Taxation

Records whose title is actually about this topic. Use a country filter if the list is still too broad.

751 records in US in 1981

Records

Bill· HRH.R. 3065 (97th)referred

A bill to protect taxpayers' privacy regarding third-party record-keepers summoned to produce records of taxpayers and at the same time to insure effective, efficient enforcement of Internal Revenue Service third-party summons.

United States · United States Congress · 7 April 1981

Amends the Internal Revenue Code with respect to a person entitled to notice of a summons to a third-party recordkeeper to produce records of such person: (1) to repeal the current right of such person to stay compliance with the summons; and (2) to authorize such person to move to quash the summons within 14 days after notice is given. Requires accompaniment of such motion by an affidavit stating the reasons that the records sought are not relevant to a legitimate tax inquiry or any other legal basis for quashing the summons. Requires any third party upon receipt of a summons to proceed to assemble the records requested and to be prepared to deliver them at the required time.

Bill· HRH.R. 3061 (97th)referred

Individual Housing Act of 1981

United States · United States Congress · 7 April 1981

Individual Housing Act of 1981 - Amends the Internal Revenue Code to allow a deduction for cash contributions to a savings account created or organized for the benefit of the taxpayer (or the taxpayer and spouse if married) for the exclusive purpose of purchasing a residence. Limits the maximum annual deduction to $3,000, with a maximum lifetime deduction of $15,000. Provides for separate limitations in the case of married individuals. Excludes distributions from such account from gross income as long as they are used exclusively for the purchase or construction of a residence for the taxpayer. Imposes a ten percent surtax on distributions from an individual housing account which are not used for the purchase or construction of a residence for the taxpayer. Provides a tax deduction for an individual who purchases a new home for personal purposes in an amount equal to the sales taxes paid on items used in the construction of such home. Provides a refundable tax credit of an amount equal to lost interest on required real property tax prepayments. Stipulates that such lost interest shall be an amount equal to interest computed at the rate of 5.5 percent. Limits such tax credit to $200.

Bill· HRH.R. 3064 (97th)referred

A bill to insure the confidentiality of information filed by individual taxpayers with the Internal Revenue Service pursuant to the Internal Revenue Code and, at the same time, to insure the effective enforcement of Federal and State criminal laws and the effective administration of justice.

United States · United States Congress · 7 April 1981

Amends the Internal Revenue Code to revise the definition of "return information." Defines as "nonreturn information" identifying information: (1) collected by the Secretary of the Treasury with respect to a taxpayer or return relating to liability for any penalty; and (2) any part of any written determination or any background file document closed to public inspection. Allows disclosure of return information to an officer or employee of the Department of Justice for use in preparing any administrative, judicial, or grand jury proceedings involving the enforcement of a specific Federal criminal statute (but not involving tax administration) or in an investigation which may result in such a proceeding. Authorizes such disclosure only by ex parte order of a Federal district court judge or magistrate. Sets forth grounds for the granting of such order. Permits further disclosure by the Government attorney who has authorized the application for the ex parte order to Government personnel required to assist in a criminal investigation. Requires the Secretary to disclose nonreturn information (other than nonreturn information which would identify a confidential informant or seriously impair a tax investigation), upon written request of the head or the Inspector General of a Federal agency or the Attorney General or his designee, to such officers and employees directly engaged in administrative, judicial, or grand jury proceeding involving the enforcement of a specific Federal criminal statute (but not involving tax administration) or in an investigation which may result in such a proceeding. Permits further disclosure of such information to other Government personnel required to assist in a criminal investigation. Directs the Secretary to disclose, as soon as practicable, nonreturn information (other than information which would identify a confidential informant or seriously impair a tax investigation) which may constitute evidence of a violation of Federal criminal laws to the extent necessary to apprise the head of the appropriate Federal agency responsible for enforcing such laws. Authorizes the Secretary, upon recommendation to the Department of Justice for prosecution for violation of the Internal Revenue Code, to disclose to the Department return information reviewed, developed, or obtained during a tax investigation which constitutes evidence of a violation of Federal criminal laws. Allows information disclosed pursuant to this Act to be entered into evidence in a proceeding not involving tax administration or in an ancillary proceeding to which the United States is a party. Limits such disclosure to the extent required by applicable discovery requirements. Prohibits admission of such information into evidence if the Secretary determines that it would identify a confidential informant or seriously impair a tax investigation, unless a court otherwise directs disclosure. Permits the Secretary or his designee, in specified emergency circumstances, to disclose information to the extent necessary to apprise the appropriate Federal agency of such emergency. Permits the Internal Revenue Service to assist the Department of Justice or any other Federal agency in joint tax and nontax investigations of criminal matters which may involve tax violations. Allows a Federal official authorized to apply to a district court judge or magistrate for an ex parte order to disclose to the appropriate State attorney general or district attorney any return or nonreturn information in his possession which is relevant to the violation of a State felony statute. Authorizes the disclosure of return or nonreturn information to a competent authority of a foreign government which has a convention relating to the exchange of tax information with the United States. Provides a procedure for the disclosure of return or nonreturn information sought pursuant to a treaty on mutual assistance in criminal matters for use in an investigation or proceeding unrelated to the tax laws of the foreign country. Adds as an affirmative defense to a prosecution for the unauthorized disclosure of return or nonreturn information that such disclosure resulted from a good faith, but erroneous, interpretation of this Act. Permits a taxpayer aggrieved by the knowing or negligent disclosure by a Federal employee of return or nonreturn information in violation of this Act to bring a civil action for damages exclusively against the particular Federal agency.

Bill· HRH.R. 3056 (97th)referred

A bill to amend the Internal Revenue Code to permit foreign pension plans to invest in the United States on a nontaxable basis.

United States · United States Congress · 7 April 1981

Amends the Internal Revenue Code to grant tax-exempt status to a trust, corporation, or fund formed by a foreign segregated asset pension plan maintained primarily for the benefit of nonresident alien employees. Requires, as a condition for such tax-exemption, that the pension plan be eligible for preferential tax treatment in the foreign country in which it is maintained.

Bill· HRH.R. 3070 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to allow a credit for amounts paid by deaf or speech-impaired individuals for use of toll telephone service by means of teletypewriters, and to allow such individuals a deduction for the purchase and installation of such teletypewriters.

United States · United States Congress · 7 April 1981

Amends the Internal Revenue Code to allow a refundable income tax credit for 75 percent of the amount paid by deaf or speech-impaired individuals for use of toll telephone service by means of teletypewriters. Allows such individuals an income tax deduction for 50 percent of the purchase and installation of such teletypewriters. Provides that such a deduction shall not exceed $200.

Bill· HRH.R. 3044 (97th)referred

A bill to clarify the intent of Congress with respect to the exemption of the economic interests of State and local governments from the crude oil windfall profit tax.

United States · United States Congress · 7 April 1981

Amends the Internal Revenue Code to revise the definition of "producer," for purposes of the windfall profit tax, to assign to parties cost recovery oil (amounts of crude oil used for reimbursement, pursuant to any agreement with another party, for oil or gas development costs) in accordance with their proportion in net profits. Excludes from gross income and treats as paid, for purposes of the net income limitation on windfall profit, cost recovery oil covered by such an agreement.

Bill· HRH.R. 3062 (97th)referred

Tax Reduction Act of 1981

United States · United States Congress · 7 April 1981

Tax Reduction Act of 1981 - Amends the Internal Revenue Code to reduce from 70 percent to 50 percent the maximum rate of income tax for individuals.

Bill· HRH.R. 3050 (97th)open

Omnibus Tax Reform and Industry Tax Assistance Act of 1981

United States · United States Congress · 7 April 1981

Omnibus Tax Reform and Industry Tax Assistance Act of 1981 - Title I: Amendments Related to Business - Amends the Internal Revenue Code to permit a taxpayer engaged in a trade or business a nonrefundable income tax credit equal to 25 percent of the cash contributions made by such taxpayer to a reserve fund established to finance basic research in the scientific or engineering fields. Limits the total amount of such credit to five percent of the taxable business income of the taxpayer for the taxable year. Exempts such reserve fund from income taxation. Allows an income tax deduction for the basic research expenses paid out of the reserve fund during the taxable year. Specifies that research financed pursuant to this Act shall be performed by an institution of higher education. Allows a nonrefundable income tax credit of 25 percent of the qualified research and experimental expenditures paid or incurred by a taxpayer in carrying on a trade or business. Defines "qualified research and experimental expenditures" as those business-related expenditures which are currently deductible under provisions of the Internal Revenue Code. Limits the scope of such expenditures, for purposes of both the credit and the income tax deduction, to technological research designed to develop or improve products or services. Excludes expenditures for research in the social sciences or humanities or for government-funded research. Limits the amount of expenditures eligible for the credit to those which exceed the annual average of such expenditures for the immediately preceding three years. Requires taxpayers under common control to aggregate such expenditures for purposes of computing the credit. Sets forth rules for adjusting such expenditure amounts when there is a change in business ownership. Provides for a three-year carryback and seven-year carryover of unused credits. Provides for a system of simplified cost recovery as an alternative method of computing depreciation on all tangible personal property, except public utility property. Assigns the depreciable basis of all such property to one of four recovery periods, representing either two, four, seven or ten years. Specifies that such property shall be placed in a recovery period which is at least 40 percent shorter than its comparable useful life under the Asset Depreciation Range system (ADR) presently utilized under current Treasury Regulations, except that no recovery period shall be shorter than two years. Permits a taxpayer, under the simplified cost recovery system, to elect one of three declining balance methods (200 percent, 150 percent, or 100 percent) in computing allowable depreciation deductions. Excludes from eligibility for recovery cost depreciation treatment the following types of property: (1) livestock; (2) amortization property; (3) property depreciable under certain alternative methods of depreciation; (4) public utility property; (5) oil or gas fired boilers; and (6) property used predominantly outside the United States. Provides for the deferral of gain or loss realized on the disposition of recovery cost property. Increases the permissible variance for assigned useful lives of public utility property under the Asset Depreciation Range system from 20 to 30 percent for utility property. Increases the rate of investment tax credit for depreciable property which has a useful life of between two and seven years. Permits a taxpayer to elect to expense (i.e. currently deduct) up to $25,000 of the costs of new or used tangible personal property used in the taxpayer's business during a taxable year in lieu of current provisions permitting additional first year depreciation. Revises the treatment of progress expenditure property with respect to the investment tax credit. Provides for the nonrecognition of gain from the sale or exchange of qualified new business stock, but only to the extent that such gain does not exceed the cost of qualified new business stock purchased by the taxpayer within one year of the date of the original sale. Defines "qualified new business stock" for the purposes of this Act. Reduces the basis of such stock by the amount of gain which is not recognized. Reduces the alternative tax on the capital gains of corporations from 28 to 20 percent. Title II: Amendments Related to Individuals - Revises requirements for the tax exclusion of earned income of Americans working abroad. Permits such exclusion for individuals working in specified developing countries and in other foreign countries if such individuals perform charitable, export-related, or natural resource-related services. Reduces from 17 to 11 months the residency requirement in a foreign country for such tax exclusion. Waives such requirement if the Secretary of the Treasury determines that the taxpayer would otherwise have met the 11 month residency requirement but for the occurrence of civil unrest, war, or other adverse conditions precluding the normal conduct of business. Reduces from 17 to 11 months the residency requirement with respect to the tax treatment of housing costs of such taxpayers. Allows married couples filing a joint tax return an income tax deduction from gross income equal to ten percent of the lesser of $30,000 or the earned income of the spouse with the lower income. Increases to $500 ($1,000 in the case of a joint return) the amount of interest and dividend income which may be excluded from gross income. Amends the Crude Oil Windfall Profit Tax Act of 1980 to repeal the termination date for such exclusion. Allows individuals who are saving for their first home an income tax deduction for cash contributions made during the taxable year to an individual housing account. Limits the amount of such deduction to $3,000 for any taxable year and $15,000 during a lifetime. Sets forth requirements for the establishment of an individual housing account. Imposes penalties for distributions made from an individual housing account which are not used in connection with the purchase of a principal residence. Exempts interest earned on an individual housing account from income taxation. Requires the trustee of an individual housing account to make such reports regarding the maintenance of an individual housing account as the Secretary of the Treasury may require. Prohibits contributions to an individual housing account in excess of prescribed limits and imposes a tax on such excess contributions. Increases the capital gains deduction from 60 to 70 percent. Reduces the rate of the minimum tax for taxpayers other than corporations. Title III: Incentive Stock Options - Exempts from income taxation any income resulting from the transfer of stock to an individual exercising a stock option under an incentive stock option plan. Specifies that the optionee may not dispose of stock within two years after an option is granted nor within one year after the transfer of shares. Requires that the optionee be an employee of the corporation granting such option at all times during the period after an option is granted and for three months after such option is exercised. Defines "incentive stock option" as an option granted to an individual in connection with employment by a corporation to purchase stock of such corporation. Sets forth the following conditions for the granting of such options: (1) approval of a plan for granting options by the shareholders of the corporation; (2) the granting of options within ten years of either the adoption or approval of the plan; (3) the termination of the option after ten years; (4) an option price which is not less than the fair market value of the stock subject to such option; (5) the nontransferability of the option; and (6) the optionee may not hold more than ten percent of the stock of the corporation, unless the option price is at least 110 percent of the fair market value of the stock subject to the option and such option is terminable five years after it is granted. Title IV: Development of Legislation for Reducing Inflation Through Tax Incentives - Expresses the sense of the House of Representatives that the Committee on Ways and Means should study and consider legislation to control inflation by providing certain tax benefits. Title V: Study of Foreign Capital Formation Approaches Used by Business - Directs the Joint Committee on Taxation to study and report to specified Congressional committees the approaches used by foreign businesses to acquire capital.

Bill· HRH.R. 3031 (97th)open

A bill to prevent the retroactive assessment of certain deficiencies in the case of employees of the Panama Canal Zone Government or of the Panama Canal Company.

United States · United States Congress · 6 April 1981

Excludes from gross income amounts paid to certain individuals by the U.S. Government for rent of a residence in the Panama Canal Zone before October 1, 1979.

Bill· HRH.R. 3029 (97th)open

A bill to amend the Internal Revenue Code of 1954 to increase to $500 the dividends which may be excluded from the gross income of an individual.

United States · United States Congress · 6 April 1981

Amends the Internal Revenue Code to increase to $500 the amount of dividend income which may be excluded from gross income.

Bill· HRH.R. 3035 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to exclude each year $10,000 of pensions and annuities from the gross income of individuals who have attained age 65.

United States · United States Congress · 6 April 1981

Amends the Internal Revenue Code to exclude each year a maximum of $10,000 of pensions and annuities from the gross income of individuals who have attained aged 65. Provides that such exclusion shall be applied separately with respect to a husband and wife.

Bill· HRH.R. 3036 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to provide individuals a refundable credit against income tax for maintaining a household member of which is an individual who has attained the age of sixty-five.

United States · United States Congress · 6 April 1981

Amends the Internal Revenue Code to allow a refundable income tax credit for household expenses to any taxpayer who maintains a household in which a dependent aged 65 or over resides. Limits such credit to $250 for each aged dependent for the taxable year.

Bill· HRH.R. 3023 (97th)referred

A bill to authorize appropriations to the Department of Energy for fiscal year 1982 for conservation, exploration, development, production, sale, and use of the naval petroleum reserves and naval oil shale reserves.

United States · United States Congress · 6 April 1981

Authorizes appropriations to the Department of Energy for fiscal year 1982 for conservation, exploration, development, production, sale, and use of the naval petroleum reserves and naval oil shale reserves.

Bill· HRH.R. 3034 (97th)referred

A bill to amend the Internal Revenue Code of 1954 and title II of the Social Security Act to provide a full exemption (through credit or refund) from the employees' tax under the Federal Insurance Contributions Act, and an equivalent reduction in the self-employment tax, in the case of individuals who have attained age 65.

United States · United States Congress · 6 April 1981

Amends the Internal Revenue Code and titles II (Old Age, Survivors and Disability Insurance) and XVIII (Medicare) of the Social Security Act to: (1) reduce the tax rates applicable to the self-employment income of individuals aged 65 or over for old age, survivors and disability insurance and eliminate the tax applicable to such income for hospital insurance; and (2) entitle employees who have attained age 65 to a credit or refund for any tax deducted by an employer for old age, survivors and disability insurance or hospital insurance.

Bill· HRH.R. 3027 (97th)referred

A bill to amend the Immigration and Nationality Act to authorize certain courts which have naturalization jurisdiction to retain up to $20,000 of the fees collected in naturalization proceedings held in such courts in any fiscal year.

United States · United States Congress · 6 April 1981

Amends the Immigration and Nationality Act to allow State courts to retain up to $20,000 (currently $3,000) in annual naturalization petition fees.

Bill· HRH.R. 3019 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to allow a refundable tax credit for amounts paid for increases in electricity under automatic fuel adjustment clauses as a result of the shutdown of nuclear power generating facilities.

United States · United States Congress · 6 April 1981

Amends the Internal Revenue Code to allow a refundable income tax credit for electric utility fuel surcharges incurred by a taxpayer in connection with a trade or business or for electricity used in such taxpayer's principal residence resulting from a shutdown of nuclear power generating facilities.

Bill· HRH.R. 3030 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to treat certain charges for waste treatment services as deductible State or local taxes.

United States · United States Congress · 6 April 1981

Amends the Internal Revenue Code to allow State or local charges for waste treatment services necessitated by requirements of the Federal Water Pollution Control Act to be treated as deductible State or local real property taxes.

Bill· SS. 877 (97th)referred

A bill to authorize appropriations for certain maritime programs of the Department of Commerce for fiscal year 1982, and for other purposes.

United States · United States Congress · 3 April 1981

Authorizes specified appropriations for fiscal year 1982 for certain Department of Commerce maritime programs including: (1) ship construction and acquisition; (2) operating-differential subsidy payments; (3) research and development; (4) operations and training; (5) fleet expenses; and (6) maritime education. Authorizes supplemental appropriations for fiscal year 1982 for employee benefits.

Bill· SS. 867 (97th)open

Expatriates Tax Act of 1981

United States · United States Congress · 2 April 1981

Expatriates' Tax Act of 1981 - Amends the Internal Revenue Code to exclude from gross income 80 percent of the income earned by a U.S. citizen from sources in a foreign country if: (1) the taxpayer establishes that he is a bona fide resident of that country; or (2) during any period of 12-consecutive months, he is outside the United States for at least 330 full days. Makes such exclusion optional at the election of a taxpayer. Provides that such exclusion does not apply to United States government or military employees living abroad.

Bill· HRH.R. 2981 (97th)open

A bill to repeal section 3402(q) of the Internal Revenue Code of 1954 which requires for income tax purposes, amounts to be withheld from certain gambling winnings.

United States · United States Congress · 2 April 1981

Amends the Internal Revenue Code to repeal the withholding tax requirements with respect to gambling winnings.

Bill· HRH.R. 3003 (97th)open

Family Enterprise Estate and Gift Tax Equity Act

United States · United States Congress · 2 April 1981

Family Enterprise Estate and Gift Tax Equity Act - Amends the Internal Revenue Code to reduce the estate and gift tax rates beginning in 1981. Increases the unified credit against the estate and gift taxes from $47,000 to $124,750 by specified annual increments through 1985. Increases from $175,000 to $600,000, by specified annual increments through 1985, the minimum gross estate requirement for filing of a return. Repeals the existing limitations on the marital deduction for gift and estate taxes. Increases from $3,000 to $10,000 the annual gift tax exclusion. Qualifies estates of decedents who were disabled or retired for the special valuation of certain farms based on use if such decedents materially participated in the operation of the farm for five out of eight years preceding the year in which they became disabled or eligible for disability benefits. Permits the spouse of a decedent to use such valuation if the spouse has managed the farm or business for ten years preceding the decedent's death or takes over active management upon the decedent's death. Qualifies woodlands for the special use valuation if the decedent or a member of the decedent's family owned and farmed the property for ten years prior to the decedent's death. Reduces from 15 to ten years the length of time a qualified property must be held and put to a qualified use following the decedent's death before it can be disposed of without incurring a recapture of estate tax benefits. Permits active management rather than material participation as a test for qualification of the estate for spouses, children under 21, students, and disabled individuals who receive property from a decedent who qualified for special use valuation. Repeals the $500,000 limitation on the reduction of the value of qualified real property permitted by the special use valuation. Allows the like kind exchange of property without loss of special use valuation eligibility. Revises the method of valuing farms by providing that the basis of such valuation shall be the average annual gross rental value. Authorizes the step-up in basis of such assets. Repeals the requirement that an heir elect special treatment for involuntary conversions of qualified real property, thus making such treatment automatic upon such conversion. States that gifts made within three years of a decedent's death shall be valued as of the time of transfer rather than as of the date of death. Authorizes an individual to elect to pay a gift tax rather than use the unified tax credit. Modifies the alternate extension of time for payment of the estate tax where the estate consists largely of an interest in a closely held business to: (1) allow an installment payment election if the value of the interest in the closely held business is either 35 percent of the value of the gross estate or 50 percent of the taxable estate; (2) increase to 50 percent the value of an interest disposed of which will accelerate the payment of tax; and (3) permit payment, but with a penalty, of an installment within six months after the due date. Allows a disclaimer of an interest in property for estate tax purposes in specified circumstances where such disclaimer does not result in the passing of the interest concerned under the applicable State law.

Bill· HRH.R. 2979 (97th)failed

A bill to extend the authorization of appropriations for the National Historical Publications and Records Commission for fiscal years 1982 and 1983.

United States · United States Congress · 2 April 1981

Authorizes appropriations for fiscal years 1982 and 1983 to the General Services Administration for: (1) the National Historical Publications and Records Commission; and (2) providing funds to Federal, State, and local agencies and to nonprofit organizations for the collecting, preserving, and publishing of historically significant documents.

Bill· HRH.R. 2983 (97th)referred

A bill authorizing supplemental appropriations for the fiscal year 1981 for the Board of International Broadcasting.

United States · United States Congress · 2 April 1981

Authorizes supplemental appropriations for the Board for International Broadcasting for fiscal year 1981 for specified projects of RFE/RL, Incorporated (Radio Free Europe/Radio Liberty).

Bill· HRH.R. 3011 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to provide that the deduction for medical and dental expenses shall be allowable without regard to whether such expenses exceed certain percentages of the taxpayer's adjusted gross income and to provide that such deduction shall be allowable whether or not the taxpayer itemizes deductions.

United States · United States Congress · 2 April 1981

Amends the Internal Revenue Code to provide that the income tax deduction for medical and dental expenses shall be allowed regardless of whether such expenses exceed three percent of the taxpayer's adjusted gross income. Extends such deductions to taxpayers who do not otherwise itemize their deductions.

Bill· HRH.R. 3012 (97th)referred

A bill to amend the Internal Revenue Code of 1954 with respect to the determination of whether certain charitable organizations are publicly supported.

United States · United States Congress · 2 April 1981

Amends the Internal Revenue Code to treat contributions by tax-exempt civic leagues, labor, agricultural, or horticultural organizations, or business leagues to charitable organizations as contributions from publicly supported organizations, for purposes of determining whether such charitable organizations are publicly supported.

Bill· HRH.R. 2993 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to allow certain individuals who have attained age 65 or who are disabled a refundable tax credit for property taxes paid by them on their principal residences or for a certain portion of the rent they pay for their principal residences.

United States · United States Congress · 2 April 1981

Amends the Internal Revenue Code to allow individuals who are either disabled or have attained the age of 65 a refundable income tax credit for real property taxes paid by them on their principal residences or for 25 percent of the rent they pay for their principal residences.

Bill· HRH.R. 2996 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to increase to $150,000 the amount of group-term life insurance which may be provided by an employer and excluded from the gross income of an employee.

United States · United States Congress · 2 April 1981

Amends the Internal Revenue Code to increase the amount of employer-paid group-term life insurance premiums excluded from the gross income of employees.

Bill· HRH.R. 2988 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to provide for the exclusion from gross income of interest on savings deposits which may be used by the financial institution only for mortgages on owner-occupied residences.

United States · United States Congress · 2 April 1981

Amends the Internal Revenue Code to exclude from gross income interest earned on savings deposits which are used by the deposit institution for making mortgages on owner-occupied residences.

Bill· HRH.R. 2987 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to allow individuals a refundable tax credit for certain amounts of the rent they pay on their principal residences which is attributable to real property taxes.

United States · United States Congress · 2 April 1981

Amends the Internal Revenue Code to allow individuals who are renters of their principal residence an income tax credit of 20 percent of their proportionate share of the State and local real property taxes imposed upon the property on which the residence is located. Limits the amount of the credit to the amount of rent paid by the taxpayer during the taxable year.

Bill· HRH.R. 2982 (97th)referred

Family Enterprise Preservation Act

United States · United States Congress · 2 April 1981

Family Enterprise Preservation Act - Amends the Internal Revenue Code to allow a deduction of the value of an interest in qualified tangible property (tangible property located in the United States which on the date of decedent's death was being used as a farm for farming purposes or in a trade or business other than farming) from the value of a decedent's gross estate only if at least 50 percent of the adjusted value of the decedent's estate consisted of the adjusted value of tangible property which: (1) on the date of the decedent's death was being used for a qualified use; and (2) passed from the decedent to a qualified heir (a member of the decedent's family). Limits such deduction to $750,000 with respect to bequests of qualified tangible property to a decedent's spouse and $750,000 with respect to bequests of qualified heirs other than the spouse. Imposes an additional estate tax if, within 15 years of the decedent's death and before the qualified heir's death, the qualified heir: (1) disposes of any interest in qualified tangible property (other than by a disposition to a member of his family); or (2) ceases to use such qualified tangible property for the qualified use. Provides for reducing the amount of additional tax for such disposition or cessation according to the number of years after the decedent's death that such disposition or cessation occurs. Prohibits the imposition of more than one additional tax with respect to any portion of an interest in such qualified tangible property.

Bill· SS. 849 (97th)reported