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801 records in US in 1979

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Records

Bill· HRH.R. 3474 (96th)referred

Oil Deregulation Tax Act of 1979

United States · United States Congress · 5 April 1979

Oil Deregulation Tax Act of 1979 - Amends the Internal Revenue Code to impose upon producers of domestic crude oil an excise tax on price increases resulting from deregulation. Sets the rate of such tax at 25 percent of the price increase on each barrel of taxable crude oil. Exempts oil producers whose production does not exceed 1,200 barrels multiplied by the number of days in a taxable period from the tax. Allows oil producers a nonrefundable credit against the deregulation tax for: (1) intangible drilling and development costs; (2) geological and geophysical costs; (3) expenditures for oil exploration and production equipment; and (4) secondary or tertiary recovery of oil or gas. Provides for a carryover of credit amounts which exceed the amount of deregulation tax in any taxable period. Requires oil producers to maintain such records with respect to oil production as the Secretary of the Treasury may require. Specifies that deregulation tax returns must be filed not later than the fifteenth day of the third month following the close of the taxable period. Requires the purchaser of taxable crude oil to furnish to the individual responsible for the payment of the deregulation tax a monthly statement containing information with respect to: (1) the amount of taxable crude oil purchased during such month; (2) the removal price of such oil; (3) the pre-decontrol ceiling price of such oil; (4) the amount of the producer's deregulation tax liability; and (5) other information which the Secretary may require. Imposes fines and criminal penalties for willful failure to provide such information. Requires each partnership, estate, and trust producing domestic crude oil for any taxable period to furnish to each partner or beneficiary a written statement showing: (1) the name of such partner or beneficiary; (2) information received by the partnership, trust, or estate from the purchaser of crude oil; (3) the total amount of energy investment made by such partnership, trust, or estate during a taxable period; (4) each partner's or beneficiary's share from the sale of crude oil; and (5) other information which the Secretary may require.

Bill· SS. 873 (96th)referred

A bill to amend the Internal Revenue Code of 1954 to waive in certain cases the residency requirements for deductions or exclusions of individuals living abroad.

United States · United States Congress · 4 April 1979

Amends the Internal Revenue Code to permit the waiver of residency requirements for individuals residing in a foreign country who claim income tax deductions for living expenses incurred in such country, if such individuals are prevented from conducting normal business in such country due to war, civil unrest, or similar adverse conditions, and such individuals prove to the satisfaction of the Secretary of the Treasury that they would have met such residency requirements under normal conditions.

Bill· SS. 880 (96th)referred

World Peace Tax Fund Act

United States · United States Congress · 4 April 1979

World Peace Tax Fund Act - Amends the Internal Revenue Code to permit conscientious objectors to designate their income, estate, or gift tax payments for nonmilitary purposes. Establishes within the Treasury of the United States a World Peace Tax Fund to receive such tax payments. Defines a conscientious objector as an individual who is opposed to war in any form and who has been exempted from combat training in the Armed Forces under the Military Selective Service Act, or who satisfactorily demonstrates that he is conscientiously opposed to war in any form. Requires tax forms to contain a checkoff for taxpayers who wish to claim conscientious objector status and designate their tax payments for the World Peace Tax Fund. Permits the setting aside of criminal or civil penalties imposed upon a taxpayer for nonpayment of tax prior to 1979, if the taxpayer pays the tax and satisfactorily establishes that the nonpayment was due to his religious beliefs. Directs the Comptroller General to determine the percentage of actual appropriations made by the United States from the Federal budget during the preceding fiscal year for military purposes. Requires the publication of such information in the Congressional Record. Establishes a World Peace Tax Fund Board of Trustees. Sets forth the membership structure and duties of the Board.

Bill· HRH.R. 3456 (96th)referred

A bill to amend the Internal Revenue Code of 1954 to exempt from tax a portion of the income of individuals not employed by the Federal Government who live in a State in which Federal employees receive an allowance based on living costs and conditions of environment.

United States · United States Congress · 4 April 1979

Amends the Internal Revenue Code to allow individuals who are not employed by the Federal Government a tax exclusion for that portion of their personal service income which is equal to the allowance permitted Federal employees in certain States for higher living costs and extreme conditions of environment.

Bill· HRH.R. 3433 (96th)referred

A bill to simplify the private foundation return and reporting requirements under the Internal Revenue Code of 1954, and to make private foundation information returns more readily accessible to the public.

United States · United States Congress · 4 April 1979

Repeals provisions of the Internal Revenue Code which require tax-exempt private foundations with assets of $5,000 or more to make annual reports of their receipts and expenditures. Requires that information previously required by such annual reports be included in the foundation's annual tax return. Imposes the same reporting requirements on non tax-exempt charitable trusts and private foundations. Requires that such returns be opened to public inspection and imposes a fine for failure to do so. Permits private foundations to treat as confidential, and not to list on their tax returns, the name and address of any indigent or needy recipient of charitable gifts or grants amounting to $1,000 or less during the taxable year.

Bill· HRH.R. 3455 (96th)referred

A bill to amend the Internal Revenue Code of 1954 to permit a deduction based upon the cost of living in certain states in determining adjusted gross income.

United States · United States Congress · 4 April 1979

Amends the Internal Revenue Code to allow nonitemizing taxpayers an income tax deduction for that portion of the taxpayer's personal service income which is equal to the amount by which cost of living increases in the State in which such taxpayer resides exceed national cost of living increases for the calendar year.

Bill· HRH.R. 3421 (96th)referred

Crude Oil Windfall Profit Tax Act of 1979

United States · United States Congress · 4 April 1979

Crude Oil Windfall Profits Tax Act of 1979 - Amends the Internal Revenue Code to impose upon producers of domestic crude oil an excise tax on the windfall profits from oil removed from the premises during each taxable period. Sets the rate of such tax at 85 percent of the windfall profit on each barrel of taxable crude oil. Defines "taxable crude oil" as any domestic crude oil subject to a first sale ceiling price under regulations prescribed under the Emergency Petroleum Allocation Act of 1973 in effect on March 31, 1979, but not including any newly discovered crude oil (as determined by the Secretary of the Treasury). Defines "windfall profit" as the excess of the removal price of a barrel of crude oil (price for which the barrel is sold) over the sum of the adjusted base price of such barrel and the amount by which any severance tax on such barrel exceeds the severance tax which would have been imposed if the barrel had been extracted and sold on March 31, 1979, at the base price. Provides that the windfall profit on any barrel of crude oil shall not exceed the net income attributable to such barrel. Requires oil producers to maintain such records with respect to oil production as the Secretary may require. Specifies that windfall profit tax returns must be filed not later than the fifteenth day of the third month following the close of the taxable period. Requires the purchaser of taxable crude oil to furnish to the individual responsible for the payment of the windfall profits tax a monthly statement containing information with respect to: (1) the amount of taxable crude oil purchased during such month; (2) the removal price of such oil; (3) the base price and the adjusted base price of such oil; (4) the amount of such taxpayer's liability for tax; (5) the amount of severance tax liability; and (6) other information which the Secretary may require. Imposes fines and criminal penalties for willful failure to provide such information. Requires each partnership, estate, and trust producing domestic crude oil for any taxable period to furnish to each partner or beneficiary a written statement showing: (1) the name of such partner or beneficiary; (2) information received by the partnership, trust, or estate from the purchaser of crude oil; (3) each partner's or beneficiary's share from the sale of crude oil; and (4) other information which the Secretary may require.

Bill· HRH.R. 3402 (96th)referred

A bill to amend the Internal Revenue Code of 1954 to provide that expenditures for a replacement furnace or boiler shall be eligible for the 15 percent residential energy credit for energy conservation expenditures.

United States · United States Congress · 3 April 1979

Amends the Internal Revenue Code to qualify expenditures for replacement furnaces or boilers which meet energy efficiency standards developed by the Department of Energy for the 15 percent residential energy conservation credit.

Bill· SS. 857 (96th)referred

Oil Shale Testing and Prototype Commercialization Act of 1979

United States · United States Congress · 2 April 1979

Oil Shale Testing and Prototype Commercialization Act of 1979 - Amends the Internal Revenue Code to allow a nonrefundable income tax credit equal to $3 for each barrel of shale oil produced by the taxpayer during the taxable year, plus the production credit carryovers and carrybacks for that year. Terminates such credit in 1999. Reduces the standard $3 per barrel credit proportionately by: (1) the amount of Federal grant funds, if any, used by the taxpayer in the production of shale oil; and (2) the amount by which the adjusted reference price (average daily market price per barrel during the preceding calendar year for certain Arabian light crude oil) exceeds $20.50. Authorizes the President to adjust the amount of the credit (but not higher than $3) when such action is in the national interest. Requires, as a condition of eligibility for the credit, that the shale oil be produced within the United States or its possessions. Sets forth rules for the Secretary of Energy in computing the adjusted reference price. Requires the Secretary to publish the adjusted reference price, and an explanation of the method and data used in computing it, if such price exceeds $20 per barrel.

Bill· SS. 851 (96th)referred

A bill to amend Section 44C of the Internal Revenue Code of 1954.

United States · United States Congress · 2 April 1979

Amends the Internal Revenue Code to allow an income tax credit for 50 percent (not in excess of $500 per vehicle) of the costs to convert automobile engines to use alcohol fuels.

Bill· SS. 847 (96th)referred

Shale Oil and Natural Gas Production Tax Incentive Act of 1979

United States · United States Congress · 2 April 1979

Shale Oil and Natural Gas Production Tax Incentive Act of 1979 - Amends the Internal Revenue Code to allow a nonrefundable income tax credit equal to $3 for each barrel of shale oil and $.50 for every thousand cubic feet of natural gas from geopressured brine which is produced by the taxpayer during the taxable year, plus the production credit carryovers and carrybacks for that year. Reduces the standard $3 per barrel credit proportionately by: (1) the amount of Federal grant funds, if any, used by the taxpayer in the production of shale oil; and (2) the amount by which the adjusted reference price (average daily market price per barrel during the preceding calendar year for certain Arabian light crude oil) exceeds $25.00. Authorizes the President to adjust the amount of the credit when such action would be in the national interest. Requires, as a condition of eligibility for the credit, that the shale oil be produced within the United States or its possessions. Sets forth rules for the Secretary of Energy in computing the adjusted reference price. Requires the Secretary to publish the adjusted reference price, and an explanation of the method and data used in computing it.

Bill· SS. 848 (96th)referred

Alternative Energy Production Tax Incentive Act of 1979

United States · United States Congress · 2 April 1979

Alternative Energy Production Tax Incentive Act of 1979 - Amends the Internal Revenue Code to allow a nonrefundable income tax credit equal to: (1) $3 for each barrel of petroleum substitute produced by converting coal or tar sands into synthetic liquid fuel; (2) $3 for each unit of petroleum substitute containing 5.8 million British thermal units produced by converting coal or tar sands into synthetic solid fuel; (3) $3 for each unit of fuel containing 5.8 million British thermal units produced by converting biomass into fuel or into steam, electricity, or hot water; and (4) $.005 for each kilowatt hour of electrical power generated from a hydrothermal or hot dry rock geothermal resource. Requires a reduction in the amount of such credit for Federal payments made to acquire equipment, facilities, and reserves used to produce energy. Requires, as a condition of eligibility for the credit, that energy production take place within the territorial limits of the United States.

Bill· SS. 842 (96th)referred

A bill to amend the Internal Revenue Code of 1954 to exempt from taxation the pay received by members of the National Guard or of reserve components of the Armed Forces to the extent that such pay does not exceed $5,000.

United States · United States Congress · 2 April 1979

Amends the Internal Revenue Code to exclude from gross income compensation received by members of the National Guard or of reserve components of the Armed Forces to the extent that such compensation does not exceed $5,000.

Law· HRH.R. 3363 (96th)open

Foreign Relations Authorization Act, Fiscal Years 1980 and 1981

United States · United States Congress · 2 April 1979

Title I: Department of State - Department of State Authorization Act, Fiscal Years 1980 and 1981 - Authorizes appropriations through fiscal year 1981 for the Department of State to be used for: (1) the administration of foreign affairs; (2) international organizations and conferences; (3) international commissions; (4) migration and refugee assistance (with $25,000,000 earmarked for resettling refugees in Israel); (5) bilateral science and technology agreements; and (6) salary increases and currency fluctuations. Requires the United States to reduce its contribution to the United Nations by a specified percent of the amount budgeted by the United Nations for certain Palestinian organizations. Permits the use of up to ten percent of the authorized appropriations for the State Department to be shifted from one account to another. Amends the Foreign Service Act of 1946 to express the sense of Congress that Foreign Service officers assigned abroad be familiar with the local language. Title II: International Communication Agency - International Communication Agency Authorization Act, Fiscal Years 1980 and 1981 - Authorizes appropriations through fiscal year 1981 for the International Communication Agency (ICA). Repeals the loyalty investigations required by the United States Information and Educational Exchange Act of 1948 and the Mutual Educational and Cultural Exchange Act of 1961. Amends the United States Information and Educational Exchange Act of 1948 to give the Director of the ICA, as well as the Secretary of State, the authority to employ aliens without regard to the civil service and classification laws. Amends the Federal Property and Administrative Services Act of 1949 to exempt the Director of ICA from provisions concerning the management and disposal of government property with respect to the furnishing of facilities in foreign countries and reception centers in the United States. Amends the Mutual Educational and Cultural Exchange Act of 1961 to authorize the Director to provide services within the United States in connection with exchange activities when such services are requested and reimbursed by other departments or agencies. Amends the United States Information and Educational Exchange Act of 1948 to permit the Director to approve the acquisition, leasing, and improving of real property without regard to provisions requiring the Attorney General's approval of the title. Redesignates the United States Advisory Commission on International Communication, Cultural and Educational Affairs as the United States Advisory Commission on Public Diplomacy. Provides for the appointment of a Staff Director of such Commission. Revises the administrative authority of the Secretary of State. Authorizes additional appropriations for the ICA to cover salary increases and currency fluctuations. Authorizes the public distribution within the United States of the film, "Aspen," and the "English Teaching Forum." Title III: Board for International Broadcasting - Board for International Broadcasting Authorization Act, Fiscal Years 1980 and 1981 - Amends the Board for International Broadcasting Act of 1973 to authorize appropriations through fiscal year 1981. Authorizes the appropriation of additional amounts for RFE/RL, Incorporated, to cover currency fluctuations. Title IV: Technical Provisions - Amends an Act to establish a Commission on Security and Cooperation in Europe to limit to $6,000 the amount the Commission may use for official reception and representational expenses. Stipulates that any statutory reference to the Committee on International Relations of the House of Representatives shall be deemed a reference to the Committee on Foreign Affairs of the House of Representatives.

Bill· HRH.R. 3372 (96th)referred

A bill to amend the Internal Revenue Code of 1954 to allow any State taxing authority which receives Federal tax return information to disclose such information to a State auditing agency for the purpose of auditing the activities of the taxing authority.

United States · United States Congress · 2 April 1979

Amends the Internal Revenue Code to permit State taxing authorities which receive Federal tax return information to disclose such information to a State auditing agency for the purpose of auditing the tax authorities.

Bill· HRH.R. 3383 (96th)referred

A bill to provide that the Internal Revenue Service may not implement certain rules relating to the determination of whether private schools have discriminatory policies until Congress provides specific guidelines for such determinations.

United States · United States Congress · 2 April 1979

Prohibits the Secretary of the Treasury from implementing the proposed revenue procedure published in the Federal Register on February 13, 1979, which sets forth guidelines for determining whether private schools have forfeited their tax-exempt status through the adoption of racially discriminatory policies until Congress enacts specific guidelines for making such determinations.

Bill· HRH.R. 3374 (96th)referred

Disability Tax Surcharge and Rollback Act of 1979

United States · United States Congress · 2 April 1979

Disability Tax Surcharge and Rollback Act of 1979 - Title I: Increase in Excise Taxes on Cigarettes and Alcoholic Beverages - Amends the Internal Revenue Code to impose upon producers of alcoholic beverages a surtax of nine percent of the amount of alcohol tax presently imposed on alcoholic beverages. Increases the excise tax on small and large cigarettes. Title II: Use of New Excise Tax Revenues in Financing of Disability Insurance Program - Allocates revenue from the taxes imposed upon alcoholic beverages by this Act and revenues from 20 percent of the taxes imposed upon the sale of cigarettes to the Federal Disability Insurance Trust Fund. Makes reductions in employment taxes after 1980.

Bill· HJRESH.J.Res. 287 (96th)referred

A joint resolution proposing an amendment to the Constitution of the United States to provide that total taxation by the Federal Government of the people of the United States shall not exceed 15 per centum of the gross national product, and to provide that appropriations made by the United States shall not exceed its revenues, except in time of war or national emergency.

United States · United States Congress · 2 April 1979

Constitutional Amendment - Prohibits Congress from enacting legislation which will cause Federal taxation to exceed 15 percent of the gross national product. Prohibits the making of appropriations in excess of the total estimated revenues of the United States in any fiscal year except in time of war or national emergency.

Law· SS. 838 (96th)open

An act to authorize appropriations for fiscal years 1980, 1981, and 1982 to carry out cooperative programs with the States for the conservation of anadromous fish, and for other purposes.

United States · United States Congress · 29 March 1979

Amends the Anadromous Fish Conservation Act to remove the prohibition against Federal sharing of the cost of maintaining structures, devices, and other facilities constructed by States under a cooperative agreement for research and development in the conservation and enhancement of anadromous fishery resources. Provides that title to land acquired under such Act shall be in cooperating States or other non-Federal interests, instead of in the United States. Extends the authorization of appropriations to carry out the purposes of such Act through fiscal year 1983. Stipulates that not more than $1,000,000 or 20 percent of the funds, whichever is greater, appropriated in any one fiscal year shall be obligated in any one State. Directs the Secretary of Commerce, acting through the Director of the National Marine Fisheries Service, and the Secretary of the Interior acting, through the Director of the Fish and Wildlife Service, to cooperate with States and other non-Federal interests in conducting studies of: (1) the status of the striped bass population in Atlantic coastal waters; and (2) the factors responsible for the decline in numbers of such fish. Requires the submission to Congress of annual reports on such studies.

Bill· SS. 822 (96th)referred

A bill to amend the Internal Revenue Code of 1954 to provide relief to residential and certain institutional users of refined petroleum products in the event of deregulation of oil prices.

United States · United States Congress · 29 March 1979

Amends the Internal Revenue Code to allow residential and institutional (hospitals, churches, or educational institutions) users of refined petroleum products a refundable income tax credit for the increase in price of such products due to deregulation of the oil industry. Directs the Secretary of the Treasury to determine the deregulation amount for petroleum products for each calendar quarter beginning after the effective date of oil deregulation. Limits the amount of such credit to $125 for a taxable year. Reduces the amount of such credit by .75 percent of the amount by which the taxpayer's adjusted gross income exceeds $25,000. Provides for advance payments of the deregulation credit on a quarterly basis upon the application of a taxpayer entitled to such credit.

Law· HRH.R. 3354 (96th)open

A bill to authorize appropriations for fiscal year 1980 for conservation, exploration, development, and use of naval petroleum reserves and naval oil shale reserves, and for other purposes.

United States · United States Congress · 29 March 1979

Authorizes appropriations for fiscal year 1980 to the Department of Energy for conservation, development, and use of naval petroleum reserves and naval oil shale reserves. Directs that not less than 16 commissioned officers of the Navy be detailed to the Department of Energy for service in the Office of Naval Petroleum and Oil Shale Reserves.

Bill· HRH.R. 3353 (96th)referred

A bill to amend the Internal Revenue Code of 1954 with respect to the tax treatment of repayments of supplemental unemployment compensation benefits required by reason of the receipt of trade readjustment assistance.

United States · United States Congress · 29 March 1979

Amends the Internal Revenue Code to exclude from gross income repayments of unemployment benefits to a supplemental unemployment compensation trust which are required because of the receipt of trade adjustment allowances under the Trade Act of 1974. Limits such exclusion to the year of repayment.

Bill· HRH.R. 3288 (96th)referred

A bill to amend the Internal Revenue Code to decrease the limitation on deductions for medical expenses to 2 percent of adjusted gross income, to eliminate the 1-percent limitation on deductions for drugs and medicine and to include the entire deduction for medical insurance within the 2-percent limitation.

United States · United States Congress · 28 March 1979

Amends the Internal Revenue Code to lower from three to two percent of adjusted gross income the income floor for tax deductions for medical and dental expenses. Eliminates the one percent income floor for the tax deduction for prescription drugs.

Bill· HRH.R. 3286 (96th)referred

A bill to repeal the carryover basis provisions added by the Tax Reform Act of 1976.

United States · United States Congress · 28 March 1979

Amends the Internal Revenue Code to repeal the carryover basis provisions enacted by the Tax Reform Act of 1976 which provide that beneficiaries receiving property from a decedent's estate will retain the decedent's basis in the property. Restores prior law which "stepped up" or "stepped down" the property's basis to its market value at the time of death without imposing tax consequences on the appreciation or depreciation the property underwent while held by the decedent.

Bill· SS. 801 (96th)referred

A bill to increase the tax on cigarettes.

United States · United States Congress · 27 March 1979

Amends the Internal Revenue Code to increase the excise tax on small and large cigarettes.

Bill· HRH.R. 3264 (96th)referred

A bill to amend the Internal Revenue Code of 1954 to provide truck operators with a credit for increases in the cost of fuel and to encourage them to undertake measures to conserve such fuel.

United States · United States Congress · 27 March 1979

Amends the Internal Revenue Code to allow truck operators an income tax credit for the cost of fuel required for the shipment of goods by truck in interstate commerce. Provides for a credit equal to 50 percent of the excess of the average cost per gallon used by a truck operator for the taxable year, over the cost per gallon as of January 1, 1979. Permits an increase in the credit percentage for truckers who achieve an increase in average mileage per gallon during a taxable year.

Bill· HRH.R. 3265 (96th)referred

A bill to amend the Internal Revenue Code of 1954 to permit an exemption of the first $5,000 of retirement income received by a taxpayer under a public retirement system or any other system if the taxpayer is at least 65 years of age.

United States · United States Congress · 27 March 1979

Amends the Internal Revenue Code to allow pensioners under a public retirement system and other retirees aged 65 or over a $5,000 exclusion from gross income for any amount received as an annuity, pension, or other retirement benefit.

Bill· HRH.R. 3256 (96th)referred

A bill to extend to all unmarried individuals the full tax benefits of income splitting now enjoyed by married individuals filing joint returns; and to remove rate inequities for married persons where both are employed.

United States · United States Congress · 27 March 1979

Amends the Internal Revenue Code to provide identical income tax rates for single persons and married couples filing joint returns. Limits the earned income that must be reported by a married person filing a separate return to the amount actually earned by that individual.

Bill· HRH.R. 3252 (96th)referred

Product and Professional Liability Insurance Tax Equity Act of 1979

United States · United States Congress · 27 March 1979

Product and Professional Liability Insurance Tax Equity Act of 1979 - Amends the Internal Revenue Code to qualify trusts established for the payment of product liability claims as tax-exempt organizations. Allows an income tax deduction for contributions to such trusts, but limits the amount of such deduction to the reasonable cost to the taxpayer (but for such trust) for product liability insurance protection for the year.

Bill· HRH.R. 3244 (96th)referred

A bill to amend the Internal Revenue Code of 1954 to provide for the application of the investment tax credit to property purchased by a person who is engaged in the trade or business of furniture rental or leasing to others.

United States · United States Congress · 27 March 1979

Amends the Internal Revenue Code to provide for the application of the investment tax credit to property purchased by a person who is engaged in the trade or business of renting or leasing furniture.

Bill· HRH.R. 3245 (96th)referred

Independent Contractor Tax Status Clarification Act of 1979

United States · United States Congress · 27 March 1979

Independent Contractor Tax Status Clarification Act of 1979 - Amends the Internal Revenue Code to specify standards for determining whether certain individuals qualify as independent contractors for purposes of social security taxation. Treats an individual as an independent contractor if such individual: (1) controls the total number of his work hours; (2) does not maintain a principal place of business, or if he does, such place of business is not provided, or provided rent-free, by the person for whom such individual performs services; (3) has substantial investment in his business and earns income based upon sales or output rather than upon number of hours worked; and (4) performs services pursuant to a written contract and is provided written notice of his responsibility with respect to income and self-employment taxes. Amends Title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to provide coverage for service performed by an individual who qualifies as an independent contractor under the standards established by this Act.

Bill· HRH.R. 3259 (96th)referred

Medical and Legal Professional Liability Insurance Tax Equity Act of 1979

United States · United States Congress · 27 March 1979

Medical and Legal Professional Liability Insurance Tax Equity Act of 1979 - Amends the Internal Revenue Code to allow a taxpayer an income tax deduction for cash amounts paid to a medical or legal malpractice liability trust or to a captive insurer (wholly or partially- owned or controlled by the taxpayer) of the taxpayer for malpractice insurance. Limits the amount of such deduction to the smaller of: (1) five percent of the taxpayer's gross income from the sale of medical or legal services; (2) the amount which when added to the sum of the balance of the taxpayer's malpractice liability trust and the net contributions of the taxpayer to his captive insurer equals 15 percent to the taxpayer's yearly gross receipts from the sale of medical or legal services; or (3) $100,000. Disallows deductions for any malpractice liability loss except to the extent that such loss exceeds amounts in the malpractice liability trust. Provides that amounts in a malpractice liability trust which are used for purposes other than to satisfy malpractice claims shall be included in the taxpayer's gross income for the taxable year and the income tax of the taxpayer shall be increased by ten percent of the amount improperly used. Defines a "malpractice liability trust" as any trust: (1) which is established in writing by the taxpayer under the laws of any State; (2) the trustee of which is a bank or a competent individual; (3) the exclusive purposes of which are to satisfy malpractice claims and to pay the administrative cost of operating a trust; and (4) the assets of which will not be commingled with any other property and may not be borrowed or used as security for a loan. Limits investment of trust assets to: (1) public debt securities of the United States; (2) State or local obligations which are not in default; or (3) time or demand deposits in certain financial institutions. Treats product liability loss reserves as amounts accumulated for the reasonably anticipated needs of a business for purposes of the accumulated earnings tax.

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