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Bill· SS. 325 (99th)open
United States · United States Congress · 31 January 1985
Fair and Simple 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 the tax rates for individuals, estates, and trusts. Imposes a tax rate of 24 percent on the taxable income of every individual, estate, and trust. Imposes a tax rate of 15 percent on corporate income which does not exceed $50,000, a tax rate of 25 percent on corporate income between $50,000 and $100,000 and a tax rate of 35 percent on corporate income exceeding $100,000. Subtitle B: Increase in Amount of Personal Exemption and Zero Bracket Amount - Increases the amount of the personal exemption to $2,000. Increases the "zero bracket amount" to $2,600 for single taxpayers and $3,300 for a joint return or surviving spouse. Provides for an annual adjustment in the "zero bracket amount" by a cost-of-living adjustment based on the Consumer Price Index. Subtitle C: Employment Income Exclusion Established - Allows an individual taxpayer to exclude 20 percent of the amount received during the taxable year by such individual as employment income. Provides that the exclusion is phased out when the individual's wages and salaries exceed the Federal Insurance Compensation Act's maximum wage base for the calendar year. Excludes all of an individual's employment income where the employment income for the taxable year is $10,000 or less ($15,000 or less in the case of a joint return). Subtitle D: Repeals Related to Reduction in Rates - Repeals provisions relating to: (1) tax tables for individuals; (2) special averaging rules for lump-sum distributions; (3) accumulated corporate surplus; (4) personal holding companies; (5) income averaging; and (6) graduated corporate tax rates. Applies the trust throwback rules only to amounts distributed from a foreign trust. Title II: Base Broadening - Subtitle A: Credits - Repeals the general tax credit, the investment tax credit, and provisions relating to: (1) the credit for household and dependent care services; (2) the credit for the elderly and the permanently and totally disabled; (3) the residential energy credit; (4) contributions to candidates for public office; (5) clinical testing expenses for certain drugs; (6) producing fuel from a nonconventional source; (7) increasing research activities; (8) the investment credit, the targeted jobs credit, the alcohol fuels credit, and the employee stock ownership credit; (9) alcohol used as fuel; (10) rules for determining amount of employee stock ownership credit; (11) the general tax credit; (12) rules for determining credit for investment in certain depreciable property; and (13) the credit for employment of certain new employees. Subtitle B: Exclusions - Repeals the tax exclusion for: (1) compensation for injuries or sickness; (2) partial exclusion of dividends received by individuals; (3) amounts received under qualified group legal service plans; (4) qualified transportation furnished by employer; (5) dividend reinvestment in public utilities; and (6) payments to encourage exploration, development, and mining for defense purposes. Reduces the maximum amount of the earned income credit from $5,000 to $4,000. Provides an inflation adjustment for the value of the earned income credit. Treats as taxable income: (1) unemployment compensation; (2) the annual increase in the cash surrender value of life insurance policies; and (3) interest on industrial development bonds and mortgage subsidy bonds. Provides that the transfer of a corporation's stock in satisfaction of indebtedness will be treated as having satisfied the indebtedness with money equal to the fair market value of the stock. Provides a limited exclusion from income for scholarships and fellowships. Amends the Merchant Marine Act to repeal the tax exemption for deposits into, and withdrawals from, a capital construction fund. Reduces the amount of social security benefits and railroad retirement benefits included in gross income from one-half to one-quarter of the amount. Subtitle C: Deductions - Repeals the tax deductions for: (1) the additional exemption for the elderly and the blind; (2) unused investment credits; and (3) two-earner married couples. Repeals the deductions for State and local income tax, sales, and personal property tax. Increases the floor in the deduction for medical and dental expenses from five to ten percent. Repeals the deduction for consumer interest. Subtitle D: Adjustment to Basis; Changes in Certain Special Capital Gains Treatment Provisions - Allows an inflation adjustment, based on the gross national product deflator, to the adjusted basis of capital assets which have been held for more than one year at the time of sale or exchange solely for the purpose of determining gain or loss on such assets. Excludes from such treatment: (1) creditor's interest; (2) options; (3) net lease property in the case of the lessor; (4) preferred stock with fixed dividends; and (5) stock in small business corporations and certain foreign corporations. Provides an exception to the exclusionary treatment of foreign corporation stock which is regularly traded on a national or regional stock exchange. Sets forth certain percentages to be applied in determining the adjusted basis for disposition of recovery property. Allows the Secretary of the Treasury to disallow all or part of an adjustment where there was a transfer to increase the inflation adjustment depreciation allowance. Reduces the alternative tax rate for corporations from 28 to 20 percent. Provides that the alternative tax on indexed assets shall be: (1) 15 percent of so much of the net capital gain as does not exceed $50,000; (2) 25 percent of so much of the net capital gain as exceeds $50,000 but not in excess of $100,000; and (3) 35 percent of so much of the net capital gain as exceeds $100,000. Excludes 40 percent of the net capital gain from income of an individual where: (1) the gain is derived from a non-indexed asset; or (2) the individual elected to disregard the indexed basis of indexed assets in determining the capital gain or loss for the year. Repeals the limitation on the deduction of capital losses by individuals. Permits the carryover of the excess of capital losses over gross income reduced by deductions by individuals. Title III: Capital Cost Recovery - Subtitle A: Neutral Cost Recovery System for Depreciable Property - Modifies the accelerated cost recovery system to establish the following classes of property: (1) 4-year property; (2) 6-year property; (3) 15-year property; (4) 20-year public utility property; (5) 25-year real property; (6) low income housing property; and (7) theme parks. Provides that the accelerated cost recovery deduction shall be determined by multiplying the applicable percentage of the unadjusted basis of the recovery property by the applicable inflation ratio. Treats research and experimental expenditures and intangible drilling or development costs of oil, gas, or geothermal wells as recovery property. Subtitle B: Other Changes - Repeals the income tax deductions for: (1) research and experimental expenditures; (2) soil and water conservation expenditures; (3) depreciation or amortization of improvements made by a lessee on a lessor's property; (4) expenditures by farmers for clearing land; (5) amortization of reforestation expenditures; (6) intangible drilling and development costs in the case of oil and gas wells and geothermal wells; (7) percentage depletion; (8) development expenditures; and (9) deduction and recapture of certain mining exploration expenditures. Allows a ten year period for the amortization of construction period interest and taxes. Allows a deduction for circulation expenses for a newspaper, magazine, or other periodical ratably over a five-year period. Excludes amounts chargeable to a capital account from such treatment. Repeals the depletion deduction for timber. Title IV: Miscellaneous Provisions - Subtitle A: Foreign Income - Repeals the domestic international sales corporations (DISC) provisions for taxable years beginning after December 31, 1985. Subtitle B: Other Miscellaneous Provisions - 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 of $1,000,000. Requires farming syndicates to use the accrual method of accounting without regard to gross receipts. Requires the recognition of the gain or loss on distributions of property by corporations. Eliminates the special bad debt reserves of financial institutions. Amends the Social Security Act to provide that benefits will be reduced by 25 cents rather than 50 cents for every dollar earned above a certain amount. Repeals the reduction for earnings for years after 1989. Directs the Secretary of the Treasury to modify the withholding tables to reflect the broadening of the tax base made by the provisions of this Act. Title V: Effective Dates - Sets forth the effective dates for the provisions of this Act.
Bill· SS. 321 (99th)open
United States · United States Congress · 31 January 1985
Amends the Internal Revenue Code to provide for a flat rate of tax of 19 percent on both individual and business income. Sets forth rules for the computation of individual taxable income and business taxable income. Allows for specified personal allowances in the computation of individual taxable income. Defines a "business" as any sole proprietorship, partnership, or corporation. Exempts State and local governments and certain charitable organizations from the business tax. Provides for the withholding of employee income tax.
Bill· SS. 326 (99th)referred
United States · United States Congress · 31 January 1985
Amends the Public Works and Economic Development Act of 1965 to extend the authorization of appropriations through FY 1987 in the following areas: (1) grants for operation of health projects; (2) acquisition or development of public works and development facilities; (3) public works and development facilities loans, business loans, and loan guarantees within redevelopment areas; (4) redevelopment area loans; (5) direct grants for economic development planning; (6) supplemental and basic grants under specified titles of such Act; (7) grants to economic development districts; (8) assistance to Indian tribes; and (9) economic development and adjustment assistance programs for states and local areas with severe unemployment. Extends through FY 1987 the authorization for emergency financial assistance to areas with unusually high unemployment.
Bill· HRH.R. 879 (99th)open
United States · United States Congress · 31 January 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.
Bill· HRH.R. 884 (99th)open
United States · United States Congress · 31 January 1985
Repeals the requirement added by the Deficit Reduction Act of 1984 relating to the maintenance of contemporaneous records with respect to: (1) business travel, including automobile expenses; (2) business entertainment expenses; and (3) expenses for gifts.
Bill· HRH.R. 863 (99th)open
United States · United States Congress · 31 January 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.
Bill· HRH.R. 878 (99th)open
United States · United States Congress · 31 January 1985
Amends the Internal Revenue Code to repeal rules relating to the determination of the issue price of certain debt instruments issued for property. Amends the Tax Reform Act of 1984 to repeal the revisions made to rules for the imputation of interest on certain deferred payments. Provides that the Internal Revenue Code shall be applied and administered as if such revisions had not been enacted.
Bill· HRH.R. 895 (99th)open
United States · United States Congress · 31 January 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.
Bill· HRH.R. 902 (99th)referred
United States · United States Congress · 31 January 1985
Amends the Internal Revenue Code to waive issue date requirements and volume limitations for qualified veterans' mortgage bonds issued by a State that adopted a resolution relating to the Veterans Mortgage Bond Program on March 9, 1984, and ratified such resolution in 1984.
Bill· HRH.R. 898 (99th)referred
United States · United States Congress · 31 January 1985
Amends the Internal Revenue Code to provide that the issuance of notices of tax due with respect to a single oil-producing property in any given year does not preclude the issuance of a notice of deficiency with respect to other oil-producing properties of the same taxpayer. Provides that an "oil item" issue under the Crude Oil Windfall Profit Tax Act of 1980 shall be treated as a "partnership item" for purposes of applying the judicial review procedures.
Bill· HRH.R. 876 (99th)referred
United States · United States Congress · 31 January 1985
Nondiscrimination in Business Expense Deductions Act of 1985 - Amends the Internal Revenue Code to provide that no deduction from gross income shall be allowed to a taxpayer for entertainment expenses for food, beverages, lodging, or entertainment incurred in connection with a facility which discriminates on the basis of race, color, religion, sex, or national origin. Exempts facilities operated by a religious organization where access is limited to members of a particular religion. Treats dues and fees paid to discriminatory facilities as nondeductible expenses. Requires the submission of a statement to the Secretary of the Treasury that a facility not open to the public does not discriminate in order for amounts paid to such facility to qualify for the entertainment expense deduction. Requires the posting of a public notice in the facility stating the nondiscriminatory policy. Permits the Secretary to revoke the acceptance of the statement of nondiscrimination. Requires the taxpayer to report on his or her income tax return any amounts paid or incurred for food, beverages, lodging, or entertainment in any facility which is not open to the public or does not serve the public in order to deduct such amounts from gross income.
Bill· HRH.R. 889 (99th)referred
United States · United States Congress · 31 January 1985
Amends the Internal Revenue Code to allow an income tax credit for political contributions to candidates for Congress. Limits such credit to $10 for each such candidate ($20 in the case of a joint return). Provides that contributions eligible for such credit may not be taken into account for the income tax credit for contributions to candidates for public office.
Resolution· HRESH.Res. 39 (99th)referred
United States · United States Congress · 31 January 1985
Amends rule XXI of the Rules of the House of Representatives to prohibit the consideration of the legislative branch appropriation bill for any fiscal year until the House and the Senate have agreed to all other general appropriation bills for such fiscal year.
Bill· HRH.R. 826 (99th)open
United States · United States Congress · 30 January 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.
Bill· HRH.R. 812 (99th)open
United States · United States Congress · 30 January 1985
Amends the Internal Revenue Code to repeal the requirement that contemporaneous records be kept to substantiate deductions with respect to: (1) business travel expenses, including automobile expenses; (2) business entertainment expenses; and (3) expenses for gifts.
Bill· HRH.R. 813 (99th)open
United States · United States Congress · 30 January 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.
Bill· HRH.R. 783 (99th)open
United States · United States Congress · 30 January 1985
Business Tax Records Reduction Act of 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.
Bill· HRH.R. 779 (99th)open
United States · United States Congress · 30 January 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. Directs the Secretary of the Treasury to conduct and report to the Congress on a study of: (1) the amount of overstatement of deductions or credits attributable to the use of cars or other types of property which have substantial personal use; and (2) methods for reducing such overstatements which would impose less paperwork burdens on taxpayers than a requirement of contemporaneous records.
Bill· HRH.R. 829 (99th)open
United States · United States Congress · 30 January 1985
Amends the Internal Revenue Code to make permanent the authority of a court to award court costs and certain fees to the prevailing party in a tax case.
Bill· HRH.R. 800 (99th)open
United States · United States Congress · 30 January 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 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.
Bill· HRH.R. 777 (99th)open
United States · United States Congress · 30 January 1985
Fair and Simple 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 the tax rates for individuals, estates, and trusts. Imposes a tax rate of 24 percent on the taxable income of every individual, estate, and trust. Imposes a tax rate of 15 percent on corporate income which does not exceed $50,000, a tax rate of 25 percent on corporate income between $50,000 and $100,000 and a tax rate of 35 percent on corporate income exceeding $100,000. Subtitle B: Increase in Amount of Personal Exemption and Zero Bracket Amount - Increases the amount of the personal exemption to $2,000. Increases the "zero bracket amount" to $2,600 for single taxpayers and $3,300 for a joint return or surviving spouse. Provides for an annual adjustment in the "zero bracket amount" by a cost-of-living adjustment based on the Consumer Price Index. Subtitle C: Employment Income Exclusion Established - Allows an individual taxpayer to exclude 20 percent of the amount received during the taxable year by such individual as employment income. Provides that the exclusion is phased out when the individual's wages and salaries exceed the Federal Insurance Compensation Act's maximum wage base for the calendar year. Excludes all of an individual's employment income where the employment income for the taxable year is $10,000 or less ($15,000 or less in the case of a joint return). Subtitle D: Repeals Related to Reduction in Rates - Repeals provisions relating to: (1) tax tables for individuals; (2) special averaging rules for lump-sum distributions; (3) accumulated corporate surplus; (4) personal holding companies; (5) income averaging; and (6) graduated corporate tax rates. Applies the trust throwback rules only to amounts distributed from a foreign trust. Title II: Base Broadening - Subtitle A: Credits - Repeals the general tax credit, the investment tax credit, and provisions relating to: (1) the credit for household and dependent care services; (2) the credit for the elderly and the permanently and totally disabled; (3) the residential energy credit; (4) contributions to candidates for public office; (5) clinical testing expenses for certain drugs; (6) producing fuel from a nonconventional source; (7) increasing research activities; (8) the investment credit, the targeted jobs credit, the alcohol fuels credit, and the employee stock ownership credit; (9) alcohol used as fuel; (10) rules for determining the amount of employee stock ownership credit; (11) the general tax credit; (12) rules for determining credit for investment in certain depreciable property; and (13) the credit for employment of certain new employees. Subtitle B: Exclusions - Repeals the tax exclusion for: (1) compensation for injuries or sickness; (2) partial exclusion of dividends received by individuals; (3) amounts received under qualified group legal service plans; (4) qualified transportation furnished by the employer; (5) dividend reinvestment in public utilities; and (6) payments to encourage exploration, development, and mining for defense purposes. Reduces the maximum amount of the earned income credit from $5,000 to $4,000. Provides an inflation adjustment for the value of the earned income credit. Treats as taxable income: (1) unemployment compensation; (2) the annual increase in the cash surrender value of life insurance policies; and (3) interest on industrial development bonds and mortgage subsidy bonds. Provides that the transfer of a corporation's stock in satisfaction of indebtedness will be treated as having satisfied the indebtedness with money equal to the fair market value of the stock. Provides a limited exclusion from income for scholarships and fellowships. Amends the Merchant Marine Act to repeal the tax exemption for deposits into, and withdrawals from, a capital construction fund. Reduces the amount of social security benefits and railroad retirement benefits included in gross income from one-half to one-quarter of the amount. Subtitle C: Deductions - Repeals the tax deductions for: (1) the additional exemption for the elderly and the blind; (2) unused investment credits; and (3) two-earner married couples. Repeals the deductions for State and local income tax, sales, and personal property tax. Increases the floor in the deduction for medical and dental expenses from five to ten percent. Repeals the deduction for consumer interest. Subtitle D: Adjustment to Basis; Changes in Certain Special Capital Gains Treatment Provisions - Allows an inflation adjustment, based on the gross national product deflator, to the adjusted basis of capital assets which have been held for more than one year at the time of sale or exchange solely for the purpose of determining gain or loss on such assets. Excludes from such treatment: (1) creditor's interest; (2) options; (3) net lease property in the case of the lessor; (4) preferred stock with fixed dividends; and (5) stock in small business corporations and certain foreign corporations. Provides an exception to the exclusionary treatment of foreign corporation stock which is regularly traded on a national or regional stock exchange. Sets forth certain percentages to be applied in determining the adjusted basis for disposition of recovery property. Allows the Secretary of the Treasury to disallow all or part of an adjustment where there was a transfer to increase the inflation adjustment depreciation allowance. Reduces the alternative tax rate for corporations from 28 to 20 percent. Provides that the alternative tax on indexed assets shall be: (1) 15 percent of so much of the net capital gain as does not exceed $50,000; (2) 25 percent of so much of the net capital gain as exceeds $50,000 but not in excess of $100,000; and (3) 35 percent of so much of the net capital gain as exceeds $100,000. Excludes 40 percent of the net capital gain from income of an individual where: (1) the gain is derived from a non-indexed asset; or (2) the individual elected to disregard the indexed basis of indexed assets in determining the capital gain or loss for the year. Repeals the limitation on the deduction of capital losses by individuals. Permits the carryover of the excess of capital losses over gross income reduced by deductions by individuals. Title III: Capital Cost Recovery - Subtitle A: Neutral Cost Recovery System for Depreciable Property - Modifies the accelerated cost recovery system to establish the following classes of property: (1) 4-year property; (2) 6-year property; (3) 15-year property; (4) 20-year public utility property; (5) 25-year real property; (6) low income housing property; and (7) theme parks. Provides that the accelerated cost recovery deduction shall be determined by multiplying the applicable percentage of the unadjusted basis of the recovery property by the applicable inflation ratio. Treats research and experimental expenditures and intangible drilling or development costs of oil, gas, or geothermal wells as recovery property. Subtitle B: Other Changes - Repeals the income tax deductions for: (1) research and experimental expenditures; (2) soil and water conservation expenditures; (3) depreciation or amortization of improvements made by a lessee on a lessor's property; (4) expenditures by farmers for clearing land; (5) amortization of reforestation expenditures; (6) intangible drilling and development costs in the case of oil and gas wells and geothermal wells; (7) percentage depletion; (8) development expenditures; and (9) deduction and recapture of certain mining exploration expenditures. Allows a ten year period for the amortization of construction period interest and taxes. Allows a deduction for circulation expenses for a newspaper, magazine, or other periodical ratably over a five-year period. Excludes amounts chargeable to a capital account from such treatment. Repeals the depletion deduction for timber. Title IV: Miscellaneous Provisions - Subtitle A: Foreign Income - Repeals the domestic international sales corporations (DISC) provisions for taxable years beginning after December 31, 1985. Subtitle B: Other Miscellaneous Provisions - 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 of $1,000,000. Requires farming syndicates to use the accrual method of accounting without regard to gross receipts. Requires the recognition of the gain or loss on distributions of property by corporations. Eliminates the special bad debt reserves of financial institutions. Amends the Social Security Act to provide that benefits will be reduced by 25 cents rather than 50 cents for every dollar earned above a certain amount. Repeals the reduction for earnings for years after 1989. Directs the Secretary of the Treasury to modify the withholding tables to reflect the broadening of the tax base made by the provisions of this Act. Title V: Effective Dates - Sets forth the effective dates for the provisions of this Act.
Bill· HRH.R. 832 (99th)referred
United States · United States Congress · 30 January 1985
Requires the Comptroller General of the United States to establish a program for a continuing audit and investigation of the efficiency, uniformity, and equity of the administration of the internal revenue laws of the United States. Requires the Comptroller General to report annually to the Congress on such program.
Bill· HRH.R. 844 (99th)referred
United States · United States Congress · 30 January 1985
Amends the Internal Revenue Code to continue the excise tax on cigarettes at its present 16 cents per pack level (rather than reducing the excise tax to eight cents per pack October 1, 1985, as currently provided). Authorizes the Secretary of the Treasury to transfer amounts received from this excise tax on cigarettes to the Federal Hospital Insurance Trust Fund.
Bill· HRH.R. 841 (99th)referred
United States · United States Congress · 30 January 1985
Amends the Internal Revenue Code to permit crime victims to deduct their crime-related medical expenses without regard to the five percent floor on the medical expense deduction. Permits taxpayers who do not itemize deductions to deduct these medical expenses.
Bill· HRH.R. 803 (99th)referred
United States · United States Congress · 30 January 1985
Amends the Internal Revenue Code to provide that the medical expenses of handicapped individuals and individuals who have attained age 65 shall be deductible without regard to the requirement that only medical care expenses in excess of certain percentages of adjusted gross income are deductible.
Bill· HRH.R. 852 (99th)referred
United States · United States Congress · 30 January 1985
Amends the Interest and Dividend Tax Compliance Act of 1983 to repeal requirements for the backup withholding of tax from interest and dividends. Requires that the Internal Revenue Code be applied and administered as if such requirements had not been enacted.
Bill· HRH.R. 840 (99th)referred
United States · United States Congress · 30 January 1985
Amends the Internal Revenue Code to provide that nonprofit community crime prevention organizations and crime assistance organizations are organizations operated for charitable purposes. Permits a taxpayer who does not itemize deductions for the taxable year to deduct as a charitable contribution the amount of any crime prevention and crime victim assistance contribution in arriving at their taxable income. Limits the amount of such deduction. Directs the Secretary of the Treasury to establish procedures for qualifying nonprofit community crime prevention and crime victim assistance organizations as tax-exempt charitable organizations.
Bill· HRH.R. 847 (99th)referred
United States · United States Congress · 30 January 1985
Amends the Internal Revenue Code with respect to the exclusion from income of certain fringe benefits to provide that parents shall be accorded the same treatment as spouses and dependent children of employees.
Bill· HRH.R. 836 (99th)referred
United States · United States Congress · 30 January 1985
Amends the Internal Revenue Code to exempt agricultural vehicles from the rules relating to the limitation on the investment tax credit and depreciation deduction for certain property used for personal purposes.
Bill· HRH.R. 843 (99th)referred
United States · United States Congress · 30 January 1985
Amends the Internal Revenue Code to define "geothermal energy" as the natural heat of the Earth at any temperature. (Present regulations require that such heat exceed a specified temperature.) Qualifies for the residential energy tax credit and the investment tax credit for energy property an energy system which uses both geothermal energy and another energy source not eligible for such credits if geothermal energy provides more than 80 percent of the energy for such system. Qualifies for the investment tax credit for energy property an energy system which uses both geothermal energy and another energy source eligible for such credit (such as biomass, solar, wind, ocean thermal, or hydroelectric) if the combination of such energy sources provides more than 80 percent of the energy for such system. Provides that in the case of a taxpayer who claimed a geothermal credit on a return for any taxable year beginning before January 1, 1985, in reliance on the advice of an employee of the Internal Revenue Service that such credit would be allowable, the amendments made by this Act shall apply for purposes of determining whether such credit is allowable.
Bill· HRH.R. 828 (99th)referred
United States · United States Congress · 30 January 1985
Amends the Internal Revenue Code to allow any taxpayer to request that any employee of the Internal Revenue Service who interviews the taxpayer shall: (1) conduct such interview at a reasonable time and place convenient to the taxpayer; and (2) allow the taxpayer to make a recording of such interview. Provides that an employee of the Internal Revenue Service may record any such interview if he or she informs the taxpayer of such recording prior to the interview and provides the taxpayer with a transcript of such recording upon the request of the taxpayer and reimbursement for the cost of reproduction of such transcript. Provides that prior to an interview a taxpayer shall be informed in writing that: (1) he or she has the right to remain silent; (2) any statement he or she makes may be used against him; and (3) he or she has the right to the presence of an attorney or a certified public accountant.
Bill· HRH.R. 845 (99th)referred
United States · United States Congress · 30 January 1985
Amends the Internal Revenue Code to repeal the limitations on the aggregate amount of private activity bonds issued during the calendar year. Applies this rule to obligations issued after December 31, 1983.
Bill· HRH.R. 831 (99th)referred
United States · United States Congress · 30 January 1985
Taxpayers' Bill of Rights - Requires the Secretary of the Treasury to prepare, for distribution to taxpayers, brief but comprehensive statements which set forth in nontechnical terms: (1) the rights and obligations of taxpayers during an audit; (2) the procedures by which a taxpayer may appeal any adverse decision of the Internal Revenue Service (IRS); (3) the procedures for prosecuting refund claims and filing of taxpayer complaints; and (4) the procedures which the IRS may use in enforcing the internal revenue laws. Requires a copy of such statement to accompany any tax forms sent to taxpayers. Extends permanently the authority to award court costs, attorney fees, and other fees to a prevailing party in civil tax cases. (Present law terminates such authority as of December 31, 1985.) Provides for a civil action against IRS employees for any deprivation of rights, privileges, or immunities secured by the Constitution or laws of the United States. Establishes within the Department of the Treasury an Office of the Ombudsman to provide assistance to individuals in their dealings with the Department of the Treasury (including the IRS). Requires the IRS, upon a taxpayer's request, to: (1) conduct any interview regarding a deficiency assessment in the taxpayer's residence or place of business, at a reasonable time convenient to the taxpayer; and (2) allow a taxpayer to make a recording of such interview at his own expense and with his own equipment. Requires the officer or employee conducting such interview to warn the taxpayer that: (1) he or she has the right to remain silent; (2) any statement he or she makes may be used against him or her; and (3) he or she has the right to the presence of an attorney or a certified public accountant. Requires the Comptroller General of the United States to establish a program for a continuing audit and investigation of the efficiency, uniformity, and equity of the the administration of the internal revenue laws of the United States. Requires the Comptroller General to report annually to the Congress on such program. Prohibits the use of amounts collected pursuant to audits or investigations of taxpayer returns as a basis for the evaluations of the IRS personnel who participated in such audits or investigations.
Bill· HRH.R. 837 (99th)referred
United States · United States Congress · 30 January 1985
Amends the Internal Revenue Code to provide for the repayment of the increased excise tax imposed on fuel used in diesel-powered automobiles or light trucks. Sets the amount of such repayment at six cents per gallon. Reduces such repayment amount by repayments payable as of December 31, 1984.
Bill· HRH.R. 827 (99th)referred
United States · United States Congress · 30 January 1985
Requires the Secretary of the Treasury to prepare, for distribution to taxpayers, a brief but comprehensive statement which sets forth in nontechnical terms: (1) the rights and obligations of a taxpayer during an audit; (2) the procedures by which a taxpayer may appeal any adverse decision of the Internal Revenue Service (IRS); (3) the procedures for prosecuting refund claims and filing of taxpayer complaints; and (4) the procedures which the IRS may use in enforcing the internal revenue laws. Requires a copy of such statement to accompany any tax forms sent to taxpayers. Requires the Secretary to transmit drafts of such statement to specified congressional committees.
Bill· HRH.R. 818 (99th)referred
United States · United States Congress · 30 January 1985
Requires the President to transmit to Congress for FY 1986 and each fiscal year thereafter a balanced budget. Permits the transmittal of alternate budget proposals which, if implemented, would result in a deficit or surplus if the President determines that a balanced budget is inappropriate for any fiscal year. Requires that any such alternate budget proposals for a fiscal year include a comprehensive plan to balance the Federal budget. Requires the Committee on the Budget of each House to report by April 15 of every year a balanced budget for the upcoming fiscal year. Requires the Committee on the Budget of either House also to report a comprehensive plan to balance the Federal budget, if it determines that a balanced budget is inappropriate for any fiscal year.
Bill· HRH.R. 815 (99th)referred
United States · United States Congress · 30 January 1985
Amends the Internal Revenue Code to treat mutual banks having capital stock represented by shares in the same manner as other mutual banks for purposes of the bad debt reserve deduction. (Present law restricts such income tax deduction to mutual savings banks, building and loan associations, or cooperative banks without capital stock.)
Bill· HRH.R. 811 (99th)referred
United States · United States Congress · 30 January 1985
Amends the Internal Revenue Code to make permanent the deduction for charitable contributions by taxpayers who do not itemize deductions.
Bill· HRH.R. 810 (99th)referred
United States · United States Congress · 30 January 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.
Bill· HRH.R. 804 (99th)referred
United States · United States Congress · 30 January 1985
Amends the Internal Revenue Code to allow individuals or married couples aged 65 or over a $10,000 exclusion from gross income for any amounts received as annuities, pensions, or other retirement benefits.
Bill· HRH.R. 817 (99th)referred
United States · United States Congress · 30 January 1985
Math and Science Education Act - Amends the Internal Revenue Code to allow employers an income tax credit for compensation paid to: (1) precollege mathematics and science teachers hired for the summer months for employment which provides experience in the applied use of high technology; and (2) permanent employees who teach precollege mathematics or science at a public school without compensation from such school. Sets the amount of such credit at the sum of: (1) 50 percent of the aggregate compensation paid to teachers employed for the summer months; plus (2) 100 percent of the aggregate compensation paid to permanent employees who teach at public schools. Limits the amount of compensation paid to a permanent employee which may be taken into account to $1,000 multiplied by the number of months such employee teaches in a public school. Requires that teachers hired for the summer months be paid an aggregate salary greater than 25 percent of their annual teaching salary. Requires that permanent employees who teach at public schools teach at an elementary or secondary school for at least ten hours per week (at least five of which must be actual instruction in the classroom) at the request of the school district administrators.
Bill· HRH.R. 807 (99th)referred
United States · United States Congress · 30 January 1985
Amends the Internal Revenue Code to allow individual taxpayers an income tax deduction from gross income for commuting expenses incurred on public mass transit, including rail and bus service. Limits the amount of such deduction to $250 per year.
Bill· HRH.R. 806 (99th)referred
United States · United States Congress · 30 January 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.
Bill· HRH.R. 805 (99th)referred
United States · United States Congress · 30 January 1985
Amends the Internal Revenue Code to exclude from gross income up to $1,000 ($2,000 for joint returns) of the interest earned on a savings account.
Bill· HRH.R. 794 (99th)referred
United States · United States Congress · 30 January 1985
Amends the Internal Revenue Code to provide that an unmarried individual who maintains a household shall be considered a head of a household for income tax rate purposes, without regard to whether such individual has a dependent who is a member of the household.
Bill· HRH.R. 801 (99th)referred
United States · United States Congress · 30 January 1985
Amends the Internal Revenue Code to allow certain low and middle-income individuals a refundable income tax credit for the property taxes and rent paid on their principal residences. Requires, for purposes of eligibility, that the taxes and rent paid by such individuals exceed five percent of their adjusted gross income. Limits such credit to $500 for the taxable year. Reduces the credit by five percent of the amount by which the taxpayer's adjusted gross income exceeds $10,000 in 1982, $15,000 in 1983, and $20,000 in taxable years beginning after December 31, 1984.
Bill· HRH.R. 797 (99th)referred
United States · United States Congress · 30 January 1985
Amends the Internal Revenue Code to allow individuals to compute the amount of the deduction for retirement savings on the basis of the compensation of the spouse. Phases this deduction in over a period of six years.
Bill· HRH.R. 773 (99th)referred
United States · United States Congress · 30 January 1985
Amends the Internal Revenue Code to provide that the use of law enforcement, fire protection, and emergency medical vehicles by government employees shall be treated as a nontaxable fringe benefit.
Bill· SS. 318 (99th)open
United States · United States Congress · 29 January 1985
Extends through FY 1991 the revenue sharing program for local governments.
Bill· SS. 315 (99th)open
United States · United States Congress · 29 January 1985
Amends the Internal Revenue Code to limit an individual's deduction for State and local taxes to that amount of the taxes which exceeds one percent of the adjusted gross income of the taxpayer.
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