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601 records in US in 1977
United States · United States Congress · 6 April 1977
Amends the Internal Revenue Code to provide a deduction for State and local taxes imposed on the furnishings or sale of electrical energy, steam, sewage disposal services, gas or telephone services.
United States · United States Congress · 6 April 1977
Amends the Internal Revenue Code to allow taxpayers to credit against the income tax specified higher education expenses, including tuition, fees, books, and supplies, incurred by the taxpayer for himself or any other individual. Limits the credit to 100 percent of the first $300 for any individual, 50 percent of the next $300, and 10 percent of the next $400. Limits the credit to expenses incurred by full time students at institutions of vocational and higher education, minus scholarships and veterans' benefits. Limits the total credit allowed the taxpayer to his income tax liability minus the sum of all other credits applied thereto. Disallows any deduction of educational expenses used to determine the amount of the credit allowed by this Act.
United States · United States Congress · 6 April 1977
Amends the Endangered Species Act of 1973 to revise the requirements necessary for State programs to be deemed adequate and active programs for the conservation of endangered species and to qualify for Federal assistance under the Act. Authorizes the appropriation of funds for fiscal years 1978, 1979, and 1980 for State cooperative programs under the Act.
United States · United States Congress · 6 April 1977
Tax Equity Act - Title I: Capital Gains and Losses - Repeals the alternative tax presently allowed to corporations, individuals and life insurance companies on long-term capital gains. Provides, in lieu of the present 50 percent deduction for net long-term capital gain, an exclusion of so much of the gain as does not exceed one-half of one percent of adjusted basis of the property times the number of months the property was held over 12 months. Limits capital losses to capital gains and gains from the exchange of business property in the case of corporations, and, in the case of other taxpayers, to capital gains and gains from the exchange of business property plus the taxable income of the taxpayer or $3,000, whichever is smaller. Allows the executor of a decedent's estate to include in gross income any unrealized capital gains on descendent's property to the extent that the decedent had a net capital loss for the taxable year. Provides that income from the sale or exchange of patent rights shall be treated as royalties (ordinary income) rather than as gain from the sale or exchange of a capital asset. Title II: Income Derived from Extraction of Minerals - Repeals the percentage depletion allowance for taxable years beginning after 1977. Allows the deduction of expenditures (including intangible drilling costs) incurred in the exploration and development of mineral property, but only to the extent of taxable income derived from such properties. Provides an exclusion from gross income of amounts derived from foreign mineral properties, provided that such income is not derived from: (1) a nonoperating mineral interest; (2) distributions received with respect to the stock of a corporation; and (3) amounts includible in gross income as undistributed profits of controlled foreign corporations. Limits the losses allowable from the disposition of mineral property to the extent of the gains from the sale or exchange of such properties during the taxable year. Title III: Reform Measures Affecting Primarily Individuals - Provides that the maximum rate of income tax for individuals shall be 50 percent of taxable income. Allows a credit of 24 percent of the amount of deductions which would be allowable, but for this credit, for the following: (1) personal exemptions; (2) interest on non-business obligations; (3) non-business State and local taxes; (4) non-business losses of property; (5) charitable contributions; (6) medical care; and (7) taxes and interest paid by a cooperative housing association. Authorizes the President to increase or decrease the 24 percent credit rate authorized by this Act subject to the disapproval by either House of Congress. States that the income received by a child from a trust created by his parent, and dividends, interest, and royalties from property given the child by his parent shall be included in the gross income of the parent if the parent claims the above credit for the exemption allowable for such child as a dependent. Provides that shareholder-employees of closely held corporations must include in gross income that part of contributions paid by an employer-corporation (and deductible by it) to trusts, annuities, or bond purchase plans for the benefit of the shareholder-employee in excess of (1) the lesser of 15 percent of his compensation; or (2) $7500, and the amount of any forfeitures allocated to the employee's account under a stock bonus or profit-sharing plan. Repeals the $100 exclusion from gross income for dividends and trust income. Restricts the business and income-producing expense deduction for business or trade-related conventions held outside of the United States to the cases where it is more reasonable for the meeting to be held outside of the United States than within it. Disallows business expense deductions for the use of a dwelling unit which is used by the taxpayer during the taxable year as a residence. Limits such deductions for vacation homes. Limits the allowable deductions attributable to farming by individuals whose nonfarm adjusted gross income exceeds $20,000 to gross income derived from farming for the taxable year, plus, in the case of an individual, the higher of $10,000 or the amount of certain allowable deductions. Provides for the computation of earnings and profits on a consolidated basis with respect to distributions by the common parent corporation of a controlled group of corporations. Provides for the recognition of gains incurred upon transfers to corporations controlled by the transferor where the gain qualifies as a dividend. Specifies that stock options granted to an employee by an employer corporation shall be treated as an option without a readily ascertainable value unless the option is traded on a stock exchange. Taxes trust income payable to the children of a grantor with a reversionary interest to the grantor if the child is under 21 years of age or a student. Applies the limitation on partnership losses to real estate partnerships. Repeals the exemption for earned income from foreign sources. Provides that a partnership shall be treated as a corporation for purposes of income taxation upon filing of a registration statement for the offering of units of interest in a partnership with the Securities Exchange Commission. Title IV: Reform Measures Affecting Primarily Corporations - Repeals the investment credit for business property placed in service after 1977. Repeals the Asset Depreciation Range System. States that, in the case of a corporation, the depreciation allowance shall not exceed the depreciation recorded on the corporation's books. Provides that the deduction for repair expenses shall be limited to the amount recorded on the corporation's books. Provides that if a deduction is allowable to a corporation during the taxable year for interest on purchases of stock of an unaffiliated corporation, the dividends received from such corporation shall be eligible for the dividends received deduction only to a limited extent. Repeals the provision allowing nonrecognition of gain on the sale of inventory in certain liquidations. Disqualifies as reorganization certain transactions which result in the shareholders of a merging corporation owning less than 20 percent of the total combined voting power of all classes of stock of the surviving corporation. Repeals the special treatment of bad debt reserves of financial institutions. Taxes the undistributed profits of foreign corporations to such corporations' American shareholders based on each shareholder's pro rata share of such undistributed profits. Repeals the tax exemption presently permitted to Domestic International Sales Corporations. Provides that where property acquired through involuntary conversion is stock of a corporation owning property similar or related in service or use to the converted property, the basis of such property owned by the corporation shall also be reduced by the amount of gain which is not recognized on account of the purchase of such stock. Repeals an exception to the penalty provisions for underpayment of estimated income tax insofar as they pertain to corporations whose tax for any of the preceding three tax years exceeded $300,000. Title V: Reforms Affecting Individuals and Corporations - Provides that amounts which otherwise would be allowable as a deduction and are attributable to the development of any fruit or nut grove or any vineyard shall be charged to capital account, with exceptions for specific types of development and for replanting of groves and vineyards damaged by weather, disease, or casualty. Repeals the tax exemptions for ships under foreign flags. Provides that the Commissioner of Internal Revenue shall have the authority to conduct any civil litigation in any court concerning tax liability, taxpayer suits, or the collection of internal revenue taxes in the name of the United States. Provides that the 15 percent minimum tax will apply to all tax preferences which exceeds $10,000. Subjects interest on governmental obligations and foreign tax credits to the minimum tax on preferences. Provides that the difference between the cost to a shareholder of the use of corporate property and the fair market value of such use shall be includible in the gross income of the shareholder. Limits the allowable depreciation deduction for rental real estate to an amount which will not reduce the adjusted basis to an amount below any mortgage indebtedness on such property. Reduces the deduction for charitable gifts of appreciated property to the amount of the property's basis at the time of the gift. Title VI: Reforms Affecting Private Foundations and Estate and Gift Taxes - Provides that a trust or other organization which is controlled by non-tax exempt organizations may still be considered a private foundation if its trustees or directors may distribute 50 percent or more of its income to qualified persons. Extends the disqualification of controlled foundations to include those which are only supervised or controlled in connection with unqualified organizations. Provides that organizations qualifying for tax exempt status because of their substantial support from Federal, State or local governments or from the general public may not receive more than one-half of one percent of their total support from any one individual or group related individuals. Excludes transfers with a reversionary interest in the decedent from the value of the decedent's gross estate. Requires the inclusion in the gross estate of the full value of an annuity provided by an employer. Includes in the value of a decedent's gross estate, life insurance proceeds on policies owned by the decedent's surviving spouse and on any policies not owned by the decedent to the extent that they are attributable to premiums paid by the decedent or his spouse. Limits the aggregate amount of charitable deductions allowed under the estate tax to 50 percent of the amount by which the value of the gross estate exceeds the aggregate amount of deductions for expenses, indebtedness, taxes, and casualty losses incurred during the settlement of the estate, or $1,000,000, whichever is greater. Allows a deduction from the gift tax of charitable gifts where the donor retained some interest in the transferred property which was later extinguished. Title VII: State and Local Obligations - Repeals the income tax for interest on State and local obligations issued after 1977. Directs the United States to pay 35 percent of the interest yield on State and local obligations. Title VIII: Withholding of Income Tax on Dividends and Interest - Directs every person who pays interest or dividends to deduct and withhold on such interest or dividends a tax equal to ten percent of the amount thereof. Directs every person required to deduct and withhold any tax to make quarterly returns of such tax to the appropriate Government officer.
United States · United States Congress · 6 April 1977
Amends the Public Health Service Act to authorize appropriations for fiscal years 1978 and 1979 to enable the Administrator of the Environmental Protection Agency: (1) to provide technical assistance, information, and training of personnel in order to improve the safety of public drinking water supplies; (2) to make grants to States to carry out public water system supervision programs; and (3) to make grants to States to carry out underground water source protection programs. Amends the Safe Drinking Water Act to authorize appropriations for fiscal years 1978 and 1979 to enable the Administrator to conduct a survey of the quantity, quality, and availability of rural drinking water supplies. Specifies that none of the funds authorized under this Act are to be used for research under Title XIV (Safety of Public Water Systems) of the Public Health Service Act.
United States · United States Congress · 6 April 1977
Amends the Internal Revenue Code to allow an individual income tax credit for 25 percent of the amounts paid or incurred for the purchase and installation of qualified insulative materials or heating equipment in the taxpayer's principal residence. Limits the credit to $375, or $750 in the case of a joint return. Stipulates that to be considered qualified such improvements must meet heat loss reduction or heating efficiency criteria to be established by the Secretary of the Treasury in accordance with standards developed and prescribed by the National Bureau of Standards.
United States · United States Congress · 6 April 1977
Accelerated Depreciation Allowance Act - Amends the Internal Revenue Code to allow taxpayers to elect accelerated amortization (twice the allowable depreciation deduction) for manufacturing property placed in service in States having an unemployment rate which is greater than six percent between October 1, 1976 and October 1, 1981.
United States · United States Congress · 6 April 1977
Establishes a Commission on Tax Revision to study and investigate the provisions of the Internal Revenue Code and other laws of the United States relating to taxation and revenue, the administration of such provisions, the effect thereof upon the fiscal soundness of the Federal Government, and upon taxpayers of all types, in order to determine what changes in such provisions and other laws are necessary to improve the Federal tax structure. Specifies general policy problems and specific items of the tax structure to be studied. Requires the submission of a detailed report of its findings and recommendations to Congress.
United States · United States Congress · 6 April 1977
Amends the Internal Revenue Code to allow as a deduction an amount equal to 25 percent of the gross income from geothermal steam and geothermal resources property. Limits such deduction to a maximum of 50 percent of the taxpayer's taxable income from the geothermal steam and geothermal resources property for the taxable year. Directs the Secretary of the Treasury to adopt regulations which allow the same deduction for intangible drilling and development costs for geothermal steam and geothermal resources as are presently available for the development of oil and gas wells.
United States · United States Congress · 6 April 1977
Amends the Internal Revenue Code to repeal the carryover basis provisions enacted by the Tax Reform Act which provide that beneficiaries receiving property from a decedent's estate will retain the decedent's basis in the property. Restores prior law which "stepped up" or "stepped down" the property's basis to its market value at the time of death without imposing tax consequences on the appreciation or depreciation the property underwent while held by the decedent.
United States · United States Congress · 6 April 1977
Sets forth the congressional budget for the United States Government for the fiscal year 1978. States that the recommended level of Federal revenues is $398,094,000,000 and the amount by which the aggregate level of Federal revenues should be decreased is $1,073,000,000. States that the appropriate level of total new budget authority is $500,764,000,000. Establishes the appropriate level of the public debt at $801,100,000,000. Sets forth the appropriate level of new budget authority and the estimated budget outlays for each major functional category.
United States · United States Congress · 5 April 1977
Amends the Peace Corps Act to authorize the appropriation for fiscal years 1978 and 1979 of such funds as may be necessary to carry out such Act and such sums as may be necessary for employee benefits authorized by law.
United States · United States Congress · 5 April 1977
Authorizes the appropriation of funds for fiscal years 1978 and 1979 to the Department of Justice for the purpose of carrying out the administrative and enforcement provisions of the Comprehensive Drug Abuse Prevention and Control Act of 1970.
United States · United States Congress · 5 April 1977
Amends the Internal Revenue Code to authorize the Secretary of the Treasury to disclose, upon written request, mailing addresses of taxpayers to the National Institute for Occupational Safety and Health for the purposes of conducting of health and safety studies of worker populations and of referring sick and injured workers for medical care.
United States · United States Congress · 5 April 1977
Prohibits any business dedication, under the Internal Revenue Code, relating to expenses paid or incurred for the transportation of any person by supersonic or nonsupersonic commercial aircraft in excess of an amount which is equal to the retail price of the lowest priced, generally available, unrestricted fare, tariff, or ticket for the transportation of such person by nonsupersonic commercial aircraft to the same destination at the same approximate time of day and at the same time of year. Prohibits the obligation of appropriated funds for the transportation of officers and employees of the United States by commercial aircraft in excess of the amount specified in the allowed business deduction.
United States · United States Congress · 5 April 1977
Amends the Internal Revenue Code to allow taxpayers to credit against the income tax specified higher education expenses, including tuition, fees, books and supplies, incurred by the taxpayer for himself or any dependent. Limits the credit to those expenses incurred for each individual which do not exceed $100 during taxable year 1978, $200 during 1979, and $300 during 1980. Limits the credit to expenses incurred by full-time students at institutions of vocational and higher education, minus scholarships and veterans benefits. Limits the total credit allowed the taxpayer to his income tax liability minus the sum of all other credits applied thereto. Disallows any deduction of educational expenses used to determine the amount of the credit allowed by this Act.
United States · United States Congress · 5 April 1977
Handicapped Medical Expense Exemption Act - Amends the Internal Revenue Code to allow individuals to treat amounts paid for permanent improvements to property for medical care purposes as deductible medical expenses without reducing the deduction for any increase in the value of the property.
United States · United States Congress · 5 April 1977
Amends the Federal Trade Commission Act to authorize the appropriation of funds for the administration of such Act during fiscal years 1978, 1979, and 1980.
United States · United States Congress · 5 April 1977
Amends the Internal Revenue Code to provide a deduction for State and local taxes imposed on the furnishings or sale of electrical energy, steam, sewage disposal services, gas or telephone services.
United States · United States Congress · 5 April 1977
Municipal Taxable Bond Alternative Act - Amends the Internal Revenue Code to allow a State, a possession of the United States, any political subdivision of any of the foregoing, the District of Columbia, or any issuer of qualified scholarship funding bonds to elect to issue taxable obligations, the interest of which will be included in the gross income of the recipient. Directs the Secretary of the Treasury to pay without condition or requirement 40 percent of the interest yield on each obligation for which the election of taxability has been made.
United States · United States Congress · 5 April 1977
Amends the Internal Revenue Code to increase the limitation on adjusted gross income for purposes of the credit for the elderly.
United States · United States Congress · 5 April 1977
Amends the Internal Revenue Code to allow taxpayers to credit against the income tax specified higher education expenses, including tuition, fees, books and supplies, incurred by the taxpayer for himself or any dependent. Limits the credit to those expenses incurred for each individual which do not exceed $100 during taxable year 1978, $200 during 1979, and $300 during 1980. Limits the credit to expenses incurred by full-time students at institutions of vocational and higher education, minus scholarships and veterans benefits. Limits the total credit allowed the taxpayer to his income tax liability minus the sum of all other credits applied thereto. Disallows any deduction of educational expenses used to determine the amount of the credit allowed by this Act.
United States · United States Congress · 5 April 1977
Amends the Internal Revenue Code to apply the same tax rate schedule presently applied to unmarried individuals who are not heads of households to all individuals, estates and trusts, and to require each employed individual earning more than $750 annually to file a separate income tax return regardless of marital status.
United States · United States Congress · 5 April 1977
Amends the Internal Revenue Code to define integrated auxiliaries of churches which are exempt from certain filing requirements for tax-exempt organizations.
United States · United States Congress · 5 April 1977
Amends the Internal Revenue Code to repeal the withholding tax requirements with respect to gambling winnings.
United States · United States Congress · 5 April 1977
Amends the Internal Revenue Code to repeal the limitations made by the Tax Reform Act of 1976 on the exclusion for sick pay.
United States · United States Congress · 5 April 1977
Amends the Internal Revenue Code to exempt farming vehicles from the highway motor vehicle excise tax, excepting vehicles owned by corporations with gross annual receipts exceeding $950,000, or which derive more than 50 percent of their gross receipts from non-farming activities.
United States · United States Congress · 5 April 1977
Amends the Internal Revenue Code to allow employers a tax credit for the sum of Federal Insurance Contributions Act (FICA) and in specified instances, Federal Unemployment Tax Act (FUCA) taxes withheld and paid for a limited number of new employees. Directs the Secretary of the Treasury, in consultation with other departments and agencies, to make annual reports to Congress on the impact of this credit as an employment incentive.
United States · United States Congress · 5 April 1977
Amends the Commercial Fisheries Research and Development Act of 1964 to authorize the appropriation of funds to the Secretary of Commerce for apportionment to the States for fiscal years 1978, 1979, and 1980 to carry out the purposes of the Act.
United States · United States Congress · 5 April 1977
Amends the Internal Revenue Code to exempt nonprofit volunteer firefighting or rescue organizations from the excise tax on sales of special fuels, automotive parts, petroleum products, and communication services.
United States · United States Congress · 5 April 1977
Amends the Federal Salary Act of 1967 and the Legislative Reorganization Act of 1946 to permit any increase in rates of pay for Members of Congress to take effect only if expenditures of the United States in the last completed fiscal year did not exceed receipts. Subjects any increase in the rate of pay for the Vice President to the same condition.
United States · United States Congress · 5 April 1977
Amends the Internal Revenue Code to allow an income tax exclusion for the interest on governmental bonds the proceeds of which are used for facilities to furnish hydroelectric energy.
United States · United States Congress · 5 April 1977
Amends the Atlantic Tunas Convention Act to: (1) authorize appropriations for fiscal years 1978, 1979, and 1980 to carry out the purposes of the Act; and (2) redefine "fisheries zone" to fix the outer boundary of such zone at a point which is 200 nautical miles from the baseline from which the territorial sea is measured.
United States · United States Congress · 4 April 1977
Amends the Internal Revenue Code to allow an income tax deduction for the expenses paid for the higher education of the taxpayer, or a dependent, not exceeding $1,500 for each student.
United States · United States Congress · 4 April 1977
Restricts the power of a State or political subdivision to tax the income of an individual residing or earning income in another State.
United States · United States Congress · 4 April 1977
Amends the Internal Revenue Code to extend the time for a small business corporation to elect subchapter S status from the first month to the fifteenth day of the third month of the taxable year, and to any time during the preceding taxable year.
United States · United States Congress · 4 April 1977
Amends the Internal Revenue Code to exclude from gross income amounts received under tuition-remission programs at institutions of higher education. States that when tuition-remission assistance is furnished to an employee by a person other than the employer, pursuant to a cooperative agreement between such benefactor and the employer, then the determination of whether such assistance is excludable from gross income shall be made as if such assistance were furnished by the employer.
United States · United States Congress · 4 April 1977
Internal Revenue Administration Act - Establishes the Internal Revenue Administration in the executive branch of the Federal Government for the purpose of administering and enforcing the Internal Revenue Code. Prescribes the terms and conditions of office for the Administrator of the Internal Revenue Administration. Transfers all present functions, instructions, rules, or regulations which were promulgated or administered by the Secretary of the Treasury or his delegate with respect to the enforcement of the Internal Revenue Code, to the Internal Revenue Administration.
United States · United States Congress · 4 April 1977
Amends the Internal Revenue Code to provide an income tax credit for the amounts paid or incurred by the taxpayer to convert land held in the United States and formerly used for agriculture or raising livestock into an area used exclusively for providing vegetative cover for wind erosion control or wildlife habitat. Provides that such wind erosion control and wildlife habitat areas must: (1) meet such requirements as are established by the Secretary of Agriculture; (2) be no less than 20 feet, nor more than 60 feet in width; and (3) comprise no more than 15 percent of the area of any farm. Provides for the recapture of such credits to the extent that credit is taken for land which ceases to be a wind erosion control or wildlife habitat area, or is transferred by the taxpayer (except by reason of death, or in certain tax-free corporate acquisitions) within three years after the credit is taken. Provides for the carryover of allowable credit to the extent it exceeds the taxpayer's liability. Reduces the taxpayer's basis, and disallows any deduction of expenditures properly charged to capital account for which this credit is taken.
United States · United States Congress · 31 March 1977
Amends the Internal Revenue Code to change the tax exemption for wine produced for personal consumption to allow an adult to produce (1) 200 gallons of wine for personal consumption per year if there are two or more adults in the household, or (2) 100 gallons for such consumption if there is only one adult in the household. Allows a tax exemption for beer produced by an adult for personal consumption in the amounts set forth above.
United States · United States Congress · 31 March 1977
Amends the Internal Revenue Code to repeal the limitations made by the Tax Reform Act of 1976 on the exclusion for sick pay.
United States · United States Congress · 31 March 1977
Periodic Physical Examination Act - Amends the Internal Revenue Code to provide alternative limited tax credits or deductions for the expenses paid for periodic physical examinations. Amends the Social Security Act to provide for coverage of periodic physical examinations in the Medicare and Medicaid programs.
United States · United States Congress · 31 March 1977
Amends the Internal Revenue Code to exclude from the income tax, pensions paid to retired policemen and firefighters, or to their survivors to the extent that such benefits are based on full-time service for a governmental entity.
United States · United States Congress · 31 March 1977
Legal Fees Reimbursement Act - Amends the Internal Revenue Code to provide for the reimbursement of all of a taxpayer's reasonable litigation expenses, including attorneys' fees, in any legal action commenced by the Government, or any action instituted by a taxpayer contesting the accuracy of a deficiency assessment or claiming a refund, in which the taxpayer substantially prevails, or the Government withdraws.
United States · United States Congress · 31 March 1977
Excludes industrially funded personnel from the computation of the end strength for civilian personnel within the Department of Defense for any fiscal year.
United States · United States Congress · 31 March 1977
Amends the Internal Revenue Code to allow as an individual income tax deduction a reasonable allowance for salaries or other compensation for personal services actually rendered but not otherwise deductible paid to any individual during the taxable year. Denies such a deduction for salaries or other compensation paid to: (1) an individual with respect to whom the taxpayer claims a personal exemption deduction; or (2) a child of the taxpayer who has not reached age 19.
United States · United States Congress · 31 March 1977
Amends the Internal Revenue Code to exempt farming vehicles owned by individuals from the highway motor vehicle excise tax.
United States · United States Congress · 30 March 1977
Amends the Public Health Service Act to authorize appropriations for fiscal years 1978 and 1979 to enable the Administrator of the Environmental Protection Agency: (1) to provide technical assistance, information, and training of personnel in order to improve the safety of public drinking water supplies; (2) to make grants to States to carry out public water system supervision programs; and (3) to make grants to States to carry out underground water source protection programs. Amends the Safe Drinking Water Act to authorize appropriations for fiscal years 1978 and 1979 to enable the Administrator to conduct a survey of the quantity, quality, and availability of rural drinking water supplies. Specifies that none of the funds authorized under this Act are to be used for research under Title XIV (Safety of Public Water Systems) of the Public Health Service Act.
United States · United States Congress · 30 March 1977
Amends the Interstate Commerce Act to authorize appropriations of $1,000,000 for the Office of Rail Public Counsel for fiscal year 1978.
United States · United States Congress · 30 March 1977
Amends the Housing and Community Development Act to provide that units of general local government receiving grants, under the hold-harmless provisions of such Act, shall be entitled, after fiscal year 1977, to continue to receive the amount to which they are presently entitled.