The world's political record
Records whose title is actually about this topic. Use a country filter if the list is still too broad.
701 records in US in 1985
United States · United States Congress · 19 February 1985
Amends the Internal Revenue Code to allow an income tax credit for contributions made by taxpayers to reduce the public debt. Sets the amount of such credit at 25 percent of the value of the contribution.
United States · United States Congress · 19 February 1985
Makes supplemental appropriations for FY 1985 to: (1) the Department of Agriculture for Public Law 480 famine relief programs in Africa, including funds for transporting 1,100,000 metric tons of farm commodities; (2) the Agency for International Development for international disaster assistance programs for famine relief in Africa; and (3) the Department of State for migration and refugee assistance in Africa.
United States · United States Congress · 7 February 1985
Amends the Internal Revenue Code to permit a married taxpayer filing a joint return to deduct from gross income certain amounts paid to an individual retirement account established for the benefit of a working spouse. Increases from $1,125 to $2,000 the allowable deduction for contributions to an individual retirement account for certain divorced taxpayers.
United States · United States Congress · 7 February 1985
Amends the Internal Revenue Code to provide that fishermen who are treated as self-employed for social security tax purposes shall be treated as self-employed for pension plan purposes.
United States · United States Congress · 7 February 1985
Amends the Internal Revenue Code to provide an additional ten percent investment tax credit for expenditures for soil or water conservation property. Defines "soil or water conservation property" as certain irrigation equipment (the use of which is certified by the Soil Conservation Service) or the portion of the basis of qualified land which is attributable to specified conservation improvements made by the taxpayer. Treats a taxpayer who has paid or incurred an assessment with respect to property used by a soil or water conservation or drainage district as having acquired a portion of such property. Provides that soil or water conservation property shall cease to be qualified for the investment tax credit provided by this Act if the taxpayer discontinues the business of farming within five years after the date on which the property was placed in service. Provides that the amount of the deduction allowed under the accelerated cost recovery system for irrigation property qualified under this Act shall be determined according to a straight-line method of depreciation.
United States · United States Congress · 7 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. Allows a corporation a nonrefundable 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.
United States · United States Congress · 7 February 1985
Amends the Internal Revenue Code to allow a taxpayer (or a third party with an interest in the property) to bring a civil action against the United States in a U.S. district court on a claim that a lien was imposed or a levy made in knowing violation of specified procedures or in knowing violation of an agreement made between the taxpayer and the Internal Revenue Service.
United States · United States Congress · 7 February 1985
Taxpayers' Procedural Safeguard Act - Amends the Internal Revenue Code to increase from ten days to 30 days the time period during which a taxpayer must pay a tax deficiency after notice and demand for payment. Sets forth requirements for information which must be included with such notice to a taxpayer. Allows the release of a levy upon the wages or salary of a taxpayer if: (1) the taxpayer has entered into an agreement for the payment of tax liability; or (2) the Secretary of the Treasury determines that such liability is unenforceable due to the financial condition of the taxpayer. (Present law allows the release of a levy only when the liability is satisfied or becomes unenforceable due to lapse of time.) Increases by specified amounts the aggregate sum of a taxpayer's personal effects and trade or business property which is exempt from levy. Increases by specified amounts the wages, salary, and other income of a taxpayer which are exempt from levy. Exempts from levy: (1) the principal residence of the taxpayer; (2) any motor vehicle used for transportation to the place of business of the taxpayer; and (3) any tangible personal property used in carrying on the trade or business of the taxpayer if such levy would prevent the taxpayer from carrying on such trade or business. Allows levy on such property if a district director or assistant district director of the Internal Revenue Service personally approves (in writing) the levy of such property or the collection of tax would be in jeopardy. Prohibits the levy on any property if the amount of the estimated expenses which would be incurred with respect to the levy and sale of such property exceeds: (1) the fair market value of such property at the time of levy; or (2) the liability for which such levy is made. Revises requirements for the administrative review of jeopardy levy and assessment. Requires the award of court costs and certain fees in civil suits brought against the United States if the position of the United States in such a proceeding was not substantially justified. Authorizes the Secretary to enter into written agreements with a taxpayer providing for installment payments of tax liability if the Secretary determines that such an agreement will facilitate the collection of the tax liability. Requires the Secretary to make a written offer to enter into such an agreement if: (1) the taxpayer's liability does not exceed $20,000; and (2) the taxpayer has not been delinquent in payments under any other such agreement during the previous three years. Provides that such an agreement shall be binding upon the Secretary unless information provided by the taxpayer was inaccurate or incomplete or the Secretary determines that the financial condition of the taxpayer has significantly changed. Requires the abatement of deficiency and any penalty or interest attributable to written advice by the Internal Revenue Service. Sets forth procedures for taxpayer interviews. Requires the Internal Revenue Service, upon a taxpayer's request, to: (1) conduct such an interview at a reasonable time and place convenient to the taxpayer; and (2) allow the taxpayer to make a recording of such interview. Requires the officer or employee conducting such interview to warn the taxpayer that: (1) he has the right to remain silent; (2) any statement he makes may be used against him; and (3) he has the right to the presence of an attorney, accountant, or return preparer. Establishes within the Internal Revenue Service an Office of Ombudsman. Sets forth the duties and responsibilities of the Ombudsman. Requires the Ombudsman to submit annual reports to specified congressional committees. Authorizes the Ombudsman, upon application filed by a taxpayer, to issue a Taxpayer Assistance Order if, in the determination of the Ombudsman: (1) the taxpayer is suffering or about to suffer from an unusual or irreparable loss as a result of the manner in which the internal revenue laws are being administered by the Secretary; and (2) the Secretary has failed to carry out any of his duties or has violated any provision of law. Allows the terms of a Taxpayer Assistance Order to require the Secretary to release property of the taxpayer levied upon or cease or refrain from certain actions. Requires the Secretary to obey any Taxpayer Assistance Order issued by the Ombudsman. Allows an administrative appeal of tax liens. Provides for a civil cause of action by a taxpayer for a wrongful lien or levy upon property.
United States · United States Congress · 7 February 1985
Amends the Internal Revenue Code to increase the threshold amount to $5,000 (currently $1,000) for purposes of determining the necessity of withholding tax on certain wagering activities. Phases in this increased threshold amount over a period of five years.
United States · United States Congress · 7 February 1985
Extends through FY 1988 the authorization of appropriations for the Anadromous Fish Conservation Act.
United States · United States Congress · 7 February 1985
Amends the Endangered Species Act of 1973 to authorize appropriations for FY 1986 through 1988.
United States · United States Congress · 7 February 1985
Tax Equity and Simplification Act of 1985 - Requires the Secretary of the Treasury to submit to specified congressional committees: (1) recommendations to make the provisions of this Act revenue neutral; and (2) an implementing bill. Title I: Individual Income Tax - Chapter 1: Reduction of Marginal Tax Rates - Amends the Internal Revenue Code to reduce the number of tax brackets to three for married individuals, unmarried individuals, and married individuals filing separate returns. Reduces the marginal tax rates by establishing rates of 15 percent, 25 percent, and 35 percent for these three tax brackets. Chapter 2: Fairness for Families - Increases the zero bracket amount for married individuals, unmarried individuals, and married individuals filing separate returns. Increases the personal exemption to $2,000. Provides a combined tax credit for the elderly, blind, and disabled in accordance with the Department of the Treasury report to the President, entitled "Tax Reform For Fairness, Simplicity, and Economic Growth." (Treasury Report). Repeals the additional personal exemptions for the elderly and the blind. Repeals the deduction for two-earner married couples. Provides for an inflation adjustment annually for the earned income credit. Provides for a deduction in lieu of the tax credit allowed under current law for child and dependent care expenses. Chapter 3: Fair and Neutral Taxation - Repeals the exclusion for: (1) employer-provided group term life insurance; (2) employer-provided death benefits; (3) employer-provided legal services; (4) employer-provided dependent care services; (5) employer-provided commuting services; (6) employer-provided educational assistance; (7) employer-provided cafeteria plans; (8) employee awards; (9) military allowances; and (10) parsonage allowances. Repeals provisions relating to the special treatment of incentive stock options. Repeals the tax-exemption for voluntary employee benefit associations, supplemental unemployment benefit trusts, and black lung benefit trusts. Limits the exclusion of scholarship and fellowships to those amounts used for tuition and related expenses. Repeals the exclusion for prizes and awards. Limits the charitable deduction for appreciated property to the adjusted basis of such property adjusted for inflation. Revises the charitable contribution deduction percentage limitations in accordance with the Treasury Report. Repeals the charitable contribution deduction for nonitemizers. Prohibits the deduction for expenses which are of a type generally considered to constitute entertainment, amusement, or recreation. Limits the amount of deductions for business meals to a maximum per person per meal of $10 for breakfast, $15 for lunch, and $25 for dinner. Limits the deductibility of travel expenses in accordance with the provisions of the Treasury report. Provides that the taxable income of a child under 14 years of age shall be taxed at the marginal tax rates of the child's parents in accordance with the provisions of the Treasury Report. Revises the income taxation of trusts and estates in accordance with the proposals of the Treasury Report. Chapter 4: Simplification - Directs the Internal Revenue Service to study the implementation of a return-free income tax system. Repeals: (1) the alternative minimum tax; (2) the credit for contributions for candidates for public office; and (3) the deduction for adoption expenses. Provides that deductions for employee business expenses and miscellaneous itemized deductions shall be allowed only to the extent that they exceed one percent of adjusted gross income. Chapter 5: Other Miscellaneous Reforms - Increases: (1) the overall dollar limitation on the deduction for indirect moving expenses from $3,000 to $10,000; and (2) the deduction for temporary living expenses and round trip travel expenses connected with moving from $1,000 to $3,000. Limits the moving expense deductions for moves to a foreign country to: (1) $10,000 (increased fom $6,000) for indirect moving expenses; and (2) $6,000 (increased from $4,500) for temporary living expenses and round trip travel expenses. Provides for an annual inflation adjustment for the dollar limitations. Provides that individuals who were full-time students during the base period years shall be ineligible for income averaging pursuant to the Treasury proposal. Title II: Business and Capital Income Taxes - Chapter 1: Corporate Tax Rates - Reduces the corporate tax rates by providing for three tax brackets with the rates ranging from 15 percent in the lowest tax bracket to 33 percent in the highest bracket. Provides that a corporation with taxable income in excess of $100,000 for any taxable year must increase the amount of its tax liability by the lesser of: (1) 13 percent of the excess of the corporations taxable income over $100,000; or (2) $13,000. Repeals the corporate minimum tax. Chapter 2: Taxation of Business Organizations - Repeals the partial exclusion of dividends received by individuals. Taxes limited partnerships as corporations if at any time during the taxable year the partnership has more than 35 limited partners. Chapter 3: Capital Consumption Allowances - Establishes a Real Cost Recovery System pursuant to the Treasury Report proposals to take into account the effects of inflation and the real economic loss inherent in the use of assets over time. Repeals the investment tax credit. Chapter 4: Adjustments for Effect of Inflation - Eliminates the preferential tax rate for long-term capital gains and provides for inflation adjustments to be made to the adjusted basis of property in accordance with the Treasury Report. Permits taxpayers to index inventories using an inflation adjustment based on the Consumer Price Index. Provides for an inflation adjustment to interest by excluding a fractional amount of interest receipts from income and by denying a deduction for a corresponding fraction of interest payments in accordance with the Treasury Report. Chapter 5: Income Measurement - Revises the accounting rules for multiperiod production according to the Treasury Report. Provides that an amount borrowed which is secured by an installment obligation shall be treated as a payment on the installment obligation in accordance with the Treasury Report. Limits the use of the cash method of accounting to cases where: (1) a taxpayer's business has average annual gross receipts of $5,000,000 or less; and (2) where no other method of accounting has been regularly used to ascertain the income, profit, or loss of such taxpayer's business. Repeals the reserve method for bad debt deductions. Chapter 6: Taxation of Energy and Natural Resources - Repeals the tax credits relating to: (1) residential energy; (2) producing fuel from a nonconventional source; and (3) alcohol fuels. Repeals the refund of tax on fuels used in certain taxicabs. Repeals: (1) percentage depletion; (2) expensing of intangible drilling and development costs; (3) expensing of hard mineral exploration and development costs; (4) the deduction for qualified tertiary injectant expenses; (5) capital gains treatment for timber, coal, and iron ore royalty income; (6) special rules for mining and solid waste reclamation and closing costs; and (7) the crude oil windfall profit tax. Chapter 7: Financial Institutions - Repeals the special rules for bad debt deduction. Prohibits any bank or other financial institution from deducting interest payments allocated to the purchasing or carrying of tax-exempt obligations pursuant to the Treasury Report. Repeals the tax-exempt status of credit unions. Repeals the special reorganization rules for financially troubled thrift institutions. Provides for the taxation of the annual increase in the cash surrender value of insurance policies pursuant to the proposals of the Treasury Report. Treats policyholder loans and partial withdrawals under life insurance policies as distributions of income to the policy holder pursuant to the proposals of the Treasury Report. Provides that investment income credited to deferred annuity contracts will be subject to tax according to the Treasury Report. Modifies the life insurance company reserve deduction. Repeals the special life insurance company deductions. Limits the property and casualty insurance company reserve deductions in accordance with Treasury Report proposals. Repeals the deduction for contributions to a protection against loss account. Repeals the special tax-exemptions, tax rate reductions, and deductions of small mutual property and casualty insurance companies. Reduces the deduction for policyholder dividends allowed to mutual property and casualty insurance companies. Repeals the tax-exemptions for insurance businesses in accordance with the Treasury Report proposals. Chapter 8: State and Local Government Debt and Investments - Provides that interest on obligations issued by State or local governments shall be subject to tax if more than one percent of the proceeds are used directly or indirectly by any person other than a State or local government. Imposes limitations on arbitrage profits and advance refunding of tax-exempt bonds in accordance with the proposals of the Treasury Report. Repeals the general stock ownership corporation provisions. Chapter 9: Special Expensing and Amortization Rules - Repeals the amortization rules for: (1) trademark and trade name expenditures; (2) certified pollution control facilities; (3) rehabilitation of low income housing; (4) the cost of qualfied railroad grading and tunnel bores; (5) expenses for soil and water conservation, fertilizer and soil conditioning, and land clearing; and (6) reforestation expenditures. Chapter 10: Other Specific Subsidies - Repeals: (1) the tax credit for qualified rehabilitation expenditures; (2) special rules for book, magazine, and discount coupon income; (3) the Merchant Marine Capital Construction Fund exclusions; and (4) the possessions tax credit. Chapter 11: Other Curtailments of Tax Shelters - Limits the deduction for interest in accordance with the provisions of the Treasury Report. Extends the at-risk rules to apply to all activities, including real estate and equipment leasing. Chapter 12: Retirement Savings - Increases the dollar limit on deductions to individual retirement accounts from $2,000 to $2,500. Increases the amount of the deduction for an individual retirement account and a spousal individual retirement account from $2,250 to $2,750. Provides that all tax qualified retirement plans shall be subject to uniform minimum distribution rules in accordance with the proposals of the Treasury Report. Revises the rules relating to the deduction of contributions to qualified retirement plans in accordance with the Treasury Report proposals. Modifies the annual limits on qualified retirement plan contributions and benefits according to the Treasury Report proposals. Imposes a ten percent tax on qualified retirement plan assets reverting to the employer upon the termination of a qualified retirement plan. Repeals provisions permitting cash or deferred arrangements. Provides that qualified pension plans shall be permitted to use benefits forfeited by a separated employee to increase the benefits that other employees would otherwise receive under the plan. Chapter 13: International Issues - Imposes a per-country limitation on the foreign tax credit in accordance with the Treasury Report proposals. Modifies the sourcing rules for income and deductions in accordance with the Treasury report proposals. Replaces the "second dividend tax" with an additional tax on the profits of the United States branches of foreign corporations. Requires that foreign exchange gains and losses be treated as interest in accordance with the Treasury Report proposals. Title III: Other Tax Issues - Chapter 1: Estate and Gift Tax - Modifies the estate and gift tax in accordance with the Treasury Report proposals. Revises in accordance with the Treasury Report proposals: (1) the property value determination rules; (2) the power of appointment rules; and (3) the generation-skipping transfer tax. Expands the tax credit for tax on prior transfers. Revises the rules for installment payment of estate tax in accordance with the Treasury Report proposals. Repeals the estate tax deduction for interest payments as an administration expense. Revises the rules relating to income in respect of a decedent in accordance with the Treasury Report proposals. Replaces the maximum State death tax credit with a flat maximum credit equal to five percent of the decedent's Federal taxable estate. Repeals the capital gain treatment for redemptions of stock to pay death taxes. Chapter 2: Simplification of Certain Penalties - Consolidates the penalties relating to failure to file information returns, failure to furnish information, failure to provide information on returns, and filing false returns into one provision with uniform penalties in accordance with the Treasury Report proposals. Title IV: Effective Date - Sets forth the effective date for the provisions of this act.
United States · United States Congress · 7 February 1985
Amends the Internal Revenue Code to impose a one percent surtax on all individual gross income and on corporate gross sales for firms reporting more than one billion dollars in sales. Exempts individuals eligible for the credit for the elderly and permanently disabled and the earned income credit. Provides that the surtax will not apply after 1987. Provides that the surtax will not be treated as tax for purposes of the alternative minimum tax. Calculates the gross receipts of foreign corporations subject to the surtax by taking into account only gross receipts effectively connected with the conduct of a trade or business within the United States. Establishes within the Treasury the Deficit Reduction Trust Fund. Transfers amounts received from the individual and corporate surtax to the Deficit Reduction Trust Fund. Requires an annual report to the Congress by the Congressional Budget Office stating: (1) the amount of the revenue raised by these surtaxes; and (2) the impact of such surtaxes.
United States · United States Congress · 7 February 1985
Authorizes reduced postal rates (one-half of the usual rate) during FY 1986 and 1987 for parcels of food, medicine, or clothing sent to Poland or the Union of Soviet Socialist Republics.
United States · United States Congress · 7 February 1985
Amends the Internal Revenue Code to increase the excise tax on cigarettes from: (1) $8 to $12 for small cigarettes; and (2) $16.80 to $25.20 for large cigarettes. Imposes a floor stock excise tax on small and large cigarettes. Transfers revenues raised by such additional taxes to the Federal Hospital Insurance Trust Fund (Medicare).
United States · United States Congress · 7 February 1985
Amends the Internal Revenue Code to increase the excise tax on distilled spirits from $12.50 per gallon to $19.75 per gallon. Appropriates revenues raised by such additional tax to the Federal Hospital Insurance Trust Fund (Medicare).
United States · United States Congress · 7 February 1985
Amends the Internal Revenue Code to allow the deduction for retirement savings to be computed for married individuals on the basis of their combined compensation.
United States · United States Congress · 7 February 1985
Fairness in Gift Tax Act - Provides that interest-free or below market rate loans made before February 23, 1984, did not give rise to any taxable gift prior to such date. Extends the period of the statute of limitations for purposes of any refunds or credits for overpayments of tax resulting from this Act.
United States · United States Congress · 7 February 1985
Amends the Internal Revenue Code to provide that the zero bracket amount for heads of households shall be the same as the zero bracket amount for joint returns and surviving spouses.
United States · United States Congress · 7 February 1985
Amends the Internal Revenue Code to modify the definition of an affiliated group of corporations for purposes of filing a consolidated return to require that a corporation must meet the stock voting and the stock value ownership tests on the first day of the taxable year such corporation wishes to be includible in the consolidated return of the group. Modifies the rules relating to the termination of an affiliated group status to provide that the parent corporation must own stock with a value of more than 50 percent (currently at least 80 percent) of the total value of another corporation for that corporation to continue to be part of an affiliated group.
United States · United States Congress · 7 February 1985
Amends the Internal Revenue Code to treat as a tax-exempt employee fringe benefit any transportation provided by an airline to parents of its employees.
United States · United States Congress · 6 February 1985
Amends the Small Business Act to authorize Small Business Administration (SBA) program levels for FY 1986 through 1988 for direct and immediate participation loans for small business plant acquisition, construction, conversion, or expansion. Makes funds available out of such authorization for direct and immediate participation loans to handicapped persons and organizations for the handicapped and Vietnam veterans. Authorizes funding for FY 1986 through 1988 for deferred participation loans and debenture guarantees for small business plant acquisition, construction, conversion, or expansion and small business development companies under the Small Business Investment Act of 1958. Makes funds available out of such authorization for deferred participation loans to: (1) handicapped persons and organizations for the handicapped; (2) small businesses either located in urban or rural areas with high unemployment and low incomes or owned by low-income individuals; (3) small businesses which design, manufacture, and distribute energy measures; and (4) guarantees of debentures with respect to State and local development companies. Authorizes funding for FY 1986 through 1988 for: (1) direct purchases and guarantees of debentures and purchases of preferred securities with respect to small business investment companies; (2) surety bond guarantees under the Small Business Investment Act of 1958; and (3) payment guarantees for the installation of pollution control facilities by small businesses. Authorizes appropriations for FY 1986 through 1988 for disaster loans to small businesses and permits the transfer of funds from the disaster loan revolving funds for the payment of SBA administrative expenses. Authorizes appropriations to the SBA for FY 1986 through 1988. Makes such funds available for: (1) direct and immediate participation loans for small business plant acquisition, construction, conversion, or expansion; (2) loans to handicapped persons and organizations for the handicapped; (3) Vietnam veterans' loans; (4) deferred participation loans and debenture guarantees for small business plant acquisition, construction, conversion, or expansion and small business development companies; (5) deferred participation loans to handicapped persons and organizations for the handicapped; (6) small businesses either located in urban or rural areas with high unemployment and low incomes or owned by low-income individuals; (7) small businesses which design, manufacture, and distribute energy measures; (8) guarantees of debentures with respect to State and local development companies; (9) direct purchases and guarantees of debentures and purchases of preferred securities with respect to small business investment companies; (10) surety bond guarantees under the Small Business Investment Act of 1958; and (11) SBA salaries and expenses. Repeals specified provisions relating to disaster loans to small businesses that are affected by Federal action.
United States · United States Congress · 6 February 1985
Broad-Based Enhanced Savings Tax Act of 1985 - Title I: Reduction of Individual Income Tax Rates - Amends the Internal Revenue Code to reduce the number of tax brackets to four and to reduce the marginal tax rates in the four brackets. Provides for a three-year phase down of the marginal tax rates ending in 1990. Postpones until 1986 the indexing of the rate brackets, including the zero bracket amount. Increases the earned income credit for certain individuals and couples with children in 1985 to 13 percent of the first $5,200 of earned income. Phases out the credit as the earned income of the taxpayer increases. Provides for an inflation adjustment to the earned income credit. Increases the personal exemption deduction to $1,050 in 1985. Allows a cost-of-living adjustment to this amount. Repeals the alternative for lump-sum distributions. Title II: Incentives for Investment and Savings - Subtitle A: Depreciation Reform - Permits the taxpayer to take a deduction with respect to expense-method property in the year it is placed in service equal to the basis of such property. Defines "expense-method property" as tangible property that is assigned to the three-year or five-year class for purposes of ACRS deductions and qualifies for the investment credit. Prohibits the expensing of several types of properties. Provides that the deduction for expense-method property shall be phased in over a period of five years, with the complete allowance of the expense-method property deduction occurring in 1990. Provides that the amount not eligible for the expense-method property deduction shall be eligible for the investment tax credit and the depreciation deduction. Provides that expense method property shall not be eligible for the investment tax credit. Reduces the recovery period for 18-year real property placed in service after 1989 to 15 years. Subtitle B: Savings Incentives - Allows an individual to establish a super savings account to which tax deductible contributions may be made. Limits the maximum amount of deductions to such an account in 1985 to $7,500. Increases this limit each year to a maximum of $10,000 for 1990 and beyond (joint returns would begin at $15,000 in 1985 and gradually increase to $20,000 in 1990). Requires that distributions from such an account be included in the adjusted gross income of the individual for the year in which the distribution is made. Provides that amounts in such an account pledged as security for a loan shall be treated as having been distributed to the individual. Provides that a super savings account is exempt from taxation. Prohibits deductions for contributions that are directly attributable to indebtedness which is incurred or continued by the individual making the contribution. Allows an individual to make contributions of stocks, bonds, or other readily tradeable securities to such an account during 1985. Requires contributions and distributions to be made in cash, except for contributions made in 1985. Requires the trustee of a super savings account to file reports regarding such account as may be required by the Secretary of the Treasury. Imposes a penalty tax for excess contributions and certain prohibited transactions. Directs the Secretary of the Treasury to conduct a study and report to the Congress on whether the super savings account provisions should take into account any differences between common law and community property States. Title III: Base Broadening - Subtitle A: Credits - Repeals the income tax credits for: (1) household and dependent care services; (2) the elderly and disabled; (3) residential energy expenditures; and (4) political contributions. Provides that the credits pertaining to clinical testing expenses, producing fuel from nonconventional sources, and increasing research activities and the general business credit shall be allowed only to C corporations. Subtitle B: Exclusions - Repeals the various exclusions from income for individuals. Provides that the exclusion of payments received to encourage production of strategic minerals and income from sources within possessions of the United States shall apply only to C corporations. Includes in the gross income of an employee the cost of group-term life insurance purchased by the employer. Provides for the taxation of unemployment compensation received by the taxpayer during the year. Includes in income amounts received as a pension, an annuity, or a similar allowance for personal injury or sickness resulting from active duty in the armed forces or as a disability annuity from the Foreign Service. Provides that the exclusion of employer contributions to accident and health plans shall apply only to contributions attributable to the providing of wages for periods during which the employee is absent from work on account of sickness or disability. Limits the amount of scholarship and fellowship awards which may be excluded from gross income to the amount of tuition and related expenses. Excludes from gross income of an individual income from sources within possessions of the United States. Subtitle C: Deductions - Repeals: (1) the deductions for taxes, moving expenses, two-earner married couples, and adoption expenses; (2) the additional personal exemption deduction for taxpayers 65 or over; (3) the deductions allowed to individuals for nonbusiness interest other than housing interest; and (4) the deduction for casualty and theft losses for individuals. Increases the floor for the medical deduction from five to ten percent of adjusted gross income. Subtitle D: Repeal of Special Capital Gains Treatment - Repeals the individual deductions for capital gains. Limits the amount of capital losses deductible by individuals without regard to the distinction between long term and short term capital losses. Title IV: Effective Dates - Sets forth the effective dates for the provisions of this Act.
United States · United States Congress · 6 February 1985
Fair Tax Act of 1985 - Title I: Reduction of Individual and Corporate Tax Rates - Subtitle A: Reduction of Rates - Amends the Internal Revenue Code to revise individual tax rates. Imposes a flat tax rate of 14 percent on the taxable income of individuals. Imposes a surtax of 12 and 16 percent of the amount by which adjusted gross income exceeds specified levels. Imposes a flat tax rate of 30 percent on the taxable income of estates and trusts. Imposes a flat tax rate of 30 percent on the taxable income of corporations. Subtitle B: Increase in Personal Exemption for Taxpayer and Standard Deduction - Increases the personal exemption to $1,600 for an individual taxpayer and spouse and to $1,800 for an individual who is a head of a household. Raises the standard deduction to $6,000 in the case of a joint return or a surviving spouse or $3,000 in the case of an individual or a married individual filing a separate return. Subtitle C: Repeals Related to Reduction in Rates - Repeals provisions relating to: (1) tax tables for individuals; (2) minimum tax for tax preferences; (3) personal service corporations; (4) special averaging rules for lump-sum distributions; (5) accumulated corporate surplus; (6) personal holding companies; (7) income averaging; and (8) graduated corporate tax rates. Repeals the indexing of tax rates. Applies the trust throwback rules only to amounts distributed from foreign trusts. Title II: Base Broadening-Subtitle A: Credits - Repeals the general tax credit, the investment tax credit, the possessions tax credit and the income tax credits relating to: (1) the elderly and the permanently and totally disabled; (2) contributions to candidates for public office; (3) home purchases; (4) residential energy conservation; (5) producing fuel from a nonconventional source; (6) alcohol used as fuel; (7) increasing research activities; (8) employee stock ownership; and (9) clinical testing for certain drugs. Allows an income tax deduction for household and dependent care expenses necessary for employment. (Present law allows an income tax credit for such expenses.) Subtitle B: Exclusions - Repeals the partial income tax exclusion for interest and dividends. Repeals the exclusion for: (1) qualified transportation furnished by an employer; (2) cafeteria plans furnished by an employer; (3) dependent care assistance programs; (4) dividend reinvestment in public utilities; (5) payments to encourage mining for defenses purposes; (6) earned income of citizens living abroad; (7) certain allowances; (8) income earned from sources within possessions of the United States; and (9) income earned from sources within Puerto Rico. Treats as taxable income: (1) amounts paid by an employer for group-term life insurance; (2) unemployment compensation; (3) the annual increase in the cash surrender value of life insurance policies; (4) interest on industrial development bonds and mortgage subsidy bonds; and (5) amounts contributed by an employer to accident and health plans. Provides a limited exclusion from income for scholarships and fellowships. Imposes the surtax on the gain from the sale of a principal residence. Amends the Merchant Marine Act to repeal the tax exemption for deposits into, and withdrawals from, a capital construction fund. Subtitle C: Deductions - Repeals the deduction for two-earner married couples and the deduction for adoption expenses. Limits the amount of the interest deduction for individuals. Repeals the deduction for State and local personal property and sales taxes. Restricts the charitable contribution for corporations to 50 percent of the charitable contributions made during the year. Increases the floor on the deduction for medical and dental expenses from five percent to ten percent. Subtitle D: Repeal of Special Capital Gains Treatment - Repeals the alternative tax on capital gains for corporations and the deduction for individuals for capital gains. Limits the amount of the capital loss deduction without regard to distinctions between short term and long term capital losses. Eliminates the distinction between short-term and long-term gains and losses. Title III: Capital Cost Recovery-Subtitle A: Simplified Cost Recovery Systems - Allows individuals and corporations a deduction from gross income for a percentage of the balance in a recovery account for each year. Includes in the recovery account the cost of recovery property which is depreciable property used in a trade or business or held for the production of income which is placed in service after December 31, 1986. Establishes six classes of recovery property and specifies a class life for each. Assigns property to each class according to the class life of the property. Sets forth rules for the calculation of the recovery percentage on the basis of the class life of the property. Allows individuals and corporations a deduction for depletable property determined as a percentage of the balance in a recovery account for each year. Establishes six classes of depletable property and assigns a class life to each. Assigns a ten-year class life for oil, gas, and geothermal wells. Subtitle B: Other Changes - Repeals the income tax deductions for: (1) intangible drilling and development costs for oil, gas, and geothermal wells; (2) depreciation; (3) amortization of pollution control facilities; (4) improvements made by a lessee on a lessor's property; (5) certain depreciable assets; (6) amortization of reforestation expenditures; (7) percentage depletion; (8) development expenditures; and (9) mining and exploration expenditures. Allows a ten-year period for the amortization of construction period interest and taxes. Allows a deduction of circulation expenses for a newspaper, magazine, or other periodical ratably over a ten-year period. Excludes amounts chargeable to a capital account from such treatment. Provides for the deduction of 50 percent of tertiary injectant expenses in the taxable year and 50 percent of such expenses in the succeeding taxable year. Title IV: Miscellaneous Provisions - Subtitle A: Foreign Income - Requires an individual who owns stock in a corporation which is a controlled foreign corporation to include in income a pro rata share of the corporations's earnings and profits for such year. Reduces such amount by any amount required to be included in income by reason of the amount being foreign personal holding company income. Repeals the foreign sales corporations (FSC) provisions for taxable years beginning after December 31, 1986. Repeals the domestic international sales corporations (DISC) provisions for taxable years beginning after December 31, 1986. Subtitle B: Other Miscellaneous Provisions - Repeals the tax exemption for credit unions. Reduces the limit on benefits which may be paid to a participant under defined benefit plans and defined contribution plans. Repeals the cost-of-living adjustment for defined benefit plans. Continues the cost-of-living adjustment for purposes of calculating a participant's average compensation for his or her high three years. Requires farmers to compute their taxable income using the accrual method of accounting with the capitalization of preproduction expenses. Exempts taxpayers who do not have gross receipts exceeding $1,000,000. Requires farming syndicates to use the accrual method of accounting without regard to gross receipts. Provides that farmers who must use the accrual method cannot expense the following: (1) soil and water conservation expenditures; (2) fertilizer; and (3) expenses for clearing land. Requires the deferral of income or loss must be taken into account in determining tax liability under the completed contract method of accounting. Requires that the taxpayer with adjusted gross income in excess of $100,000 must make estimated payments equal to 90 percent of current year tax. Requires the recognition of the gain or loss on distributions of property by corporations. Eliminates the special bad debt reserves of financial institutions. Title V: Effective Dates - Sets forth the effective dates for the provisions of this Act.
United States · United States Congress · 6 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. Requires that a hostile stock purchase in a corporate takeover attempt be treated as an asset acquisition by the purchasing corporation. Disallows an income tax deduction for any interest paid or accrued on indebtedness incurred to acquire stock in a corporation pursuant to a hostile offer.
United States · United States Congress · 6 February 1985
Amends the Internal Revenue Code to provide that one-half of the cost of insurance paid by a self-employed taxpayer for medical care during the taxable year will be allowed as a business deduction.
United States · United States Congress · 6 February 1985
Amends the Internal Revenue Code to provide that for purposes of the alternative minimum tax, any gain or loss from the transfer of property to a creditor in cancellation of a debt or from the sale or exchange of property under threat of foreclosure shall not be taken into account in computing net capital gain if prior to such sale or exchange the taxpayer is insolvent.
United States · United States Congress · 6 February 1985
Fairness in Corporate Takeovers Act of 1985 - Amends the Internal Revenue Code to disallow an income tax deduction for interest paid or incurred on any loan which is used to acquire control of a corporation if a majority of the independent members of the board of directors of such corporation disapprove of such acquisition.
United States · United States Congress · 6 February 1985
Amends the Internal Revenue Code to exclude from gross income amounts received by law enforcement officers as statutory or negotiated subsistence allowances. Limits such exclusion to five dollars per day.
United States · United States Congress · 6 February 1985
Amends the Internal Revenue Code to extend the targeted jobs income tax credit from 1985 to 1990. Increases the amount of wages which may be taken into account for such credit from $6,000 to $10,000 per year. Revises the definition of "members of economically disadvantaged families" to increase from 70 percent to 80 percent of the Bureau of Labor Statistics' lower living standard the amount of income a family may have in order to qualify as a member of a targeted group.
United States · United States Congress · 6 February 1985
Amends the International Travel Act of 1961 to authorize appropriations through FY 1986 for the U.S. Travel and Tourism Administration.
United States · United States Congress · 6 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. Requires that a hostile stock purchase in a corporate takeover attempt be treated as an asset acquisition by the purchasing corporation. Disallows an income tax deduction for any interest paid or accrued on indebtedness incurred to acquire stock in a corporation pursuant to a hostile offer.
United States · United States Congress · 6 February 1985
Amends the Internal Revenue Code to provide that tax-exempt interest shall not be taken into account in determining the amount of social security benefits subject to tax.
United States · United States Congress · 6 February 1985
Prohibits the issuance of any regulations by the Internal Revenue Service concerning the inclusion in income of employee fringe benefits after January 3, 1985.
United States · United States Congress · 6 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 · 6 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 · 6 February 1985
Amends the Internal Revenue Code to provide that fishermen who are treated as self-employed for social security tax purposes shall be treated as self-employed for pension plan purposes.
United States · United States Congress · 6 February 1985
Amends the Internal Revenue Code to allow an income tax credit to individuals who maintain a household in which a dependent aged 65 or over resides. Sets the amount of such credit at $500 for each aged dependent for the taxable year.
United States · United States Congress · 6 February 1985
Amends the Internal Revenue Code to increase the excise tax on small cigarettes from $8 to $20 per thousand. Increases the excise tax on large cigarettes from $16.80 to $42 per thousand. Repeals the FY 1985 termination date for increases in the excise tax on cigarettes.
United States · United States Congress · 6 February 1985
Requires that funds be made available from appropriations under the Departments of Labor, Health and Human Services, and Education and Related Agencies Appropriation Act, 1985 to enable the National Institutes of Health to award 6,500 new and competing research grants in FY 1985.
United States · United States Congress · 5 February 1985
Child Health Incentives Reform Plan - Amends the Internal Revenue Code to deny employers an income tax deduction for group health plan expenses unless such plan includes coverage for pediatric preventive health care. Defines "pediatric preventive health care" for purposes of qualification for such income tax deduction.
United States · United States Congress · 4 February 1985
Synthetic Fuels Corporation Fiscal Responsibility Act - Amends the United States Synthetic Fuels Corporation Act of 1980 to terminate the authority of the United States Synthetic Fuels Corporation (the Corporation) to enter into any awards or commitments for financial assistance. Directs the Corporation's Board of Directors to submit a final report to the Congress regarding the status of the Corporation within 60 days after enactment of this Act. Prohibits the Corporation from expending any funds or acting in furtherance of any commitment made after February 5, 1985, unless a joint resolution approving such transaction is enacted. Requires the Secretaries of Energy and of the Treasury and the Administrator of the Environmental Protection Agency to agree on a Memorandum of Understanding which includes a plan for: (1) the abolition of the Corporation; and (2) for the administration of synthetic fuels projects which will continue after the abolition of the Corporation.
United States · United States Congress · 4 February 1985
Amends the Department of Defense Authorization Act, 1985 to repeal the spending limitation for contracted consultant and related services within the Department of Defense. Requires the Secretary of Defense to establish and report to the Congress concerning a procedure for the identification and control of costs of such services.
United States · United States Congress · 4 February 1985
Amends the Internal Revenue Code to increase the amount of gambling winnings which are subject to the withholding of tax. Increases such amount from $1,000 to: (1) $2,000 in 1985 and 1986; (2) $3,000 in 1987; (3) $4,000 in 1988; and (4) $5,000 in 1989 and thereafter.
United States · United States Congress · 4 February 1985
Amends the Internal Revenue Code to allow an income tax deduction for amounts paid or incurred in maintaining a household for a dependent of the taxpayer who has attained the age of 65. Limits the deduction to $2,400 ($3,400 if the qualified dependent is physically or mentally incapable of caring for himself).
United States · United States Congress · 4 February 1985
Expresses the sense of the House of Representatives that no change in Federal tax law enacted by the Congress should: (1) apply to any taxable year beginning before the end of the calendar year in which enacted; or (2) apply to investigations made, transactions entered into, or property placed in service before the effective date of such change.
United States · United States Congress · 31 January 1985
Directs the President to include in the budget a separate statement estimating the interest on outstanding zero-coupon bonds.
United States · United States Congress · 31 January 1985
Amends the Internal Revenue Code to qualify the preapplied insulation portion of exterior siding for the residential energy credit.
United States · United States Congress · 31 January 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 · 31 January 1985
Home Equity Conversions Act of 1985 - Amends the Internal Revenue Code to permit the owner of a residence who has attained the age of 55 to enter into a sale-leaseback transaction with a prospective purchaser of the residence and retain occupancy rights to the residence under a lease requiring a fair rental. Requires the owner of the residence to have owned and used the residence as a principal residence for three of the five years immediately preceding the sale. Allows the purchaser of such residence an income tax deduction for depreciation of the residence. Permits an owner of a residence who sells such residence under a sale-leaseback arrangement to claim the one-time exclusion from income of gain from the sale of a principal residence by an individual aged 55 or older. Excludes from the gross income of such owner the value of any occupancy rights or fair market price discount attributable to retained occupancy rights received in a sale-leaseback transaction. Permits the use of the installment sales method of accounting in reporting gain from the sale of a residence under a sale-leaseback agreement. Provides a special rule for the treatment of an annuity purchased for the owner-occupant under a sale-leaseback transaction. Establishes a legal presumption that a sale-leaseback transaction for the sale of a residence under this Act is an activity engaged in for profit for purposes of the deductibility of certain related business expenses. Exempts the purchaser of a residence under a sale-leaseback agreement from rules disallowing income tax deductions for personal use of a residence. Permits the purchaser in a sale-leaseback transaction of a principal residence to use the accelerated cost recovery system of depreciation.