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Bill· SS. 314 (99th)open

A bill to amend the Internal Revenue Code of 1954 to modify the substantiation requirements for 100 percent qualified business use of passenger automobiles and to provide an exemption for agricultural vehicles from the requirements of section 280F of such Code (relating to limitation on certain property used for personal purposes).

United States · United States Congress · 29 January 1985

Amends the Internal Revenue Code to provide that where a vehicle is used 100 percent of the time for business purposes, the taxpayer must maintain adequate records or sufficient evidence corroborating the business use of the vehicle (rather than maintaining adequate contemporaneous records as required under current law). Requires the principal user and the employer to sign an affidavit at the beginning of the year as to the intended use of such a vehicle and at the end of the year as to its actual use. Exempts 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· SS. 308 (99th)open

A bill to amend the Internal Revenue Code of 1954 to reduce the deduction for business meals and to earmark the savings from such reduction for the school lunch programs.

United States · United States Congress · 29 January 1985

Amends the Internal Revenue Code to reduce the income tax deduction for business meals by 30 percent. Establishes a National School Lunch Trust Fund in the Treasury. Transfers to the Trust Fund the amount saved by reducing the business meal deduction. Appropriates funds from the National School Lunch Trust Fund to finance programs established under the National School Lunch Act and the Child Nutrition Act of 1966.

Bill· SS. 301 (99th)open

A bill to amend the Internal Revenue Code of 1954 to increase the energy investment tax credit for conversions to coal-fueled facilities,and for other purposes.

United States · United States Congress · 29 January 1985

Amends the Internal Revenue Code to allow an energy investment tax credit of ten percent for equipment used for conversions to coal fuel and five percent for coal mining equipment. Terminates both credits after 1993. Allows a 12-month amortization period for pollution control facilities used in connection with a plant that uses coal as a principal fuel. (Present law allows such amortization over a five year period.) Increases the income tax credit for increasing research activities from 25 percent to 50 percent for activities relating to coal mining or burning and to controlling pollutants caused by the burning of coal. Amends the Powerplant and Industrial Fuel Use Act of 1978 to require each executive agency to survey its electric powerplants and major fuel-burning installations in order to identify those which could result in substantial savings if converted to coal. Requires each executive agency to submit to the Office of Management and Budget an annual plan for the conversion of electric powerplants and major fuel-burning installations to coal. Repeals the 15 percent reduction in the depletion allowance for coal and iron ore.

Resolution· SRESS.Res. 53 (99th)open

A resolution concerning the Internal Revenue Code.

United States · United States Congress · 29 January 1985

Expresses the sense of the Senate that: (1) changes in the Internal Revenue Code shall have a general effective date no earlier than their date of enactment; (2) transactions and investments undertaken prior to the enactment of comprehensive tax reform by the Congress shall continue to be treated under the existing Federal income tax law; and (3) appropriate transition rules shall be incorporated in all tax legislation to assure that transactions planned and entered into in reliance upon existing law shall not be subject to new and adverse provisions.

Bill· HRH.R. 750 (99th)open

A bill to repeal recently added provisions of the Internal Revenue Code of 1954 which limit the deduction for depreciation and the investment tax credit in cases of property which may be used for personal purposes and to repeal recently added recordkeeping requirements imposed in connection with such property.

United States · United States Congress · 28 January 1985

Repeals provisions of the Deficit Reduction Act of 1984 relating to: (1) the limitation on the deduction for depreciation and the investment tax credit for luxury automobiles and certain property which may be used for personal purposes; and (2) the maintenance of contemporaneous records with respect to business travel expenses, including automobile expenses, business entertainment expenses, and expenses for gifts.

Bill· SS. 263 (99th)open

A bill to provide a deduction from gross income for individual taxpayers who maintain a household which includes a dependent of the taxpayer who suffers from Alzheimer's disease.

United States · United States Congress · 24 January 1985

Amends the Internal Revenue Code to allow an income tax deduction for the home care expenses of an individual taxpayer who maintains a household which includes a dependent of the taxpayer who suffers from Alzheimer's disease. Permits this deduction whether or not the taxpayer itemizes deductions.

Bill· SS. 281 (99th)open

A bill to amend the Internal Revenue Code of 1954 to add a section dealing with public safety vehicles.

United States · United States Congress · 24 January 1985

Amends the Internal Revenue Code to treat the use of a public safety vehicle by a public safety employee as a working condition fringe for purposes of the tax exclusion of certain employee fringe benefits. Defines "public safety employee" to include any person working in law enforcement, fire protection, or emergency medical services.

Bill· HRH.R. 724 (99th)open

A bill to amend the provisions of the Internal Revenue Code of 1954 relating to tax sales so as to allow property seized for the collection of taxes to be released to the owner thereof in certain cases.

United States · United States Congress · 24 January 1985

Amends the Internal Revenue Code to provide that if no person offers to buy the property seized by levy at a tax sale for a minimum bid price (determined by the Secretary of the Treasury) the Secretary may then: (1) consider the property purchased by the Government at such price; or (2) release the property back to the taxpayer if it is determined that it is against the Government's interest to acquire the property. Provides that any property released back to the taxpayer will be subject to any lien which has been imposed.

Bill· HRH.R. 728 (99th)open

A bill to repeal the provisions of the Tax Reform Act of 1984 relating to the maintenance of contemporaneous records with respect to the business use of certain property.

United States · United States Congress · 24 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. 722 (99th)referred

A bill to repeal the provisions in the Internal Revenue Code of 1954 relating to the inclusion of social security and certain railroad retirement benefits in gross income to the extent such provisions do not apply to nonresident aliens.

United States · United States Congress · 24 January 1985

Repeals the provisions of the Internal Revenue Code which include one-half of social security and tier 1 railroad retirement benefits in the gross income of the taxpayer. Provides that one-half of social security benefits paid to nonresident aliens is includible in gross income of the nonresident alien.

Bill· HRH.R. 734 (99th)referred

A bill to amend the Internal Revenue Code of 1954 to exempt certain emergency transportation of individuals from the excise tax on transportation by air, and for other purposes.

United States · United States Congress · 24 January 1985

Amends the Internal Revenue Code to exempt from the excise tax on transportation by air the transportation of an injured or ill person by an air ambulance which: (1) contains special equipment for purposes of transporting injured or ill persons and is used predominantly for the transportation of injured or ill persons; or (2) must have its seating modified to accommodate such persons. Exempts from such excise tax any air transportation by a helicopter which does not use federally assisted facilities. Exempts from the excise tax on aviation fuels any fuel sold for use in such an air ambulance or helicopter.

Bill· HRH.R. 731 (99th)referred

A bill to amend section 119 of the Internal Revenue Code of 1954 to provide that meals furnished by an employer to an employee may be considered furnished for the convenience of the employer if the meals are furnished on the business premises of the employer generally, except under certain conditions whereby meals may be furnished off the business premises of the employer.

United States · United States Congress · 24 January 1985

Amends the Internal Revenue Code to extend the income tax exclusion for the cost of meals furnished by an employer to meals furnished off the business premises of the employer. Requires that such meals be furnished in kind and within a time frame consistent with the employer's established meal schedule.

Bill· HRH.R. 723 (99th)referred

A bill to amend the Internal Revenue Code of 1954 to allow a deduction for the cost of medically necessary custodial care provided to elderly individuals.

United States · United States Congress · 24 January 1985

Amends the Internal Revenue Code to allow a tax deduction for a certain amount of the cost of medically necessary custodial care provided to an elderly individual (aged 60 or older). Limits the amount of such deduction to $15,000 ($30,000 for joint returns), with annual cost-of-living adjustments.

Bill· HRH.R. 706 (99th)open

A bill to repeal the new substantiation requirements for deductions attributable to business use of passenger automobiles and certain other types of personal property.

United States · United States Congress · 24 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. 707 (99th)open

A bill to repeal the provisions of the Tax Reform Act of 1984 which required contemporaneous recordkeeping of the business use of certain property to justify income tax deductions.

United States · United States Congress · 24 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. 647 (99th)open

A bill to repeal the provisions of the Tax Reform Act of 1984 relating to the maintenance of contemporaneous records with respect to the business use of certain property.

United States · United States Congress · 24 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. 660 (99th)referred

A bill to clarify the statutory limitation on the amount the Department of Defense may spend during fiscal year 1985 for certain contracted advisory and assistance services and to require the Secretary of Defense to develop a standardized auditing procedure for identifying and controlling expenditures for such services in later fiscal years.

United States · United States Congress · 24 January 1985

Repeals the spending limitation for contracted consultant and related services within the Department of Defense. Requires the Secretary of Defense to establish and report to the Congress by September 1, 1985, on a procedure for the identification and control of costs of such services.

Bill· HRH.R. 717 (99th)referred

A bill to amend the Internal Revenue Code of 1954 to permit an exemption of the first $10,000 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 · 24 January 1985

Amends the Internal Revenue Code to allow pensioners under a public retirement system and other retirees who are age 65 or over a $10,000 exclusion from gross income of any amount received as an annuity, pension, or other retirement benefit.

Bill· HRH.R. 698 (99th)referred

A bill to amend the Internal Revenue Code of 1954 to provide a tax credit to taxpayers who recycle certain agricultural chemical containers in accordance with the applicable laws and regulations.

United States · United States Congress · 24 January 1985

Amends the Internal Revenue Code to provide an income tax credit for the recycling of metal containers used to store agricultural chemicals. Sets the amount of such credit at 25 cents per pound of qualified agricultural chemical container which the taxpayer recycles.

Bill· HRH.R. 689 (99th)referred

A bill to allow a refundable income tax credit for State and local real property taxes or an equivalent portion of rent paid on their residences by individuals who have attained age 65.

United States · United States Congress · 24 January 1985

Amends the Internal Revenue Code to allow individuals aged 65 or over an income tax credit for the real property taxes, or 25 percent of the rent (exclusive of charges for utilities, furnishings, services, etc.), paid on their principal residence. Limits the credit to $300 ($150 for married individuals filing separately). Reduces the allowable credit by the amount that the taxpayer's adjusted gross income exceeds $15,000. Extends the credit to married individuals filing jointly where either spouse has attained age 65. Provides that the credit allowed by this Act shall not affect the taxpayer's allowable income tax deductions for real property taxes.

Bill· HRH.R. 656 (99th)referred

A bill to require the Internal Revenue Service to follow Frederick Against the United States in the administration of the Internal Revenue Code of 1954 with respect to transportation expenses.

United States · United States Congress · 24 January 1985

Requires the Internal Revenue Service, in any determination of whether employment is temporary or indefinite for purposes of deducting traveling expenses, to consider the decision in Frederick v. United States, which directed that the taxpayer's prospects for continued employment away from home, and not merely the duration of such employment, be examined.

Bill· HRH.R. 654 (99th)referred

A bill relating to the tax treatment of qualified dividend reinvestment plans.

United States · United States Congress · 24 January 1985

Amends the Internal Revenue Code to exclude from gross income a corporate stock distribution to a stockholder based upon the reinvestment of stock dividends in the corporation by such stockholder pursuant to his election to participate in a qualified dividend reinvestment plan. (Present law limits such exclusion to dividend reinvestment in stock of public utilities.) Limits the amount of such exclusion to $1,500 per taxable year ($3,000 in the case of a joint return.)

Bill· HRH.R. 644 (99th)referred

A bill to amend the Internal Revenue Code of 1954 to allow a credit against income tax for expenses incurred in the care of certain elderly family members.

United States · United States Congress · 24 January 1985

Amends the Internal Revenue Code to allow a refundable income tax credit for expenses incurred in the care of elderly family members. Sets such credit at 30 percent of the expenses incurred for taxpayers with incomes of $25,000 or less. Reduces the rate of such credit, but not below 20 percent, by one percent for each $2,000 of taxpayer income in excess of $25,000. Limits such credit to taxpayers with an adjusted gross income of less than $75,000. Imposes a maximum $10,000 limit on the amount of elderly care expenses that can be taken into account. Defines "qualified family member" as any individual who: (1) is related to the taxpayer by blood or marriage; (2) is at least 70 years of age, is diagnosed with senile dementia of the Alzheimer type, or is disabled; and (3) has a family income of $15,000 or less. Defines "qualified elderly care expenses" as payments for: (1) home health agency services; (2) homemaker services; (3) adult day care; (4) respite care; or (5) certain health care equipment and supplies.

Bill· SS. 251 (99th)open

A bill to amend the Internal Revenue Code of 1954 to make permanent the rules relating to imputed interest and assumption of loans, and for other purposes.

United States · United States Congress · 22 January 1985

Amends the Internal Revenue Code to establish an applicable test rate of nine percent for determining whether there is imputed interest in the case of seller-financed property. Permits a lower test interest rate of 80 percent of the Treasury rate where such rates are lower than the nine percent test rate. Provides for a blended test rate for instances where the loan amount exceeds $2,000,000. Authorizes the imputation of interest in seller-financed property sales of $2,000,000 or less of ten percent or 110 percent of the Treasury rate, whichever is less, where the test interest rates have not been met. Allows for a blended imputed interest rate where the debt amount exceeds $2,000,000. Requires that all loan amounts from a single transaction or series of related transactions be aggregated for purposes of determining the loan amount. Provides that the imputed interest rules will not apply to assumptions of loans unless the terms and conditions of such debt obligations are modified in connection with the assumption. Repeals the provisions of the Code limiting the amount of interest expense a purchaser of personal use property may deduct for tax purposes. Excepts debts instruments arising from the sale or exchange of a residence from the imputed interest provisions where the obligor of the instrument uses the property as his residence. Provides that the imputed interest rules shall not apply in the case of sales or exchanges of property used in the active business of farming where the borrowed amount does not exceed $2,000,000. Requires the interest on the obligation issued in connection with such sales or exchanges to be taken into account by both the buyer and the seller on the cash receipts and disbursement method of accounting.

Bill· SS. 217 (99th)open

A bill to amend the Internal Revenue Code of 1954 to make permanent the rules relating to imputed interest and assumption of loans, and for other purposes.

United States · United States Congress · 22 January 1985

Amends the Internal Revenue Code to establish an applicable test rate of nine percent for determining whether there is imputed interest in the case of seller-financed property. Permits a lower test interest rate of 80 percent of the Treasury rate where such rates are lower than the nine percent test rate. Provides for a blended test rate for instances where the loan amount exceeds $2,000,000. Authorizes the imputation of interest in seller-financed property sales of $2,000,000 or less of ten percent or 100 percent of the Federal Treasury rate, whichever is less, where the test interest rates have not been met. Allows for a blended imputed interest rate where the debt amount exceeds $2,000,000. Requires that all loan amounts from a single transaction or series of related transactions be aggregated for purposes of determining the loan amount. Prohibits the application of the imputed interest rules enacted in the 1984 Tax Reform Act in cases of loan assumptions. Repeals the provisions of the Code limiting the amount of interest expense a purchaser of personal use property may deduct for tax purposes. Provides that the imputed interest rules do not apply in the case of sales or exchanges of property used in the active business of farming where the borrowed amount does not exceed $2,000,000. Requires the interest on the obligation issued in connection with such sale or exchange to be taken into account by both buyer and seller on the cash receipts and disbursement method of accounting.

Bill· SS. 243 (99th)open

Broad-Based Enhanced Savings Tax Act of 1984

United States · United States Congress · 22 January 1985

Broad-Based Enhanced Savings Tax Act of 1984 - Title I: Reduction of Individual Income Tax Rates - Amends the Internal Revenue Code to reduce the number of tax brackets to four and to reduce the marginal tax rates in the four brackets. Provides for a three-year phase down of the marginal tax rates ending in 1990. Postpones until 1986 the indexing of the rate brackets, including the zero bracket amount. Increases the earned income credit for certain individuals and couples with children in 1985 to 13 percent of the first $5,200 of earned income. Phases out the credit as the earned income of the taxpayer increases. Provides for an inflation adjustment to the earned income credit. Increases the personal exemption deduction to $1,050 in 1985. Allows a cost-of-living adjustment to this amount. Repeals the alternative for lump-sum distributions. Title II: Incentives for Investment and Savings - Subtitle A: Depreciation Reform - Permits the taxpayer to take a deduction with respect to expense-method property in the year it is placed in service equal to the basis of such property. Defines "expense-method property" as tangible property that is assigned to the 3-year or 5-year class for purposes of ACRS deductions and qualifies for the investment credit. Prohibits the expensing of several types of properties. Provides that the deduction for expense-method property shall be phased in over a period of 5 years, with the complete allowance of the expense-method property deduction occurring in 1990. Provides that the amount not eligible for the expense-method property deduction shall be eligible for the investment tax credit and the depreciation deduction. Provides that expense method property shall not be eligible for the investment tax credit. Reduces the recovery period for 18-year real property placed in service after 1989 to 15 years. Subtitle B: Savings Incentives - Allows an individual to establish a super savings account to which tax deductible contributions may be made. Limits the maximum amount of deductions to such an account in 1985 to $7,500. Increases this limit each year to a maximum of $10,000 for 1990 and beyond (joint returns would begin at $15,000 in 1985 and gradually increase to $20,000 in 1990). Requires that distributions from such an account be included in the adjusted gross income of the individual for the year in which the distribution is made. Provides that amounts in such an account pledged as security for a loan shall be treated as having been distributed to the individual. Provides that a super savings account is exempt from taxation. Prohibits deductions for contributions that are directly attributable to indebtedness which is incurred or continued by the individual making the contribution. Allows an individual to make contributions of stocks, bonds, or other readily tradeable securities to such an account during 1985. Requires contributions and distributions to be made in cash, except for contributions made in 1985. Requires the trustee of a super savings account to file reports regarding such account as may be required by the Secretary of the Treasury. Imposes a penalty tax for excess contributions and certain prohibited transactions. Directs the Secretary of the Treasury to conduct a study and report to the Congress on whether the super savings account provisions should take into account any differences between common law and community property States. Title III: Base Broadening - Subtitle A: Credits - Repeals the income tax credits for: (1) household and dependent care services; (2) the elderly and disabled; (3) residential energy expenditures; and (4) political contributions. Provides that the credits pertaining to clinical testing expenses, producing fuel from nonconventional sources, and increasing research activities and the general business credit shall be allowed only to C corporations. Subtitle B: Exclusions - Repeals the various exclusions from income for individuals. Provides that the exclusion of payments received to encourage production of strategic minerals and income from sources within possessions of the United States shall apply only to C corporations. Includes in the gross income of an employee the cost of group-term life insurance purchased by the employer. Provides for the taxation of unemployment compensation received by the taxpayer during the year. Includes in income amounts received as a pension, an annuity, or a similar allowance for personal injury or sickness resulting from active duty in the armed forces or as a disability annuity from the Foreign Service. Provides that the exclusion of employer contributions to accident and health plans shall apply only to contributions attributable to the providing of wages for periods during which the employee is absent from work on account of sickness or disability. Limits the amount of scholarship and fellowship awards which may be excluded from gross income to the amount of tuition and related expenses. Excludes from the gross income of an individual income from sources within possessions of the United States. Subtitle C: Deductions - Repeals: (1) the deductions for taxes, moving expenses, two-earner married couples, and adoption expenses; (2) the additional personal exemption deduction for taxpayers 65 or over; (3) the deductions allowed to individuals for nonbusiness interest other than housing interest; and (4) the deduction for casualty and theft losses for individuals. Increases the floor for the medical deduction from five to ten percent of adjusted gross income. Subtitle D: Repeal of Special Capital Gains Treatment - Repeals the individual deductions for capital gains. Limits the amount of capital losses deductible by individuals without regard to the distinction between long term and short term capital losses. Title IV: Effective Dates - Sets forth the effective dates for the provisions of this Act.

Bill· SS. 260 (99th)open

A bill to amend the Internal Revenue Code of 1954 to provide that the substantiation requirements of section 274(d) of such Code may be met, in the case of passenger automobiles and other transportation property, if the taxpayer provides substantial evidence other than contemporaneous records.

United States · United States Congress · 22 January 1985

Amends the Internal Revenue Code to provide that the substantiation requirements for the deductibility of business expenses for passenger automobiles or other means of transportation shall be met by providing adequate records or sufficient corroborating evidence rather than contemporaneous records.

Bill· SS. 242 (99th)open

A bill entitled "The Equal Opportunity Retirement Act of 1984".

United States · United States Congress · 22 January 1985

Amends the Internal Revenue Code to increase the maximum tax deduction allowed for amounts contributed to retirement savings plans by a married couple where one spouse has no earned income from $2,250 to $4,000. Increases the maximum deduction allowed for certain divorced individuals from $1,125 to $2,000.

Bill· SS. 244 (99th)open

A bill to limit to the national median family income the amount of farm loss which may be deducted against nonfarm income by high income taxpayers in competition with full-time, family-sized farm operators.

United States · United States Congress · 22 January 1985

Amends the Internal Revenue Code to limit the deductions of a taxpayer attributable to farming to the sum of: (1) the gross income of such taxpayer from the trade or business of farming for such taxable year, plus; (2) an amount equal to the national median family income for the previous year. Requires the non-farm taxable income of such taxpayer to have exceeded the taxpayer's farm income in five of the preceding seven years. Provides that where the the taxpayer engages in more than one trade or business of farming, all such trade or businesses shall be treated as a single trade or business.

Resolution· SRESS.Res. 42 (99th)open

A resolution expressing the sense of the Senate that the Secretary of the Treasury delay implementation of the requirement that taxpayers keep contemporaneous records of their use of certain property.

United States · United States Congress · 22 January 1985

Expresses the sense of the Senate that the Secretary of the Treasury should delay implementation of the requirement added by the Tax Reform Act of 1984 that taxpayers keep logs and other contemporaneous records regarding business travel expenses, including automobile expenses, business entertainment expenses, gift expenses, and the use of certain property until the Congress has the opportunity to review such requirement.

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