisition of a new identifiable treatment facility which is used in connection with a plant or other property in operation before January 1, 1974, to abate or control water or atmospheric pollution or contaminants.
Bill· HRH.R. 11536 (94th)referred
United States · United States Congress · 27 January 1976
Amends the Internal Revenue Code to provide that nonprofit corporations or associations without capital stock that have as their purpose providing reserve funds and insuring shares or deposits in: (1) domestic building and loan associations; (2) nonprofit cooperative banks without capital stock; or (3) mutual savings banks not having capital stock represented by shares, can be on the list of tax exempt organizations if organized before January 1, 1963 (presently September 1, 1957).
Bill· HRH.R. 11515 (94th)referred
United States · United States Congress · 27 January 1976
Authorizes the appropriation of $65,000,000 for fiscal year 1977 to pay the unfunded obligations of the District of Columbia for annuities and other retirement benefits of the following individuals, their survivors, and other beneficiaries: (1) specified members and former members of the metropolitan Police Force; (2) specified members and former members of the Fire Department of the District of Columbia; (3) specified judges and former judges; and (4) specified teachers and former teachers. Requires a study to be conducted by a person selected jointly by designated officials to determine the amount of such obligations which will be incurred during fiscal year 1978 and thereafter, to suggest methods of financing those obligations, and to determine whether any changes are needed in existing retirement programs.
Resolution· HRESH.Res. 993 (94th)referred
United States · United States Congress · 27 January 1976
Expresses the sense of the House of Representatives that United States assistance for Israel for fiscal year 1977 should not be less than United States assistance for Israel for fiscal year 1976.
Bill· HRH.R. 11505 (94th)referred
United States · United States Congress · 26 January 1976
Authorizes the appropriation of funds for fiscal year 1977 to carry out the provisions of the Marine Protection, Research, and Sanctuaries Act of 1972 as follows: (1) $5,300,000 to regulate the transportation and dumping of radioactive waste; (2) $6,000,000 to carry out monitoring and research regarding the effects of the dumping of material into coastal waters; and (3) $6,200,000 for the designation of marine sanctuaries in those areas of the ocean waters, and of the Great Lakes and their connecting waters, as the Secretary of Commerce determines necessary for the purpose of preserving or restoring such areas for their conservation, recreational, ecological, or esthetic values.
Bill· HRH.R. 11507 (94th)referred
United States · United States Congress · 26 January 1976
Increases, under the Social Security Act and the Internal Revenue Code, the ceiling on the amount of earnings which may be counted for social security benefit and tax purposes. Sets forth proposed ceilings of $15,300 for calendar year 1976, $22,200 for calendar year 1977, $26,100 for calendar year 1978, and $28,500 for calendar year 1979.
Bill· HRH.R. 11486 (94th)reported
United States · United States Congress · 26 January 1976
Amends the Internal Revenue Code to change the definition of an operating foundation with respect to qualifying distributions from such foundation's minimum investment return by substituting the criteria that qualifying distributions shall be three percent of the excess of the fair market value of the assets not used in the foundation's charitable activities less the acquisition indebtedness with respect to such asset. Imposes a tax on tax-exempt foundations at a rate of four percent of the net investment income of nonoperating foundations and a rate of two percent of the net investment income of operating foundations.
Bill· HRH.R. 11496 (94th)referred
United States · United States Congress · 26 January 1976
Small Business Estate and Gift Tax Reform Act - Revises, under the Internal Revenue Code, the rate of tax imposed on transfers of taxable estates. Increases the present $60,000 exemption from such tax to $80,000 in 1976, $100,000 in 1978, and $120,000 in 1980. Alters possible gift tax exemptions of a decedent's estate in 1980. Provides that in the computation of the value of a taxable estate, where a bequest is made to the surviving spouse, the limitation on the aggregate of deductions is revised from 50 percent to $240,000 plus 50 percent of the excess of the adjusted gross estate. Incorporates in the determination of the value of a decedent's property held as farming property or scenic open property, the consideration of any effective restrictions on its use for other purposes. Increases the gift tax exemption from $30,000 to $60,000. Allows a taxpayer to claim, under conditions prescribed by the Secretary of the Treasury or his delegate, an additional exemption which would otherwise be allowed his estate upon his death. Revises the gift tax exemption permitted for gifts to spouses from one half of the transferred property's value to so much of its value as does not exceed $240,000, plus one half of the excess. Extends from 10 to 15 the number of equal installments in which estate taxes on an estate consisting largely of an interest in closely held business may be paid. Permits the Secretary or his delegate, with the taxpayer's consent, to impose a lien on the closely held business assets which constitute the basis for the extension. Allows such lien in lieu of requiring a bond, but treats it as a bond for purposes of the discharge of fiduciary liability. Requires the Secretary or his delegate to study: (1) hardship extensions of the time for payment of estate tax and installments thereof; and (2) extensions of time for payment of estate tax where the estate consists largely of an interest in a closely held business as such extensions affect decisions to continue or dispose of a small or closely held business. Orders a report of such study to be submitted to Congress within 12 months of enactment of these provisions, such report to include findings, conclusions, and recommendations for legislation.
Bill· HRH.R. 11492 (94th)referred
United States · United States Congress · 26 January 1976
Amends the Internal Revenue Code to stipulate that for specified bond issues, the proceeds of which are used for providing facilities with hydroelectric energy, the provisions concerning taxation of interest on industrial revenue bonds shall be inapplicable and any interest received from such governmental obligations shall be excluded from gross income.
Bill· HRH.R. 11484 (94th)referred
United States · United States Congress · 26 January 1976
Small Business Estate and Gift Tax Reform Act - Revises, under the Internal Revenue Code, the rate of tax imposed on transfers of taxable estates. Increases the present $60,000 exemption from such tax to $80,000 in 1976, $100,000 in 1978, and $120,000 in 1980. Alters possible gift tax exemptions of a decedent's estate in 1980. Provides that in the computation of the value of a taxable estate, where a bequest is made to the surviving spouse, the limitation on the aggregate of deductions is revised from 50 percent to $240,000 plus 50 percent of the excess of the adjusted gross estate. Incorporates in the determination of the value of a decedent's property held as farming property or scenic open property, the consideration of any effective restrictions on its use for other purposes. Increases the gift tax exemption from $30,000 to $60,000. Allows a taxpayer to claim, under conditions prescribed by the Secretary of the Treasury or his delegate, an additional exemption which would otherwise be allowed his estate upon his death. Revises the gift tax exemption permitted for gifts to spouses from one half of the transferred property's value to so much of its value as does not exceed $240,000, plus one half of the excess. Extends from 10 to 15 the number of equal installments in which estate taxes on an estate consisting largely of an interest in closely held business may be paid. Permits the Secretary or his delegate, with the taxpayer's consent, to impose a lien on the closely held business assets which constitute the basis for the extension. Allows such lien in lieu of requiring a bond, but treats it as a bond for purposes of the discharge of fiduciary liability. Requires the Secretary or his delegate to study: (1) hardship extensions of the time for payment of estate tax and installments thereof; and (2) extensions of time for payment of estate tax where the estate consists largely of an interest in a closely held business as such extensions affect decisions to continue or dispose of a small or closely held business. Orders a report of such study to be submitted to Congress within 12 months of enactment of these provisions, such report to include findings, conclusions, and recommendations for legislation.
Resolution· HRESH.Res. 978 (94th)referred
United States · United States Congress · 26 January 1976
Directs the appointment of an expert in the Department of the Treasury and in the Congress, as part of the Joint Committee on Internal Revenue Taxation, to advise on long-range tax simplification and tax reform for small business.
Bill· SS. 2870 (94th)referred
United States · United States Congress · 23 January 1976
Amends the Internal Revenue Code to exclude from gross income amounts received by an individual as a pension, annuity, or other benefit under a retirement system maintained by the United States or any agency thereof to the extent that such amounts do not exceed the maximum social security benefit for such taxable year. Defines the term maximum social security benefits to include the maximum amount of earnings which could be received by an individual entitled to old-age insurance benefits without a reduction in such benefits.
Bill· SS. 2866 (94th)referred
United States · United States Congress · 22 January 1976
Higher Education Expenses Tax Deferment Act - Amends the Internal Revenue Code to allow an eligible individual a limited deferment of taxes for any taxable year in an amount not in excess of the amount of net qualified higher education expenses paid by such taxpayer during that year. Limits such deferral to the lesser of: (1) 75 percent of the net qualified higher education expenses paid; (2) $1500 per academic year for an undergraduate student; or (3) the amount of tax liability reduced by twice the amount that such liability exceeds the amount of tax deferrable. Defines terms used in this Act.
Law· HRH.R. 11481 (94th)open
United States · United States Congress · 22 January 1976
Authorizes the appropriation without fiscal year limitation for the Department of Commerce, for the fiscal year 1977, as follows: (1) $403,721,000 for obligations incurred for operating differential subsidy; (2) $19,500,000 for research and development activities; (3) $4,560,000 for reserve fleet expenses; (4) $13,260,000 for maritime training at the Merchant Marine Academy at Kings Point, New York; and (5) $3,741,000 for financial assistance to State marine schools. Authorizes the appropriation for the fiscal year 1977 of such additional supplemental amounts for the activities for which appropriations are authorized under this Act as may be necessary for increases in salary, pay, retirement, or other employee benefits authorized by law, and/or increased costs for public utilities, food service, and other expenses of the Merchant Marine Academy at Kings Point, New York.
Bill· HRH.R. 11461 (94th)referred
United States · United States Congress · 22 January 1976
Authorizes a deduction, under the Internal Revenue Code, to individuals with permanently handicapped children for amounts contributed to a trust fund which is to be used for the care and support of such child. Limits such deduction to the lesser of 10 percent of the adjusted gross income of the taxpayer, or $500 in the case of a joint return. Specifies the type of trust which may meet the conditions of this Act. Defines terms used in this Act.
Bill· HRH.R. 11472 (94th)referred
United States · United States Congress · 22 January 1976
Amends the Comprehensive Alcohol Abuse and Alcoholism Prevention, Treatment, and Rehabilitation Act of 1970 to extend for three fiscal years, and authorize appropriations for, programs of assistance under such Act.
Bill· HRH.R. 11436 (94th)reported
United States · United States Congress · 21 January 1976
Amends the Internal Revenue Code to exclude from the estate tax amounts paid out of an estate as an allowance or award for the support of the decedent's surviving spouse or children for a limited period during the administration of the estate.
Bill· HRH.R. 11441 (94th)referred
United States · United States Congress · 21 January 1976
Redefines "firearm" under the Omnibus Crime Control and Safe Streets Act of 1968 and "any other weapon" under the National Firearms Act to include electric weapons for purposes of regulation of the sale, manufacture, importation, transportation and taxation of such weapons.
Bill· HRH.R. 11433 (94th)referred
United States · United States Congress · 21 January 1976
Amends the Internal Revenue Code to allow the exclusion from gross income of interest on industrial development bonds, the proceeds of which are for the tax exempt activity of providing hospital facilities.
Bill· HRH.R. 11425 (94th)referred
United States · United States Congress · 21 January 1976
Amends the Internal Revenue Code to provide that in the case of an individual whose income tax prepayments exceed such individual's liability for the income tax with respect to any taxable year, interest shall be allowed and paid at a rate of five percent upon the excess portion of each such tax prepayment.
Bill· HRH.R. 11427 (94th)referred
United States · United States Congress · 21 January 1976
Increases the estate tax exemption for taxable estates under the Internal Revenue Code from $60,000 to $200,000 of the value of the gross estate. Increases the limitation on the aggregate marital deduction to 50 percent of the adjusted gross value of the estate, plus $100,000. Allows an executor to value farmland, woodland, and scenic open land at its current use value rather than at its fair market value.
Bill· HRH.R. 11422 (94th)referred
United States · United States Congress · 21 January 1976
Increases the estate tax exemption for taxable estates under the Internal Revenue Code from $60,000 to $200,000 of the value of the gross estate. Increases the limitation on the aggregate marital deduction to 50 percent of the adjusted gross value of the estate, plus $100,000. Allows an executor to value farmland, woodland, and scenic open land at its current use value rather than at its fair market value.
Bill· HRH.R. 11432 (94th)referred
United States · United States Congress · 21 January 1976
Increases, under the Social Security Act and the Internal Revenue Code, the ceiling on the amount of earnings which may be counted for social security benefit and tax purposes. Sets forth proposed ceilings of $15,300 for calendar year 1976, $22,200 for calendar year 1977, $26,100 for calendar year 1978, and $28,500 for calendar year 1979.
Bill· HRH.R. 11405 (94th)referred
United States · United States Congress · 20 January 1976
Amends the Internal Revenue Code to allow a tax deduction for State and local taxes on amounts paid or incurred for the rental of a dwelling unit.
Bill· HRH.R. 11373 (94th)referred
United States · United States Congress · 19 January 1976
Amends the Internal Revenue Code to allow a limited tax credit in an amount of $250 for each individual who is at least 61 years of age before the beginning of the taxable year, whose principal place of abode during the taxable year is the principal residence of the taxpayer, and who is not a lodger with the taxpayer.
Bill· HRH.R. 11361 (94th)referred
United States · United States Congress · 19 January 1976
Amends the Internal Revenue Code to allow corporations and individuals to defer for one month the second and third installments of their estimated income tax.
Bill· HRH.R. 11378 (94th)referred
United States · United States Congress · 19 January 1976
Amends the Internal Revenue Code to allow an itemized deduction for a reasonable allowance paid for salaries or other compensation for personal services actually rendered by an individual who is not claimed as a personal exemption by the taxpayer.
Bill· HRH.R. 11375 (94th)referred
United States · United States Congress · 19 January 1976
Allows, under the Internal Revenue Code, a maximum $500 credit against the income tax for employment placement fees incurred by a taxpayer during the taxable year to an employment agency. Requires that to elect such a credit the newly hired individual must have been totally unemployed during the 30 day period before acceptance of such employment.
Bill· HRH.R. 11366 (94th)referred
United States · United States Congress · 19 January 1976
Amends the Internal Revenue Code to increase the personal income tax exemption form $750 to $1,000.
Bill· HRH.R. 11362 (94th)referred
United States · United States Congress · 19 January 1976
Allows an income tax credit under the Internal Revenue Code in an amount equal to 50 percent of the depressed urban area employment expenses for the taxable year. Specifies that such credit shall not exceed the amount of tax imposed reduced by the sum of other available credits. Allows a seven year carryover for the amount of the depressed urban area employment credit which exceeds such limitation. Directs the Secretary of Labor to designate any central city as a depressed urban area if it meets the criteria necessary for such determination with regard to the unemployment rate and the number of residents receiving benefits under the aid to families with dependent children program.
Bill· HRH.R. 11363 (94th)referred
United States · United States Congress · 19 January 1976
Exempts from the estate tax imposed under the Internal Revenue Code the lesser of: (1) $200,000; and (2) the value of the decedent's interest in a family farming operation operated continually by the decedent for at least five years prior to his death and which passes to a relative on his death. Provides for revocation of such exemption in the event that the successor transfers his interest or stops residing on the farm within five years of the death of his transferor. Provides, under the Internal Revenue Code, the farmland, woodland, or open land which comprises part of an estate may be valued, for estate tax purposes, as such rather than at its fair market value. Provides that real property which is listed on the National Register of Historic Places may be valued, for estate tax purposes, at its value for its existing use. Provides for the revocation of such lower evaluation and recapture of unpaid taxes with interest upon the conversion, rezoning, or removal of such land from the National Register of Historic Places.