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Bill· HRH.R. 4418 (95th)referred
United States · United States Congress · 3 March 1977
Amends the Internal Revenue Code to allow an income tax deduction for the amounts paid to meet the educational expenses at a higher education institution or a trade or vocational school for the taxpayer, his spouse, or any individual for which the taxpayer is entitled to a personal exemption. Limits the deduction for any individual student to $3,500.
Bill· HRH.R. 4414 (95th)referred
United States · United States Congress · 3 March 1977
Tax Equity Act - Title I: Capital Gains and Losses - Repeals the alternative tax presently allowed to corporations, individuals and life insurance companies on long-term capital gains. Provides, in lieu of the present 50 percent deduction for net long-term capital gain, an exclusion of so much of the gain as does not exceed one-half of one percent of adjusted basis of the property times the number of months the property was held over 12 months. Limits capital losses to capital gains and gains from the exchange of business property in the case of corporations, and, in the case of other taxpayers, to capital gains and gains from the exchange of business property plus the taxable income of the taxpayer or $3,000, whichever is smaller. Allows the executor of a decedent's estate to include in gross income any unrealized capital gains on descendent's property to the extent that the decedent had a net capital loss for the taxable year. Provides that income from the sale or exchange of patent rights shall be treated as royalties (ordinary income) rather than as gain from the sale or exchange of a capital asset. Title II: Income Derived from Extraction of Minerals - Repeals the percentage depletion allowance for taxable years beginning after 1977. Allows the deduction of expenditures (including intangible drilling costs) incurred in the exploration and development of mineral property, but only to the extent of taxable income derived from such properties. Provides an exclusion from gross income of amounts derived from foreign mineral properties, provided that such income is not derived from: (1) a nonoperating mineral interest; (2) distributions received with respect to the stock of a corporation; and (3) amounts includible in gross income as undistributed profits of controlled foreign corporations. Limits the losses allowable from the disposition of mineral property to the extent of the gains from the sale or exchange of such properties during the taxable year. Title III: Reform Measures Affecting Primarily Individuals - Provides that the maximum rate of income tax for individuals shall be 50 percent of taxable income. Allows a credit of 24 percent of the amount of deductions which would be allowable, but for this credit, for the following: (1) personal exemptions; (2) interest on non-business obligations; (3) non-business State and local taxes; (4) non-business losses of property; (5) charitable contributions; (6) medical care; and (7) taxes and interest paid by a cooperative housing association. Authorizes the President to increase or decrease the 24 percent credit rate authorized by this Act subject to the disapproval by either House of Congress. States that the income received by a child from a trust created by his parent, and dividends, interest, and royalties from property given the child by his parent shall be included in the gross income of the parent if the parent claims the above credit for the exemption allowable for such child as a dependent. Provides that shareholder-employees of closely held corporations must include in gross income that part of contributions paid by an employer-corporation (and deductible by it) to trusts, annuities, or bond purchase plans for the benefit of the shareholder-employee in excess of (1) the lesser of 15 percent of his compensation; or (2) $7500, and the amount of any forfeitures allocated to the employee's account under a stock bonus or profit-sharing plan. Repeals the $100 exclusion from gross income for dividends and trust income. Restricts the business and income-producing expense deduction for business or trade-related conventions held outside of the United States to the cases where it is more reasonable for the meeting to be held outside of the United States than within it. Disallows business expense deductions for the use of a dwelling unit which is used by the taxpayer during the taxable year as a residence. Limits such deductions for vacation homes. Limits the allowable deductions attributable to farming by individuals whose nonfarm adjusted gross income exceeds $20,000 to gross income derived from farming for the taxable year, plus, in the case of an individual, the higher of $10,000 or the amount of certain allowable deductions. Provides for the computation of earnings and profits on a consolidated basis with respect to distributions by the common parent corporation of a controlled group of corporations. Provides for the recognition of gains incurred upon transfers to corporations controlled by the transferor where the gain qualifies as a dividend. Specifies that stock options granted to an employee by an employer corporation shall be treated as an option without a readily ascertainable value unless the option is traded on a stock exchange. Taxes trust income payable to the children of a grantor with a reversionary interest to the grantor if the child is under 21 years of age or a student. Applies the limitation on partnership losses to real estate partnerships. Repeals the exemption for earned income from foreign sources. Provides that a partnership shall be treated as a corporation for purposes of income taxation upon filing of a registration statement for the offering of units of interest in a partnership with the Securities Exchange Commission. Title IV: Reform Measures Affecting Primarily Corporations - Repeals the investment credit for business property placed in service after 1977. Repeals the Asset Depreciation Range System. States that, in the case of a corporation, the depreciation allowance shall not exceed the depreciation recorded on the corporation's books. Provides that the deduction for repair expenses shall be limited to the amount recorded on the corporation's books. Provides that if a deduction is allowable to a corporation during the taxable year for interest on purchases of stock of an unaffiliated corporation, the dividends received from such corporation shall be eligible for the dividends received deduction only to a limited extent. Repeals the provision allowing nonrecognition of gain on the sale of inventory in certain liquidations. Disqualifies as reorganization certain transactions which result in the shareholders of a merging corporation owning less than 20 percent of the total combined voting power of all classes of stock of the surviving corporation. Repeals the special treatment of bad debt reserves of financial institutions. Taxes the undistributed profits of foreign corporations to such corporations' American shareholders based on each shareholder's pro rata share of such undistributed profits. Repeals the tax exemption presently permitted to Domestic International Sales Corporations. Provides that where property acquired through involuntary conversion is stock of a corporation owning property similar or related in service or use to the converted property, the basis of such property owned by the corporation shall also be reduced by the amount of gain which is not recognized on account of the purchase of such stock. Repeals an exception to the penalty provisions for underpayment of estimated income tax insofar as they pertain to corporations whose tax for any of the preceding three tax years exceeded $300,000. Title V: Reforms Affecting Individuals and Corporations - Provides that amounts which otherwise would be allowable as a deduction and are attributable to the development of any fruit or nut grove or any vineyard shall be charged to capital account, with exceptions for specific types of development and for replanting of groves and vineyards damaged by weather, disease, or casualty. Repeals the tax exemptions for ships under foreign flags. Provides that the Commissioner of Internal Revenue shall have the authority to conduct any civil litigation in any court concerning tax liability, taxpayer suits, or the collection of internal revenue taxes in the name of the United States. Provides that the 15 percent minimum tax will apply to all tax preferences which exceeds $10,000. Subjects interest on governmental obligations and foreign tax credits to the minimum tax on preferences. Provides that the difference between the cost to a shareholder of the use of corporate property and the fair market value of such use shall be includible in the gross income of the shareholder. Limits the allowable depreciation deduction for rental real estate to an amount which will not reduce the adjusted basis to an amount below any mortgage indebtedness on such property. Reduces the deduction for charitable gifts of appreciated property to the amount of the property's basis at the time of the gift. Title VI: Reforms Affecting Private Foundations and Estate and Gift Taxes - Provides that a trust or other organization which is controlled by non-tax exempt organizations may still be considered a private foundation if its trustees or directors may distribute 50 percent or more of its income to qualified persons. Extends the disqualification of controlled foundations to include those which are only supervised or controlled in connection with unqualified organizations. Provides that organizations qualifying for tax exempt status because of their substantial support from Federal, State or local governments or from the general public may not receive more than one-half of one percent of their total support from any one individual or group related individuals. Excludes transfers with a reversionary interest in the decedent from the value of the decedent's gross estate. Requires the inclusion in the gross estate of the full value of an annuity provided by an employer. Includes in the value of a decedent's gross estate, life insurance proceeds on policies owned by the decedent's surviving spouse and on any policies not owned by the decedent to the extent that they are attributable to premiums paid by the decedent or his spouse. Limits the aggregate amount of charitable deductions allowed under the estate tax to 50 percent of the amount by which the value of the gross estate exceeds the aggregate amount of deductions for expenses, indebtedness, taxes, and casualty losses incurred during the settlement of the estate, or $1,000,000, whichever is greater. Allows a deduction from the gift tax of charitable gifts where the donor retained some interest in the transferred property which was later extinguished. Title VII: State and Local Obligations - Repeals the income tax for interest on State and local obligations issued after 1977. Directs the United States to pay 35 percent of the interest yield on State and local obligations. Title VIII: Withholding of Income Tax on Dividends and Interest - Directs every person who pays interest or dividends to deduct and withhold on such interest or dividends a tax equal to ten percent of the amount thereof. Directs every person required to deduct and withhold any tax to make quarterly returns of such tax to the appropriate Government officer.
Bill· HRH.R. 4411 (95th)referred
United States · United States Congress · 3 March 1977
Amends the Internal Revenue Code to exempt aircraft used primarily for agricultural operation from the excise tax on civil aircraft. Provides for the refund of the excise tax on gasoline used for farming purposes in an aircraft to the aerial applicator who purchased it.
Bill· SS. 856 (95th)referred
United States · United States Congress · 2 March 1977
Amends the Internal Revenue Code to allow a deduction to individuals who rent their principal residences for their proportionate share of the real property taxes paid or accrued by their landlord.
Bill· HRH.R. 4399 (95th)referred
United States · United States Congress · 2 March 1977
Medical Expense Exemption Act - Allows individuals to treat amounts paid for permanent improvements to property for medical care purposes as deductible medical expenses without reducing the deduction for any increase in the value of the property.
Bill· HRH.R. 4345 (95th)referred
United States · United States Congress · 2 March 1977
Amends the Internal Revenue Code to provide a $5,000 tax exclusion from gross income for any amount received as an annuity, pension, or other retirement benefit.
Bill· HRH.R. 4376 (95th)referred
United States · United States Congress · 2 March 1977
Amends the Internal Revenue Code to limit the application of the Tax Reform Act's elimination of the sick pay exclusion for persons who have not retired on total disability, to taxable years beginning after December 31, 1976.
Law· HRH.R. 4297 (95th)open
United States · United States Congress · 2 March 1977
Amends the Marine Protection, Research, and Sanctuaries Act of 1972 to extend through fiscal year 1978 the authorization of appropriations necessary to carry out the purposes of the Act with respect to (1) the regulation of and research pertaining to ocean dumping, and (2) the acquisition, development, and operation of marine sanctuaries.
Law· HRH.R. 4301 (95th)open
United States · United States Congress · 2 March 1977
Amends the National Sea Grant Program Act to authorize appropriations for fiscal year 1978 to continue the national projects program, and to carry out the purposes of the Act.
Bill· HRH.R. 4325 (95th)referred
United States · United States Congress · 2 March 1977
Amends the Internal Revenue Code to allow an additional income tax exemption for a taxpayer or his spouse who is deaf.
Bill· HRH.R. 4350 (95th)referred
United States · United States Congress · 2 March 1977
Educational Expenses Tax Deferral Act - Allows individuals a nonrefundable income tax credit for the first $300 in expenses incurred with respect to each dependent for primary or secondary education.
Bill· HRH.R. 4332 (95th)referred
United States · United States Congress · 2 March 1977
Amends the Internal Revenue Code to allow individuals whose income consists solely of employee compensation and interest to elect to have the Internal Revenue Service compute their income tax liability.
Bill· HRH.R. 4334 (95th)referred
United States · United States Congress · 2 March 1977
Amends the Internal Revenue Code to provide a deduction for State and local taxes imposed on the furnishing or sale of electrical energy, water, sewage disposal services, gas, or telephone services.
Bill· HRH.R. 4306 (95th)referred
United States · United States Congress · 2 March 1977
Amends the Budget and Accounting Act, 1921, to require that all departmental budget requests made to the Office of Management and Budget with respect to any fiscal year along with any figures developed by subordinate officers of such departments be submitted to the Congress along with the President's budget for such year. Requires that officials of the Office of Management and Budget, when requested to do so by the appropriate committees of the Congress, testify before such committees on the President's budget and on such departmental budget requests.
Bill· HRH.R. 4284 (95th)referred
United States · United States Congress · 2 March 1977
Amends the Internal Revenue Code to exempt trade or business expenses incurred in providing day care services on a regular basis in a taxpayer's dwelling unit from the prohibition on deducting expenses with respect to a dwelling unit which is used by the taxpayer as his residence.
Bill· HRH.R. 4258 (95th)referred
United States · United States Congress · 2 March 1977
Authorizes appropriations in specified amounts for fiscal year 1978 for the procurement of naval vessels for the armed forces. Prohibits the obligation of funds authorized under this Act for the DD6-47 guided missile destroyer program for material or components which are not suitable for use in a nuclear powered strike cruiser until the President has made certain determinations and has reported them to the Congress.
Bill· SS. 841 (95th)referred
United States · United States Congress · 1 March 1977
Amends the Internal Revenue Code to allow employers a refundable income tax credit for 50 percent of the wages paid new employees during the taxable years for work done in the United States. Limits the credit taken to $80,000. Reduces the allowable credit to 35 percent for certain new employees numbering more than five. Limits the number of employees for whom credit may be taken to ten new employees, or the maximum number of employees paid by the taxpayer during the calendar quarter ending the previous June 30th, whichever number is less. Directs the Secretary to submit reports to Congress in 1978 and 1980 assessing the impact of this credit.
Bill· SS. 844 (95th)referred
United States · United States Congress · 1 March 1977
Amends the Foreign Assistance Act of 1961 to authorize appropriations for military assistance to Portugal for fiscal year 1977.
Bill· SS. 831 (95th)referred
United States · United States Congress · 1 March 1977
Amends the Internal Revenue Code to allow an individual an income tax credit for 20 percent of the expenses incurred by himself and his immediate family for home energy-reduction improvements. Limits the lifetime credit for any individual or family to $100.
Bill· HRH.R. 4221 (95th)referred
United States · United States Congress · 1 March 1977
Amends the Internal Revenue Code to allow an amortization deduction for qualified solar heating and cooling equipment placed in service for nonresidential structures. Specifies that the period of amortization shall be 60 months. Provides that the amount of the monthly deduction shall be equal to the adjusted basis of the equipment at the end of the month, divided by the number of months remaining in the period. States that this deduction shall be in lieu of the depreciation deduction for such equipment. Makes solar heating and cooling equipment eligible for the investment credit allowed under the Internal Revenue Code. Limits both these provisions to installations of equipment within five years of the enactment of this Act.
Bill· HRH.R. 4228 (95th)referred
United States · United States Congress · 1 March 1977
Amends the Internal Revenue Code to allow a limited tax credit in an amount of $250 for each individual who is at least 65 years of age before the beginning of the taxable year, whose principal place of abode during the taxable year is the principal residence of the taxpayer, and who is not a lodger with the taxpayer.
Bill· HRH.R. 4220 (95th)referred
United States · United States Congress · 1 March 1977
Amends the Internal Revenue Code to authorize any taxpayer to elect to have any portion of any overpayment of tax or any contribution in money which the taxpayer forwards with the return for such taxable year be available, as the taxpayer may designate on such return, for the National Endowment for the Arts or the National Endowment for the Humanities.
Bill· HRH.R. 4227 (95th)referred
United States · United States Congress · 1 March 1977
Amends the Internal Revenue Code to allow a limited tax credit in an amount of $250 for each individual who is at least 65 years of age before the beginning of the taxable year, whose principal place of abode during the taxable year is the principal residence of the taxpayer, and who is not a lodger with the taxpayer.
Bill· HRH.R. 4196 (95th)referred
United States · United States Congress · 1 March 1977
Amends the Internal Revenue Code to decrease the floor on allowable medical deductions to two percent of adjusted gross income. Eliminates the one percent floor on deductions for drugs and medicine. Includes deductible amounts for medical insurance with other medical care expenses for which the two percent floor is applicable.
Bill· HRH.R. 4198 (95th)referred
United States · United States Congress · 1 March 1977
Amends the Internal Revenue Code to allow individuals whose income consists solely of employee compensation and interest to elect to have the Internal Revenue Service compute their income tax liability.
Bill· HRH.R. 4191 (95th)referred
United States · United States Congress · 1 March 1977
Amends the Internal Revenue Code to prohibit a business deduction for expenses paid or incurred to advertise tobacco products.
Bill· HRH.R. 4174 (95th)referred
United States · United States Congress · 1 March 1977
Amends the Internal Revenue Code to allow employers a refundable income tax credit for 50 percent of the wages paid new employees during the taxable years for work done in the United States. Limits the credit taken to $80,000. Limits the number of employees for whom credit may be taken to ten new employees, or the maximum number of employees paid by the taxpayer during the calendar quarter ending the previous June 30th, whichever number is less. Directs the Secretary to submit reports to Congress, in 1978 and 1980 assessing the impact of this credit.
Bill· HRH.R. 4171 (95th)referred
United States · United States Congress · 1 March 1977
Amends the Internal Revenue Code to limit the application of the Tax Reform Act's elimination of the sick pay exclusion for persons who have not retired on total disability, to taxable years beginning after December 31, 1976.
Bill· HRH.R. 4121 (95th)referred
United States · United States Congress · 28 February 1977
Amends the Internal Revenue Code to allow individuals an income tax deduction for amounts paid into an employee's tax-exempt retirement trust, or for an annuity contract. Limits the allowable deduction to 15 percent of the individual's gross income, or $1,500, whichever is less, minus a specified portion of the employer's contributions and, in the case of employees exempt from self-employment, FICA or Railroad Retirement Act taxation, the amount of FICA tax liability they would have paid if they were not exempt.
Bill· HRH.R. 4117 (95th)referred
United States · United States Congress · 28 February 1977
Amends the Internal Revenue Code to disallow business income tax deductions for expenses incurred for lobbying before Congress or other legislative bodies.
Bill· HRH.R. 4142 (95th)referred
United States · United States Congress · 28 February 1977
Amends the Internal Revenue Code to exempt aircraft used primarily for agricultural operation from the excise tax on civil aircraft. Provides for the refund of the excise tax on gasoline used for farming purposes in an aircraft to the aerial applicator who purchased it.
Bill· HRH.R. 4147 (95th)referred
United States · United States Congress · 28 February 1977
Amends the Internal Revenue Code to provide an additional income tax exemption for each taxpayer, spouse, or dependent who has a serious mental or physical disability which can be expected to result in death or be of long-continued or indefinite duration, or who had a physical or mental disability which caused his death during the taxable year. Makes such provision applicable only for individuals who do not qualify for an exemption for blindness.
Bill· HRH.R. 4122 (95th)referred
United States · United States Congress · 28 February 1977
Amends the Internal Revenue Code to allow individuals an income tax deduction for amounts paid into an employee's tax-exempt retirement trust, or for an annuity contract. Limits the allowable deduction to 15 percent of the individual's gross income, or $1,500, whichever is less, minus a specified portion of the employer's contributions and, in the case of employees exempt from self-employment, FICA or Railroad Retirement Act taxation, the amount of FICA tax liability they would have paid if they were not exempt.
Bill· HRH.R. 4131 (95th)referred
United States · United States Congress · 28 February 1977
Neighborhood Government Act - Amends the Internal Revenue Code to allow individuals nonrefundable income tax credits for a portion of the amounts contributed by them to neighborhood corporations which provide municipal services. Limits the amounts allowable to different percentages of the individuals contributions, depending on the individual's income, and ranging from 80 percent of contributions by persons making not more than $10,000 in taxable income to ten percent of contributions by individuals with taxable incomes greater than $25,000. Authorizes the Secretary of the Treasury to pay neighborhood corporations a percentage of the non-Federal taxes paid by each of their members which is equal to the same percentage of neighborhood contributions each member is allowed a credit. Allows the Secretary to reduce such payments where there are insufficient funds to make the payments, and to require such reports and accounting procedures as are necessary to account for Federal funds. Directs the Secretary to report to Congress annually on payments made and reports received under this program. Authorizes all necessary appropriations for the purpose of this Act.
Bill· HRH.R. 4114 (95th)referred
United States · United States Congress · 28 February 1977
Amends the National Sea Grant Program Act to authorizes appropriations for the national sea grant program for fiscal year 1978.
Bill· HRH.R. 4123 (95th)referred
United States · United States Congress · 28 February 1977
Amends the Internal Revenue Code to limit the application of the Tax Reform Act's elimination of the sick pay exclusion for persons who have not retired on total disability, to taxable years beginning after December 31, 1976.
Bill· SS. 801 (95th)referred
United States · United States Congress · 24 February 1977
Amends the Housing and Community Development Act of 1974 to provide that units of general local government receiving grants under the hold-harmless provisions of such Act, shall be entitled, after fiscal year 1977, to continue to receive the amount to which they are presently entitled.
Bill· SS. 793 (95th)referred
United States · United States Congress · 24 February 1977
Surplus School Conversion Act - Entitles taxpayers, under the Internal Revenue Code, to elect to take a deduction with respect to the amortization of any qualified school or hospital property based on a period of 180 months. Defines qualified school or hospital property to mean any building or other structure which is acquired by the taxpayer from a tax-exempt organization which used such structure to provide facilities for an educational institution or an institution which provided medical or custodial care.
Bill· SS. 803 (95th)referred
United States · United States Congress · 24 February 1977
Amends the Internal Revenue Code to provide that tax liens shall not be valid unless the fact of filing is entered and recorded in a public index at the State or local office where the notice is filed.
Bill· SS. 796 (95th)referred
United States · United States Congress · 24 February 1977
Amends the Tax Reform Act of 1976 to delay for one year the effective date of the changes made in the Internal Revenue Code with regard to the deduction of home office expenses.
Bill· SS. 779 (95th)referred
United States · United States Congress · 24 February 1977
Amends the Internal Revenue Code to allow individuals an income tax deduction for all the ordinary and necessary expenses paid or incurred in traveling between the individual's principal place of construction related employment and a temporary construction project work site.
Bill· SS. 772 (95th)referred
United States · United States Congress · 24 February 1977
Amends the Tax Reform Act of 1976 to delay, for one year, the effective date of the changes made in the Internal Revenue Code with regard to the taxation of income earned abroad by U.S. citizens living abroad.
Bill· SS. 775 (95th)referred
United States · United States Congress · 24 February 1977
Amends the Internal Revenue Code to exempt aircraft used primarily for agricultural operation from the excise tax imposed on the use of civil aircraft. Provides for the refund of the tax on gasoline and aircraft to the aerial applicator who is the ultimate purchaser thereof.
Bill· HRH.R. 4007 (95th)passed
United States · United States Congress · 24 February 1977
Amends the Internal Revenue Code to replace the $3,000 limitation on deductions by Members of Congress for living expenses away from home with a dollar limitation to be established by the Secretary of Labor after taking into account: (1) the time the members are normally away from home; (2) the cost of living, computed in accordance with the Consumer Price Index, for the place where the legislature meets; and (3) the amounts normally allowed businessmen under similar circumstances. Authorizes State legislators to deduct living expenses incurred in their capitals on days they are engaged on legislative business. Provides that dollar limitations on such deductions shall be established for each legislature by the Secretary of Labor after taking into account the second and third factors specified above.
Bill· HRH.R. 4030 (95th)referred
United States · United States Congress · 24 February 1977
Amends the Internal Revenue Code to increase, from 50 to 51 percent, the maximum amount of voting stock certain private foundations may own in certain public utilities without being subject to the excise tax on excess business holdings. Stipulates that such stock must have been held on May 26, 1969 and have been acquired by gift, devise, or bequest from an individual who is not an officer of the foundation nor has any family members who are officers.
Bill· HRH.R. 4090 (95th)reported
United States · United States Congress · 24 February 1977
Amends the Internal Revenue Code to limit the pari-mutuel gambling winning on horse and dogs races and jai alai which are subject to tax withholding to one-half of the proceeds exceeding $1,000 where the winnings are at least 300 times the size of the wager.
Bill· HRH.R. 4076 (95th)referred
United States · United States Congress · 24 February 1977
Amends the Internal Revenue Code to provide that taxpayers shall not be required to pay the principal or interest for underpayments of taxes for any period prior to April 16, 1977 (March 16, 1977 in the case of a corporation), nor penalized for any failure to withhold and deduct taxes on remuneration paid before 1977, to the extent that such failures or underpayment are attributable to new or increased tax liabilities imposed by the Tax Reform Act.
Bill· HRH.R. 4074 (95th)referred
United States · United States Congress · 24 February 1977
Amends the Internal Revenue Code to repeal the withholding tax requirements with respect to gambling winnings.
Bill· HRH.R. 4029 (95th)referred
United States · United States Congress · 24 February 1977
Allows, as a credit against the income tax, 25 percent of the expenditures paid for the installation of solar heating or cooling equipment in any building owned by the taxpayer and used as his residence. Limits the expenditures claimed by any taxpayer, for any building, to $8,000. Prorates the allowable credit among joint owners and tenant stockholders. Prohibits any increase in the structure's basis to the extent that this credit is claimed. Defines "solar heating and cooling equipment" as equipment meeting the criteria of the Solar Heating and Cooling Demonstration Act, with a useful life of at least three years, and which is originally used by the taxpayer. Allows, as a credit against the income tax, 30 percent of the expenditures paid for insulating the taxpayer's residence. Limits the expenditures claimed during this period to $750 for any individual or building. Prorates the allowable credit among joint owners and tenant stockholders. Prohibits any increase in the basis of such residence to the extent that this credit is taken. Allows an investment tax credit for expenditures paid or incurred for insulation and solar energy equipment installed in structures used for a trade or business or held for the production of income. Extends this investment credit to structures used as lodging facilities. Directs the Secretary of the Treasury to draft additional criteria defining solar energy equipment for the purposes of the investment tax credit. Allows the amortization, over 60 months, of depreciable shale oil conversion, solar geothermal, and waste energy equipment.
Bill· HRH.R. 4075 (95th)referred
United States · United States Congress · 24 February 1977
Increases the tax benefits accorded income earned abroad by United States citizens by: (1) increasing the limitation on the exclusion of such income to $20,000, and to $25,000 for individuals who have lived in foreign countries for an uninterrupted period of three years; (2) allowing these individuals to claim tax credits for foreign taxes paid against the income falling within this exclusion; (3) allowing taxpayers to still claim the exclusion when they receive the income outside of the country where it was earned in order to escape foreign taxation; and (4) removing the income from the taxpayers' tax computation, thereby excluding the income from their highest, rather than their lowest income brackets. Repeals the election to forego the exclusion of such income. Prohibits taking foreign tax credits if the taxpayer takes the standard deduction.
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