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Bill· HRH.R. 1255 (93rd)referred
United States · United States Congress · 3 January 1973
Common Tax Audit Act - Provides, under the Internal Revenue Code, that all income tax returns filed shall be open to inspection by any common tax auditing agent appointed by two or more States pursuant to the provisions of this Act. (Amends 26 U.S.C. (3103(b)) Provides that, if permitted by its own laws, any State may designate the tax authorities of another State, or any commission or association of States, to conduct a tax audit of any business subject to the tax jurisdiction of one or more of the designating States.
Bill· HRH.R. 1277 (93rd)referred
United States · United States Congress · 3 January 1973
Removes, the limitations on the amount of medical and dental expenses which may be deducted under the Internal Revenue Code. Permits taxpayers to deduct such expenses to arrive at their adjusted gross income.
Bill· HRH.R. 1288 (93rd)referred
United States · United States Congress · 3 January 1973
Provides that, notwithstanding any other provision of law or any other regulation, no State shall receive a lesser allocation of water pollution control funds in fiscal year 1973 or fiscal year 1974 than it received in fiscal year 1972.
Bill· HRH.R. 1237 (93rd)referred
United States · United States Congress · 3 January 1973
Provides, under the Internal Revenue Code, that in the case of any corporation engaged in the business of farming, the deductions attributable to such business which, but for this Act, would be allowable for the taxable year shall be allowed only to the extent of the amount of gross income derived from the business of farming for the taxable year. Provides that the above deduction shall not apply in the case of any corporation with respect to which the sum of the deductions attributable to the business of farming which, but for this Act, would be allowable for the taxable year exceeds 90 percent of the sum of all deductions which, but for this Act, would be allowable for such taxable year.
Bill· HRH.R. 1228 (93rd)referred
United States · United States Congress · 3 January 1973
Extends to all unmarried individuals the tax treatment of income splitting now utilized by married individuals filing joint returns under the Internal Revenue Code. Directs the Secretary of the Treasury to prescribe and publish tables reflecting the amendments made by this Act which shall apply in lieu of the tables set forth in the Internal Revenue Code with respect to wages paid on or after the first day of the first month which begins more than 20 days after the date of the enactment of this Act.
Bill· HRH.R. 1159 (93rd)referred
United States · United States Congress · 3 January 1973
Allows a tax deduction under the Internal Revenue Code of not more than $750 for ordinary and necessary expenses paid during the taxable year for the repair or improvement of property used by the taxpayer as his principal residence. Permits any person who is the owner of rental housing and who rehabilitates or restores such housing to deduct the cost of such restoration, with respect to the amortization of the adjusted basis of such housing as so restored, based on a period of 60 months. Entitles any person who acquires rehabilitated or restored rental housing from a taxpayer who elected the amortization deduction and who did not discontinue the amortization deduction, to a deduction with respect to the adjusted basis of such facility based on the remaining amount of the 60 month period taken by the person who rehabilitated the house. Provides procedures for the election and termination of the amortization deduction and defines the terms used in this Act.
Bill· HRH.R. 1181 (93rd)referred
United States · United States Congress · 3 January 1973
Allows an income tax deduction under the Internal Revenue Code, for the reasonable and necessary expenses paid or incurred by an individual during the taxable year for automobile commuting. Provides that, for purposes of this Act, the term 'automobile commuting' means transportation by automobile between the taxpayer's residence and place of business or employment.
Bill· HRH.R. 1135 (93rd)referred
United States · United States Congress · 3 January 1973
Extends to all unmarried individuals the full tax benefits of income splitting now enjoyed by married individuals filing joint returns under the Internal Revenue Code. Directs the Secretary of the Treasury to prescribe and publish tables reflecting the amendments made by this Act which shall apply in lieu of the tables set forth in the Internal Revenue Code with respect to wages paid on or after the first month which begins more than 20 days after the date of the enactment of this Act.
Bill· HRH.R. 1160 (93rd)referred
United States · United States Congress · 3 January 1973
Extends to all unmarried individuals the same tax treatment of income splitting now utilized by married individuals filing joint returns under the Internal Revenue Code. Directs the Secretary of the Treasury to prescribe and publish tables reflecting the amendments made by this Act which shall apply in lieu of the tables set forth in the Internal Revenue Code with respect to wages paid on or after the first day of the first month which begins more than 20 days after the date of the enactment of this Act.
Bill· HRH.R. 1148 (93rd)referred
United States · United States Congress · 3 January 1973
Provides that any resident of the Republic of the Philippines may be a dependent for purposes of the income tax deduction for personal exemptions under the Internal Revenue Code. (Amends 26 U.S.C. 152(b)(3))
Bill· HRH.R. 1136 (93rd)referred
United States · United States Congress · 3 January 1973
Directs the Secretary of the Treasury to take steps under the Federal Insurance Contributions Act to assure that social security taxes deducted from an employee's wages are actually forwarded to the Treasury and credited to such employee's account. (Amends 26 U.S.C. 3102)
Bill· HRH.R. 1050 (93rd)referred
United States · United States Congress · 3 January 1973
Provides that State and local sales taxes paid by individuals shall be allowed as a credit against their liability for Federal income tax under the Internal Revenue Code of 1954 instead of being allowed as a deduction from their gross income. (Adds 26 U.S.C. 40)
Bill· HRH.R. 1047 (93rd)referred
United States · United States Congress · 3 January 1973
Provides, under the Internal Revenue Code, that gross income does not include any amounts received by an individual in the taxable year as a pension, annuity, or other benefit under a public retirement system, or any amounts received by an individual who is age 65 or over as a pension, annuity, or other retirement benefit under any other retirement plan, program, or system, to the extent that the aggregate of such amounts does not exceed $5,000.
Bill· HRH.R. 1049 (93rd)referred
United States · United States Congress · 3 January 1973
Allows a tax credit under the Internal Revenue Code against the Federal income tax for State and local real property taxes or an equivalent portion of rent paid on their residences by individuals who have attained the age of 65. Provides that where an indivudal has attained the age of 65, there shall be allowed as a credit the amount of real property taxes paid which were imposed by a State or political subdivision on property owned and used by him as a principal residence or rent constituting such taxes as defined by the Internal Revenue Code. Allows payment by the U.S. Treasury to taxpayers to the extent of the difference between the credit and amount of such real property taxes where the tax imposed is less than real property taxes. Provides that the total credit payment for any taxable year shall not exceed $300 (or $150 in case of a single return). Reduces the amount of the credit allowed by the amount that the taxpayer's income exceeds $6,500 (or $3250 in the case of a married person filing a separate return). Directs that the credit be applied collectively in cases of joint ownership. Provides that where the joint return of the husband or wife is filed, the age requirement is met if either person is 65 or older. Apportions the credit allowed to cover only that part of a residence actually used by the taxpayer or that part of a farm not in excess of forty acres. Provides that an individual who is a tenant-stockholder in a cooperative housing corporation shall be treated as owning the house or apartment which he occupies and such person shall be treated as having paid real property taxes equal to the deduction allowable in direct proportion to taxes actually paid on a particular residence where during the taxable year there has been a change in residence. Provides that the term 'rent constituting property taxes" means an amount equal to 25 percent of the rent paid during a taxable year by the taxpayer for the right to occupy his dwelling (exclusive of charges for utilities, services, and furnishings). Reduces the amount of real property taxes paid by an individual by the amount of any refund given on such taxes. Provides that there shall be no assessment of interest charges where there has been an underpayment of taxes by an individual if the amount due is paid within sixty days after the taxpayer receives a refund of real property taxes which caused the underpayment. Specifies that deductions for State and local real property taxes shall not be affected by the credit allowed.
Bill· HRH.R. 1023 (93rd)referred
United States · United States Congress · 3 January 1973
Provides that no State or political subdivision thereof shall have the power to impose an income tax on the income or to establish the rate of taxation on the income of any individual: (1) who is a nonresident of the State which exceeds 50 percent of the tax which would be collected by such State with respect to the income of an individual who is a resident; or (2) who is a resident of the State except to the extent such tax exceeds any tax paid on such income to the State in which the income was earned or derived.
Bill· HRH.R. 1041 (93rd)referred
United States · United States Congress · 3 January 1973
Tax Equity Act - Title I: Capital Gains and Losses - Disallows the alternative tax on capital gains. Excludes from gross income so much of the gain on the sale or exchange of property held for more than twelve months as does not exceed the smaller of: (1) an amount equal to one-third of one percent of the adjusted basis of such property times the number of full months the property was held after the date it was held for twelve months; or (2) an amount equal to sixty percent of such adjusted basis of the property. States that capital losses with respect to a corporation shall be allowed only to the extent of gains for the taxable year from the sale or exchange of capital assets and property used in the trade or business. Provides that capital losses in the case of other taxpayers shall be allowed only to the extent of gains from the sale or exchange of capital assets and property used in a trade or business plus the taxable income of the taxpayer or $1000 ($500 in the case of a separate return of a married individual), whichever is smaller. Establishes criteria for determining capital loss carrybacks and carryovers. Defines the terms "capital gain", "capital loss", "net capital gain", and "net capital loss". Provides that if carryover basis property is acquired from a decedent dying after June 30, 1973, then the basis of such property in the hands of the person so acquiring it shall be the adjusted basis of the property immediately before the death of the decedent. Creates methods for adjusting such basis. Requires every executor to furnish information to the Secretary of the Treasury or his delegate regarding: (1) the name and last address of the decedent; (2) the name and address of each person acquiring property from the decedent; and (3) the adjusted basis of each such item in the hands of the decedent immediately before his death. States that amounts received by a seller as transferor of a patent shall be treated as royalties from such patent and not as gain from the sale or exchange of property. Title II: Income Derived from Extraction of Minerals - Terminates the depletion allowance for minerals effective after the taxable year ending December 31, 1973. Allows a taxpayer a deduction for income expenditures paid or incurred during the taxable year for the exploration or development of any mineral property. Removes the imposition of a maximum tax relating to the sale of oil or gas properties. Establishes criteria for determining income from mineral properties located outside the United States. Title III: Reform Measures Affecting Primarily Individuals - Imposes a fifty percent maximum tax rate on the income of individuals whose income exceeds $44,000. Allows a twenty-four percent tax credit for personal exemptions and nonbusiness deduction. Permits the President to adjust this percentage if he deems it to be in the public interest. Provides that income received during the taxable year by a child from a trust or dividends, interest, and royalties shall be included in the gross income of the parent and not the child of the parent who claims the child as an exemption. Eliminates the $100 dividend exclusion. Reduces from $25,000 to $5,000 the limitation on the deduction of interest on investment indebtedness. Disallows deductions in specified instances for expenses incurred while attending conventions outside the United States. Limits deductions for an individual engaged in farming. Provides that, in computing dividends, a distribution by a common parent corporation of a controlled group of corporations, the earnings and profits of the common parent corporation for the taxable year shall not be less than its share of the earnings and profits of the controlled group computed on a consolidated basis. Repeals the provision granting an exemption for earned income from foreign sources. Title IV: Reform Measures Affecting Primarily Corporations - Provides that the reasonable allowance for depreciation shall be computed on the basis of the expected useful life of property in the hands of the taxpayers. States that the depreciation deduction is not to exceed book depreciation and is to be limited to the amount recorded on books. Establishes criteria for computing limitations on dividends received deductions. Denies tax-free exchanges in the case of investment companies. Requires shareholders of any corporation to hold at least twenty percent of the total combined voting power of all classes of stock entitled to vote of the surviving, controlling, or acquiring corporation in order for the transaction to qualify as a reorganization. Provides that if a foreign corporation is a controlled foreign corporation for an uninterrupted period of thirty days or more during any taxable year, every person who is s United States shareholder of such corporation who owns stock in such corporation on the last day in such year on which such corporation is a controlled foreign corporation shall include in his gross income, for his taxable year in which or with which such taxable year of the corporation ends, his pro rata share of the corporation's earnings and profits for such year. Title V: Reforms Affecting Individuals and Corporations - Imposes, generally, in addition to other taxes, with respect to the income of every person, a tax of 10 percent of the amount (if any) by which the sum of the items of tax preference exceeds $12,000. Disallows, in the case of depreciable realty, the deduction for depreciation to the extent it would reduce the adjusted basis of the property at the end of the year below an amount equal to any mortgage indebtedness at the end of the year on the property minus the adjusted basis of the land allocable to such property. Makes provision for the treatment of charitable gifts of appreciated property and capital expenditures incurred in planting and developing fruit and nut groves. Repeals the tax exemption for ships under foreign flag. Title VI: Estate Tax Amendments - Imposes a tax on the transfer of the taxable estate of every decedent who was a citizen or resident of the United States at the time of his death. Provides that in the case of an estate of a decedent who made taxable gifts before death, a tax shall be imposed in an amount equal to the excess of: (1) a tax computed in accordance with the rate schedule set forth on the amount of the taxable estate increased by the amount of the adjusted inter vivos gifts; (2) a tax computed in accordance with such rate schedule on the amount of such adjusted inter vivos gifts as if the taxable estate were equal to such amount. Includes life insurance policies in the gross estate of a decedent. Title VII: State and Local Obligations - Repeals the exemption for interest on issues of State and local banks occurring after December 31, 1973. Provides that the United States shall pay fifty percent of the interest yield on each issue of State and local banks occurring after December 31, 1973.
Bill· HRH.R. 1040 (93rd)referred
United States · United States Congress · 3 January 1973
Tax Equity Act - Title I: Capital Gains and Losses - Disallows the alternative tax on capital gains. Excludes from gross income so much of the gain on the sale or exchange of property held for more than twelve months as does not exceed the smaller of: (1) an amount equal to one-third of one percent of the adjusted basis of such property times the number of full months the property was held after the date it was held for twelve months; or (2) an amount equal to sixty percent of such adjusted basis of the property. States that capital losses with respect to a corporation shall be allowed only to the extent of gains for the taxable year from the sale or exchange of capital assets and property used in the trade or business. Provides that capital losses in the case of other taxpayers shall be allowed only to the extent of gains from the sale or exchange of capital assets and property used in a trade or business plus the taxable income of the taxpayer or $1000 ($500 in the case of a separate return of a married individual), whichever is smaller. Establishes criteria for determining capital loss carrybacks and carryovers. Defines the terms "capital gain", "capital loss", "net capital gain", and "net capital loss". Provides that if carryover basis property is acquired from a decedent dying after June 30, 1973, then the basis of such property in the hands of the person so acquiring it shall be the adjusted basis of the property immediately before the death of the decedent. Creates methods for adjusting such basis. Requires every executor to furnish information to the Secretary of the Treasury or his delegate regarding: (1) the name and last address of the decedent; (2) the name and address of each person acquiring property from the decedent; and (3) the adjusted basis of each such item in the hands of the decedent immediately before his death. States that amounts received by a seller as transferor of a patent shall be treated as royalties from such patent and not as gain from the sale or exchange of property. Title II: Income Derived from Extraction of Minerals - Terminates the depletion allowance for minerals effective after the taxable year ending December 31, 1973. Allows a taxpayer a deduction for income expenditures paid or incurred during the taxable year for the exploration or development of any mineral property. Removes the imposition of a maximum tax relating to the sale of oil or gas properties. Establishes criteria for determining income from mineral properties located outside the United States. Title III: Reform Measures Affecting Primarily Individuals - Imposes a fifty percent maximum tax rate on the income of individuals whose income exceeds $44,000. Allows a twenty-four percent tax credit for personal exemptions and nonbusiness deduction. Permits the President to adjust this percentage if he deems it to be in the public interest. Provides that income received during the taxable year by a child from a trust or dividends, interest, and royalties shall be included in the gross income of the parent and not the child of the parent who claims the child as an exemption. Eliminates the $100 dividend exclusion. Reduces from $25,000 to $5,000 the limitation on the deduction of interest on investment indebtedness. Disallows deductions in specified instances for expenses incurred while attending conventions outside the United States. Limits deductions for an individual engaged in farming. Provides that, in computing dividends, a distribution by a common parent corporation of a controlled group of corporations, the earnings and profits of the common parent corporation for the taxable year shall not be less than its share of the earnings and profits of the controlled group computed on a consolidated basis. Repeals the provision granting an exemption for earned income from foreign sources. Title IV: Reform Measures Affecting Primarily Corporations - Provides that the reasonable allowance for depreciation shall be computed on the basis of the expected useful life of property in the hands of the taxpayers. States that the depreciation deduction is not to exceed book depreciation and is to be limited to the amount recorded on books. Establishes criteria for computing limitations on dividends received deductions. Denies tax-free exchanges in the case of investment companies. Requires shareholders of any corporation to hold at least twenty percent of the total combined voting power of all classes of stock entitled to vote of the surviving, controlling, or acquiring corporation in order for the transaction to qualify as a reorganization. Provides that if a foreign corporation is a controlled foreign corporation for an uninterrupted period of thirty days or more during any taxable year, every person who is s United States shareholder of such corporation who owns stock in such corporation on the last day in such year on which such corporation is a controlled foreign corporation shall include in his gross income, for his taxable year in which or with which such taxable year of the corporation ends, his pro rata share of the corporation's earnings and profits for such year. Title V: Reforms Affecting Individuals and Corporations - Imposes, generally, in addition to other taxes, with respect to the income of every person, a tax of 10 percent of the amount (if any) by which the sum of the items of tax preference exceeds $12,000. Disallows, in the case of depreciable realty, the deduction for depreciation to the extent it would reduce the adjusted basis of the property at the end of the year below an amount equal to any mortgage indebtedness at the end of the year on the property minus the adjusted basis of the land allocable to such property. Makes provision for the treatment of charitable gifts of appreciated property and capital expenditures incurred in planting and developing fruit and nut groves. Repeals the tax exemption for ships under foreign flag. Title VI: Estate Tax Amendments - Imposes a tax on the transfer of the taxable estate of every decedent who was a citizen or resident of the United States at the time of his death. Provides that in the case of an estate of a decedent who made taxable gifts before death, a tax shall be imposed in an amount equal to the excess of: (1) a tax computed in accordance with the rate schedule set forth on the amount of the taxable estate increased by the amount of the adjusted inter vivos gifts; (2) a tax computed in accordance with such rate schedule on the amount of such adjusted inter vivos gifts as if the taxable estate were equal to such amount. Includes life insurance policies in the gross estate of a decedent. Title VII: State and Local Obligations - Repeals the exemption for interest on issues of State and local banks occurring after December 31, 1973. Provides that the United States shall pay fifty percent of the interest yield on each issue of State and local banks occurring after December 31, 1973.
Bill· HRH.R. 986 (93rd)referred
United States · United States Congress · 3 January 1973
Directs the Committee on Ways and Means, during the Ninety-third Congress, to review and study the 54 income tax items listed in this Act and to report to the House of Representatives bills to repeal or modify those items reviewed which the committee determines should be repealed or modified.
Bill· HRH.R. 966 (93rd)referred
United States · United States Congress · 3 January 1973
Provides that, under the Internal Revenue Code of 1954, tax-exempt organizations which voluntarily engage in litigation for the benefit of third parties, or commit other prohibited acts, shall lose their exemption from tax.
Bill· HRH.R. 962 (93rd)referred
United States · United States Congress · 3 January 1973
Provides for an increase, under the Internal Revenue Code of 1954, from $600 to $1,200 in the personal income tax exemption of a taxpayer (including the exemption for a spouse, the exemptions for a dependent, and the additional exemptions for old age and blindness).
Bill· HRH.R. 967 (93rd)referred
United States · United States Congress · 3 January 1973
Tax Reform Act - Title I: Capital Gains of Individuals and Corporations - Eliminates the twenty-five percent capital gain rate on the first $50,000 of an individual's capital gains. Increases to thirty-five percent (thirty percent in the case of a taxable year beginning after December 31, 1970, and before July 1, 1973) the alternative rate of taxation on capital gains for corporations. Title II: Gain on Certain Property Transferred at Death or by Gift - Provides that in the case of the death of a taxpayer there shall be included in computing taxable income for the taxable period in which falls the date of his death, the gains and losses which would be taken into account if the taxpayer has sold all property, which is considered to have been acquired from or to have passed from the decedent taxpayer, at a selling price equal to its fair market value at death. Makes exceptions to this provision for household or personal items whose total value is less than $2000, and for property which passes or was passed to a surviving spouse. Sets forth rules applicable in determining the the basis for computing gain or loss. Makes provisions and rules for including gains and losses on lifetime property gifts in computing taxable income for the taxable period in which the transfer was made. Requires the filing of a final income tax return for a decendent by April 15 of the year following the taxable year, or 9 months after the date of death, whichever is later. Makes provisions for extension of time for the paying of tax. Title III: Depreciation Revision - Eliminates the provision permitting a variance from any class life for depreciation allowance purposes of up to 20 percent of such life. Title IV: State and Local Bonds - Allows a State or local government to elect to issue obligations without excluding their interest from gross income. Authorizes necessary appropriations to pay a fixed percentage of interest yield on taxable issues, and sets forth procedures for such payment. Title V: Foreign Corporations - Provides that if a foreign corporation is a controlled foreign corporation for an uninterrupted period of 30 days or more during any taxable year, every United States shareholder of such corporation who owns stock in such corporation on the last day in such year or which such corporation is a controlled foreign corporation, shall include in its gross income for its taxable year its pro rata share of the corporation's anyyyyyyy and profits for such year. Excludes from such shareholder's gross income any previously taxed earnings or profits from a foreign corporation. Provides that such shareholders in foreign corporations may be required to maintain records and accounts for purposes of this Act. Makes conforming amendments for this section. Title VI: Income Derived From Extraction of Oil and Gas - Reduces to fifteen percent the depletion rate for oil and gas wells (presently twenty-two percent). Eliminates the granting of an option to deduct as expenses intangible drilling and development costs in the case of oil and gas wells. Title VII: Farm Losses - Provides that, in the case of a taxpayer engaged in the business of farming, the deductions attributable to such business which would be allowable for the taxable year shall not exceed the sum of: (1) the adjusted farm gross income for the taxable year, and (2) the higher of the amount of the special deductions allowable for the taxable year, or $15,000 ($7,500 in the case of a married individual filing a separate return), reduced by the amount by which the taxpayer's adjusted gross income (taxable income in the case of a corporation) for the taxable year attributable to all sources other than the business of farming exceeds $15,000 ($7,500 in the case of a married individual filing a separate return). Provides for a disallowable farm operating loss carryback to each of the three taxable years preceding the loss year and a disallowed farm loss carryover to each of the five taxable years following the loss year. Defines the various terms of this title. States that a taxpayer shall be treated as engaged in the business of farming for any taxable year if: (1) any deduction is allowable for any expense paid or incurred by the taxpayer with respect to farming, or with respect to any farm property held by the taxpayer, or (2) any deduction would otherwise be allowable to the taxpayer for any expense paid or incurred with respect to farming, or with respect to property held for the production of income, which is used in farming. Excludes the raising of timber from the definition of farming. Establishes a formula limiting the amount of deduction, regarding the business of farming, to a controlled group of corporations. Directs that, under regulations prescribed by the Secretary or his delegate, an electing small business corporation which is engaged in the business of farming during its taxable year, and the shareholders of such corporation, shall apply the provisions of the Internal Revenue Code dealing with certain corporation payments to shareholders separately with respect to: (1) income derived from the business of farming by such corporation and deductions attributable to such business, and (2) all other income and deductions of such corporation. Title VIII: Minimum Tax for Tax Preferences - Imposes for each taxable year, with respect to the income of every person, a tax equal to 20 percent (previously 10 percent) of the amount by which the sum of the items of tax preference exceeds $12,000. Repeals the provision allowing tax carry-overs for 7 taxable years for excess taxes.
Bill· HRH.R. 946 (93rd)referred
United States · United States Congress · 3 January 1973
Authorizes the payment of 6 percent interest under the Internal Revenue Code of 1954 on amounts withheld from wages and on estimated payments of tax for purposes of the Federal income tax imposed under such code. (Amends 26 U.S.C. 31(a), 6315)
Bill· HRH.R. 977 (93rd)referred
United States · United States Congress · 3 January 1973
Interstate Taxation Act - Title I: Jurisdiction to Tax - Establishes a uniform standard for determining the circumstances under which a company may be held subject to taxes covered by this Act. Provides that a State or political subdivision can not impose a corporate net income tax, capital stock tax, or gross receipts tax with respect to a sale of tangible personal property on any person unless that person has a business location in the State, and can not require a person to collect a sales or use tax with respect to a sale of tangible personal property on any person unless that person has a business location in the State, and can not require a person to collect a sales or use tax with respect to a sale of tangible personal property unless that person has a business location in the State or regularly makes household deliveries in the State. Permits the States to impose corporate net income taxes, capital stock taxes or gross receipt taxes with respect to a sale of tangible personal property, if not otherwise denied the power to do so by this title. Title II: Maximum Percentage of Income or Capital Attributable to Taxing Jurisdiction - Provides that those interstate companies covered by this Act are protected by a supplemental to the jurisdictional standard in the form of a maximum limit on the percentage of income or capital which can be taxed. Directs that such a company with a business location in more than one State cannot be required to pay a greater tax to any State or political subdivision than that calculated under a two-factor property, payroll apportionment formula. Provides that in determining the maximum amount of income or capital attributable to any State, the two-factor apportionment fraction is applied to the corporation's entire taxable income or capital before State attribution rules are applied. Provides that the definition of taxable income or capital is determined under State law. Describes the property factor as a fraction, the numerator of which is the average value of the property in a State and the denominator being the average value of all of the corporation's property located in any State. Values owned property at its original cost. Values leased property at eight times the gross rents payable by the corporation. Describes the payroll factor as a fraction, the numerator being wages paid in the State, and the denominator being the wages paid to all employees in any State. Permits a State in which a corporation is incorporated to impose a capital account tax without division of capital, notwithstanding the jurisdictional standard and limit on attribution otherwise imposed by this Act. Applies the same standards of attribution to local governments as are applied to States. Title III: Sales and Use Taxes - Provides that an interstate sale must have its destination in a State in order for that State or any political subdivision thereof to impose a sales or use tax with respect to the sale. Asserts that a State other than the State of destination may require a seller to collect a sales or use tax for the State of destination even though the seller does not have a business location or regularly make household deliveries in the State of destination. Provides that a use tax may not be imposed on a person without a business location in the State or an individual without a dwelling place in the State. Declares that where under these rules the same person is still subject in more than one State to sales or use tax on the same property a credit is required to be given by a taxing jurisdiction for prior taxes paid (or a refund in case a sales tax is paid to the seller after a use tax is paid in another State). Directs that these provisions do not apply to sales and use taxes with respect to motor fuels consumed in the State or, except for the credit provision, to sales or use taxes with respect to motor vehicles registered in the State. Eliminates the requirement on new residents of a State to account for their household goods (including motor vehicles) brought into the State for use tax purposes purchased at least 30 days before residence is established. Establishes the rule that freight charges on interstate sales which are separately stated are excluded from the sales price in the measure of a sales or use tax. Eliminates the requirement on the seller of ascertaining whether or not his interstate sales into other tates are taxable sales by providing that certificates or other written evidence from the buyer indicating the basis of nontaxability conclusively relieves the seller from collecting or paying the tax. Provides that in interstate sales to business buyers who are registered with the State for sales tax collection purposes, the seller is relieved of collection responsibilities if he receives evidence from the buyer that he is registered with the State. Eliminates the bookkeeping by sellers of collecting or reporting sales or use taxes on interstate sales into a State according to geographic areas, whether the requirement is by the State or any of its political subdividions. Provides that where a seller has a business location or regularly makes household deliveries in a political subdivision, however, he may be required to account for interstate sales with destinations in that political subdivision. Directs that these limitations do not affect locally imposed sales and use taxes which are State administered and uniformly applied so that interstate sales need not be classsified according to geographic areas of the State. Title IV: Evaluation of State Progress - Provides for the continuing evaluation of State progress in resolving remaining difficulties from State taxation of interstate commerce by the Committee on the Judiciary of the House of Representatives and the Committee on Finance of the U.S. Senate, acting separately or jointly, or both. Declares that if after 4 years of enactment substantial progress is not made in resolving such problems, remedial measures are to be proposed. Title V: Taxation of Individuals - Permits States to tax incomes earned within the State by persons living outside the State. Allows the taxing of residents' income earned outside the State only to the extent the tax exceeds any income tax paid in such earned income to the State where it was earned. Title VI: Definitions and Miscellaneous Provisions - Prohibits out-of-State audit charges for all covered taxes, and for all taxpayers. Eliminated the distinction between franchise or privilege taxes measured by net income and direct taxes on net income for non-excluded corporations insofar as it has affected the jurisdictional powers of the States. Provides a remedy for geographical discrimination in sales taxation and gross receipts taxation where the amount of harm can be demonstrated by declaring that any State law which imposes a higher sales or use or gross receipts tax on a taxpayer by virtue of the location of any occurrence outside the State is prohibited. Provides for the transition to a uniform jurisdictional standard by preventing assessments for back liability in situations which would not give rise to liability after the effective date of the jurisdictional standards under the Act by declaring that for periods ending on or before the enactment date of the Act no assessments could be made after enactment date for corporate net income taxes, capital stock taxes, or gross receipts taxes if during that period no business location was maintained by the person in the State, or for a sales or use tax if during that period the seller did not maintain a business location in the State and did not regularly make household deliveries in the State, and in addition, was not registered in the State for purposes of collecting a sales or use tax, or for an income tax on income of nonresidents unless earned in that State or income of a resident earned in another State except to the extent that the tax exceeds that of the State in which the income was earned.
Bill· HRH.R. 969 (93rd)referred
United States · United States Congress · 3 January 1973
Tax Reform Act - Title I: Capital Gains of Individuals and Corporations - Eliminates the twenty-five percent capital gain rate on the first $50,000 of an individual's capital gains. Increases to thirty-five percent (thirty percent in the case of a taxable year beginning after December 31, 1970, and before July 1, 1973) the alternative rate of taxation on capital gains for corporations. Title II: Gain on Certain Property Transferred at Death or by Gift - Provides that in the case of the death of a taxpayer there shall be included in computing taxable income for the taxable period in which falls the date of his death, the gains and losses which would be taken into account if the taxpayer has sold all property, which is considered to have been acquired from or to have passed from the decedent taxpayer, at a selling price equal to its fair market value at death. Makes exceptions to this provision for household or personal items whose total value is less than $2000, and for property which passes or was passed to a surviving spouse. Sets forth rules applicable in determining the the basis for computing gain or loss. Makes provisions and rules for including gains and losses on lifetime property gifts in computing taxable income for the taxable period in which the transfer was made. Requires the filing of a final income tax return for a decendent by April 15 of the year following the taxable year, or 9 months after the date of death, whichever is later. Makes provisions for extension of time for the paying of tax. Title III: Depreciation Revision - Eliminates the provision permitting a variance from any class life for depreciation allowance purposes of up to 20 percent of such life. Title IV: State and Local Bonds - Allows a State or local government to elect to issue obligations without excluding their interest from gross income. Authorizes necessary appropriations to pay a fixed percentage of interest yield on taxable issues, and sets forth procedures for such payment. Title V: Foreign Corporations - Provides that if a foreign corporation is a controlled foreign corporation for an uninterrupted period of 30 days or more during any taxable year, every United States shareholder of such corporation who owns stock in such corporation on the last day in such year or which such corporation is a controlled foreign corporation, shall include in its gross income for its taxable year its pro rata share of the corporation's anyyyyyyy and profits for such year. Excludes from such shareholder's gross income any previously taxed earnings or profits from a foreign corporation. Provides that such shareholders in foreign corporations may be required to maintain records and accounts for purposes of this Act. Makes conforming amendments for this section. Title VI: Income Derived From Extraction of Oil and Gas - Reduces to fifteen percent the depletion rate for oil and gas wells (presently twenty-two percent). Eliminates the granting of an option to deduct as expenses intangible drilling and development costs in the case of oil and gas wells. Title VII: Farm Losses - Provides that, in the case of a taxpayer engaged in the business of farming, the deductions attributable to such business which would be allowable for the taxable year shall not exceed the sum of: (1) the adjusted farm gross income for the taxable year, and (2) the higher of the amount of the special deductions allowable for the taxable year, or $15,000 ($7,500 in the case of a married individual filing a separate return), reduced by the amount by which the taxpayer's adjusted gross income (taxable income in the case of a corporation) for the taxable year attributable to all sources other than the business of farming exceeds $15,000 ($7,500 in the case of a married individual filing a separate return). Provides for a disallowable farm operating loss carryback to each of the three taxable years preceding the loss year and a disallowed farm loss carryover to each of the five taxable years following the loss year. Defines the various terms of this title. States that a taxpayer shall be treated as engaged in the business of farming for any taxable year if: (1) any deduction is allowable for any expense paid or incurred by the taxpayer with respect to farming, or with respect to any farm property held by the taxpayer, or (2) any deduction would otherwise be allowable to the taxpayer for any expense paid or incurred with respect to farming, or with respect to property held for the production of income, which is used in farming. Excludes the raising of timber from the definition of farming. Establishes a formula limiting the amount of deduction, regarding the business of farming, to a controlled group of corporations. Directs that, under regulations prescribed by the Secretary or his delegate, an electing small business corporation which is engaged in the business of farming during its taxable year, and the shareholders of such corporation, shall apply the provisions of the Internal Revenue Code dealing with certain corporation payments to shareholders separately with respect to: (1) income derived from the business of farming by such corporation and deductions attributable to such business, and (2) all other income and deductions of such corporation. Title VIII: Minimum Tax for Tax Preferences - Imposes for each taxable year, with respect to the income of every person, a tax equal to 20 percent (previously 10 percent) of the amount by which the sum of the items of tax preference exceeds $12,000. Repeals the provision allowing tax carry-overs for 7 taxable years for excess taxes.
Bill· HRH.R. 965 (93rd)referred
United States · United States Congress · 3 January 1973
Provides that tax-exempt organizations which engage in activities (presently substantial activities) of carrying on propaganda, or otherwise attempting to influence legislation, shall lose their exemption from tax. (Amends 26 U.S.C. 501(c)(3))
Bill· HRH.R. 931 (93rd)referred
United States · United States Congress · 3 January 1973
Increases under the Internal Revenue Code, from $650 to $1,200 the personal income tax exemptions of a taxpayer (including the exemption for a spouse, the exemption for a dependent, and the additional exemptions for old age and blindness).
Bill· HRH.R. 918 (93rd)referred
United States · United States Congress · 3 January 1973
Allows an income tax deduction, under the Internal Revenue Code, for social security taxes, railroad retirement taxes, and civil service retirement contributions paid by a taxpayer.
Bill· HRH.R. 968 (93rd)referred
United States · United States Congress · 3 January 1973
Tax Reform Act - Title I: Capital Gains of Individuals and Corporations - Eliminates the twenty-five percent capital gain rate on the first $50,000 of an individual's capital gains. Increases to thirty-five percent (thirty percent in the case of a taxable year beginning after December 31, 1970, and before July 1, 1973) the alternative rate of taxation on capital gains for corporations. Title II: Gain on Certain Property Transferred at Death or by Gift - Provides that in the case of the death of a taxpayer there shall be included in computing taxable income for the taxable period in which falls the date of his death, the gains and losses which would be taken into account if the taxpayer has sold all property, which is considered to have been acquired from or to have passed from the decedent taxpayer, at a selling price equal to its fair market value at death. Makes exceptions to this provision for household or personal items whose total value is less than $2000, and for property which passes or was passed to a surviving spouse. Sets forth rules applicable in determining the the basis for computing gain or loss. Makes provisions and rules for including gains and losses on lifetime property gifts in computing taxable income for the taxable period in which the transfer was made. Requires the filing of a final income tax return for a decendent by April 15 of the year following the taxable year, or 9 months after the date of death, whichever is later. Makes provisions for extension of time for the paying of tax. Title III: Depreciation Revision - Eliminates the provision permitting a variance from any class life for depreciation allowance purposes of up to 20 percent of such life. Title IV: State and Local Bonds - Allows a State or local government to elect to issue obligations without excluding their interest from gross income. Authorizes necessary appropriations to pay a fixed percentage of interest yield on taxable issues, and sets forth procedures for such payment. Title V: Foreign Corporations - Provides that if a foreign corporation is a controlled foreign corporation for an uninterrupted period of 30 days or more during any taxable year, every United States shareholder of such corporation who owns stock in such corporation on the last day in such year or which such corporation is a controlled foreign corporation, shall include in its gross income for its taxable year its pro rata share of the corporation's anyyyyyyy and profits for such year. Excludes from such shareholder's gross income any previously taxed earnings or profits from a foreign corporation. Provides that such shareholders in foreign corporations may be required to maintain records and accounts for purposes of this Act. Makes conforming amendments for this section. Title VI: Income Derived From Extraction of Oil and Gas - Reduces to fifteen percent the depletion rate for oil and gas wells (presently twenty-two percent). Eliminates the granting of an option to deduct as expenses intangible drilling and development costs in the case of oil and gas wells. Title VII: Farm Losses - Provides that, in the case of a taxpayer engaged in the business of farming, the deductions attributable to such business which would be allowable for the taxable year shall not exceed the sum of: (1) the adjusted farm gross income for the taxable year, and (2) the higher of the amount of the special deductions allowable for the taxable year, or $15,000 ($7,500 in the case of a married individual filing a separate return), reduced by the amount by which the taxpayer's adjusted gross income (taxable income in the case of a corporation) for the taxable year attributable to all sources other than the business of farming exceeds $15,000 ($7,500 in the case of a married individual filing a separate return). Provides for a disallowable farm operating loss carryback to each of the three taxable years preceding the loss year and a disallowed farm loss carryover to each of the five taxable years following the loss year. Defines the various terms of this title. States that a taxpayer shall be treated as engaged in the business of farming for any taxable year if: (1) any deduction is allowable for any expense paid or incurred by the taxpayer with respect to farming, or with respect to any farm property held by the taxpayer, or (2) any deduction would otherwise be allowable to the taxpayer for any expense paid or incurred with respect to farming, or with respect to property held for the production of income, which is used in farming. Excludes the raising of timber from the definition of farming. Establishes a formula limiting the amount of deduction, regarding the business of farming, to a controlled group of corporations. Directs that, under regulations prescribed by the Secretary or his delegate, an electing small business corporation which is engaged in the business of farming during its taxable year, and the shareholders of such corporation, shall apply the provisions of the Internal Revenue Code dealing with certain corporation payments to shareholders separately with respect to: (1) income derived from the business of farming by such corporation and deductions attributable to such business, and (2) all other income and deductions of such corporation. Title VIII: Minimum Tax for Tax Preferences - Imposes for each taxable year, with respect to the income of every person, a tax equal to 20 percent (previously 10 percent) of the amount by which the sum of the items of tax preference exceeds $12,000. Repeals the provision allowing tax carry-overs for 7 taxable years for excess taxes.
Bill· HRH.R. 964 (93rd)referred
United States · United States Congress · 3 January 1973
Requires, under the Internal Revenue Code of 1954, that each tax-exempt organization to file an annual information return showing each source (including governmental sources) of its income and other receipts. Provides for a loss of tax exemption in the case of willful failure to file, or fraudulent statements made in connection with, such return.
Bill· HRH.R. 923 (93rd)referred
United States · United States Congress · 3 January 1973
Changes the valuation of a decedent's interest in a ranch, farm or closely held business for estate tax purposes under the Internal Revenue Code of 1954 by giving an option for the business to be valued either at its present value or the higher of the decedent's cost basis, or a value based on the reasonable earning power of the business. Provides that to qualify for this option the decedent must have had an interest in the farm, ranch or business for at least ten years prior to the valuation date. Provides that under the market-value alternative all relevant factors should be considered in valuing an interest including the earning capacity of the business, ranch or farm and the degree of control represented by the interest being valued (Adds 26 U.S.C. 2031(c)).
Bill· HRH.R. 945 (93rd)referred
United States · United States Congress · 3 January 1973
Directs the Secretary of the Treasury to make a study of the overwithholding from wages of the Federal income tax under the Internal Revenue Code of 1954. Directs the Secretary to report, with legislative recommendations, to the Congress on his study under this Act.
Bill· HRH.R. 960 (93rd)referred
United States · United States Congress · 3 January 1973
Authorizes the Committee on Ways and Means and the Committee on Appropriations of the House of Representatives and the Committee on Finance and the Committee on Appropriations of the Senate, or duly authorized subcommittees thereof, to meet jointly at the beginning of each regular session of Congress and after study and consultation, giving due consideration to the budget recommendations of the President, report to their respective Houses a legislative budget for the ensuing fiscal year, including the estimated overall Federal receipts and expenditures for such year. Requires such report to contain a recommendation for the maximum amount to be appropriated for expenditure in such year which shall include: (1) at least 10 percent of the estimated overall Federal receipts for the reduction of the public debt, and (2) such an amount to be reserved for deficiencies as may be deemed necessary by such committees. Provides that the maximum amount recommended to be appropriated for expenditure in such year shall not exceed the estimated overall Federal receipts for such year. States that the report shall be accompanied by a concurrent resolution adopting such budget, and, in accordance with the recommendations contained in such report, fixing the maximum amount to be appropriated for expenditure in such year. Makes it the duty of the Secretary of the Treasury during such year to reduce the public debt by at least 10 percent of the estimated overall Federal receipts.
Bill· HRH.R. 906 (93rd)referred
United States · United States Congress · 3 January 1973
Makes the following appropriations to carry out the lead-based paint poisoning prevention, treatment and research programs for the fiscal year 1973 and 1974: (1) for fiscal year 1973, $10,000,000; (2) for fiscal year 1974, $20,000,000.
Bill· HRH.R. 902 (93rd)referred
United States · United States Congress · 3 January 1973
Provides, under the Internal Revenue Code, that income from entertainment activities held in conjunction with a public fair conducted by a tax-exempt organization shall not be unrelated trade or business income and shall not affect the tax exemption of the organization. (Amends 26 U.S.C. 513)
Bill· HRH.R. 903 (93rd)referred
United States · United States Congress · 3 January 1973
Provides, under the Internal Revenue Code, that income from entertainment activities held in conjunction with a public fair conducted by a tax-exempt organization shall not be unrelated trade or business income and shall not affect the tax exemption of the organization. (Amends 26 U.S.C. 513)
Bill· HRH.R. 850 (93rd)referred
United States · United States Congress · 3 January 1973
Imposes on the taxable income of every individual, other than an estate and trust, a tax determined in accordance with the table set forth in the Internal Revenue Code. Allows a married individual who does not make a single return jointly with his spouse to allocate amounts received for services performed by that spouse into the account by the spouse who performed the services and not into the account by the other spouse. (Amends 26 U.S.C. 1, 2)
Bill· HRH.R. 851 (93rd)referred
United States · United States Congress · 3 January 1973
Extends to all unmarried individuals the full tax benefits of income splitting now enjoyed by married individuals filing joint returns under the Internal Revenue Code. Directs the Secretary of the Treasury to prescribe and publish tables reflecting the amendments made by this Act which shall apply in lieu of the tables set forth in the Internal Revenue Code with respect to wages paid on or after the first day of the first month which begins more than twenty days after the date of the enactment of this Act. (Amends 26 U.S.C. 1)
Bill· HRH.R. 813 (93rd)referred
United States · United States Congress · 3 January 1973
Increases, under the Internal Revenue Code, from 13 to 16 the maximum age of a dependent child with respect to whom the deduction for child-care expenses may be allowed a taxpayer. (Amends 26 U.S.C. 214(b)(i)(A))
Bill· HRH.R. 791 (93rd)referred
United States · United States Congress · 3 January 1973
Provides that the fiscal year of the United States shall coincide with the calendar year, and makes provisions for the orderly transition by all Federal Government and District of Columbia agencies to the use of the new fiscal year.
Bill· HRH.R. 812 (93rd)referred
United States · United States Congress · 3 January 1973
Increases to $1500 under the Internal Revenue Code: (1) deductions for personal exemptions, (2) deductions for estates, (3) the gross income necessary to be required to file a return; and (4) the amount an individual can earn and still have his or her spouse's separate return deemed to be a joint return. (Amends 26 U.S.C. 151,642(b), 6012(a), 6013(b)(3)(A)) Increases to $3000 the amount an individual over the age of sixty-five can earn and still have his or her spouse's separate return deemed to be a joint return. (Amends 26 U.S.C. 6013(b)(3)(A))
Bill· HRH.R. 780 (93rd)referred
United States · United States Congress · 3 January 1973
Provides that any resident of the Republic of the Philippines may be a dependent for purposes of the income tax deduction for personal exemptions under the Internal Revenue Code. (Amends 26 U.S.C. 152(b)(3))
Bill· HRH.R. 715 (93rd)referred
United States · United States Congress · 3 January 1973
Imposes on the taxable income of every individual, other than an estate and trust, a tax determined in accordance with the table set forth in the Internal Revenue Code. Allows a married individual who does not make a single return jointly with his spouse to allocate amounts received for services performed by that spouse into the account by the spouse who performed the services and not into the account by the other spouse. (Amends 26 U.S.C. 1, 2)
Bill· HRH.R. 702 (93rd)referred
United States · United States Congress · 3 January 1973
Allows a tax deduction, under the Internal Revenue Code of 1954, to tenants of houses or apartments for their proportionate share of the taxes and interest paid by their landlords. (Amends 26 U.S.C. 218)
Bill· HRH.R. 698 (93rd)referred
United States · United States Congress · 3 January 1973
Increases the allowance of deductions for personnal exemptions under the Internal Revenue Code from $650 to $1,200. (Amends 26 U.S.C. 151) Reduces the low income allowance to $1,000, and to $500 in the case of a married individual filing a separate return (presently $1,300 and $650 respectively). Requires individuals having a gross income in excess of $1,200 to file a return unless the individual is not married and has a gross income less than $2,200, or is entitled to make a joint return and has a gross income which when combined with the gross income of his spouse is less than $3,400. (Amends 26 U.S.C. 6012(a)(1)) Provides that a joint return will be deemed to have been filed where only one spouse filed a separate return prior to the making of the joint return and the other spouse had less than $1,200 of gross income ($2,400 in case such spouse was sixty-five or over) for such taxable year on the date of the filing of such separate return. (Amends 26 U.S.C. 6013(b)(3)(A)) States that an employee shall be entitled to withholding allowances with respect to a payment of wages in a number equal to the number determined by dividing by $1,250 the excess of: (1) his estimated itemized deductions, over, (2) an amount equal to the lesser of $2,000 or 15 percent of his estimated wages. (Amends 26 U.S.C. 3402(m)(1))
Bill· HRH.R. 703 (93rd)referred
United States · United States Congress · 3 January 1973
Redefines the term "tenant stockholder" for the purposes of the Internal Revenue Code to mean a person (presently an individual) who is a stockholder in a cooperative housing corporation, and whose stock is fully paid-up in an amount not less than an amount shown to the satisfaction of the Secretary or his delegate as bearing a reasonable relationship to the portion of the value of the corporation's equity in the houses or apartment building and the land on which situated which is attributable to the house or apartment which such individual is entitled to occupy. (Amends 26 U.S.C. 216(b))
Bill· HRH.R. 699 (93rd)referred
United States · United States Congress · 3 January 1973
Provides, under the Internal Revenue Code, that in the case of a dependent 62 or more years of age the support test for the purpose of an income tax exemption shall be satisfied if the taxpayer contributes $1,500 or more to the support of such dependent. (Amends 26 U.S.C. 152)
Bill· HRH.R. 720 (93rd)referred
United States · United States Congress · 3 January 1973
Provides that amount appropriated to carry out the functions, powers, and duties of the Federal Aviation Administration shall not exceed $1,728,100,000 for the fiscal year ending June 30, 1974, $1,900,910,000 for the fiscal year ending June 30, 1975, and $2,100,000,000 for the fiscal year ending June 30, 1976. Provides that for fiscal years ending after June 30, 1976, there may be appropriated such sums as the Congress hereafter authorizes by law.
Bill· HRH.R. 716 (93rd)referred
United States · United States Congress · 3 January 1973
Extends to all unmarried individuals the full tax benefits of income splitting now enjoyed by married individuals filing joint returns under the Internal Revenue Code. Directs the Secretary of the Treasury to prescribe and publish tables reflecting the amendments made by this Act which shall apply in lieu of the tables set forth in the Internal Revenue Code with respect to wages paid on or after the first day of the first month which begins more than twenty days after the date of the enactment of this Act. (Amends 26 U.S.C. 1)
Bill· HRH.R. 705 (93rd)referred
United States · United States Congress · 3 January 1973
Provides a full exemption (through credit or refund) from the employees' tax under the Federal Insurance Contributions Act, for purposes of title II of the Social Security Act (Old-Age, Survivors' and Disability Insurance) and an equivalent reduction in the self-employment tax, in the case of individuals who have attained age 65. (Amends 26 U.S.C. 1401)
Bill· HRH.R. 697 (93rd)referred
United States · United States Congress · 3 January 1973
Provides, under the Internal Revenue Code, that in the case of a deduction as a charitable contribution by an individual any literary, musical, or artistic composition, or similar property, which was created by the personal efforts of the taxpayer shall not be reduced by the amount of appreciation of such property, and the whole amount of such a charitable contribution shall be taken into account and shall be treated as if the property contributed had been sold at its fair market value. (Amends 26 U.S.C. 170(e))
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