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Bill· HRH.R. 704 (93rd)referred
United States · United States Congress · 3 January 1973
Provides, under the Internal Revenue Code, that the 4 percent excise tax on the net investment income of a private foundation shall not apply to a private foundation organized and operated exclusively as a library or museum. (Amends 26 U.S.C. 4940)
Bill· HRH.R. 630 (93rd)referred
United States · United States Congress · 3 January 1973
Imposes a limitation of $250,000,000,000 on expenditures and net lending for the fiscal year ending June 30, 1973, under the budget of the United States Government.
Bill· HRH.R. 618 (93rd)referred
United States · United States Congress · 3 January 1973
Provides, under the Internal Revenue Code, that if there is a budget surplus for the fiscal year ending June 30, 1971, or for any fiscal year thereafter, there shall be allowed to each individual, as a credit against income tax for his first taxable year ending after the close of such fiscal year, an amount determined by multiplying: the amount of tax imposed under the Internal Revenue Code for the taxable year, reduced by the sum of the credits allowable for such year a percentage determined by the Secretary of the Treasury. Provides that the Secretary shall estimate such percentage as follows: (1) first, he shall estimate the amount of individual income taxes that will be received in the Treasury during the calendar year in which such fiscal year ends; and (2) then he shall determine that percentage which one-half of the budget surplus for such fiscal year is of the amount estimated under part (1). (Adds 36 U.S.C. 39)
Bill· HRH.R. 649 (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. 648 (93rd)referred
United States · United States Congress · 3 January 1973
Provides that mutual fund shares and securities trust agreements shall be valued at their market value upon the date of decedent's death, for estate tax purposes under the Internal Revenue Code, and at their market value upon the date of transfer to the donee, for gift tax purposes. (Amends 26 U.S.C. 2031(b), 2512)
Bill· HRH.R. 636 (93rd)referred
United States · United States Congress · 3 January 1973
Tax Policy Review Act - Title I: Provisions to Terminate on January 1, 1974: Provides that the following provisions of the Internal Revenue Code of 1954 shall terminate on January 1, 1974: (1) the $30,000 exemption and deduction of regular income taxes for the minimum tax on preferences; (2) treatment of group-term life insurance purchased for employees; (3) exclusion from gross income of $5,000 employee's death benefit; (4) exemption from tax of $100 of dividends received by individuals; (5) treatment of lost from certain nonbusiness guaranties; (6) twenty-percent variation under the asset depreciation range system; (7) capital gain treatment for lump-sum distribution from pension funds; (8) treatment of employee stock options; (9) tax exemption of credit unions and mutual insurance funds for certain financial institutions; (10) treatment of bad debt reserves of banks and other financial institutions; (11) percentage depletion for oil, gas, and other minerals; (12) capital gain for timber, coal, and iron ore royalties; (13) exclusion of gross-up on dividends of less developed countries corporations; (14) exemption of earned income from foreign sources; (15) alternative tax capital gains; (16) rules for recapture of depreciation on sale at gain of real property; and (17) special exemptions for excess deductions account for farm losses. Title II: Provisions to Terminate on January 1, 1975 - Provides that the following provisions of the Internal Revenue Code of 1954 shall terminate on January 1, 1975: (1) exclusion from gross income of amounts received as sick pay; (2) deduction of nonbusiness interest and taxes; (3) fast depreciation methods; (4) deduction of research and experimental expenditures; (5) deduction of soil and water conservation expenditures; (6) additional first-year depreciation allowance; (7) deduction of expenditures for clearing land; (8) amortization of railroad grading and tunnel bores; (9) deduction of intangible drilling and development costs; (10) deduction of development expenditures in the case of mines; (11) tax exemption for ships under foreign flag; (12) special deduction for a Western Hemisphere trade corporation; (13) exemption of income from sources within possessions of United States; (14) exclusion from subpart F income of shipping profits and certain dividends, interest, and gains; (15) tax exemption for a DISC; (16) step-up in tax basis of property acquired from decedent; and (17) capital gains on sale or exchange of patents. Title III: Provisions to Terminate on January 1, 1976 - Provides that the following provisions of the Internal Revenue Code of 1954 shall terminate on January 1, 1976: (1) corporate surtax exemption; (2) retirement income credit; (3) credit or deduction for contributions to candidates for public office; (4) investment credit; (5) tax-exempt interest; (6) exclusion from gross income of rental value of parsonages; (7) exclusion from gross income of scholarship and fellowhip grants; (8) exclusion from gross income of gain on the sale of residence by person over 65; (9) additional exemption for age 65 or blindness of taxpayer or spouse; (10) exemption for child whose income exceeds $750; (11) deduction for nonbusiness casualty losses; (12) charitable contribution deductions; (13) medical expense deduction; (14) household and dependent care deduction; (15) deduction of moving expenses; (16) nonrecognition of gain on appreciated property used to redeem stock; (17) nonrecognition of gain in connection with certain liquidations; and (18) deduction for capital gains.
Bill· HRH.R. 617 (93rd)referred
United States · United States Congress · 3 January 1973
Provides that the value of a taxable estate under the Internal Revenue Code shall be determined by deducting from the value of the gross estate an amount equal to the value of any interest in property which passes or has passed from the decedent to any handicapped individual who survives the decedent and who is: (1) the son or daughter of the decedent, or a descendant of either, (2) the stepson or stepdaughter of the decedent, or (3) the son or daughter of a brother or sister of the decedent. (Adds 26 U.S.C. 2057) Disallows any interest as a deduction under this section to the extent that such amount exceeds the amount reasonably necessary for the care, treatment, and support of the handicapped individual for the remainder of his life. Provides for the determination of whether or not such amount is excessive to be made by the Secretary of the Treasury or his delegate, taking into account: (1) the type of handicap of the individual to whom the interest passes or has passed, and (2) the age, health, and life expectancy of such individual.
Bill· HRH.R. 558 (93rd)referred
United States · United States Congress · 3 January 1973
Provides, under the Internal Revenue Code, that married individuals who file separate returns shall be taxed at the same income tax rates as unmarried individuals. Provides that for the purposes of determining the gross income of any married individual who does not make a single return jointly with his spouse, if either spouse has earned income which is community income under community property laws applicable to such income, the amount of earned income which is included in the gross income of such individual shall be the amount of earned income which would be included in his gross income if such earned income did not constitute community income. (Amends 26 U.S.C. 1, 61)
Bill· HRH.R. 597 (93rd)referred
United States · United States Congress · 3 January 1973
Requires the Secretary of the Treasury to provide each taxpayer with an analysis of the proportionate dollar amounts of his tax payment which were spent by the Federal Government, during the latest fiscal year for which data is available, for items, enumerated in this Act. (Adds 26 U.S.C. 7517)
Bill· HRH.R. 494 (93rd)referred
United States · United States Congress · 3 January 1973
Permits a taxpayer to elect a specified schedule for computing the valuation of a decedent's interest in a closely held business for estate tax purposes under the Internal Revenue Code of 1954.
Bill· HRH.R. 520 (93rd)referred
United States · United States Congress · 3 January 1973
Provides for the inclusion of .22 caliber rimfire ammunition in the catagories of ammunition for which persons holding a Federal license to do business as a firearms or ammunition importer, manufacturer, or dealer need not keep records on purchasers. (Amends 26 U.S.C. 4182(c))
Bill· HRH.R. 474 (93rd)referred
United States · United States Congress · 3 January 1973
Provides that pursuant to the Internal Revenue Code provisions exempting from income taxes the income of members of Armed Forces who die while serving in a combat zone that in no case shall the date of death of a member be determined to be a date earlier than the statutory date of presumed death. (Amends 26 U.S.C. 692)
Bill· HRH.R. 451 (93rd)referred
United States · United States Congress · 3 January 1973
Provides for an increase in the allowance for personal exemptions under the Internal Revenue Code to $1000 (presently $750). Raises to $1000 the amount an individual must earn before filing a return (presently $750). Increases to $2300 the amount an individual who is married must earn before filing a return (presently $2050). Increases to $3300 the amount a married couple must earn before filing a joint return (presently $2800). Provides that where one spouse has filed a separate return and the income of the second spouse is less than $1000, (presently $750) or less than $2000, (presently $1500) in case such spouse was sixty-five years of age or older, the spouse filing the separate return will be deemed to have filed a joint return.
Bill· HRH.R. 461 (93rd)referred
United States · United States Congress · 3 January 1973
Provides for the inclusion of .22 caliber rimfire ammunition in the catagories of ammunition for which persons holding a Federal license to do business as a firearms or ammunition importer, manufacturer, or dealer need not keep records on purchasers. (Amends 26 U.S.C. 4182(c))
Bill· HRH.R. 418 (93rd)referred
United States · United States Congress · 3 January 1973
Provides, under the Internal Revenue Code, that no depreciation deduction shall be allowed in the case of rental housing for any taxable year in which a housing code violation existed for which the owner of such property or his agent was convicted by a court of law. (Amends 26 U.S.C. 167)
Bill· HRH.R. 440 (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. 350 (93rd)referred
United States · United States Congress · 3 January 1973
Allows an income tax credit under the Internal Revenue Code for individuals who retired from the Armed Forces prior to June 1, 1958, to correct losses of retired pay sustained by such individuals. Limits the amount of the credit for any taxable year to the lowest of the following: (1) an amount equal to one-sixth of the lost retired or retainer pay; (2) the amount of the tax imposed for such taxable year, reduced by the sum of the credits allowable under the Internal Revenue Code provisions relating to tax withheld at source on tax-free covenant bonds, relating to foreign tax credit, relating to partially tax exempt interest, relating to retirement income, and relating to investment in certain depreciable property; (3) an amount equal to the excess of the lost retired or retainer pay over the sum of the credits allowable for prior taxable years.
Bill· HRH.R. 338 (93rd)referred
United States · United States Congress · 3 January 1973
Authorizes appropriations to carry out the functions, powers, and duties of the Food and Drug Administration in amounts not to exceed $190,550,000 for fiscal year 1974, $209,000,000 for fiscal year 1975, and $215,500,000 for fiscal year 1976. Provides that for fiscal years ending after June 30, 1976, there may be appropriated such sums as the Congress may hereafter authorize by law.
Bill· HRH.R. 347 (93rd)referred
United States · United States Congress · 3 January 1973
Permits a foreign corporation primarily engaged in a banking, financing, or similar business to elect to treat all interest and all gain or loss from the sale or exchange of notes, bonds, or other evidences of indebtedness, arising in the course of the banking, financing, or similar business of the corporation making the election, which would not be treated as income effectively connected with the conduct of a trade or business within the United States, as income which is effectively connected with the conduct of a trade or business within the United States. Permits the withholding at source on all such income except to the extent that the requirement of such withholding is waived under regulations prescribed by the Secretary of the Treasury or his delegate upon determination that the collection of the tax imposed on such corporation will not be jeopardized by such waiver.
Bill· HRH.R. 334 (93rd)referred
United States · United States Congress · 3 January 1973
Provides that the amounts appropriated to carry out the functions of the Federal Communications Commission shall not exceed $37,500,000 for the fiscal year 1974, $41,000,000 for the fiscal year 1975, and $45,100,000 for the fiscal year 1976. States that for the fiscal years ending after June 30, 1976, there may be appropriated such sums as the Congress may hereafter authorize by law.
Bill· HRH.R. 339 (93rd)referred
United States · United States Congress · 3 January 1973
Authorizes to be appropriated, under the Interstate Commerce Act, to carry out the functions, powers, and duties of the Interstate Commerce Commission $36,300,000 for fiscal year 1974, $39,930,000 for fiscal year 1975, and $43,920,000 for fiscal year 1976.
Bill· HRH.R. 335 (93rd)referred
United States · United States Congress · 3 January 1973
Authorizes appropriations for the Civil Aeronautics Board of $74,800,000 for fiscal year 1974, $82,280,000 for fiscal year 1975, $90,400,000 for fiscal year 1976, and such sums as Congress may authorize for subsequent fiscal years. (Amends 49 U.S.C. 1371)
Bill· HRH.R. 368 (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.
Bill· HRH.R. 327 (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. 302 (93rd)referred
United States · United States Congress · 3 January 1973
Requires the Committee on Ways and Means of the House of Representatives and the Committee on Finance of the Senate, within the period January 20 to March 1 annually, to investigate and hold hearings on the then current budgetary and fiscal situation of the Federal Government. Provides that each Committee shall report to its respective House a simple resolution containing the determinations of the Committee with respect to: the anticipated gross national product in the following full fiscal year; the estimated national total of all personal, corporate and other business income in that fiscal year; the estimated situation of the United States with respect to its balance of payments with foreign nations in that fiscal year; the estimated revenues of the Federal Government in that fiscal year under existing authority; and methods by which such estimated revenues may be increased or decreased, as necessary. Requires the House and Senate Committees on Appropriations, within the period January 20 to March 15 annually, to investigate and hold hearings on the entire appropriations program and policies of the Federal Government. Provides that each Committee shall report to its respective House a simple resolution containing the determinations of the Committee with respect to: the total anticipated appropriations of the Congress and of the President in the following full fiscal year; the total anticipated objective of lending programs; the total anticipated allocations with respect to the costs of foreign exchange for programs in the following full fiscal year; and estimated monetary allocations of the budget dollar for the respective activities of the Federal Government listed in the principal categories of national defense, aid to education, urban renewal, social security, agriculture, and transportation.
Bill· HRH.R. 337 (93rd)referred
United States · United States Congress · 3 January 1973
Provides that the amounts appropriated to carry out the functions, powers, and duties of the Federal Trade Commission shall not exceed 33,000,000 for the fiscal year 1974, 36,300,000 for the fiscal year 1975, and 39,930,000 for the fiscal year 1976. States that for the fiscal years ending after June 30, 1976, there may be appropriated such sums as the Congress may hereafter authorize by law.
Bill· HRH.R. 340 (93rd)referred
United States · United States Congress · 3 January 1973
Authorizes the House Committee on Interior and Insular Affairs to send two members of such committee to attend the General Assembly of the International Centre for the Study of the Preservation and Restoration of Cultural Property in Rome, Italy, during the period April 7 through 12, l973. Provides that local currencies owned by the United States shall be made available to the members of the Committee on Interior Insular Affairs of the House of Representatives engaged in carrying out their official duties pursuant to the authority to travel outside the United States as set forth in this resolution. Requires each member of such committee to make to the chairman of such committee an itemized report showing the number of days visited in each country whose local currencies were spent, the amount of per diem furnished, and the cost of transportation it furnished by public carrier, or if such transportation is furnished by an agency of the United States Government, the cost of such transportation, and the identification of the agency.
Bill· HRH.R. 333 (93rd)referred
United States · United States Congress · 3 January 1973
Authorizes appropriations to the Federal Communications Commission of $37,500,000 for fiscal year 1974, $41,000,000 for fiscal year 1975, and $45,100,000 for fiscal year 1976. Authorizes appropriations to the Federal Trade Commission of $33,000,000 for fiscal year 1974, $36,300,000 for fiscal year 1975, and $39,930,000 for fiscal year 1976. Authorizes appropriations to the Interstate Commerce Commission of $36,300,000 for fiscal year 1974, $39,930,000 for fiscal year 1975, and $43,920,000 for fiscal year 1976. Authorizes appropriations to the Federal Aviation Administration of $1,728,100,000 for fiscal year 1974, $1,900,910,000 for fiscal year 1975, and $2,100,000,000 for fiscal year 1976. Authorizes to be appropriated to the Civil Aeronautics Board $74,800,000 for fiscal year 1974, $82,280,000 for fiscal year 1975, and $90,400,000 for fiscal year 1976. Authorizes appropriations to the Federal Power Commission of $25,300,000 for fiscal year 1974, $27,830,000 for fiscal year 1975, and $30,610,000 for fiscal year 1976. Authorizes appropriations to the Securities and Exchange Commission of $31,900,000 for fiscal year 1974, $35,090,000 for fiscal year 1975, and $38,590,000 for fiscal year 1976. Authorizes appropriations for the Food and Drug Administration of $190,550,000 for fiscal year 1974, $209,000,000 for fiscal year 1975, and $215,500,000 for fiscal year 1976.
Bill· HRH.R. 336 (93rd)referred
United States · United States Congress · 3 January 1973
Provides, under the Federal Power Act, for authorizations of appropriations of a total of $83,740,000 for the Federal Power Commission for fiscal years 1974, 1975, and 1976.
Bill· HRH.R. 274 (93rd)referred
United States · United States Congress · 3 January 1973
Allows an income tax exclusion under the Internal Revenue Code, in an amount not exceeding the maximum social security benefit payable in the taxable year involved, for retirement income received by a taxpayer under a public retirement system or under any other system if the taxpayer is at least 65 years of age. (Amends 26 U.S.C. 124)
Bill· HRH.R. 285 (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. 284 (93rd)referred
United States · United States Congress · 3 January 1973
Provides for the inclusion of .22 caliber rimfire ammunition in the catagories of ammunition for which persons holding a Federal license to do business as a firearms or ammunition importer, manufacturer, or dealer need not keep records on purchasers. (Amends 26 U.S.C. 4182(c))
Bill· HRH.R. 251 (93rd)referred
United States · United States Congress · 3 January 1973
Allows a business tax deduction under the Internal Revenue Code for expenses incurred for the care of one or more dependents if such care is for the purpose of enabling the taxpayer to carry on a trade or business, including the performance of services by the taxpayer as an employee.
Bill· HRH.R. 240 (93rd)referred
United States · United States Congress · 3 January 1973
Allows a credit against income taxes inposed by the Internal Revenue Code of 1954 based upon the amount of property taxes or rent constituting property taxes accrued for a taxable year by claimants filing a claim under this Act who are domiciled in the United States and 62 years of age or over during the entire taxable year preceding the year in which such claim is filed. Defines the terms used in this Act. Requires claimants under this Act to supply reasonable proof of age, rent paid, property taxes accrued, changes of homestead, household membership, household income, size, and nature of property claimed as the homestead. Permits any person aggrieved by the denial of relief claimed under this Act to appeal such denial to the U.S. Tax Court. (Adds 26 U.S.C. 1601-1605)
Bill· HRH.R. 211 (93rd)referred
United States · United States Congress · 3 January 1973
Provides for the inclusion of .22 caliber rimfire ammunition in the catagories of ammunition for which persons holding a Federal license to do business as a firearms or ammunition importer, manufacturer, or dealer need not keep records on purchasers. (Amends 26 U.S.C. 4182(c))
Bill· HRH.R. 174 (93rd)referred
United States · United States Congress · 3 January 1973
Provides for the inclusion of .22 caliber rimfire ammunition in the catagories of ammunition for which persons holding a Federal license to do business as a firearms or ammunition importer, manufacturer, or dealer need not keep records on purchasers. (Amends 26 U.S.C. 4182(c))
Bill· HRH.R. 175 (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. 158 (93rd)referred
United States · United States Congress · 3 January 1973
Fiscal Responsibility Act - Title I: Modification of the Fiscal Year - Provides that the fiscal year of all departments, agencies, and instrumentalities of the United States shall be the calendar year. Title II: Establishing Congressional Expenditures Limitations - Provides that the expenditures and net lending of the Federal Government during any fiscal year shall not exceed that amount which the Congress shall fix by concurrent resolution no later than forty-five legislative days after the latest day set by law for the budget message of the President for respect to such fiscal year. Provides for modification of such amount under specified circumstances. Title III: Establishing a Federal Impoundment Procedure - Provides that whenever the President impounds any funds appropriated by law out of the Treasury for a specific purpose or project, or approves the impounding of such funds by an officer or employee of the United States, he shall, within ten days thereafter, transmit to the House of Representatives and the Senate a special message specifying: (1) the amount of funds impounded; (2) the specific projects or governmental functions affected thereby; and (3) the reasons for the impounding of such funds. Provides that the President shall cease the impounding of funds specified in each special message within sixty calendar days of continuous session after the message is received if such impounding shall have been disapproved by either House of Congress by passage of a resolution stating in substance that that House does not favor the impounding. Provides that the President shall not impound any funds from appropriations made by the Congress for any appropriations categories of any department or agency of the Federal Government unless such impoundment is made in all appropriations categories of that department or agency on the basis of equal percentage impoundment among appropriations categories. Title IV: Providing for an Analysis of Fiscal Procedures - Establishes the Fiscal Responsibility Study Commission to: (1) study the impact of past, present, and anticipated appropriations procedures in the Congress; (2) consider the feasibility of funding selected Federal programs on a two-year basis; and (3) consider such other matters in their deliberations which will assist the Congress in attaining the ability to examine budgetary questions in a comprehensive manner. Requires the Commission to report its findings to Congress by December 31, 1973, together with such recommendations, including recommendations for legislation, as it deems appropriate.
Bill· HRH.R. 173 (93rd)referred
United States · United States Congress · 3 January 1973
Higher Education Gift Incentive Act - Allows under the Internal Revenue Code an income tax credit equal to the amounts of charitable contributions made to any institution of higher education. Limits such credit, in the case of taxpayers other than corporations, to the lesser of 20 percent of the taxpayers total tax or $100. Places such limit at 10 percent of a corporation's total tax or $5,000 whichever is less. Bars treatment of a contribution as both a tax deduction and a tax credit and specifies that the credit is not to result in a tax refund.
Bill· HRH.R. 108 (93rd)referred
United States · United States Congress · 3 January 1973
Provides that no individual shall pay a tax, under the Internal Revenue Code, of less than 10 percent of his income for the taxable year by reason of the tax exempt source of all or part of such income. Provides that any industrial development bond issued after December 31, 1971, shall not be considered an obligation of a State, territory, trust, or other possession of the United States, the interest from which shall not be included as gross income. Provides that in the case of a joint return of a husband and wife if the tax imposed by the Internal Revenue Code exceeds $5, then the tax imposed shall be reduced (but not below $5) by $200, that in the case of heads of households the tax shall be reduced by $150 (but not below $5), and that in the case of single persons not heads of households, it shall be reduced by $100 (but not below $5).
Bill· HRH.R. 47 (93rd)referred
United States · United States Congress · 3 January 1973
Provides for the retirement of the public debt by setting aside the first 5 percent of the budget receipts of the United States for each fiscal year (except in time of war) for the sole purpose of retirement of obligations counted as part of the public debt. (Amends 31 U.S.C. 11)
Bill· HRH.R. 57 (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. 11 (93rd)referred
United States · United States Congress · 3 January 1973
Bases the membership in the Federal Reserve System upon a certificate attesting the membership of the member bank rather than upon subscription to Federal Reserve bank stock. Exempts Federal Reserve bank shareholders from liability for such bank's contracts and debts. Provides that the Federal Reserve banks shall have no capital stock. Requires banks applying for membership in the Federal Reserve System to submit an application to the Federal Reserve bank of its district in accordance with regulations of the Federal Reserve Board and a $10.00 membership fee. (Amends 12 U.S.C. 222; 287; Repeals 12 U.S.C. 502) Revises the composition of the Federal Reserve Board to consist of 7 members representative, to the degree possible, of agricultural, consumer, labor, business and academic interests, each term of whom will not exceed 5 years. Abolishes the Federal Open Market Committee and the Federal Advisory Council of the Federal Reserve System. Establishes the Federal Advisory Committee of the Federal Reserve System, which will consist of 6 members, and whose duty it shall be to advise the Federal Reserve Board on any program or matter concerning monetary policy. Removes from every Federal Reserve bank the power to establish discount rates, and invests that power in the Board of Governors. Establishes criteria for the avoidance of conflicts of interest among officers and employees of the Federal Reserve system or any bank thereof. Provides for an annual audit of the Federal Reserve Board and Federal Reserve banks and their branches by the Comptroller General. Provides for the operation of the Federal Reserve System by funds appropriated by Congress.
Bill· HJRESH.J.Res. 115 (93rd)referred
United States · United States Congress · 3 January 1973
States that on or before February 1, 1973, the Secretary of the Treasury shall submit to the Committee on Ways and Means of the House of Representatives a report containing detailed evaluations of at least one-half of the tax preference items listed in this Act. Directs the committee to evaluate the report of the Secretary and report to the House of Representatives, before the close of the first session of the 93rd Congress, a bill to repeal or modify those items reviewed which the committee recommended should be repealed or modified. Directs the Secretary and the committee to follow the same procedure with respect to the remaining unreviewed items listed under this Act, during the second session of the 93rd Congress. Provides that on or before December 31 of each even-numbered year beginning with December 31, 1974, the Secretary of the Treasury shall submit to the committee a report containing detailed evaluations of all tax preferences and other items which narrows the income tax base. Directs the Secretary of the Treasury to submit to the committee a report containing detailed evaluations of each proposed tax preference or other item which narrows the income tax base within 90 days after the introduction in Congress of any legislation containing such proposal.
Bill· HJRESH.J.Res. 110 (93rd)referred
United States · United States Congress · 3 January 1973
Creates in the House of Representatives a select joint committee composed of 5 Members of the House and 5 Senators to conduct an investigation and study into methods of significantly simplifying Federal income tax return forms. Directs such committee to report to each House of the Congress specific proposals to expedite the filing of income tax forms by individual taxpayers. Requires the Comptroller General and the Secretary of the Treasury to each submit to the committee their recommendations with respect to simplification of Federal income tax return forms. Requires the committee to report to the Congress the results of its study, together with such proposals as it deems advisable, not later than the latest date that such proposal may be implemented for taxable years ending in 1973.
Bill· HJRESH.J.Res. 109 (93rd)referred
United States · United States Congress · 3 January 1973
Creates in the House of Representatives a select joint committee composed of 5 Members of the House and 5 Senators to conduct an investigation and study into methods of significantly simplifying Federal income tax return forms. Directs such committee to report to each House of the Congress specific proposals to expedite the filing of income tax forms by individual taxpayers. Requires the Comptroller General and the Secretary of the Treasury to each submit to the committee their recommendations with respect to simplification of Federal income tax return forms. Requires the committee to report to the Congress the results of its study, together with such proposals as it deems advisable, not later than the latest date that such proposal may be implemented for taxable years ending in 1973.
Bill· HJRESH.J.Res. 92 (93rd)referred
United States · United States Congress · 3 January 1973
Creates a select joint committee in the House of Representatives to conduct an investigation and study into methods of significantly simplifying Federal income tax return forms.
Bill· HJRESH.J.Res. 23 (93rd)referred
United States · United States Congress · 3 January 1973
Constitutional Amendment - Provides that the Government of the United States shall not engage in any business, professional, commercial, financial, or industrial enterprise except as specified in the Constitution. States that the constitution or laws of any State, or the laws of the United States, shall not be subject to the terms of any foreign or domestic agreement which would abrogate this amendment. Requires the activities of the United States Government which violate the intent and purposes of this amendment to, within a period of three years from the date of the ratification of this amendment, be liquidated and the properties and facilities affected sold. Provides that three years after the ratification of this amendment the sixteenth article of amendments to the Constitution of the United States shall stand repealed and thereafter Congress shall not levy taxes on personal incomes, estates, and/or gifts.
Resolution· HRESH.Res. 53 (93rd)referred
United States · United States Congress · 3 January 1973
Requires, under Rule XXI, the Committee on Appropriations, to the maximum extent practicable, to take such action as may be necessary to report all general appropriation measures for each fiscal year to the House for its consideration before the beginning of that fiscal year as will permit the enactment of all such measures into law before the beginning of that fiscal year. Provides that after June 15th of each calendar year appropriations measures providing funds for the operation of any branch of the Federal Government or its independent agencies for the ensuing year shall be in order for consideration notwithstanding the provisions of House Rules.
Resolution· HRESH.Res. 45 (93rd)referred
United States · United States Congress · 3 January 1973
Requires, under Rule XXI, the Committee on Appropriations, to the maximum extent practicable, to take such action as may be necessary to report all general appropriation measures for each fiscal year to the House for its consideration before the beginning of that fiscal year as will permit the enactment of all such measures into law before the beginning of that fiscal year. Provides that after June 15th of each calendar year appropriations measures providing funds for the operation of any branch of the Federal Government or its independent agencies for the ensuing year shall be in order for consideration notwithstanding the provisions of House Rules.
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