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751 records in US in 1973
United States · United States Congress · 18 January 1973
Provides that the fiscal year of the United States shall coincide with the calendar year, and makes provisions for the orderly transition by all Federal Government and District of Columbia agencies to the use of the new fiscal year.
United States · United States Congress · 18 January 1973
Authorizes the refund of tax under the Internal Revenue Code on distilled spirits, wines, rectified products, and beer lost or rendered unmarketable due to fire, flood casualty, or other disaster, or breakage, destruction, or other damage (including theft) resulting from vandalism or malicious mischief while held for sale. (Amends 26 U.S.C. 5065)
United States · United States Congress · 18 January 1973
Provides that the fiscal year of the United States shall coincide with the calendar year, and makes provisions for the orderly transition by all Federal Government and District of Columbia agencies to the use of the new fiscal year.
United States · United States Congress · 18 January 1973
Provides for the inclusion of .22 caliber rimfire ammunition in the catagories of ammunition for which persons holding a Federal license to do business as a firearms or ammunition importer, manufacturer, or dealer need not keep records on purchasers. (Amends 26 U.S.C. 4182(c))
United States · United States Congress · 18 January 1973
Domestic Film Production Incentive Act - Provides a tax incentive under the Internal Revenue Code for the production of motion pictures by excluding from gross income for Federal income tax purposes 20 percent of the amount derived by the taxpayer from the distribution or exploitation of a domestic film.
United States · United States Congress · 18 January 1973
Establishes a formula for income averaging under the Internal Revenue Code in the event of a downward fluctuation in income.
United States · United States Congress · 18 January 1973
Allows a tax credit under the Internal Revenue Code to an individual for tuition paid by him to any private nonprofit elementary or secondary school during the taxable year for the elementary or secondary education of any dependent. Provides that the amount allowable for the taxable year with respect to any dependent shall not exceed the lesser of: (1) 50 percent of the tuition paid by the taxpayer during the taxable year for the elementary or secondary education of such dependent, or (2) $400. Reduces the aggregate amount which would be allowable by an amount equal to $1 for each full $20 contained in the amount by which the adjusted gross income of the taxpayer (or, if the taxpayer is married, the adjusted gross income of the taxpayer and his spouse) for the taxable year exceeds $25,000.
United States · United States Congress · 18 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 · 18 January 1973
Provides that no State or political subdivision thereof shall have the power to impose an income tax on the income or to establish the rate of taxation on the income of any individual: (1) who is a nonresident of the State which exceeds 50 percent of the tax which would be collected by such State with respect to the income of an individual who is a resident; or (2) who is a resident of the State except to the extent such tax exceeds any tax paid on such income to the State in which the income was earned or derived.
United States · United States Congress · 18 January 1973
Provides that the fiscal year of the United States shall coincide with the calendar year.
United States · United States Congress · 18 January 1973
Exempts from the excise tax, imposed on highway motor vehicles by the Internal Revenue Code, any self-propelled oil well service or drilling equipment and any motor-operated crane whose primary purpose in the provision of onsite mobility and/or in-place operational power. (Amends 26 U.S.C. 4482(a))
United States · United States Congress · 18 January 1973
Includes as a charitable organization, for purposes of deductions under the Internal Revenue Code, an organization which on or before May 26, 1969, operated and maintained facilities for the long-term care of resident permanently and totally disabled persons, elderly persons, needy widows or children. (Amends 26 U.S.C. 170(b)(1)(A)(iii))
United States · United States Congress · 18 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 · 18 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
Authorizes the voluntary withholding of Maryland, Virginia, and District of Columbia income taxes in the case of legislative officers and employees under the jurisdiction of the Clerk and the Sergeant at Arms of the House of Representatives, the Architect of the Capitol, and the Librarian of Congress (limited in the last case to employees of the U.S. Botonic Garden). (Adds 5 U.S.C. 5516A)
United States · United States Congress · 18 January 1973
Provides, under the Internal Revenue Code, that any capital expenditures incurred to connect a sewage line from the residence of a taxpayer to a municipal sewage system shall be considered to have been a depreciable capital expenditure incurred with respect to property held for the production of income. (Amends 26 U.S.C. 167)
United States · United States Congress · 15 January 1973
Allows a tax deduction under the Internal Revenue Code for all medical expenses (including medicine and drugs) paid during the taxable year, and not compenstated for by insurance or otherwise, for the care of any dependent who is the mother or father of the taxpayer or of his spouse, and has attained the age of 65 before the close of the taxable year. Allows a tax deduction for all medical expenses (including medicine and drugs) of the taxpayer and his spouse, if either has attained the age of 65 before the close of the taxable year. States that the amendments made by this Act shall apply with respect to taxable years ending after the date of enactment of this Act.
United States · United States Congress · 15 January 1973
Prohibits any State from levying or collecting any income tax on income received from transactions occurring or services performed within a Federal area by any person who does not reside within such Federal area or within the State wherein such Federal area is located and who commutes to such employment, unless such State provides to such person material and proportionate benefits and protection. (Adds 4 U.S.C. 106(c))
United States · United States Congress · 15 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 · 15 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 · 15 January 1973
Excludes from gross income, under the Internal Revenue Code, pay for service performed in the Republic of Korea, including the adjacent waters and the demilitarized zone: Provides that military service performed in the Republic of Korea shall be considered as service performed in a combat zone in which combatant activities are carried on. (Adds 26 U.S.C. 112(d))
United States · United States Congress · 15 January 1973
Provides, under the Internal Revenue Code, that in the case of a deduction as a charitable contribution by an individual any literary, musical, or artistic composition, or similar property, which was created by the personal efforts of the taxpayer shall not be reduced by the amount of appreciation of such property, and the whole amount of such a charitable contribution shall be taken into account and shall be treated as if the property contributed had been sold at its fair market value. (Amends 26 U.S.C. 170(e))
United States · United States Congress · 15 January 1973
Imposes a tax on the transfer of explosives to persons who may lawfully possess them equal to one percent of the fair market value of the explosive at the time of transfer. Requires that importers, manufacturers, and dealers in explosives shall register annually with the Secretary of Treasury. Provides that the Secretary shall approve as a registered transferee of explosives any person, provided that: (1) such person regularly uses explosives in his trade or business or for scientific or educational purposes; and (2) such use is lawful in the jurisdiction in which such use occurs. Prohibits transfers to unregistered persons. Provides that no person who: (1) is under indictment for, or has been convicted in any court, of a crime punishable by imprisonment for a term exceeding one year; (2) is a fugitive from justice; (3) has been adjudicated as a mental defective or has been committed to any mental institution; or (4) is not a citizen of the United States, may receive or possess any explosives. Provides that importers, manufacturers, and dealers shall keep records as prescribed by the Secretary. Provides for a fine or not more than $10,000, and/or imprisonment of not more than 10 years for violations of this Act. (Adds 26 U.S.C. 5901-5907; 5911; 5921;5922)
United States · United States Congress · 15 January 1973
Imposes a retailers excise tax under the Internal Revenue Code of 1954 on certain nonreturnable bottles and cans, and provides that the collection of such tax shall be paid over to the municipalities in which such bottles or cans were sold. Sets an excise tax of 10 cents on containers of less than 20 ounce capacity, and of 25 cents on containers of 20 ounce capacity or greater. (Adds 26 U.S.C. 4001)
United States · United States Congress · 15 January 1973
Provides for the inclusion of .22 caliber rimfire ammunition in the categories of ammunition for which persons holding a Federal license to do business as a firearms or ammunition importer, manufacturer, or dealer need not keep records on purchasers. (Amends 26 U.S.C. 4182(c))
United States · United States Congress · 15 January 1973
Provides that a charitable organization shall be denied exemption from taxation under the Internal Revenue Code where amounts paid or incurred by such organization during each taxable year to influence legislation, including an attempt to affect the opinion of the general public, normally exceeds five percent of the yearly expenditures; or where such amounts exceed twenty percent of the yearly expenditures in any attempt to influence legislation, on a matter which directly affects any purpose for which the organization is organized, through communication with its own members or with any member or employee of a legislative body, or with any other government official or employee who may participate in the formulation of the legislation. Defines charitable organization for purposes of this Act, and designates certain activities which are not included within the term "influence legislation". Provides that no income tax deduction shall be allowed for a contribution to a charitable organization if the contribution is made for the purpose of influencing legislation. (Amends 26 U.S.C. 501, 170)
United States · United States Congress · 15 January 1973
Permits a parent who supports a handicapped child to take a personal tax exemption for that child under the Internal Revenue Code. Provides that such exemption shall not be allowed if the gross income of the child for the taxable year is $6,000 or more. (Amends 26 U.S.C. 151(e)(i)(B))
United States · United States Congress · 15 January 1973
Limits losses allowable as deductions, under the Internal Revenue Code of 1954, with respect to farming operations which are incurred by taxpayers whose principal business activity is not farming. States that such deductions shall not exceed an aggregate amount equal to the sum of the gross income derived from the business of farming for the taxable year; and in the case of an individual whose prinicpal residence is on a farm, the gross income derived by such individual and his spouse for the taxable year from wages and salaries for personal services, timber located on a farm, and royalties derived from property on which the taxpayer's farming operations are conducted. (Adds 26 U.S.C. 277)
United States · United States Congress · 15 January 1973
Provides that provisions of the Tax Reform Act of 1969 which place a limitation on the capital gains treatment in the case of total distributions from qualified employees' trusts and annuities are hereby repealed. (Amends 26 U.S.C. 402, 403)
United States · United States Congress · 15 January 1973
Provides an additional one-year period during which a taxpayer may purchase a new residence to be used by him as his principal residence in order to qualify for the nonrecognition of gain benefit extended under the Internal Revenue Code to a person selling or exchanging his residence. (Amends 26 U.S.C. 1034(c))
United States · United States Congress · 15 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.
United States · United States Congress · 15 January 1973
Provides that the fiscal year of the United States shall coincide with the calendar year, and makes provisions for the orderly transition by all Federal Government and District of Columbia agencies to the use of the new fiscal year.
United States · United States Congress · 15 January 1973
Imposes on the taxable income of every individual, other than an estate and trust, a tax determined in accordance with the table set forth in the Internal Revenue Code. Allows a married individual who does not make a single return jointly with his spouse to allocate amounts received for services performed by that spouse into the account by the spouse who performed the services and not into the account by the other spouse. (Amends 26 U.S.C. 1, 2)
United States · United States Congress · 15 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 · 15 January 1973
Allows an income tax credit under the Internal Revenue Code to an individual in the taxable year for the amount of the expenses of higher education paid by him during the taxable year to one or more institutions of higher education in providing an education above the twelth grade for himself or for any other individual. Provides that such credit shall be the sum of: (1) 100 percent of so much of such expenses as does not exceed $200; (2) 50 percent of so much of such expenses as exceeds $200 but does not exceed $500; and (3) 5 percent of so much of such expenses as exceeds $500 but does not exceed $1,500.
United States · United States Congress · 15 January 1973
Provides under the Internal Revenue Code that the personal exemptions for the taxpayer or his spouse who has attained age 65 shall be $3,000 instead of $1,500.
United States · United States Congress · 15 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 · 15 January 1973
Increases the exemption under the Internal Revenue Code for purposes of determining the value of the taxable estate for the Federal estate tax from $60,000 to $120,000. (Amends 26 U.S.C. 2052, 6018(a)(1))
United States · United States Congress · 15 January 1973
Allows an additional tax exemption of $750 under the Internal Revenue Code for a taxpayer, spouse, or dependent who is mentally retarded. Defines the term "mentally retarded" as used in this Act. (Adds 28 U.S.C. 151(f); Amends 26 U.S.C. 3402(f)(1))
United States · United States Congress · 15 January 1973
Extends to all unmarried individuals the full tax benefits of income splitting now enjoyed 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 twenty days after the date of the enactment of this Act. (Amends 26 U.S.C. 1)
United States · United States Congress · 15 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 · 15 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 · 15 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 · 15 January 1973
Extends to all unmarried individuals the full tax benefits of income splitting now enjoyed 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 twenty days after the date of the enactment of this Act. (Amends 26 U.S.C. 1)
United States · United States Congress · 15 January 1973
Allows a credit, under the Internal Revenue Code of 1954, against the individual income tax for tuition paid for the elementary or secondary education of dependents. Limits such tax credit to 50 percent of education expenses or $400, whichever is less. Provides for a reduction of this tax credit in an amount equal to $1 for every $20 by which the taxpayer's adjusted gross income exceeds $25,000. Defines tuition expenses allowable and educational institutions eligible under this Act. (Amends 26 U.S.C. 42)
United States · United States Congress · 12 January 1973
Provides for the reimbursement to taxpayers of all costs, including legal and accounting fees, incurred by them in contesting unwarranted second audits of their income tax liability under the Internal Revenue Code. (Adds 26 U.S.C. 6408)
United States · United States Congress · 11 January 1973
Excludes from gross income under the Internal Revenue Code of 1954 the first $250 of interest or dividends received by a taxpayer, or credited to the account of a taxpayer, on deposits or withdrawable accounts in a savings institution. (Amends 26 U.S.C. 123)
United States · United States Congress · 11 January 1973
Provides, under the Internal Revenue Code, that gross income does not include amounts received by, or credited to the account of, a taxpayer as dividends or interest on savings deposits or withdrawable savings accounts in lending institutions. Provides that such tax exclusion shall in the aggregate not exceed $500 for any taxable year. (Amends 26 U.S.C. 123, 124)
United States · United States Congress · 11 January 1973
Act to Regulate State Taxation of Federally Insured Financial Institutions - Provides that, for the purposes of any tax law enacted under authority of the United States or any State, a federally chartered financial institution shall be treated as an institution organized and existing under the laws of the State or other jurisdiction within which its principal office is located. Permits a State or political subdivision thereof to impose on any federally insured institution having its principal office within the State any tax that is imposed generally on a nondiscriminatory basis throughout the jurisdiction, except that no tax may be imposed on intangible personal property owned by any such institution unless there is a beneficial owner of such property held by such an institution in a fiduciary capacity. Allows the legislature of a State to impose taxes on any federally insured financial institution not having its principal office in such State provided that the taxes are imposed generally throughout the jurisdiction on a nondiscriminatory basis. States that such taxes include: (1) sales taxes and use taxes; (2) taxes on real property or on the occupancy of real property located within such jurisdiction; (3) taxes on the execution, delivery, or recordation of documents within such jurisdiction; and (4) payroll taxes based on persons employed in such jurisdiction. Requires the Board of Governors of the Federal Reserve System to make a study of all pertinent matters relating to the application of State "doing business" taxes on out-of-State insured commercial banks and to submit a report of the results of its study and recommendations no later than June 30, 1974.
United States · United States Congress · 11 January 1973
Exempts clubs organized for pleasure, recreation and other nonprofitable purposes, substantially all of the activities of which are for such purposes and no part of the net earnings of which inures to the benefit of any private shareholder, from taxation under the Internal Revenue Code of 1954. States that for the purpose of determining the unrelated business income of such an organization deductions allowed corporations on certain dividends shall be treated as not directly connected with the production of gross income. Provides that such deductions allowed shall not be allowed to any organization which takes a deduction attributable to furnishing services, insurance, goods, or other items of value to members.