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Bill· HRH.R. 614 (99th)open

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

United States · United States Congress · 22 January 1985

Repeals the requirement added by the Tax Reform Act of 1984 relating to the maintenance of contemporaneous records with respect to: (1) business travel expenses, including automobile expenses; (2) business entertainment expenses; and (3) expenses for gifts.

Bill· HRH.R. 600 (99th)open

Taxpayer Relief Act of 1985

United States · United States Congress · 22 January 1985

Repeals the requirement added by the Tax Reform Act of 1984 relating to the maintenance of contemporaneous records with respect to: (1) business travel expenses, including automobile expenses; (2) business entertainment expenses; and (3) expenses for gifts.

Bill· HRH.R. 594 (99th)open

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

United States · United States Congress · 22 January 1985

Repeals the requirement added by the Tax Reform Act of 1984 relating to the maintenance of contemporaneous records with respect to: (1) business travel expenses, including automobile expenses; (2) business entertainment expenses; and (3) expenses for gifts.

Bill· HRH.R. 589 (99th)open

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

United States · United States Congress · 22 January 1985

Repeals the requirement added by the Tax Reform Act of 1984 relating to the maintenance of contemporaneous records with respect to: (1) business travel expenses, including automobile expenses; (2) business entertainment expenses; and (3) expenses for gifts.

Bill· HRH.R. 623 (99th)open

Flat Rate Tax Act of 1985

United States · United States Congress · 22 January 1985

Flat Rate Tax Act of 1985 - Title I: 15 Percent Flat Tax for Individuals - Amends the Internal Revenue Code to impose a 15 percent flat rate tax on the gross income of individuals in excess of $10,000. Repeals all income tax deductions, exclusions, and credits except for the charitable contribution deduction, the deduction for interest payments on a home mortgage, and the business expense deduction. Title II: Taxpayer Protection Standards - Amends the Internal Revenue Code to prohibit the imposition of a lien on taxpayer property for the collection of unpaid taxes until the Internal Revenue Service (IRS) has made an attempt to enter into an installment agreement with the taxpayer, exhausted all procedural methods for the collection of such tax, and obtained a court order to make such a levy. Permits any Federal or State court judge in the district in which the taxpayer property is located to order a levy on such property for payment of taxes. Sets forth standards for the issuance of a court-ordered levy. Exempts from a tax levy the taxpayer's principal residence, fuel, furniture, and other personal effects, as well as books and tools of a trade, business or profession. Makes binding upon the IRS any written advice given to a taxpayer by an IRS officer or employee acting in an official capacity unless such advice was based on inaccurate information provided by the taxpayer. Requires the IRS to inform the taxpayer that oral advice is not binding unless it has been reduced to writing. Makes binding upon the IRS any installment agreement made with the taxpayer regardless of any change in the taxpayer's financial situation or ability to pay. Makes permanent the provision of the Code allowing the award of reasonable litigation costs to the prevailing party in a civil tax case. Establishes procedures for the IRS in conducting interviews with the taxpayer in connection with the assessment of a tax deficiency. Allows a taxpayer to request that any such interview be conducted in the home of the taxpayer at a convenient time, that the taxpayer be permitted to make a recording of such interview, and that the taxpayer be accompanied by a witness. Prohibits the IRS from promulgating any regulation or ruling which would be applied with retroactive effect. Title III: Effective Dates, Etc. - Sets forth the effective date for this Act.

Bill· HRH.R. 608 (99th)referred

National Indigent Women's Abortion Trust Fund Checkoff Act of 1985

United States · United States Congress · 22 January 1985

National Indigent Women's Abortion Trust Fund Checkoff Act of 1985 - Title I: Amendments to Internal Revenue Code of 1954 - Amends the Internal Revenue Code to permit every individual with a tax liability of one dollar or more to designate one dollar of the taxpayer's income tax payment to be paid over to the National Indigent Women's Abortion Trust Fund. Permits each spouse on a joint return to designate that one dollar be paid over to such Fund. Establishes in the Treasury the National Indigent Women's Abortion Trust Fund. Transfers to the Fund amounts designated each year for payment to such Fund. Provides that amounts in the trust fund shall be available to pay the Federal share of the cost of medical assistance for abortions under the Social Security Act. Title II: Medicaid Amendments - Amends title XIX (Medicaid) of the Social Security Act to provide that State plans for medical assistance are required to provide for abortions in the same manner as other pregnancy-related services. Makes this requirement applicable to calendar quarters beginning on or after October 1, 1985. Provides that where a State plan requires State legislative action to meet this requirement, the plan will not be deemed to have failed to meet the requirement until the first day of the first calendar quarter beginning after the close of the first regular session of the State legislature that begins after the enactment of this Act. Authorizes the Secretary of Health and Human Services to make payments to the States from the National Indigent Women's Abortion Trust Fund. Provides that payments from such Fund shall be governed by regulations promulgated by the Secretary of Health and Human Services.

Bill· HRH.R. 625 (99th)referred

A bill to amend the Internal Revenue Code of 1954 to allow taxpayers to disregard certain retroactive administrative and judicial interpretations of such Code.

United States · United States Congress · 22 January 1985

Amends the Internal Revenue Code to provide that certain retroactive administrative or judicial interpretations of the Internal Revenue Code may be disregarded if a taxpayer's treatment of any tax item has a reasonable basis in law as of the date such item is taken into account.

Bill· HRH.R. 619 (99th)referred

Individual Housing Act of 1985

United States · United States Congress · 22 January 1985

Individual Housing Act of 1985 - Amends the Internal Revenue Code to allow an income tax deduction for cash contributions to a savings account established for the benefit of the taxpayer (or the taxpayer and spouse if married) for the exclusive purpose of purchasing the taxpayer's first principal residence. Limits the maximum annual deduction to $5,000, with a maximum lifetime deduction of $15,000. Excludes distributions from such account from gross income if they are used exclusively for the purchase of a first principal residence. Imposes a ten percent surtax on distributions from an individual housing account which are not used for the purchase of a principal residence. Requires the trustee of an individual housing account to report on the maintenance of the account. Imposes a penalty for failure to file required reports.

Bill· HRH.R. 606 (99th)referred

A bill making supplemental appropriations for the fiscal year ending September 30, 1985, for famine and recovery in Africa.

United States · United States Congress · 22 January 1985

Makes supplemental appropriations for African famine relief programs for FY 1985 to: (1) the Department of Agriculture for Public Law 480; (2) the Agency for International Development for specified agriculture, rural development, and nutrition programs, for international disaster assistance, and for operating expenses; and (3) the Department of State for migration and refugee assistance.

Bill· HRH.R. 611 (99th)referred

A bill to amend the Internal Revenue Code of 1954 to allow individuals a credit against income tax for expenditures made for the purchase and installation of locks and other security devices in principal residences.

United States · United States Congress · 22 January 1985

Amends the Internal Revenue Code to allow individuals an income tax credit for 50 percent of expenditures for the purchase and installation of locks and security devices in principal residences. Limits to $200 the amount of expenditures which may be taken into account for such credit.

Bill· HRH.R. 602 (99th)referred

Individual Housing Account Act

United States · United States Congress · 22 January 1985

Individual Housing Account Act - Amends the Internal Revenue Code to allow an income tax deduction for cash contributions to a trust account established for the exclusive purpose of purchasing the taxpayer's first principal residence. Limits the maximum annual deduction to $5,000, with a maximum lifetime deduction of $20,000. Excludes distributions from such account from gross income if they are used exclusively for the purchase of a first principal residence. Imposes a ten percent surtax on distributions from an individual housing account which are not used for the purchase of a principal residence. Requires the trustee of an individual housing account to report on the maintenance of the account. Imposes a penalty for failure to file required reports.

Bill· HRH.R. 582 (99th)referred

A bill to amend the Internal Revenue Code of 1954 to require that income tax returns include space designated for the taxpayer to specify the amount of any cash contribution such taxpayer wishes to make to the Federal Government for reduction of the public debt and to establish a trust fund with amounts contributed by taxpayers for reduction of the public debt.

United States · United States Congress · 22 January 1985

Amends the Internal Revenue Code to require income tax returns to include space designated for the taxpayer to specify the amount of cash contributions, if any, which the taxpayer wishes to make to the Government to reduce the public debt. Requires the transfer of amounts designated for this purpose to a special account to be used to reduce the public debt.

Bill· HJRESH.J.Res. 78 (99th)referred

A joint resolution to freeze spending in the budget of the United States at fiscal year 1985 levels and reduce deficits, and to accelerate the off-budget treatment of the Social Security trust funds.

United States · United States Congress · 22 January 1985

Freezes all spending in the budget at FY 1985 levels beginning with FY 1986. Permits increased spending in any program if such spending is wholly offset by equivalent increases in revenue or reductions in spending in other programs. Accelerates the treatment of the Social Security Trust Funds (the Federal Old-Age and Survivors Insurance Trust Fund, the Federal Disability Insurance Trust Fund, the Federal Hospital Insurance Trust Fund, and the Federal Supplementary Medical Insurance Trust Fund): (1) as a separate major functional category in the budget; and (2) as an exclusion from the totals of the budget.

Bill· SS. 203 (99th)open

Federal Tax Delinquency Amnesty Act of 1985

United States · United States Congress · 21 January 1985

Federal Tax Delinquency Amnesty Act of 1985 - Provides for a one-time amnesty from criminal and civil tax penalties for a taxpayer who: (1) files a written statement with specified information concerning any underpayment of tax; (2) pays the amount of such underpayment when filing the statement; and (3) within 30 days of notification of 50 percent of the amount of interest payable on any tax delinquent amount, pays the amount of such interest or delinquency. Permits installment payments in certain cases. Defines the amnesty period as the period from July 1, 1985, to December 31, 1985, or the six-month period beginning the first July 1 after the enactment of this Act. Applies such amnesty to all payments relating to tax years ending by December 31, 1983, or taxable events occurring before January 1, 1984. Disallows such amnesty where: (1) the taxpayer was contacted before a statement was filed; (2) there was fraud in seeking amnesty; (3) a criminal investigation is pending; or (4) the income involved is illegal source income. Authorizes appropriations to administer such amnesty program and to employ 3,000 additional Internal Revenue Service agents. Increases criminal and civil tax penalties by 50 percent.

Bill· SS. 200 (99th)open

Homemakers' Equity Act

United States · United States Congress · 21 January 1985

Homemakers' Equity Act - Amends the Internal Revenue Code to allow individuals to compute the amount of the deduction for retirement savings on the basis of the compensation of the spouse. Phases this deduction in over a period of seven years.

Bill· SS. 195 (99th)referred

A bill to amend the Internal Revenue Code of 1954 to repeal the capital gains tax on disposition of investments in United States real property by foreign citizens, to repeal the provisions providing for withholding of, and reporting on, such tax, and for other purposes.

United States · United States Congress · 21 January 1985

Amends the Internal Revenue Code to repeal the capital gains tax on disposition of investments in U.S. real property by foreign citizens. Repeals the withholding of tax on dispositions of U.S. real property interests and the special reporting requirements with respect to U.S. real property interests.

Bill· HRH.R. 545 (99th)open

A bill to repeal the substantiation requirements contained in the Tax Reform Act of 1984 for deductions attributable to business use of passenger automobiles and certain other types of personal property.

United States · United States Congress · 21 January 1985

Repeals the requirement added by the Tax Reform Act of 1984 relating to the maintenance of contemporaneous records with respect to: (1) business travel expenses, including automobile expenses; (2) business entertainment expenses; and (3) expenses for gifts.

Bill· HRH.R. 536 (99th)open

A bill to repeal the substantiation requirements contained in the Tax Reform Act of 1984 for deductions attributable to business use of passenger automobiles and certain other types of personal property.

United States · United States Congress · 21 January 1985

Repeals the requirement added by the Tax Reform Act of 1984 relating to the maintenance of contemporaneous records with respect to: (1) business travel expenses, including automobile expenses; (2) business entertainment expenses; and (3) expenses for gifts.

Bill· HRH.R. 534 (99th)open

A bill entitled: "The Logging Requirement Repeal Act of 1985".

United States · United States Congress · 21 January 1985

Repeals the requirement added by the Tax Reform Act of 1984 relating to the maintenance of contemporaneous records with respect to: (1) business travel expenses, including automobile expenses; (2) business entertainment expenses; and (3) expenses for gifts.

Bill· HRH.R. 541 (99th)open

Paperwork Reduction Act of 1985

United States · United States Congress · 21 January 1985

Paperwork Reduction Act of 1985 - Repeals the requirement added by the Tax Reform Act of 1984 relating to the maintenance of contemporaneous records with respect to business travel expenses, including automobile expenses and certain other property.

Bill· HRH.R. 544 (99th)referred

A bill to exclude from gross income, for purposes of Federal income tax, interest paid to sellers of agricultural land purchased with loans made by such sellers to certain farmers and ranchers and insured under the Consolidated Farm and Rural Development Act.

United States · United States Congress · 21 January 1985

Amends the Internal Revenue Code to exclude from the gross income of a seller interest received on loans insured under the Consolidated Farm and Rural Development Act which are used for the purchase of agricultural land by certain farmers or ranchers.

Bill· HRH.R. 533 (99th)referred

A bill to amend the Internal Revenue Code of 1954 to provide an investment tax credit of up to 20 percent of certain expenditures by the taxpayer for soil or water conservation.

United States · United States Congress · 21 January 1985

Amends the Internal Revenue Code to provide an additional ten percent investment tax credit (for a total of 20 percent) for expenditures for soil and water conservation property. Defines "soil and water conservation property" to mean irrigation property and that portion of the basis of qualified land which is attributable to conservation improvements made by the taxpayer. Requires that the qualified land be classified as highly erodible land. Provides that soil and water conservation property does not include that portion of the basis of property which is financed by any grant from the Government. Provides that the useful life of soil and water conservation property will be seven years. Provides that soil or water conservation property shall cease to qualify for the investment tax credit provided by this Act if the taxpayer discontinues the business of farming within five years after the date on which the property was placed in service. Provides that the amount of the tax deduction allowed under the accelerated cost recovery system for irrigation property qualified under this Act shall be determined according to a straight line method of depreciation.

Bill· HRH.R. 528 (99th)referred

A bill to amend section 531 of the Tax Reform Act of 1984.

United States · United States Congress · 7 January 1985

Amends the Tax Reform Act of 1984 to provide that an individual who, as of September 12, 1984, was performing services for one member of a corporate group and was eligible for nontaxable air travel benefits provided by a corporate affiliate shall continue to be eligible for such benefits if as of that date: (1) the primary business of the affiliated group was air transportation of passengers; and (2) at least 50 percent of the persons performing services for the corporation for which the individual is currently performing services were employees of or had previously performed services for the second such corporation.

Bill· HRH.R. 518 (99th)referred

A bill to amend the Internal Revenue Code of 1954 to allow individuals a credit against income tax for qualified fire detector expenses.

United States · United States Congress · 7 January 1985

Amends the Internal Revenue Code to allow an income tax credit for 50 percent of the cost of purchasing and installing fire detectors in the residence of any taxpayer. Limits the amount of such credit to $100 for a taxable year ($50 in the case of a married individual filing a separate return).

Bill· HRH.R. 506 (99th)referred

A bill relating to alternative minimum tax relief for certain insolvent taxpayers.

United States · United States Congress · 7 January 1985

Amends the Internal Revenue Code to provide that for purposes of the alternative minimum tax, any gain or loss from the transfer of property to a creditor in cancellation of a debt or from the sale or exchange of property under threat of foreclosure shall not be taken into account in computing net capital gain if prior to such sale or exchange the taxpayer is insolvent.

Bill· HJRESH.J.Res. 70 (99th)referred

A joint resolution proposing an amendment to the Constitution of the United States providing that, except in cases of national emergency, expenditures of the United States Government in any fiscal year shall not exceed its revenues for that fiscal year.

United States · United States Congress · 7 January 1985

Constitutional Amendment - Prohibits Federal expenditures from exceeding its revenues in any fiscal year. Authorizes suspension of such prohibition in time of national emergency.

Bill· HJRESH.J.Res. 71 (99th)referred

A joint resolution proposing an amendment to the Constitution of the United States to provide that, except in cases of war or other grave national emergency as determined by the Congress, expenditures of the United States in each fiscal year shall not exceed 20 per centum of the gross national product for the preceding calendar year, and expenditures of the United States in each fiscal year shall not exceed revenues of the United States for that fiscal year.

United States · United States Congress · 7 January 1985

Constitutional Amendment - Requires the President to determine the gross national product of the United States for each calendar year. Prohibits the total expenditures of the United States during a fiscal year from exceeding: (1) 20 percent of the gross national product for the preceding calendar year; and (2) total revenues during such fiscal year. Provides for suspension of such prohibition in time of war or grave national emergency declared by the Congress.

Bill· SS. 102 (99th)open

A bill to authorize appropriations for the maritime construction differential subsidy for fiscal year 1986, to promote a strong United States merchant marine, and for other purposes.

United States · United States Congress · 3 January 1985

Authorizes appropriations to the Department of Transportation for FY 1986 for the maritime construction-differential subsidy. Amends the Merchant Marine Act, 1936 to raise the maximum construction differential subsidy payment to 60 percent of the construction contract price (currently 50 percent). Increases the limitation on outstanding loan obligations for vessel construction, reconstruction, or reconditioning.

Bill· SS. 154 (99th)open

United States Olympic Development Fund Act of 1985

United States · United States Congress · 3 January 1985

United States Olympic Development Fund Act of 1985 - Amends the Internal Revenue Code to allow taxpayers to designate on their income tax returns a contribution of one dollar of their income tax refunds or any cash amount voluntarily forwarded with their returns to support the U.S. Olympic Trust Fund. Establishes in the Treasury a U.S. Olympic Trust Fund. Appropriates to such trust fund amounts equal to the amounts designated on tax returns. Directs the Secretary of the Treasury to pay such amounts to the U.S. Olympic Committee. Allows specified administrative expenses of the Department of the Treasury to be paid from such trust fund.

Bill· SS. 138 (99th)open

Municipal Finance Rescue Act

United States · United States Congress · 3 January 1985

Municipal Finance Rescue Act - Amends the Internal Revenue Code to exclude from gross income any distributions made from an individual retirement account or a qualified plan benefiting self-employed individuals or owner-employees to the extent such distributions are attributable to tax-exempt interest.

Bill· SS. 120 (99th)open

A bill to amend the Tax Reform Act of 1984 to provide a transitional rule for the tax treatment of certain air travel benefits provided to employees of airlines.

United States · United States Congress · 3 January 1985

Amends the Tax Reform Act of 1984 to provide that an individual who, as of September 12, 1984, was performing services for one member of a corporate group and was eligible for nontaxable air travel benefits provided by another corporate affiliate shall continue to be eligible for such benefits if as of that date: (1) at least 50 percent of the individuals performing services for the first such corporation were or had been employees of or had previously performed services for the second such corporation; and (2) the primary business of the affiliated group was air transportation of passengers.

Bill· SS. 71 (99th)open

A bill to amend the Internal Revenue Code of 1954 to clarify the application of the imputed interest and interest accrual rules.

United States · United States Congress · 3 January 1985

Amends the Internal Revenue Code to provide that a person, including an estate or testamentary trust, who sells a principal residence for a purchase price of $250,000 or less will be subject to a nine percent imputed interest test rate. Permits the Secretary of the Treasury to lower the imputed interest test rate in certain circumstances. Requires the use of a "blended" rate to calculate the imputed interest test rate where the sales price exceeds the $250,000 limit. Provides that a homebuilder or realtor selling a residence which is held in inventory and is sold for $250,000 or less would be subject to an imputed interest rate of 80 percent of the applicable Treasury rate. Applies this 80 percent rate to sales of homes to be occupied by owners. Provides that where the purchase price is greater than $250,000, the applicable test rate would be a weighted "blend" of 80 percent of the Federal rate and 100 percent of the applicable Federal rate. Provides that interest deductions on borrowing to carry seller-financed housing would be limited to current interest income, including imputed interest recognized on seller financing. Permits deferred interest deductions on a pro-rata basis as the homebuyer makes payments on the mortgage. Provides that the sale of a farm or ranch with a purchase price of not more than $2,000,000 would be subject to a nine percent imputed interest test rate. Requires the property to have been used as a farm or ranch for the three years prior to the sale and the purchaser to intend to use the property as a farm or ranch. Provides for a "blended" imputed interest test rate where the purchase price is over $2,000,000. Prohibits sale-leaseback transactions. Provides that the nine percent imputed interest test rate shall not apply to sales of new property subject to the investment tax credit. Provides that the sale of a trade or business with a purchase price of $1,000,000 or less would be subject to a nine percent imputed interest test rate. Applies this test rate to the sale of a complete line of such business and to a sale of an ownership interest in such business. Provides that if the business is sold for more than $1,000,000, the imputed interest test weight will be a weighted "blend" rate. Prohibits the sale-leaseback type of arrangement. Prohibits the use of the nine percent imputed interest test rate in the case of sales of new investment credit property. Provides that for sales of real property involving no more than $4,000,000 of deferred payments, the applicable imputed interest test rate will be 80 percent of the applicable Federal rate. Requires that payments for such a sale not extend for more than 12 years. Imposes on sales exceeding $4,000,000 an imputed interest test rate of 100 percent of the applicable Federal rate. Provides that the maximum imputed interest test rate for these transactions shall be 11 percent for the first six months of 1985. Limits the increase in the rates thereafter to one-half percent for every six months until the rate equals 100 percent of the applicable Federal rate. Requires that 80 percent of interest due under the contract be paid currently. Provides that other transactions not meeting the rules stated above shall have an imputed interest test rate of 110 percent of the applicable Federal rate. Exempts certain transactions from the operation of these rules. Limits the increase in the imputed interest test rate where the Federal rate increases by more than two percent during a six month period. Provides that the imputed interest test rate will apply to the sale or exchange of any real property used in an active trade or business by a person who would be qualified if he disposed of an entire interest. Provides that the sales price together with any prior sales during the preceding 12-month period shall not exceed $1,000,000. Prohibits certain restrictions on loan assumptions that are eligible for the nine or ten percent imputed interest test rate.

Bill· SS. 56 (99th)open

A bill to amend the Internal Revenue Code of 1954 to modify the application of the imputed interest and interest accrual rules.

United States · United States Congress · 3 January 1985

Amends the Internal Revenue Code to provide that a person, including an estate or testamentary trust, who sells a principal residence for a purchase price of $250,000 or less will be subject to a nine percent imputed interest test rate. Permits the Secretary of the Treasury to lower the imputed interest test rate in certain circumstances. Requires the use of a "blended" rate to calculate the imputed interest test rate where the sales price exceeds the $250,000 limit. Provides that a homebuilder or realtor selling a residence which is held in inventory and is sold for $250,000 or less would be subject to an imputed interest rate of 80 percent of the applicable Treasury rate. Applies this 80 percent rate to sales of homes to be occupied by owners. Provides that where the purchase price is greater than $250,000, the applicable test rate would be a weighted "blend" of 80 percent of the Federal rate and 100 percent of the applicable Federal rate. Provides that interest deductions on borrowing to carry seller-financed housing would be limited to current interest income, including imputed interest recognized on seller financing. Permits deferred interest deductions on a pro-rata basis as the homebuyer makes payments on the mortgage. Provides that the sale of a farm or ranch with a purchase price of not more than $2,000,000 would be subject to a nine percent imputed interest test rate. Requires the property to have been used as a farm or ranch for the three years prior to the sale and the purchaser to intend to use the property as a farm or ranch. Provides for a "blended" imputed interest test rate where the purchase price is over $2,000,000. Prohibits sale-leaseback transactions. Provides that the nine percent imputed interest test rate shall not apply to sales of new property subject to the investment tax credit. Provides that the sale of a trade or business with a purchase price of $1,000,000 or less would be subject to a nine percent imputed interest test rate. Applies this test rate to the sale of a complete line of such business and to a sale of an ownership interest in such business. Provides that if the business is sold for more than $1,000,000, the imputed interest test weight will be a weighted "blend" rate. Prohibits the sale-leaseback type of arrangement. Prohibits the use of the nine percent imputed interest test rate in the case of sales of new investment credit property. Provides that for sales of real property involving no more than $4,000,000 of deferred payments, the applicable imputed interest test rate will be 80 percent of the applicable Federal rate. Requires that payments for such a sale not extend for more than 12 years. Imposes on sales exceeding $4,000,000 an imputed interest test rate of 100 percent of the applicable Federal rate. Provides that the maximum imputed interest test rate for these transactions shall be 11 percent for the first six months of 1985. Limits the increase in the rates thereafter to one-half percent for every six months until the rate equals 100 percent of the applicable Federal rate. Requires that 80 percent of interest due under the contract be paid currently. Provides that other transactions not meeting the rules stated above shall have an imputed interest test rate of 110 percent of the applicable Federal rate. Exempts certain transactions from the operation of these rules. Limits the increase in the imputed interest test rate where the Federal rate increases by more than two percent during a six month period. Provides that the imputed interest test rate will apply to the sale or exchange of any real property used in an active trade or business by a person who would be qualified if he disposed of an entire interest. Provides that the sales price together with any prior sales during the preceding 12-month period shall not exceed $1,000,000. Prohibits certain restrictions on loan assumptions that are eligible for the nine or ten percent imputed interest test rate.

Bill· SS. 88 (99th)open

Prison Construction Privatization Act of 1985

United States · United States Congress · 3 January 1985

Prison Construction Privatization Act of 1985 - Amends the Internal Revenue Code to provide that restrictions on the allowance for depreciation and the investment tax credit for property leased by a tax-exempt entity shall not apply to certain correctional facilities leased by State and local governments.

Bill· SS. 58 (99th)open

High Technology Research and Scientific Education Act of 1985

United States · United States Congress · 3 January 1985

High Technology Research and Scientific Education Act of 1985 - Title I: The Credit for Increasing Research Activities - Amends the Internal Revenue Code to make permanent the tax credit for research and development (R&D) expenditures. Modifies the definition of qualified research for purposes of the R&D credit to narrow the category of eligible activities for which the credit is available. Provides that all in-house and contract research expenses paid or incurred by a regular corporation shall constitute qualified R&D expenses for credit purposes if the corporation undertakes the research with the intention to use the results thereof in the active conduct of a present or future trade or business. Provides that in the case of research being conducted in the partnership form, the trade or business test is applied at the partnership level, and the credit is apportioned among the partners in accordance with general partnership rules. Title II: Promotion of University Research and Scientific Education - Establishes a new income tax credit equal to 20 percent of that portion of a corporation's payments to universities (and other nonprofit, tax-exempt organizations for basic research) which exceeds a fixed, historical "minimum university basic research" floor. Defines the fixed "minimum university basic research" floor as one percent of the annual average of the corporate taxpayer's combined qualified in-house research expenses, contract research expenses, and university basic research payments for the base period composed of the period from 1981 through 1983. Modifies the charitable contribution deduction of corporations for scientific and technical property to: (1) expand the eligible uses to which the property may be put to include direct education as well as research and research training; (2) make computer software eligible for the deduction; and (3) make state-of-the-art equipment used in the taxpayer's trade or business eligible for the deduction. Sets forth a formula for determining the amount of the allowable deduction for scientific equipment. Provides for an income tax exclusion for the scholarships, fellowship grants, student loan forgiveness, or stipends of students who are enrolled in postgraduate study as degree candidates. Provides that such tax exclusion will not be forfeited merely because the student is required, as a condition of the scholarship or fellowship, to perform future service in teaching or research.

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