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651 records in US in 1985
United States · United States Congress · 27 February 1985
Repeals the requirement added by the Tax Reform Act of 1984 relating to the maintenance of contemporaneous records with respect to: (1) business travel expenses, including automobile expenses; (2) business entertainment expenses; and (3) expenses for gifts.
United States · United States Congress · 27 February 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. Amends the Internal Revenue Code to provide that no amount shall be included in gross income as a benefit by reason of the use of Government-owned vehicles.
United States · United States Congress · 27 February 1985
Provides that individuals who live in the Eighth Congressional District of Indiana shall not be required to pay Federal income tax for any period during which they are without representation in the House of Representatives.
United States · United States Congress · 27 February 1985
Amends the Internal Revenue Code to provide that for purposes of the small issue industrial development bonds tax exemption, the $10,000,000 exclusion of capital expenditures where there is an urban development action grant shall apply whether the grant was made before or after the issuance of bonds.
United States · United States Congress · 27 February 1985
Amends the Internal Revenue Code to provide that the total amount paid by a self-employed taxpayer for his or her health insurance premiums will be allowed as a business deduction.
United States · United States Congress · 27 February 1985
Amends the Internal Revenue Code to provide that no amount shall be included in gross income as a benefit by reason of the use of any vehicle owned by the Federal Government or by a State or local government.
United States · United States Congress · 27 February 1985
Amends the Internal Revenue Code to define "geothermal energy" as the natural heat of the Earth at any temperature. (Present regulations require that such heat exceed a specified temperature.) Qualifies for the residential energy tax credit and the investment tax credit for energy property energy systems which use both geothermal energy and another energy source not eligible for such credits if geothermal energy provides more than 80 percent of the energy for such system. Qualifies for the investment tax credit for energy property energy systems which use both geothermal energy and another energy source eligible for such credit (such as biomass, solar, wind, ocean thermal, or hydroelectric energy) if the combination of such energy sources provides more than 80 percent of the energy for such system.
United States · United States Congress · 27 February 1985
Waives points of order against the consideration of H.R. 1239 (emergency famine relief for Africa).
United States · United States Congress · 27 February 1985
Expresses the sense of the House of Representatives that the Congress should: (1) preserve current provisions of the Federal tax code which provide tax incentives for charitable contributions; and (2) withhold its support from any tax proposal which undermines the structure of deductions on which contributors to tax-exempt, nonprofit charities now rely.
United States · United States Congress · 26 February 1985
Amends the Internal Revenue Code to permit a charitable organization to own stock in a small business corporation (S corporation). Provides that a charitable organization which owns an interest in a partnership or owns stock in an S corporation must include its share of the unrelated trade or business income of the partnership or the S corporation in computing the charitable organization's unrelated trade or business income for the taxable year.
United States · United States Congress · 26 February 1985
Expresses the sense of the Congress that: (1) veterans' disability compensation payments should remain exempt from Federal income taxation; and (2) the President should reject any proposals to tax such payments.
United States · United States Congress · 26 February 1985
Repeals the requirement added by the Tax Reform Act of 1984 relating to the maintenance of contemporaneous records with respect to: (1) business travel expenses, including automobile expenses; (2) business entertainment expenses; and (3) expenses for gifts.
United States · United States Congress · 26 February 1985
Amends the Internal Revenue Code to extend the residential energy income tax credit for solar energy property for five years (from 1985 to 1990). Phases out the percentage of expenditures which may be taken into account for such credit between the years 1986 and 1990. Limits to $6,000 the maximum amount of expenditures for solar hot water systems which may be taken into account for purposes of such credit. Specifies additional standards which solar hot water systems and active space heating systems must meet in order to qualify for such credit. Increases and extends for five years (from 1985 to 1990) the energy investment tax credit for specified types of solar energy property.
United States · United States Congress · 26 February 1985
Amends the Internal Revenue Code to allow an individual an income tax credit equal to 25 percent of the amount of expenses paid or incurred during the taxable year for new security devices for the taxpayer's residence. Limits the amount of the tax credit to a maximum of $125. Provide that the tax credit shall be 100 percent of such expenses for individuals who have attained the age of 65 before the close of the taxable year. Provides that where the basis of property is increased as a result of an expenditure for security devices, the taxpayer must reduce such property's basis by the amount of the allowed credit. Provides that no credit shall be allowed where the property is eligible for the investment credit.
United States · United States Congress · 26 February 1985
Amends the Internal Revenue Code to treat as nontaxable fringe benefits the use by an eligible employee of law enforcement, firefighting, or emergency medical services vehicles to transport him or her to and from the employee's home and the place at which the vehicle is usually stationed.
United States · United States Congress · 26 February 1985
Amends the Internal Revenue Code to increase to $4,000 the maximum deduction for contributions to retirement savings plans and to allow married individuals to compute the amount of their income tax deduction for contributions to retirement savings plans on the basis of the earnings of their spouse.
United States · United States Congress · 26 February 1985
Amends the Internal Revenue Code to impose a penalty tax on charitable organizations which fail to use certain funds set aside to provide legal services to the poor.
United States · United States Congress · 26 February 1985
Expresses the sense of the Congress that: (1) veterans' disability compensation payments should remain exempt from Federal income taxation; and (2) the President should reject any proposals to tax such payments.
United States · United States Congress · 25 February 1985
Directs the Secretary of Transportation to apportion for expenditure on the National System of Interstate and Defense Highways: (1) the remaining sums authorized to be appropriated in accordance with the interstate cost estimate for FY 1985; and (2) the sums authorized to be appropriated in accordance with the interstate cost estimate for FY 1986. Directs the Secretary to apportion: (1) the remaining sums to be apportioned for FY 1984 for expenditure on substitute highway and transit projects; and (2) the sums to be apportioned for FY 1985 for expenditure on substitute highway and transit projects.
United States · United States Congress · 25 February 1985
Amends the Internal Revenue Code to include in the income of an employee ten percent of the value of services which are provided to an employee for the use by a parent of such employee if such services would have been no-additional-cost services if provided for use by the employee.
United States · United States Congress · 25 February 1985
Excludes from gross income, for income tax purposes, certain work-related sick pay received by New York City police officers and firefighters for the three-year period ending May 9, 1983.
United States · United States Congress · 25 February 1985
Amends the Internal Revenue Code to exempt from the windfall profit tax an amount of crude oil equal to an amount of residual fuel oil used in enhanced recovery processes. Defines "enhanced recovery process" as any process: (1) for increasing the ultimate total recovery of oil from a reservoir which is designed to modify any property of any fluid in the reservoir or the reservoir rock; or (2) for displacing or controlling the flow rate or flow pattern in the reservoir.
United States · United States Congress · 25 February 1985
Amends the Internal Revenue Code to reduce the threshold amount applicable to the allowance of the deduction for medical expenses from five percent to three percent of adjusted gross income.
United States · United States Congress · 25 February 1985
Amends the Internal Revenue Code to authorize the Secretary of the Treasury to prescribe regulations exempting retirees or individuals age 65 or over from interest penalties with respect to any underpayment of estimated tax. Requires that such underpayment be due to reasonable cause (defined to include mistake or ignorance of the law) and not to willful neglect.
United States · United States Congress · 22 February 1985
Board for International Broadcasting Authorization Act, Fiscal Years 1986 and 1987 - Amends the Board for International Broadcasting Act of 1973 to authorize appropriations for FY 1986 and 1987 for the Board for International Broadcasting.
United States · United States Congress · 22 February 1985
Expresses the sense of the Congress that the provisions of the Internal Revenue Code relating to installment sales and the regulations relating to such sales should not be modified or amended in any way that will alter the manner in which mortgage-backed builder bond transactions are currently taxed.
United States · United States Congress · 21 February 1985
National Violent Crime Program Authorization Act, Fiscal Year 1986 - Establishes the National Violent Crime Program for the detection, investigation, apprehension, prosecution, and incarceration of individuals involved in violent crime activity and drug trafficking. Authorizes appropriations for construction and remodeling of correctional facilities, the Office of Justice Assistance, and other prevention and law enforcement activities.
United States · United States Congress · 21 February 1985
Title I - Makes supplemental appropriations for FY 1985 for: (1) Public Law 480 for agricultural commodities for African famine relief programs, provided that not more than a specified amount shall be available from the Commodity Credit Corporation inventory for sale or barter and also provided not more than a specified amount shall be available for inland transportation of the food relief; (2) the Agency for International Development for international development assistance and operating expenses in Africa; and (3) the Department of State for the U.S. Emergency Refugee and Migration Assistance Fund and for migration and refugee assistance programs in Africa. Title II - Makes supplemental appropriations to remain available through FY 1986 for Public Law 480 famine relief programs as an Emergency Reserve for African Famine Relief. Title III - Sets forth general provisions governing the use of funds appropriated by this Act.
United States · United States Congress · 21 February 1985
Amends the Internal Revenue Code to disallow an income tax deduction for the expenses of attending any foreign conventions, seminars, or similar meetings if one of the purposes of any such meetings is providing information on investments outside the United States where information on income from such investments is not disclosable by reason of bank secrecy laws, investments in bearer form, or otherwise.
United States · United States Congress · 21 February 1985
Minority Investment Tax Act of 1985 - Amends the Internal Revenue Code to provide for the nonrecognition of capital gain where such gain is reinvested in the stock of a mutual fund or other investment company which: (1) primarily invests in business enterprises controlled by minority persons; and (2) is owned, managed, affiliated, or otherwise controlled by a qualified minority company.
United States · United States Congress · 21 February 1985
Amends the Internal Revenue Code to require the Federal Energy Regulatory Commission to make annual determinations relating to the sufficiency of the domestic natural gas supply. (Present law authorizes such determinations for purposes of the investment tax credit with respect to public utility property.)
United States · United States Congress · 21 February 1985
Amends the Sikes Act to extend for three years, through FY 1988, the authorization of appropriations for carrying out wildlife, fish, game, and migratory game bird conservation programs on military reservations.
United States · United States Congress · 21 February 1985
National Science Foundation Authorization Act for Fiscal Years 1986 and 1987 - Authorizes appropriations to the National Science Foundation (NSF) for FY 1986 and 1987. Provides that such funds authorized for FY 1986 will be available for the following categories: (1) advanced scientific computing; (2) astronomical, atmospheric, earth, and ocean sciences; (3) biological, behavioral, and social sciences; (4) engineering; (5) mathematical and physical sciences; (6) scientific, technological, and international affairs; (7) program development and management; (8) science and engineering education; and (9) U.S. Antarctic program. Limits the amounts from appropriations authorized under this Act which may be used for: (1) consultation, representation, or other extraordinary expenses; and (2) expenses incurred outside the United States. Permits transfers of funds among categories as long as such transfers do not exceed ten percent of authorized amounts. Permits transfers in excess of ten percent if: (1) the Director of NSF submits a written explanation of the proposed transfer to specified congressional officers and committees; and (2) 30 calendar days have passed after such submission. Amends the National Science Foundation Act of 1950 to delete certain provisions relating to notification of meetings to members of the National Science Board (the Board). Provides that the Director of NSF may make contracts, grants, and other arrangements only with the prior approval of the Board or under authority delegated by the Board and subject to such conditions as the Board may specify (thus removing the Director's current authority to make grants, contracts, or arrangements involving specified limited amounts under certain conditions without the Board's prior approval). Removes a prohibition against NSF officers or employees acquiring, retaining, or transferring patent rights on inventions which they may make or produce in connection with performing their assigned activities and which are directly related to the subject matter thereof. Revises provisions for special commissions to provide that special commissions: (1) shall consist of such members as the Board considers appropriate; and (2) may be established to study and make recommendations to NSF on issues relating to research and education in science and engineering. Removes certain prohibitions against outside employment and activities by the Director, the Deputy Director, or any Assistant Director of NSF and against their holding any office in or acting in any capacity for any organization with which NSF makes any grant, contract, or other arrangement. Prohibits disclosure to the public of: (1) specified information supplied to NSF or to an NSF contractor by an industrial or commercial organization, unless such information has been transformed into statistical or aggregate formats that do not allow the identification of the supplier; and (2) the names of organizations supplying such information. Repeals specified provisions of the National Science Foundation Authorization Act, Fiscal Year 1978, which require financial or other conflict of interest disclosure statements by NSF officials and employees. Amends the National Science Foundation Authorization, 1976 to remove a limitation on the monetary amount and the duration of the grant included in the Alan T. Waterman Award. Provides that the Board will periodically establish the amounts and terms of such grants. Repeals provisions of the National Science Foundation Authorization Act, Fiscal Year 1978, which require establishment of a Resource Center for Science and Engineering at an educational institution enrolling a substantial number of minority and/or low-income students. Amends the National Science Foundation Act of 1950 to revise provisions for NSF functions relating to engineering research and education. Replaces specified references to "technology" with references to "engineering."
United States · United States Congress · 21 February 1985
Amends the Tax Equity and Fiscal Responsibility Act of 1982 to extend permanently the increase in the excise tax on cigarettes. (Present law terminates such increase as of October 1, 1985.)
United States · United States Congress · 21 February 1985
High Technology Research and Scientific Education Act of 1985 - Title I: The Credit for Increasing Research Activities - Amends the Internal Revenue Code to make permanent the tax credit for research and development (R&D) expenditures. Modifies the definition of qualified research for purposes of the R&D credit to narrow the category of eligible activities for which the credit is allowable. Provides that in-house and contract research expenses paid or incurred by a regular corporation (not an S corporation, a personal holding company, or a service corporation) will constitute qualified research expenses for R&D credit purposes if the corporation undertakes the research with the intention to use the result thereof in the active conduct of a present or future trade or business. Provides that in the case of research being conducted in partnership form, research expenses will constitute qualified research expenses if they are incurred by the partnership in carrying on a trade or business as applied at the partnership level, and the credit is apportioned among the partners in accordance with general partnership rules. Provides exceptions to this general rule where: (1) there is a joint venture enterprise of regular corporations; or (2) not all of the members of the joint venture are regular corporations, but each member's own trade or business would satisfy the trade or business test with respect to the partnership's research expenditures. Provides that for these two exceptions the research expenses will flow through to the partners, with the trade or business test being applied at the partner level. Title II: Promotion of University Research and Scientific Investigation - Establishes a new income tax credit equal to 20 percent of that portion of a corporation's payments to universities (and other qualified non-profit tax-exempt organizations for basic research) which exceeds a fixed, historical "minimum university basic research" floor. Defines the "minimum university basic research" floor as one percent of the annual average of the corporate taxpayer's combined qualified in-house research expenses, contract research expenses and university basic research payments for the base period composed of the period from 1981 through 1983. Provides that the amounts of research expenses which fall below the floor shall remain eligible for the present R&D credit and are included in the corporation's base period for purposes of calculating the present R&D credit. Treats the amounts which exceed the "minimum university basic research" floor as ineligible for the present R&D credit and excludes such amounts from the corporate taxpayer's base year research expenses for purposes of calculating the corporations R&D credit under present law. Provides that a corporation's payments to universities for basic research that is eligible for the new tax credit shall be reduced to the extent that the corporation's general (i.e., not designated for research purposes) charitable giving to all universities falls below historical levels (the annual average of undesignated payments for three of the immediately preceding four years as selected by the taxpayer). Makes additions to the list of organizations to which corporate payments for basic research may be made and be eligible for the tax credit. Allows a corporation an income tax deduction for contributions of scientific or technical property to an institution of higher education. Defines scientific property to mean tangible personal property (including computer software) used in a trade or business, which is donated for the direct education of students or faculty, for research and experimentation, or for research training in the United States in mathematics, the physical, biological, or chemical sciences, engineering, or advanced computer sciences. Sets forth a formula for determining the amount of the allowable deduction for contributions of scientific property. Provides for an income tax exclusion for the scholarships, fellowship grants, student loan forgiveness, or stipends of a graduate student in mathematics, engineering, computer science, or the physical or biological sciences. Provides that such tax exclusion is not forfeited merely because the student is required, as a condition of the scholarship or fellowship, to perform future service in teaching or research.
United States · United States Congress · 21 February 1985
Amends the Internal Revenue Code to make permanent the deduction for charitable contributions by taxpayers who do not itemize deductions.
United States · United States Congress · 20 February 1985
Amends the Internal Revenue Code to impose a 50 percent excise tax on any "greenmail profits" paid to certain corporate stockholders. Defines "greenmail profits" as any gain realized by a four-percent shareholder of any stock in a corporation if: (1) the shareholder held such stock for a period of less than two years; and (2) during the two-year period ending on the date of the sale or exchange of such stock there was a public tender offer for such stock or a four-percent shareholder submitted a written proposal for a public tender offer. Disallows an income tax deduction for certain interest paid or accrued with respect to hostile acquisition indebtedness. Defines "hostile acquisition indebtedness" as certain subordinate obligations issued after February 18, 1985, in connection with a hostile acquisition.
United States · United States Congress · 20 February 1985
Permits the designation on income tax returns of one dollar or more of any overpayment of income tax and any cash contributions which the taxpayer includes with such return for the reduction of the public debt. Requires the transfer of such amounts to a special account to be used to reduce the public debt.
United States · United States Congress · 20 February 1985
Authorizes appropriations for FY 1986 for the Maritime Administration for: (1) payment of obligations incurred for operating differential subsidy; (2) research and development activities; and (3) operations and training activities. Authorizes appropriations for the Federal Maritime Commission for FY 1986.
United States · United States Congress · 20 February 1985
Cash Flow Income Tax Act of 1985 - Title I: Cash Flow Income Tax - Subtitle A: Cash Flow Income Tax - - Amends the Internal Revenue Code to reduce the tax rates for individuals and the number of tax brackets. Imposes an income tax of 30 percent on the taxable income of an estate or trust in excess of $3,000. Provides for a yearly cost-of-living adjustment for the standard deduction, the dependent credit, and the "ten percent bracket." Repeals: (1) the minimum tax for tax preferences; (2) the accumulated earnings tax; (3) the personal holding company tax; (4) the foreign personal holding company tax; and (5) the dividend paid deduction. Imposes a 30 percent income tax on the taxable income of every corporation. Provides that such tax shall be equal to at least 30 percent of the accumulated surplus of a corporation. Revises the definitions of "taxable income," "adjusted gross income," "net income," and "gross income." Provides that the standard deduction shall be $8,000 in the case of a joint return ($4,000 for single individuals or married filing separately). Sets forth restrictions on the availability of the standard deduction. Provides for an unlimited carryforward of any negative amount of a corporation's adjusted net income flow or a taxpayer's taxable income. Allows the taxpayer a credit against the tax for each dependent exemption. Provides that such credit may not exceed the tax of the taxpayer. Subtitle B: Base Broadening - Repeals various tax credits and tax exclusions. Includes in gross income: (1) amounts received as prizes and awards; (2) amounts received as unemployment compensation; (3) social security and tier 1 railroad retirement benefits; and (4) an amount equal to the cost of group-term life insurance carried by an employer for an employee. Includes in gross income the value of property acquired by gift, bequest, devise, or inheritance. Permits a $5,000 per year exclusion for such property. Repeals various tax deductions. Allows a deduction for interest incurred to purchase, carry, or improve an investment asset. Prohibits the deduction of consumer interest. Repeals the deduction for real and personal property taxes. Limits the amount of the deduction for charitable contributions to five percent of the taxpayer's adjusted gross income. Permits a deduction for medical and dental expenses only to the extent such expenses exceed ten percent of adjusted gross income. Permits the deduction for individual casualty losses only to the extent that the aggregate amount of such losses sustained during the taxable year exceeds $500. Treats a husband and wife filing a joint return as one individual for purposes of this limitation. Repeals the tax provisions relating to the limitations on allowance of capital losses. Repeals the tax exemption for credit unions. Provides that gain or loss shall be recognized to a corporation on the distribution of property with respect to its stock in the same manner as if the property distributed had been sold to the distributee at its fair market value. Provides that gain or loss shall be recognized to a corporation on the distribution of property in complete liquidation in the same manner as if it had been sold. Provides one exception to this rule. Eliminates the special bad debt reserves of financial institutions. Subtitle C: Effective Date - Sets forth the effective date for the implementation of this title. Title II - Repeal of Estate and Gift Taxes - Repeals the estate and gift tax.
United States · United States Congress · 20 February 1985
Amends the Internal Revenue Code to exclude from a taxpayer's modified adjusted gross income the amount of tax-exempt interest received or accrued by the taxpayer in determining whether the taxpayer's social security benefits or railroad retirement benefits are to be included in gross income subject to income tax.
United States · United States Congress · 20 February 1985
Productivity Incentive Act of 1985 - Amends the Internal Revenue Code to allow an income tax credit for payments made by a taxpayer to an employee under a productivity incentive plan. Sets the amount of such credit at: (1) ten percent of amounts paid in the first year of such plan; (2) five percent of amounts paid in the second year; and (3) three percent of amounts paid in the third year. Defines "productivity incentive plan" as a written plan which provides bonuses to employees due to profits or cost savings resulting from increases in productivity.
United States · United States Congress · 20 February 1985
Amends the Internal Revenue Code to allow individuals who are either disabled or have attained the age of 65 a refundable income tax credit for real property taxes paid by them on their principal residences or for 25 percent of the rent they pay for their principal residence. Limits such tax credit to $500.
United States · United States Congress · 20 February 1985
Community Assistance and Revitalization Act of 1985 - Title I: Designation of Revitalization Areas - Amends the Internal Revenue Code to provide for the designation of revitalization areas by the Secretary of Housing and Urban Development for purposes of extending the tax incentive measures provided by this Act. Provides that State and local governments shall nominate areas for such designation. Limits to 20 years the period during which such designations shall remain in effect. Authorizes the Secretary to make such designations during the period beginning on January 1, 1984, and ending on December 31, 1993. Limits the number of areas which may be designated before 1989. Requires the Secretary to report to the Congress every four years concerning areas which have been so designated. Provides that the Secretary may designate such zones only if: (1) the area is within the jurisdiction of the local government; (2) the boundary of the area is continuous; (3) the area has a population of at least 4,000 if any portion thereof is located within a standard metropolitan statistical area (with a population of at least 50,000) or 2,500 otherwise or is within an Indian reservation; (4) the area meets specified unemployment and poverty requirements; and (5) the area comprises at least one square mile. Requires nominating local governments, as a condition of the Secretary's designation, to develop a revitalization area development plan. Sets forth the requirements of such development plans. Describes areas to which preference shall be given in the designation of revitalization areas. Requires the Secretary to promote the coordination of all Federal housing, community and economic development, banking, financial assistance, and employment training programs which are carried on within the revitalization area. Requires the head of each Federal department or agency which distributes Federal funds or awards Federal contracts for the purpose of futhering job training to give preferences to such revitalization agencies. Title II: Tax Incentives - Subtitle A: Definition of Revitalization Area Business - Defines "revitalization area business" as any person: (1) which is actively engaged in the conduct of a trade or business during the taxable year; (2) which has at least 50 percent of gross receipts attributable to a trade or business which produces goods or provides services within a revitalization area,; and (3) with respect to which at least 30 percent of any employees hired after a specified time are qualified employees. Provides that an existing business shall not be treated as a revitalization area business unless the average number of full-time employees is at least ten percent greater than the number of such employees during the taxable year preceding designation of the revitalization area. Subtitle B: Incentives for Employee Ownership - Allows an income tax credit for employee ownership of revitalization area businesses. Provides rules for the calculation of such income tax credit. Limits the amount of such income tax credit to $50,000. Allows the nonrecognition of gain from the sale or exchange of stock in a revitalization area business to: (1) an employee stock ownership plan or a tax credit employee stock ownership plan which invests primarily in stock issued by such revitalization area business (if specified requirements are met); or (2) such revitalization area business if such business is a producer cooperative. Subtitle C: Incentives for Investments in Revitalization Areas - Allows the rollover of gain on the sale of property where such gain is reinvested in specified revitalization area business property within a specified period of time. Allows an investment tax credit for certain low income rental housing. Allows a limited investment tax credit for establishment of an entrepreneurial development center. Subtitle D: Incentives for Revitalization Area Businesses - Allows revitalization area business an income tax credit based on the aggregate wages paid to newly-hired qualified employees. Limits the amount of wages which may be taken into account per employee by specified percentages over the first four years of employment. Allows a business expense income tax deduction for the purchase of small revitalization area business stock or debentures. Limits the maximum amount deductible to $10,000 ($20,000 in the case of a joint return). Requires the taxpayer to reduce the basis of such stock or debentures by the amount of the deduction taken. Establishes a minimum holding period of three years for such stock or debentures. Amends the Small Business Act to require that at least $50 million of the funds authorized by such Act shall be made available for direct loan obligations to small business concerns located in revitalization areas. Subtitle E: Expansion of Targeted Jobs Credit - Increases the amount of wages which may be taken into account for purposes of the targeted jobs income tax credit from $6,000 to $10,000. Repeals the termination date for such income tax credit. Title III: General Stock Ownership Provisions - Sets forth procedures for establishing in a revitalization area a General Stock Ownership Corporation (GSOC). Requires the local government having jurisdiction over the revitalization area to hold an election to select at least five individuals to serve as the revitalization area GSOC planning board. Sets forth administrative procedures and qualifications for candidacy for such election. Requires such planning board to determine, within one year after the designation of a revitalization area, whether establishment of an area GSOC would be in the best interests of the area. Requires the planning board, if it decides affirmatively, to formulate a plan for creating an area GSOC that will meet the needs of the area and to submit the plan to the Governor of the State. Authorizes the legislature or Governor to charter a revitalization area GSOC within 90 days after the plan is submitted if the legislature or Governor find that specified conditions have been met. Provides that the revitalization area GSOC planning board shall serve as the initial board of directors of the area GSOC. Requires a board of directors, within 90 days after the charter is issued, to propose a business plan for the area which specifies the objectives of the area GSOC, the type of investments the area GSOC may make, and the manner in which the area GSOC proposes to develop the area. Defines a "revitalization area GSOC" as a GSOC chartered by the State under this Act, authorized by its charter to acquire and develop real estate within the revitalization area, and which has a charter providing that: (1) its shares shall only be issued directly to eligible area residents on an equal basis; (2) each share of stock shall have full voting rights; (3) no stock shall be transferred except by will or inheritance; (4) at least 40 percent of all employees of the GSOC must be qualified employees; and (5) the board of directors must authorize the issuance of as many shares of GSOC stock as necessary to assure that each eligible area resident receives stock on an equal basis. Provides that contributions made to an area GSOC shall qualify as charitable contributions. Provides that only 50 percent of the gain realized from the sale or exchange of any property to an area GSOC shall be recognized. Title IV: Employee Stock Ownership Provisions - Increases from 25 to 50 percent the amount that may be deducted from income tax for contributions paid into an employee stock ownership plan which are applied to the repayment of the principal of a loan used to acquire the employer's stock. Allows an employer an income tax deduction for cash dividends paid on shares of his stock provided specified conditions are met. Permits a taxpayer to deduct a contribution to a tax credit employee stock ownership plan or an employee stock ownership plan as a charitable contribution provided specified conditions are met. Title V: Energy Provisions - Increases the qualified energy conservation expenditures, for purposes of calculating the residential energy credit, from 15 percent to 40 percent of the energy conservation expenditures made during taxable years ending after 1983. Extends the residential energy credit for dwelling units in revitalization areas indefinitely beyond its current expiration date of December 31, 1985. Increases the investment tax credit for energy property to 30 percent for a revitalization area business which invests in energy property between January 1, 1984, and December 31, 2002.
United States · United States Congress · 19 February 1985
Amends the Internal Revenue Code to require the Federal Energy Regulatory Commission to make annual determinations relating to the sufficiency of the domestic natural gas supply. (Present law authorizes such determinations for purposes of the investment tax credit with respect to public utility property.)
United States · United States Congress · 19 February 1985
Repeals the requirement added by the Tax Reform Act of 1984 relating to the maintenance of contemporaneous records with respect to: (1) business travel expenses, including automobile expenses; (2) business entertainment expenses; and (3) expenses for gifts.
United States · United States Congress · 19 February 1985
Amends the Internal Revenue Code to impose a manufacturers excise tax on passenger elevators and escalators. Sets the amount of such tax at five percent of the sales price. Applies such tax to sales after December 31, 1985, and before January 1, 1991. Establishes in the Treasury the Earthquake Research Center Trust Fund. Appropriates to such trust fund revenues raised by such tax. Amends the Earthquake Hazards Reduction Act of 1977 to establish a center for earthquake engineering research. Authorizes appropriations.
United States · United States Congress · 19 February 1985
Amends the Internal Revenue Code to deny the foreign income tax credit for any tax paid or accrued to the Republic of South Africa.
United States · United States Congress · 19 February 1985
Amends the Internal Revenue Code to limit the deductions of a taxpayer attributable to farming to the sum of: (1) the gross income of such taxpayer from the trade or business of farming for such taxable year, plus; (2) an amount equal to the national median family income for the previous year. Requires the non-farm taxable income of such taxpayer to have exceeded the taxpayer's farm income in five of the preceding seven years. Provides that where the taxpayer engages in more than one trade or business of farming, all such trade or businesses shall be treated as a single trade or business.
United States · United States Congress · 19 February 1985
Amends the Internal Revenue Code to impose a 50 percent excise tax on any "greenmail profits" paid to certain corporate stockholders. Defines "greenmail profits" as any gain realized by a four-percent shareholder of any stock in a corporation if: (1) the shareholder held such stock for a period of less than two years; and (2) during the two-year period ending on the date of the sale or exchange of such stock there was a public tender offer for such stock or a four-percent shareholder submitted a written proposal for a public tender offer. Disallows an income tax deduction for certain interest paid or accrued with respect to hostile acquisition indebtedness. Defines "hostile acquisition indebtedness" as certain subordinate obligations issued after February 18, 1985, in connection with a hostile acquisition.