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Bill· HRH.R. 1541 (99th)referred

A bill to amend the Internal Revenue Code of 1954 to reduce the Federal deficit by increasing the tax on gasoline and other motor fuels.

United States · United States Congress · 19 March 1985

Amends the Internal Revenue Code to impose an additional excise tax on gasoline, diesel fuel, and special motor fuels. Sets the rate of such tax, per gallon, at: (1) ten cents in 1986; (2) 20 cents in 1987; (3) 30 cents in 1988; (4) 40 cents in 1989; and (5) 50 cents in 1990 and thereafter. Provides that such tax shall be in addition to the nine cent per gallon excise tax currently imposed on gasoline, diesel fuel, and special motor fuels. Specifies that revenues raised by such additional taxes shall not be transferred to the Highway Trust Fund or the Airport and Airway Trust Fund. Provides that specified exemptions to such excise taxes shall not apply to the additional taxes imposed by this Act.

Bill· SS. 679 (99th)passed

Maritime Appropriation Authorization Act for Fiscal Year 1986

United States · United States Congress · 18 March 1985

Maritime Appropriation Authorization Act for Fiscal Year 1986 - Authorizes appropriations for FY 1986 for the Department of Transportation for the following maritime items: (1) operating differential subsidy; (2) research and development activities; and (3) operations and training activities, including maritime education and training expenses and national security support capabilities. Authorizes appropriations for FY 1986 for the Federal Maritime Commission.

Bill· SS. 659 (99th)reported

Department of State Authorization Act for Fiscal Years 1986 and 1987

United States · United States Congress · 14 March 1985

Title I: Department of State - Department of State Authorization Act for fiscal years 1986 and 1987 - Authorizes appropriations for FY 1986 and 1987 for the Department of State for: (1) administration of foreign affairs; (2) international organizations and conferences; (3) international commissions; and (4) other activities. Amends the State Department Basic Authorities Act of 1956 to delete the requirement of authorization of funds before the Secretary of State may perform certain basic actions. Permits the Secretary to employ aliens, by contract, for services abroad provided they shall not be regarded as U.S. employees for the purpose of any law administered by the Office of Personnel Management. Prohibits a proposed reprograming of funds appropriated for the Department of State which involves $500,000 or 20 percent of such funds unless the Congress is notified 15 days before the proposed reprograming. Requires that funds appropriated to the Department of State shall be available for expenses of international arbitrations. Requires the Director of the Office of Foreign Mission to impose a surcharge on a foreign mission if a member of that foreign mission has not satisfied a final court judgment against such member or is not legally liable, provided the Director receives notice of the court proceeding at the time it is initiated. Authorizes the Secretary to provide extraordinary protective services for foreign missions to the extent necessary. Authorizes special agents of the Department of State and the Foreign Service: (1) to conduct investigations concerning illegal passport or visa issuance or use; (2) to serve search warrants, arrest warrants, subpoenas, and summonses to conduct such investigations; (3) to protect in both the United States and abroad heads of foreign states, distinguished visitors to the United States, the Secretary of State, foreign missions, and other specified persons; (4) to carry firearms if qualified and authorized to do so; and (5) to make arrests without warrant for any offense against the United States committed in their presence or if they have reasonable grounds to believe the arrested person has committed specified offenses and is fleeing the area. Amends the Department of State Appropriations Authorization Act of 1973 to repeal the limits on detailing Department of State personnel to other agencies. Increases the number of Assistant Secretaries of State from 13 to 16. Provides that all the Assistant Secretaries of State, the Director General of the Foreign Service, and the Inspector General of the Department of State and the Foreign Service shall be compensated at level IV of the Executive Schedule. Authorizes spending contributions for international peacekeeping operations of the United Nations on territorial or governmental transition activities in the Middle East. Amends the Migration and Refugee Assistance Act of 1962 to authorize the President to furnish assistance and make contributions under such Act notwithstanding any law which restricts assistance to foreign countries. Authorizes using funds made available for such Act for contracting for personal services abroad provided that persons working under such contracts shall not be regarded as U.S. employees for purposes of any law administered by the Office of Personnel Management. Amends the International Center Act to authorize the Administrator of General Services, upon request of the Secretary, to construct facilities in the International Center, including facilities for security and maintenance. Amends the Foreign Service Act of 1980 to authorize the Secretary to acquire a consolidated training facility for the Foreign Service Institute in reasonable proximity to the Department of State. Earmarks for the Foreign Service Institute facilities a specified amount of the FY 1987 and 1988 appropriations for the State Department for administration of foreign affairs. Authorizes the Secretary to make an annual grant to the American-Australian Bicentennial Foundation in support of preparations for American participation in the Australian bicentennial.

Bill· SS. 663 (99th)open

A bill to amend the Internal Revenue Code of 1954 to modify the alternative minimum corporate tax.

United States · United States Congress · 14 March 1985

Amends the Internal Revenue Code to revise the method of calculation for the alternative minimum tax on corporations. Sets the amount of such tax at 15 percent of corporate minitax taxable income. Defines "corporate minitax taxable income" as gross income for the taxable year: (1) reduced by the sum of $50,000 plus the deductions allowed for the taxable year plus the minitax net operating loss deduction; and (2) increased by the amount of corporate minitax preference items. Specifies items to be included as corporate minitax preference items. Sets forth the method of calculation for the minitax net operating loss deduction.

Bill· SS. 632 (99th)open

A bill to amend the Internal Revenue Code of 1954 to require a mandatory section 338 election in hostile stock takeovers, and for other purposes.

United States · United States Congress · 7 March 1985

Amends the Internal Revenue Code to require that a hostile stock purchase in a corporate takeover attempt be treated as an asset acquisition by the purchasing corporation. Disallows any income tax deduction for: (1) any "greenmail payment" made in connection with a corporate takeover; or (2) any interest paid or accrued on indebtedness incurred to acquire stock in a corporation pursuant to a hostile offer. Defines "greenmail payment" as any payment made by a corporation in redemption of stock of such corporation which is held by a four-percent shareholder if: (1) such shareholder held such stock for less than two years; and (2) during the two-year period ending on the date of such sale or exchange there was a public tender offer for stock in such corporation.

Bill· SS. 639 (99th)open

A bill to amend the Internal Revenue Code of 1954 to clarify the tax treatment and recordkeeping requirements with respect to automobiles, and for other purposes.

United States · United States Congress · 7 March 1985

Amends the Internal Revenue Code to repeal the requirement that adequate contemporaneous records be kept of the business use of an agricultural or an emergency vehicle or of any vehicle with respect to which the only use other than a qualified business use is a qualified personal use. Defines "qualified personal use" as the personal use of such a vehicle by an employee: (1) if the employer requires the employee to commute to and from work for business reasons; or (2) if the employee is required to use such vehicle as an integral part of the performance of the trade or business, including the use of the vehicle to make calls on customers or clients, to make deliveries, or to visit job sites. Requires that 70 percent or more of the total use of such a vehicle for the taxable year be for a qualified business use. Treats the use of such a vehicle for nonbusiness purposes as a tax-free de minimis fringe benefit.

Bill· SS. 628 (99th)referred

Employee Stock Ownership Plan Expansion Act

United States · United States Congress · 7 March 1985

Employee Stock Ownership Plan Expansion Act - Amends the Internal Revenue Code to repeal the voting rights pass through requirement as it applies to employee stock ownership plans of closely-held corporations. Allows the acquisition of nonvoting common stock by employee stock ownership plans if the employer has a class of nonvoting common stock outstanding and the specific shares acquired have been issued and outstanding for at least 24 months.

Bill· HRH.R. 1521 (99th)open

A bill to repeal the new substantiation requirements for deductions attributable to business use of passenger automobiles and certain other types of personal property.

United States · United States Congress · 7 March 1985

Repeals the requirement added by the Tax Reform Act of 1984 relating to the maintenance of contemporaneous records with respect to: (1) business travel expenses, including automobile expenses; (2) business entertainment expenses; and (3) expenses for gifts.

Bill· HRH.R. 1512 (99th)open

A bill to amend the Internal Revenue Code of 1954 to extend the targeted jobs credit to December 31, 1986, and to treat as a member of a targeted group for purposes of such credit any economically disadvantaged individual who has attained age 55.

United States · United States Congress · 7 March 1985

Amends the Internal Revenue Code to extend the targeted jobs tax credit from 1985 to 1986. Includes economically disadvantaged individuals who have attained the age of 55 as members of a targeted group for purposes of such credit.

Bill· HRH.R. 1508 (99th)referred

A bill to amend the Internal Revenue Code of 1954 to increase to 32 cents per pack the Federal excise tax on cigarettes and to provide that the revenues from such tax shall be divided among the general fund, the Federal Hospital Insurance Trust Fund under the Social Security Act, and research on tobacco-related diseases.

United States · United States Congress · 7 March 1985

Amends the Internal Revenue Code to increase the excise tax on cigarettes from: (1) $8 to $16 for small cigarettes; and (2) $16.80 to $33.60 for large cigarettes. Imposes a floor stock excise tax on small and large cigarettes. Appropriates one-fourth of the revenues raised by such excise taxes to the Federal Hospital Insurance Trust Fund (Medicare). Establishes in the Treasury the Tobacco-Related Disease Research Trust Fund. Appropriates to such Trust Fund one-fourth of the revenue raised by such excise taxes.

Bill· HRH.R. 1511 (99th)referred

Veterans' Organization Charitable Contributions Tax Act of 1985

United States · United States Congress · 7 March 1985

Veterans Organization Charitable Contributions Tax Act of 1985 - Amends the Internal Revenue Code to allow income tax and gift tax deductions for contributions to any veterans organization (currently permissible only for contributions to a war veterans organization).

Bill· HRH.R. 1507 (99th)referred

District Heating and Cooling Tax Incentives Act of 1985

United States · United States Congress · 7 March 1985

District Heating and Cooling Tax Incentives Act of 1985 - Amends the Internal Revenue Code to allow an investment tax credit for district heating or cooling property. Defines "district heating or cooling property" as any equipment or other property used as an integral part of a district heating or cooling system. Exempts district heating or cooling property which is transferred to a governmental unit or tax-exempt organization from the recapture rules relating to prohibited dispositions of investment tax credit property. Treats district heating or cooling property as depreciable personal property for purposes of tax rules relating to the recapture of excess depreciation. Exempts district heating or cooling property from classification as ten- or 15-year public utility property for purposes of accelerated depreciation under the accelerated cost recovery system. Excludes obligations for local district heating or cooling facilities from the volume cap on private activity bonds.

Bill· HRH.R. 1497 (99th)referred

A bill to amend the Internal Revenue Code of 1954 to authorize the Secretary of the Treasury to disclose to the Secretary of the military department concerned or the Secretary of Transportation the mailing addresses of certain members of the Ready Reserve and to disclose to the Director of the Selective Service System the mailing addresses of persons required to register under the Military Selective Service Act.

United States · United States Congress · 7 March 1985

Amends the Internal Revenue Code to authorize the Secretary of the Treasury to disclose to the Secretary of the military department concerned the mailing addresses of certain members of the Ready Reserve. Authorizes the Secretary to disclose to the Director of the Selective Service System the mailing addresses of persons required to register under the Military Selective Service Act.

Bill· HRH.R. 1477 (99th)open

A bill to amend the Social Security Amendments of 1983 to provide that the amendment therein relating to off-budget treatment for certain social security trust funds which is effective for fiscal years after fiscal year 1992 shall be effective for fiscal years after fiscal year 1986.

United States · United States Congress · 7 March 1985

Amends the Social Security Amendments of 1983 to accelerate the removal from the unified budget of the Federal Old-Age and Survivors Insurance Trust Fund, the Federal Disability Insurance Trust Fund, and the Federal Hospital Insurance Trust Fund.

Bill· HRH.R. 1481 (99th)referred

A bill to authorize the President, on a limited basis, to impound funds made available for the fiscal year 1985 or 1986 when economic conditions necessitate reductions in the Federal deficit.

United States · United States Congress · 7 March 1985

Permits the President, in light of economic conditions and other relevant factors, to permanently reserve from obligation and expenditure any budget authority which is otherwise available for FY 1985 or 1986 in order to reduce the Federal deficit. Sets forth limitations on such reservations by the President. Requires that at least 25 percent of the total amount of the reservations made by the President for either of the two fiscal years involved be made from appropriations and other obligational authority available for national defense. Provides that no such reservation shall have the objective, or the effect, of eliminating any program or combination of programs which has been specifically authorized by law. Declares that the authority conferred upon the President by this Act shall be in addition to and separate from any impoundment authority granted by the Congressional Budget and Impoundment Control Act of 1974 or any other law and shall not be subject to any restrictions or limitations other than those imposed by this Act. Requires the President, whenever he reserves any budget authority under this Act, to transmit to the Congress a special message specifying certain information. Sets forth the procedure for passage of a joint resolution of disapproval by both Houses of Congress within 60 days after notification. Requires the Comptroller General to review each such reservation and inform the House and the Senate whether or not it was made in accordance with the requirements of this Act. Declares that in the administration of any program for which the distribution of funds is determined by a formula, the amount available for expenditure after funds have been reserved under this Act shall be substituted for the amount appropriated or otherwise made available in the application of the formula.

Bill· HRH.R. 1458 (99th)referred

A bill to amend the Internal Revenue Code of 1954 to extend the deduction for expenses incurred in connection with the elimination of architectural and transportation barriers for the handicapped and elderly.

United States · United States Congress · 7 March 1985

Amends the Internal Revenue Code to extend to January 1, 1992, the termination date for the deduction for expenses incurred in connection with the elimination of architectural and transportation barriers to the handicapped and the elderly.

Bill· HJRESH.J.Res. 190 (99th)referred

A joint resolution directing that the Alcohol, Drug Abuse and Mental Health Administration receive full funding in fiscal year 1985 for new and competing research grants.

United States · United States Congress · 7 March 1985

States that appropriations from the Departments of Labor, Health and Human Services, and Education and Related Agencies Appropriation Act of 1985 shall be made available to enable the Alcohol, Drug Abuse, and Mental Health Administration to award 583 new and competing research grants.

Bill· SS. 608 (99th)open

A bill to amend the Internal Revenue Code of 1954 to exclude small transactions and to make certain clarifications relating to broker reporting requirements.

United States · United States Congress · 6 March 1985

Amends the Internal Revenue Code to revise the definition of "broker" for purposes of broker reporting requirements to require that a dealer or barter exchange regularly acts for a consideration as a middleman with respect to property or services in order to be classified as a broker. Exempts from broker reporting requirements: (1) transactions involving specified collectibles (including antiques, gems, stamps, coins, and guns) and other tangible personal property; and (2) certain transactions (not involving stocks, bonds, commodity futures, and other intangible personal property) in which the gross proceeds are less than $10,000.

Bill· HRH.R. 1434 (99th)referred

A bill to amend the Internal Revenue Code of 1954 to allow each individual to designate $2 of income tax payments for use for world hunger emergencies.

United States · United States Congress · 6 March 1985

Amends the Internal Revenue Code to allow an individual taxpayer to designate that $2 of income tax payments be paid over to the World Hunger Trust Fund. Establishes within the Treasury a World Hunger Trust Fund. Appropriates to such trust fund revenues equivalent to that designated by individual taxpayers to be paid over to the trust fund. Authorizes expenditures from such trust fund to provide such relief from hunger as the President determines to warrant emergency assistance.

Bill· HRH.R. 1423 (99th)referred

Form 1099 Paperwork Relief Act of 1985

United States · United States Congress · 5 March 1985

Form 1099 Paperwork Relief Act of 1985 - Amends the Internal Revenue Code to allow the inclusion of dividend payments with the required informational statement furnished to taxpayers receiving dividends. (Present law requires separate mailings of dividend payments and such informational statements.)

Bill· HRH.R. 1421 (99th)referred

A bill to amend the Internal Revenue Code of 1954 to provide that the amount of any contribution to any No Net Cost Tobacco Fund or any No Net Cost Tobacco Account shall be treated as a deductible expense.

United States · United States Congress · 5 March 1985

Amends the Internal Revenue Code to provide that the amount of any contributions to any No Net Cost Tobacco Fund or any No Net Cost Tobacco Account shall be treated as a deductible expense which is not chargeable to a capital account. Provides that amounts subsequently received by the taxpayer in connection with no cost tobacco expenditures shall be included in the gross income of the taxpayer for the taxable year in which such amount is received.

Bill· HRH.R. 1405 (99th)referred

A bill to amend the Internal Revenue Code of 1954 to provide that no amount shall be included in gross income by reason of the use of a police, fire, or emergency medical vehicle for commuting if the only permitted personal use of such vehicle is commuting.

United States · United States Congress · 5 March 1985

Amends the Internal Revenue Code to provide that the use of law enforcement, fire protection, and emergency medical vehicles for commuting purposes shall be treated as a nontaxable fringe benefit if the only permitted personal use of such vehicles is commuting.

Bill· HRH.R. 1396 (99th)referred

A bill to amend the Internal Revenue Code of 1954 to impose a tax of $10 a barrel on imported crude oil and a comparable rate of tax on imported petroleum products.

United States · United States Congress · 4 March 1985

Amends the Internal Revenue Code to impose an excise tax on petroleum products imported into the United States for consumption, use, or warehousing. Sets the amount of such tax at: (1) $10 per barrel for crude oil; and (2) an amount dependent on the Btu content of petroleum products other than crude oil.

Bill· HRH.R. 1392 (99th)referred

A bill to amend the Internal Revenue Code of 1954 to provide that transportation may be excluded from gross income as a no-additional-cost fringe benefit without regard to whether such service is offered for sale to customers.

United States · United States Congress · 4 March 1985

Amends the Internal Revenue Code to provide that transportation may be excluded from gross income as a no-additional-cost fringe benefit without regard to whether such service is offered for sale to customers. (Present law excludes employer-provided transportation only if such service is offered for sale to customers in the ordinary course of business.)

Bill· SS. 556 (99th)open

Base-Broadening Tax Act of 1985

United States · United States Congress · 28 February 1985

Base-Broadening Tax Act of 1985 - Amends the Internal Revenue Code to provide for temporary reductions in certain income tax credits and deductions for taxable years beginning on January 1, 1986, and ending on December 31, 1989. Provides for a 15 percent reduction during such period of the amount of itemized deductions of an individual taxpayer. Provides for a 15 percent reduction during such period of: (1) the credit for the elderly and the permanently and totally disabled; (2) the credit relating to interest on certain home mortgages; (3) the foreign tax credit; (4) the credit for tax withheld on wages; (5) the earned income tax credit; (6) the credit for tax withheld at the source on nonresident aliens and foreign corporations; (7) the credit for certain uses of gasoline and special fuels; and (8) the Puerto Rico and possession tax credit. Provides for a 15 percent reduction during such period of the income tax deductions for: (1) accelerated cost recovery; (2) amortization of railroad and tunnel bores; (3) circulation expenditures, research and experimental expenditures and tertiary injectants; (4) real property construction period interest and taxes attributable to low-income housing; (5) percentage depletion in excess of basis; (6) intangible drilling costs and mineral exploration and development costs; (7) certain financial institutions preference items; (8) special life insurance company deductions; and (9) capital gains. Provides for a 15 percent reduction during this period in: (1) the benefits of the incentive stock option provisions; (2) the benefits of the Foreign Sales corporations provisions; (3) the deferral of tax on income of controlled foreign corporations; (4) the benefits of the corporate liquidation nonrecognition provisions; (5) the exclusion of interest on certain loans used to acquire employer securities; (6) the benefits of the ten-year averaging for lump-sum distributions; (7) the benefits of deferral of certain shipping income; and (8) the amount allowable as depreciation of pre-1981 frozen asset base of certain railroads. Provides for a 15 percent reduction during such period of the dollar limitation with respect to: (1) used property eligible for the investment tax credit; (2) the partial exclusion of dividends received by individuals; (3) the one-time exclusion of gain on the sale of a residence; (4) the exclusion of earned income of citizens or residents of the United States living abroad; (5) the deduction for certain depreciable assets; (6) the amortization of reforestation expenditures; (7) the deduction for retirement savings; (8) the deduction for certain employee gifts; (9) the deduction for luxury cars; (10) the benefits and contributions under qualified plans; (11) the amount of private activity bonds and mortgage subsidy bonds which may be used during revenue enhancement period; (12) soil and water conservation expenditures; and (13) expenditures by farmers for clearing land. Increases the rate of the alternative minimum tax during the period from January 1, 1986, through December 31, 1989. Sets forth definitions and special rules.

Bill· SS. 558 (99th)open

Employee Educational Assistance Act of 1985

United States · United States Congress · 28 February 1985

Employee Educational Assistance Act of 1985 - Amends the Internal Revenue Code to extend indefinitely the income tax exclusion for employee educational assistance programs. (Present law terminates such exclusion as of December 31, 1985.) Limits the maximum amount of such exclusion (beginning in 1986) to $5,000 of amounts paid or expenses incurred for educational assistance furnished to an employee during a calendar year. Exempts graduate students engaged in teaching or research activities from such maximum limit. Provides for annual cost-of-living adjustments in such maximum limit beginning in 1987.

Bill· SJRESS.J.Res. 69 (99th)referred

A joint resolution directing that the National Institutes of Health receive full funding in fiscal year 1985 for new and competing research grants.

United States · United States Congress · 28 February 1985

States that appropriations under the Departments of Labor, Health and Human Services, and Education and Related Agencies Appropriation Act, 1985 shall be available to enable the National Institutes of Health to award 6,500 new and competing research grants in 1985.

Bill· HRH.R. 1385 (99th)open

A bill to amend the Social Security Amendments of 1983 to accelerate the application of off-budget treatment to the social security trust funds from fiscal year 1993 to fiscal year 1987.

United States · United States Congress · 28 February 1985

Amends the Social Security Amendments of 1983 to accelerate the removal from the unified budget of the Federal Old-Age and Survivors Insurance Trust Fund, the Federal Disability Insurance Trust Fund, and the Federal Hospital Insurance Trust Fund.

Bill· HRH.R. 1377 (99th)open

Base-Broadening Tax Act of 1985

United States · United States Congress · 28 February 1985

Base-Broadening Tax Act of 1985 - Amends the Internal Revenue Code to provide for temporary reductions in certain income tax credits and deductions for taxable years beginning on January 1, 1986, and ending on December 31, 1989. Provides for a ten percent reduction during such period of the amount of itemized deductions of an individual taxpayer. Provides for a 20 percent reduction during such period of: (1) the credit for the elderly and the permanently and totally disabled; (2) the credit relating to interest on certain home mortgages; (3) the foreign tax credit; (4) the credit for tax withheld on wages; (5) the earned income tax credit; (6) the credit for tax withheld at the source on nonresident aliens and foreign corporations; (7) the credit for certain uses of gasoline and special fuels; and (8) the Puerto Rico and possession tax credit. Provides for a 20 percent reduction during such period of the income tax deductions for: (1) accelerated cost recovery; (2) amortization of railroad and tunnel bores; (3) circulation expenditures, research and experimental expenditures and tertiary injectants; (4) real property construction period interest and taxes attributable to low-income housing; (5) percentage depletion in excess of basis; (6) intangible drilling costs and mineral exploration and development costs; (7) certain financial institutions preference items; (8) special life insurance company deductions; and (9) capital gains. Provides for a 20 percent reduction during such period in: (1) the benefits of the incentive stock option provisions; (2) the benefits of the Foreign Sales corporations provisions; (3) the deferral of tax on income of controlled foreign corporations; (4) the benefits of the corporate liquidation nonrecognition provisions; (5) the exclusion of interest on certain loans used to acquire employer securities; (6) the benefits of the ten-year averaging for lump-sum distributions; (7) the benefits of deferral of certain shipping income; and (8) the amount allowable as depreciation of pre-1981 frozen asset base of certain railroads. Provides for a 20 percent reduction during such period of the dollar limitation with respect to: (1) used property eligible for the investment tax credit; (2) the partial exclusion of dividends received by individuals; (3) the one-time exclusion of gain on the sale of a residence; (4) the exclusion of earned income of citizens or residents of the United States living abroad; (5) the deduction for certain depreciable assets; (6) the amortization of reforestation expenditures; (7) the deduction for retirement savings; (8) the deduction for certain employee gifts; (9) the deduction for luxury cars; (10) the benefits and contributions under qualified plans; (11) the amount of private activity bonds and mortgage subsidy bonds which may be used during revenue enhancement period; (12) soil and water conservation expenditures; and (13) expenditures by farmers for clearing land. Increases the rate of the alternative minimum tax during the period from January 1, 1986, through December 31, 1989. Sets forth definitions and special rules.

Bill· HRH.R. 1360 (99th)referred

A bill to require depository institutions to pay promptly all State and local property tax bills for which they are holding funds in escrow.

United States · United States Congress · 28 February 1985

Requires depository institutions which are holding funds in escrow to pay State and local property taxes to pay such taxes not later than ten days after the due date for such payment. Permits the Board of Governors of the Federal Reserve System to impose a civil penalty of not more than $1,000 for each willful violation by a depository institution. Permits the institution of a civil action for failure to pay any civil penalty assessed.

Bill· HRH.R. 1356 (99th)referred

Employee Educational Assistance Act of 1985

United States · United States Congress · 28 February 1985

Employee Educational Assistance Act of 1985 - Amends the Internal Revenue Code to extend indefinitely the income tax exclusion for employee educational assistance programs. (Present law terminates such exclusion as of December 31, 1985.) Limits the maximum amount of such exclusion (beginning in 1986) to $5,000 of amounts paid or expenses incurred for educational assistance furnished to an employee during a calendar year. Exempts graduate students engaged in teaching or research activities from such maximum limit. Provides for annual cost-of-living adjustments in such maximum limit beginning in 1987.

Bill· HRH.R. 1354 (99th)referred

A bill to amend the Internal Revenue Code of 1954 to make certain sales of fuel for use in a taxicab exempt from tax, to make permanent the provision for refund of taxes on the sale of fuel for use in a taxicab, and for other purposes.

United States · United States Congress · 28 February 1985

Amends the Internal Revenue Code to exempt from the excise taxes on gasoline and diesel and special motor fuels any such fuels sold for use in a taxicab. Makes permanent existing provisions for the refund of taxes paid on the sale of fuel for taxicabs. (Present law terminates such provisions after September 30, 1985.)

Bill· HRH.R. 1355 (99th)referred

A bill to amend the Internal Revenue Code of 1954 to encourage contributions of equipment to postsecondary vocational education programs and to allow a credit to employers for vocational education courses taught by an employee without compensation and for temporary employment of full-time vocational educational instructors.

United States · United States Congress · 28 February 1985

Amends the Internal Revenue Code to limit the reduction required in computing the tax deduction for corporate charitable contributions in the case of contributions of property used in postsecondary vocational education programs. Specifies certain requirements which the property donated must meet to qualify for such treatment. Allows an employer a tax credit for a specified dollar amount per course for vocational education courses taught by an employee without compensation and for employment of full-time vocational education instructors. Limits the aggregate amount allowed as a tax credit to any taxpayer for any taxable year to not more than $20,000. Restricts the number of courses which may be taught by one employee to five.

Bill· SS. 518 (99th)open

Small Business Tax Amendments of 1985

United States · United States Congress · 27 February 1985

Small Business Tax Amendments of 1985 - Amends the Internal Revenue Code to repeal the requirement that contemporaneous records be kept to substantiate deductions with respect to: (1) business travel expenses, including automobile expenses; (2) business entertainment expenses; and (3) expenses for gifts. Increases the holding period required for long term capital gains treatment from six months to one year. Allows a deduction of 80 percent of the net capital gains from small business investments which are held for at least three years. Increases the maximum dollar limitation with respect to the election of a taxpayer to expense certain depreciable business assets. Provides for the nonrecognition of gain on the sale of property where, within one year from the date of sale, the taxpayer purchases a qualified small business investment (equity stock in a domestic qualified small business corporation). Provides that if the purchase of any qualified small business investment results in nonrecognition of gain, the basis of such investment shall be reduced by the amount of gain not recognized on the sale of such property. Modifies the statute of limitations with respect to the assessment of any deficiency attributable to the sale of property involved in the nonrecognition provision. Provides that the Regulatory Flexibility Act applies to the Internal Revenue Service.

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