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701 records in US in 1973
United States · United States Congress · 29 January 1973
Provides a tax deduction of up to $500 from gross income for funeral expenses for any decedent which is not conpensated for out of the decedents' estate or by insurance or otherwise. (Amends 26 U.S.C. 219)
United States · United States Congress · 29 January 1973
Extends to all unmarried individuals the tax treatment of income splitting now utilized by married individuals filing joint returns under the Internal Revenue Code. Directs the Secretary of the Treasury to prescribe and publish tables reflecting the amendments made by this Act which shall apply in lieu of the tables set forth in the Internal Revenue Code with respect to wages paid on or after the first day of the first month which begins more than 20 days after the date of the enactment of this Act.
United States · United States Congress · 29 January 1973
Increases personal exemptions after 1974 under the Internal Revenue Code by an amount based on annual variations in the Consumer Price Index. (Adds 26 U.S.C. 151(f))
United States · United States Congress · 29 January 1973
Extends to all unmarried individuals the tax treatment of income splitting now utilized by married individuals filing joint returns under the Internal Revenue Code. Directs the Secretary of the Treasury to prescribe and publish tables reflecting the amendments made by this Act which shall apply in lieu of the tables set forth in the Internal Revenue Code with respect to wages paid on or after the first day of the first month which begins more than 20 days after the date of the enactment of this Act.
United States · United States Congress · 29 January 1973
Provides, under the Rural Electrification Act, that the Administrator of the Rural Electrification Administration is directed (presently "empowered") to fully obligate funds made available for each fiscal year for rural electrification programs provided for in such Act. (Amends 7 U.S.C. 901, 902, 904, 922)
United States · United States Congress · 29 January 1973
Provides an additional income tax exemption of $750 under the Internal Revenue Code of 1954 for a taxpayer, his spouse, or his dependent if any of these individuals is disabled. Provides an income tax deduction up to $750 for expenses of a disabled individual for transportation to and from work. (Adds 26 U.S.C. 151(f); amends 26 U.S.C. 219)
United States · United States Congress · 29 January 1973
Provides under the Internal Revenue Code of 1959 that a corporation prove by a preponderance of evidence that accumulation of earings and profits beyond the reasonable needs of the business was not done with the purpose of avoiding income tax with respect to shareholders. Provides that in any proceeding before the Tax Court the burden of proving the allegation that all or any part of the earnings and profits have been permitted to accumulate beyond the reasonable needs of the business shall be on the Secretary of the Treasury or his delegate with respect to grounds not set forth in the notice of deficiency to the taxpayer. Requires that the notification informing a taxpayer of the proposed notice of deficiency state the grounds and facts sufficient to show the basis thereof on which the Secretary or his delegate has relied in determining that all or part of the earnings and profits of the taxpayer have been permitted to accumulate beyond the reasonable needs of its business. Increases the accumulated earnings credit (presently $100,000) in accordance with the following table: 1973-$150,000, 1974-$200,000, 1975 and thereafter $250,000.
United States · United States Congress · 29 January 1973
Allows an income tax credit under the Internal Revenue Code for tuition paid by a taxpayer during the taxable year to any private nonprofit elementary or secondary school for the education as a full-time student of any dependent with respect to whom the taxpayer is allowed an income tax exemption under the Internal Revenue Code. Limits the tax credit to 50 percent of the tuition paid by the taxpayer or $200, whichever is less. Provides that any payment which is taken into account in determining the tax credit shall not be treated as an amount paid by the taxpayer for purposes of determining entitlement to a tax deduction. Allows any U.S. taxpayer to commence a proceeding in the U.S. District Court for the District of Columbia, within the three month period beginning on the date of enactment of this Act, to determine whether the provisions of this Act are valid legislation under the U.S. Constitution. (Amends 26 U.S.C. 42)
United States · United States Congress · 29 January 1973
Imposes a tax, under the Internal Revenue Code, on chapter 13 net capital gain received by an individual during the taxable year. Defines the term "chapter 13 net capital gain" as the amount of the net long-term capital gain for the taxable year in excess of the sum of $500, and the allowable deduction for interest. Defines such "deduction for interest" as the excess of investment interest on indebtedness over the amount allowed for such a deduction, under the Code, for an individual. Provides that such deduction for interest shall be allowed only to the extent of such net capital gain computed without such deduction. Provides that the above tax shall not apply in the case of an estate or trust. Provides that gross income shall not include gain and loss from the sale or exchange of property to the extent such property was held and used by the taxpayer for personal purposes. Repeals the provision of the Code relating to gain or loss resulting from the sale or exchange of a residence. Provides that the tax imposed on the transfer of the taxable estate of a decedent shall be credited with the aggregate amount of the taxes paid by the decedent which were imposed upon him as a tax on chapter 13 net capital gains. Provides that the value of the taxable estate of a decedent, for purposes of the tax imposed on the transfer thereof, shall be determined by deducting from the value of the gross estate the exemption and deductions provided for under chapter 11 of the Code, and after such deduction, adding the chapter 13 capital gain transfer taxes paid by the decedent during his lifetime.
United States · United States Congress · 29 January 1973
Income Splitting Tax Act- Extends to all unmarried individuals the full tax benefits of income splitting now enjoyed by married individuals filing joint returns. Provides that every individual shall make a declaration of his estimated tax if his gross income can be expected to exceed $10,000 (now $5,000) in the case of an individual subject to the tax imposed for the splitting of such income. (Amends 26 U.S.C. 1; 2; and 6015(a)(1))
United States · United States Congress · 26 January 1973
Provides that, after the President has submitted his annual budget to Congress, the Committee on Appropriations and the Committee on Finance, acting jointly, shall report a resolution to the Senate setting a limit for new obligational authority. Defines new obligational authority to mean the amount set out in the above resolution or, in the absence of a resolution being passed, the amount contained in the President's budget. Makes a bill or resolution providing new obligational authority out of order if the amount of new obligational authority contained in said bill or resolution when added to the amounts of new obligational authority previously passed by the Senate exceeds the limit established in the above resolution. Makes an amendment to a bill or resolution out of order if it creates new obligational authority above the amount set by the resolution. Provides that new obligational authority previously passed by the Senate means: (a) the amount as contained in a bill or resolution enacted into law; (b) the amount as contained in a bill or resolution passed by Congress and awaiting the President's approval; (c) the amount as contained in a bill or resolution passed by the Senate and awaiting House action; and (d) it does not contain the said amount as contained in a vetoed bill or resolution. Provides that every bill or resolution providing for new obligational authority shall contain an analysis of the same by the Senate Appropriations Committee. Requires such analysis to show the relationship of the new obligational authority to the ceiling for all new obligational authority, and to the amount of new obligational authority contained in the President's budget.
United States · United States Congress · 26 January 1973
Allows an income tax credit under the Internal Revenue Code for tuition paid by a taxpayer during the taxable year to any private nonprofit elementary or secondary school for the education as a full-time student of any dependent with respect to whom the taxpayer is allowed an income tax exemption under the Internal Revenue Code. Limits the tax credit to 50 percent of the tuition paid by the taxpayer or $200, whichever is less. Provides that any payment which is taken into account in determining the tax credit shall not be treated as an amount paid by the taxpayer for purposes of determining entitlement to a tax deduction. Allows any U.S. taxpayer to commence a proceeding in the U.S. District Court for the District of Columbia, within the three month period beginning on the date of enactment of this Act, to determine whether the provisions of this Act are valid legislation under the U.S. Constitution. (Amends 26 U.S.C. 42)
United States · United States Congress · 26 January 1973
Provides, under the Rural Electrification Act, that the Administrator of the Rural Electrification Administration is directed (presently "empowered") to fully obligate funds made available for each fiscal year for rural electrification programs provided for in such Act. (Amends 7 U.S.C. 901, 902, 904, 922)
United States · United States Congress · 26 January 1973
Allows a tax deduction under the Internal Revenue Code of not more than $750 for ordinary and necessary expenses paid during the taxable year for the repair or improvement of property used by the taxpayer as his principal residence. Permits any person who is the owner of rental housing and who rehabilitates or restores such housing to deduct the cost of such restoration, with respect to the amortization of the adjusted basis of such housing as so restored, based on a period of 60 months. Entitles any person who acquires rehabilitated or restored rental housing from a taxpayer who elected the amortization deduction and who did not discontinue the amortization deduction, to a deduction with respect to the adjusted basis of such facility based on the remaining amount of the 60 month period taken by the person who rehabilitated the house. Provides procedures for the election and termination of the amortization deduction and defines the terms used in this Act.
United States · United States Congress · 26 January 1973
Allows an income tax credit under the Internal Revenue Code for tuition paid by a taxpayer during the taxable year to any private nonprofit elementary or secondary school for the education as a full-time student of any dependent with respect to whom the taxpayer is allowed an income tax exemption under the Internal Revenue Code. Limits the tax credit to 50 percent of the tuition paid by the taxpayer or $200, whichever is less. Provides that any payment which is taken into account in determining the tax credit shall not be treated as an amount paid by the taxpayer for purposes of determining entitlement to a tax deduction. Allows any U.S. taxpayer to commence a proceeding in the U.S. District Court for the District of Columbia, within the three month period beginning on the date of enactment of this Act, to determine whether the provisions of this Act are valid legislation under the U.S. Constitution. (Amends 26 U.S.C. 42)
United States · United States Congress · 26 January 1973
Pollution Control Incentive Act - Allows a tax credit equal to 20 percent of all costs incurred by the taxpayer for facilities or equipment to control air or water pollution if those facilities are approved by the appropriate State agency, which must issue a statement to the effect that the facilities are in conformity with the State program and Federal regulations for control of pollution. Defines facilities or equipment to control water or air pollution to include land, buildings, machinery, equipment or any combination thereof and provides that such facilities must not be for a profitmaking purpose, but must be used strictly in the taxpayer's business or enterprise for the control of water pollution by removing, altering or disposing of wastes. Specifies that the facilities must be available for service by the taxpayer after December 31, 1970. Limits such tax credit to an amount which will not exceed the taxpayer's tax liability which remains after other tax credits have been deducted. Allows for a carryback and carryover of unused tax credits from one year to other tax years. Allows the taxpayer to elect, in lieu of a depreciation deduction: (1) to treat expenditures for water or air pollution control facilities as a tax deduction or (2) to amortize the cost of such pollution control facilities over a period of one to five years.
United States · United States Congress · 26 January 1973
Provides, under the Rural Electrification Act, that the Administrator of the Rural Electrification Administration is directed (presently "empowered") to fully obligate funds made available for each fiscal year for rural electrification programs provided for in such Act. (Amends 7 U.S.C. 901, 902, 904, 922)
United States · United States Congress · 26 January 1973
Provides, under the Rural Electrification Act, that the Administrator of the Rural Electrification Administration is directed (presently "empowered") to fully obligate funds made available for each fiscal year for rural electrification programs provided for in such Act. (Amends 7 U.S.C. 901, 902, 904, 922)
United States · United States Congress · 24 January 1973
Provides that any resident of the Republic of the Philippines may be a dependent for purposes of the income tax deduction for personal exemptions under the Internal Revenue Code. (Amends 26 U.S.C. 152(b)(3))
United States · United States Congress · 24 January 1973
Allows a tax credit under the Internal Revenue Code against the Federal income tax for State and local real property taxes or an equivalent portion of rent paid on their residences by individuals who have attained the age of 65. Provides that where an indivudal has attained the age of 65, there shall be allowed as a credit the amount of real property taxes paid which were imposed by a State or political subdivision on property owned and used by him as a principal residence or rent constituting such taxes as defined by the Internal Revenue Code. Allows payment by the U.S. Treasury to taxpayers to the extent of the difference between the credit and amount of such real property taxes where the tax imposed is less than real property taxes. Provides that the total credit payment for any taxable year shall not exceed $300 (or $150 in case of a single return). Reduces the amount of the credit allowed by the amount that the taxpayer's income exceeds $6,500 (or $3250 in the case of a married person filing a separate return). Directs that the credit be applied collectively in cases of joint ownership. Provides that where the joint return of the husband or wife is filed, the age requirement is met if either person is 65 or older. Apportions the credit allowed to cover only that part of a residence actually used by the taxpayer or that part of a farm not in excess of forty acres. Provides that an individual who is a tenant-stockholder in a cooperative housing corporation shall be treated as owning the house or apartment which he occupies and such person shall be treated as having paid real property taxes equal to the deduction allowable in direct proportion to taxes actually paid on a particular residence where during the taxable year there has been a change in residence. Provides that the term 'rent constituting property taxes" means an amount equal to 25 percent of the rent paid during a taxable year by the taxpayer for the right to occupy his dwelling (exclusive of charges for utilities, services, and furnishings). Reduces the amount of real property taxes paid by an individual by the amount of any refund given on such taxes. Provides that there shall be no assessment of interest charges where there has been an underpayment of taxes by an individual if the amount due is paid within sixty days after the taxpayer receives a refund of real property taxes which caused the underpayment. Specifies that deductions for State and local real property taxes shall not be affected by the credit allowed.
United States · United States Congress · 24 January 1973
Higher Education Funding Act - Authorizes an income tax deduction under the Internal Revenue Code for contributions to a qualified higher education fund established by the taxpayer for the purposes of funding the higher education of his dependents. Limits the amount of the deduction to the lesser of: (1) $500 times the number of qualified beneficiaries; (2) 10 percent of the taxpayer's adjusted gross income; or (3) $2,500. Provides that a qualified education fund must be established by the taxpayer pursuant to a written plan: (A) solely for the purpose of defraying the cost of room, board, and tuition at an institution of higher education of one or more eligible beneficiaries; (B) which provides that no distribution shall be made by the fund (except upon termination thereof) other than to, or on behalf of, eligible beneficiaries; (C) which provides that upon termination of the fund all assets of the funds shall be distributed to the taxpayer or to his estate; (D) which prohibits contributions to the fund in excess of amounts deductible; and (E) under which the taxpayer consents to the income tax treatment upon termination of the fund. Defines "institution of higher education" as an educational institution: (A) which regularly offers education at a level above the twelfth grade; (B) contributions to or for the use of which constitute charitable contributions; (C) which is legally authorized to provide and does provide a program of postsecondary education; and (D) which is accredited by a nationally recognized accrediting agency or association listed by the United States Commissioner of Education.
United States · United States Congress · 24 January 1973
Provides, under the Rural Electrification Act, that the Administrator of the Rural Electrification Administration is directed (presently "empowered") to fully obligate funds made available for each fiscal year for rural electrification programs provided for in such Act. (Amends 7 U.S.C. 901, 902, 904, 922)
United States · United States Congress · 24 January 1973
Provides that under the Internal Revenue Code an amendment of a will which does not alter its dispositive provisions shall not be considered a republication of such will for the purpose of charitable contributions contained therein. Provides that an amendment of an instrument governing the disposition of the property which does not alter its dispositive provision shall not be considered an amendment of such instrument for purposes of charitable contribution treatment under the Internal Revenue Code.
United States · United States Congress · 24 January 1973
Provides, under the Rural Electrification Act, that the Administrator of the Rural Electrification Administration is directed (presently "empowered") to fully obligate funds made available for each fiscal year for rural electrification programs provided for in such Act. (Amends 7 U.S.C. 901, 902, 904, 922)
United States · United States Congress · 24 January 1973
Allows a tax deduction under the Internal Revenue Code to tenants of houses or apartments for their proportionate share of the taxes and interest paid by their landlords.
United States · United States Congress · 24 January 1973
Provides under the Internal Revenue Code of 1954, that the personal exemption allowed a taxpayer for a dependent shall be available without regard to the dependent's income in the case of a dependent who is over 65. (Adds 151 (e) (1) (C)).
United States · United States Congress · 24 January 1973
Provides, under the Internal Revenue Code, that gross income does not include any amounts received by an individual in the taxable year as a pension, annuity, or other benefit under a public retirement system, or any amounts received by an individual who is age 65 or over as a pension, annuity, or other retirement benefit under any other retirement plan, program, or system, to the extent that the aggregate of such amounts does not exceed $5,000.
United States · United States Congress · 24 January 1973
Provides, under the Rural Electrification Act, that the Administrator of the Rural Electrification Administration is directed (presently "empowered") to fully obligate funds made available for each fiscal year for rural electrification programs provided for in such Act. (Amends 7 U.S.C. 901, 902, 904, 922)
United States · United States Congress · 24 January 1973
Provides, under the Rural Electrification Act, that the Administrator of the Rural Electrification Administration is directed (presently "empowered") to fully obligate funds made available for each fiscal year for rural electrification programs provided for in such Act. (Amends 7 U.S.C. 901, 902, 904, 922)
United States · United States Congress · 24 January 1973
Provides that in the case of a charitable contribution of inventory, by a corporation or by an association taxable as a corporation, to an organization operated exclusively for religious, charitable, scientific, testing for public safety, literary, or educational purposes, and exempt from taxation, the income tax deduction under the Internal Revenue Code for such contribution shall be reduced by only half the reduction required as the amount of gain which would not have been long-term capital gain if the property contributed had been sold by the taxpayer at its fair market value. (Amends 26 U.S.C. 170(e))
United States · United States Congress · 24 January 1973
Creates a select joint committee in the House of Representatives to conduct an investigation and study into methods of significantly simplifying Federal income tax return forms.
United States · United States Congress · 23 January 1973
Extends the provisions of the interest equalization tax under the Internal Revenue Code until March 31, 1975 (formerly March 31, 1973). (26 U.S.C. 4911(d))
United States · United States Congress · 23 January 1973
Provides for the repeal of the Internal Revenue Code of 1954, effective January 1, 1975.
United States · United States Congress · 23 January 1973
Constitutional Amendment - Provides that the aggregate amount of expenditures made by the Government during any fiscal year shall not exceed the net amount of revenue received by the Government during that fiscal year. States that the above provision shall not apply to any fiscal year if at any time during that fiscal year the United States is in a state of war declared by the Congress; or if, with respect to that fiscal year, the Senate and the House of Representatives agree to a concurrent resolution stating that a national economic emergency requires the suspension of the application of the above provision.
United States · United States Congress · 23 January 1973
Allows a tax deduction, under the Internal Revenue Code of 1954, to tenants of houses or apartments for their proportionate share of the taxes and interest paid by their landlords. (Amends 26 U.S.C. 218)
United States · United States Congress · 23 January 1973
Provides, under the Internal Revenue Code of 1954 a tax credit for employers who employ members of the hard-core unemployed. States that the credit allowed by this Act shall not exceed $25,000 plus 50 percent of so much of the liability of tax for the taxable year as exceeds $25,000. (Adds 26 U.S.C. 40)
United States · United States Congress · 23 January 1973
Provides that, notwithstanding any other provision of law or any other regulation, no State shall receive a lesser allocation of water pollution control funds in fiscal year 1973 or fiscal year 1974 than it received in fiscal year 1972.
United States · United States Congress · 23 January 1973
Allows a tax credit against an individual's Federal income tax for a portion of the expenses of higher education paid by him for his own or any other individual's education. Limits such tax credit to: (1) 75 percent of so much of such expenses as does not exceed $200; (2) 25 percent of so much of such expenses as exceeds $200 but does not exceed $500; and (3) 10 percent of so much of such expenses as exceeds $500 but does not exceed $1,500. Provides for a proration of the tax credit where more than one taxpayer pays the educational expenses, and a reduction of the tax credit equal to 1 percent of the amount by which the adjusted gross income of the taxpayer for the taxable year exceeds $25,000. Specifies allowable expenses of higher education for purposes of this Act. (Amends 26 U.S.C. 39)
United States · United States Congress · 23 January 1973
Extends to all unmarried individuals the tax treatment of income splitting now utilized by married individuals filing joint returns under the Internal Revenue Code. Directs the Secretary of the Treasury to prescribe and publish tables reflecting the amendments made by this Act which shall apply in lieu of the tables set forth in the Internal Revenue Code with respect to wages paid on or after the first day of the first month which begins more than 20 days after the date of the enactment of this Act.
United States · United States Congress · 23 January 1973
Allows a tax credit of not more than $300 under the Internal Revenue Code for State and local real property taxes, or for a corresponding portion of rent, paid by individuals with respect to their principal residences.
United States · United States Congress · 23 January 1973
Eliminates the income tax deduction for expenses of attending business conventions outside the United States. (Amends 26 U.S.C. 274)
United States · United States Congress · 23 January 1973
Fiscal Responsibility Act - Title I: Modification of the Fiscal Year - Provides that the fiscal year of all departments, agencies, and instrumentalities of the United States shall be the calendar year. Title II: Establishing Congressional Expenditures Limitations - Provides that the expenditures and net lending of the Federal Government during any fiscal year shall not exceed that amount which the Congress shall fix by concurrent resolution no later than forty-five legislative days after the latest day set by law for the budget message of the President with respect to such fiscal year. Provides for modification of such amount under specified circumstances. Title III: Establishing a Federal Impoundment Procedure - Provides that whenever the President impounds any funds appropriated by law out of the Treasury for a specific purpose or project, or approves the impounding of such funds by an officer or employee of the United States, he shall, within ten days thereafter, transmit to the House of Representatives and the Senate a special message specifying: (1) the amount of funds impounded; (2) the specific projects or governmental functions affected thereby; and (3) the reasons for the impounding of such funds. Provides that the President shall cease the impounding of funds specified in each special message within sixty calendar days of continuous session after the message is received if such impounding shall have been disapproved by either House of Congress by passage of a resolution stating in substance that that House does not favor the impounding. Provides that the President shall not impound any funds from appropriations made by the Congress for any appropriations categories of any department or agency of the Federal Government unless such impoundment is made in all appropriations categories of that department or agency on the basis of equal percentage impoundment among appropriations categories.
United States · United States Congress · 22 January 1973
Provides that the funds allocated by the Secretary of Agriculture for the purpose of carrying into effect the rural environmental assistance program pursuant to the Soil Conservation and Domestic Allotment Act for fiscal year l973, shall be fully expended for such purpose in such fiscal year.
United States · United States Congress · 22 January 1973
Repeals the provisions of the Internal Revenue Code relating to the capital gain or loss treatment allowed on the disposition of installment obligations transferred to life insurance companies. (Repeals 26 U.S.C. 453(d)(5))
United States · United States Congress · 22 January 1973
Provides, under the Rural Electrification Act, that the Administrator of the Rural Electrification Administration is directed (presently "empowered") to fully obligate funds made available for each fiscal year for rural electrification programs provided for in such Act. (Amends 7 U.S.C. 901, 902, 904, 922)
United States · United States Congress · 18 January 1973
Fair International Tax Act - States that if a foreign corporation is a controlled foreign corporation for an uninterrupted period of thirty days and more during any taxable year, every United States shareholder of such corporation who owns stock in such corporation on the last day in such year on which such corporation is a controlled foreign corporation shall include in its gross income, for its taxable year in which or with which such taxable year of the corporation ends, its pro rata share of the corporation's earnings and profits for such year. Provides that the earnings and profits of any foreign corporation, and the deficit in earnings and profits of any foreign corporation, for any taxable year: (1) shall be determined according to rules substantially similar to those applicable to domestic corporations; (2) shall be appropriately adjusted for deficits in earnings and profits of such corporation for any priortaxable year beginning after December 31, 1973; (3) shall not include any item of income which is effectively connected with the conduct by such corporation of a trade or business within the United States unless such item is exempt from taxation (or is subject to a reduced rate of tax) pursuant to a treaty obligation of the United States; (4) shall not include any amount of earnings and profits which could not have been distributed by such corporation because of currency or other restrictions or limitations imposed under the laws of any foreign country. Excludes from gross income of a United States shareholder: (1) the amount received as a result of an election by a foreign investment company to distribute income currently and; (2) the amount he must claim as income the amount he would have received as a divedend determined as if any distribution in liquidation actually made in such taxable year had not been made) if on such last day there had been distributed by the company, and received by the shareholders, an amount which bears the same ratio to the undistributed foreign personal holding company income of the company for the taxable year as the portion of such taxable year up to and including such last day bears to the entire taxable year. Defines the terms "United States shareholder", "controlled foreign corporation". and "pro rata share of earnings and profits". Establishes rules for determining stock ownership. Excludes from gross income the earnings and profits for a taxable year of a foreign corporation attributable to amounts which are, or have been, already included in the gross income of a United States shareholder because of earlier provisions of this act dealing with controlled foreign corporations and their subsidiaries. Requires amounts so excluded to be treated as a distribution which is not a dividend. Increase the basis of a United States shareholder's stock in a controlled foreign corporation by the amount required to be included in gross income by preceeding provisions in this act. Reduces the basis of stock on other property by the amount excluded from gross income in earlier provisions of this act. States that the Secretary of the Treasury may by regulations require each person who is, or has been, a United States shareholder of a controlled foreign corporation to maintain such records and accounts as may be prescribed by such regulations as necessary to carry the provisions of this Act. Specifies various technical and conforming amendments. Prohibits corporations from claiming a credit for payment of taxes to a foreign country. States that for the purposes for computing the earnings and profits of a foreign corporation the amount of depreciation which would be allowable for the taxable year with respect to any property shall be determined on the basis of the useful life of such property in the hands of such foreign corporation. Provides that in the case of any property located outside, or used predominantly outside the United States, the reasonable allowance for depreciation shall be computed under the straight line method on the basis of the useful life of the property in the hands of the taxpayer. Recognizes as a gain for forign corporations any transfer of a patent, invention, model, design, copyright, secret formula or process, or any other similar property right. Provides that the amount excluded from gross income as income earned from sources without the United States shall not apply to amounts received for services performed (1) for a domestic corporation or a domestic partnership, or (2) for a controlled foreign corporation. Requires the Treasury Department to submit to the Congress no later than December 31, 1974, a report on the administration of the income tax imposed by the Internal Revenue Code as it applies to business activities carried on outside the United States by United States corporations, whether directly or through foreign entities.
United States · United States Congress · 18 January 1973
Emergency Property Tax Relief Act - Provides that where the Secretary of the Treasury has determined that a jurisdiction has established a real property tax relief program which affords low and moderate income households a credit or other payment against the real property tax imposed by such jurisdiction, he shall reimburse said jurisdiction for one-half of the qualifying revenue losses attributable to such program. Requires a jurisdiction desiring to qualify for payments under this Act to make an application at such time and in such manner as the Secretary shall prescribe by regulations. Provides that whenever the Secretary, after reasonable notice and opportunity for a hearing to a jurisdiction which has had an application approved, finds that such jurisdiction no longer has a qualifying property tax relief program, he shall notify such jurisdiction that it will not be eligible to receive payments until he is satisfied that the jurisdiction has a qualifying property tax relief program. Permits a jurisdiction dissatisfied with the Secretary's decision petition for review of that action within sixty days after notice of such action in the United States court of appeals for the circuit in which the jurisdiction is located.
United States · United States Congress · 18 January 1973
Extends to all unmarried individuals the same tax treatment of income splitting now utilized by married individuals filing joint returns under the Internal Revenue Code. Directs the Secretary of the Treasury to prescribe and publish tables reflecting the amendments made by this Act which shall apply in lieu of the tables set forth in the Internal Revenue Code with respect to wages paid on or after the first day of the first month which begins more than 20 days after the date of the enactment of this Act.
United States · United States Congress · 18 January 1973
Excludes from gross income under the Internal Revenue Code any payments made under the retired serviceman's family protection plan by an individual who has waived his military retirement pay in order to receive a civil service retirement annuity. (Amends 26 U.S.C. 122)
United States · United States Congress · 18 January 1973
Small Business Tax Simplification and Reform Act - Title I: Tax Simplification Relating to Small Business - Creates a Committee on Tax Simplification for Small Business for the purpose of devoting continued attention to the simplification of the Internal Revenue Code to small business, and the regulations, instructions, procedures, and other publications relating to small business taxation. Provides that the membership of the Committee would include representatives of the Secretary of the Treasury (for policy matters); Internal Revenue Service (for technical matters); Office of Management and Budget (for coordinating the paperwork aspects of IRS forms, in view of the Federal Reports Act) and the Small Business Administration to express the interests of the small business community. Creates in the Treasury Department an Office of Small Business Analyst, which would be responsible for looking at tax problems primarily from the view of small business and the free enterprise system. Calls upon the Treasury Department to make a comprehensive study of depreciation policies with particular attention to: the impact of legislation; the rapid advances in technology to which small business must adopt; and the practices of other industrialized nations. Calls upon the Treasury to study the entire range of pension, retirement, health, medical, and insurance benefits in the larger context of what both corporations (including large corporate enterprise) and other forms of business are providing for their employees and executives. Authorizes a special study of the differential effect of tax law changes on businesses of different sizes. Title II: Adjustment of Corporate Normal Tax - Effects a progressive reform in the entire corporate tax structure by providing for reductions in normal corporate tax rates based on the corporations earning. Provides that as corporate earnings rise above $1 million per year the normal tax would incline upward to a maximum of 24 percent for corporations earning over $1 billion annually. Title III: Special Provisions to Encourage Establishment of New Small Business Enterprises - Permits eligible new small business corporations an income tax deduction equal to the corporations net operating income, so long as that amount does not exceed $83,333. Allows an income tax deduction to a partnership for its organizational expenses ratably over a period of 60 months. Provides for a bad debt tax deduction for guarantors of obligations of, and lenders to, small business corporations. Title IV: Provisions to Assist Small Business Growth - Increases the additional first-year depreciation limitation for small business property from $10,000 to $20,000. Fixes the length of guideline lives as those contained in the Revenue Procedure, and eliminates the reserve ratio test for firms designated as "Small business" by the Small Business Administration. Reinstates the 7 percent investment credit for specified small business property. Provides that corporate manufacturing would be allowed $50,000 worth of qualified investment. Extends the period for use of the loss carryover provisions for small businesses by allowing existing corporations to carry these losses over a ten year period. Raises the earning credit in accordance with the costs of doing business to $150,000. Allows the expenses of certain types of Small business stock flotations to be amortized over a period of 60 months. Allows research and development expenses of small businesses to be amortized beginning at the time they are made. Permits a limited number of surtax exemptions (up to 5) in the event members of a family are placed in proprietary positions where they have ownership of at least 50 percent of the stock (or other interest) and full time management of a separately incorporated unit of a family business. Title V: Provisions Relating to Partnerships - Allows the closing of the partnership year for a decedent at any of the following times: (1) normal close of the partnership year if there has been no prior sale, exchange, or liquidation of the partnership interest; (2) the date of any of the above described transactions; or (3) the day after the partner's death. Permits a partner to deduct currently his share of partnership losses in excess of the adjusted basis of his partnership interests, in the event that the partner is unconditionally obligated for his share of such partnership losses. Title VI: Provisions Relating to Subchapter S Corporations - Increases the Subchapter S S "tax-option" to small business corporations in the following 3 ways: (1) initial shareholders could number 15, rather than the present 10; (2) shareholders in excess of this ceiling who take their stock by reason of heirship would not disqualify election; and (3) after 5 years, the number of permissible shareholders would increase to 25. Provides that the classes of shareholders would be expanded to include: (1) trusts where stock passes pursuant to a will, and where the trust is used merely to convey the stock to a long term eligible holder within 60 days; (2) trusts where the entire income is taxable to the grantor; and (3) certain small business investment companies. Provides for nondisqualification of a Subchapter S corporation by reason of exceeding the limit of 20 percent passive income in a single year. Provides that the election privilege shall be lost pursuant to this proposal if the limit is exceeded in any 2 of 4 consecutive years. Provides that if the corporation is able to establish that the termination was, in fact, inadvertent and can gain full compliance within 90 days of notification, its Subchapter S status would be preserved for future years. Title VII: Business Development Corporations - Permits State and local development companies to extend long-term financing to non-bankable new enterprises and such companies would be permitted a bad-debt reserve deduction up to 10 percent of outstanding loans. Provides that certain types of business development corporations would be nontaxable upon the condition that the proceeds from such unusual transactions are re-invested within the area of service and no part of these proceeds inures to the benefit of any individual or private institution. Title VIII: Preservation of Small Business Independence - Allows recovery of losses in 1 or 2 quarters to the extent the newly estimated tax for the year is less than the amount already paid in. Disallows interest deductions beyond $500,000 on any loan for small business acquisition purposes. Permits valuation comparisons with any similar closely held corporation whether or not it is listed on an exchange. Changes the standard of "undue hardship" (required to qualify for 10-year estate tax installments) to "hardship". Directs the Treasury Department to conduct a comprehensive examination of the pressures of income taxes, capital gains tax, reorganization rules, and estate and gift taxes which are causing so many small businesses to sell or merge out of existence rather than continue in independent form.