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Bill· SS. 93 (99th)open

A bill to amend the Internal Revenue Code of 1954 to provide that individual income tax rates not be adjusted to reflect increases in the Consumer Price Index.

United States · United States Congress · 3 January 1985

Amends the Internal Revenue Code to repeal provisions requiring cost of living adjustments in the income tax rates. (Current law requires such adjustments annually beginning in 1985.) Sets the zero bracket amount at $3,400 for joint returns and surviving spouses, $2,300 for individuals, and $1,700 for married individuals filing separate returns. Eliminates the cost of living adjustment to the $1,000 personal tax exemption. Makes conforming changes in the minimum requirements for the filing of income tax returns.

Bill· SS. 36 (99th)open

A bill to amend the Internal Revenue Code of 1954 to provide an exemption for agricultural vehicles from the requirements of section 280F of such Code (relating to limitation on certain property used for personal purposes).

United States · United States Congress · 3 January 1985

Amends the Internal Revenue Code to exempt agricultural vehicles from the rules relating to the limitation on the investment tax credit and depreciation deduction for certain property used for personal purposes.

Bill· SS. 14 (99th)open

Hazardous Substance Response Act of 1985

United States · United States Congress · 3 January 1985

Hazardous Substance Response Act of 1985 - Amends the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (Superfund) (CERCLA) and the Internal Revenue Code to add provisions for the imposition of an environmental excise tax on the disposal or long-term storage of hazardous waste. Sets such tax at: (1) $45 for each ton of hazardous waste disposed of by landfill, in waste piles, or by surface impoundment; (2) $25 for each ton of hazardous waste which is disposed of by ocean dumping or land treatment; (3) $5 for each ton of hazardous waste which is disposed of by underground injection; and (4) $45 for each ton of hazardous waste which is placed in long-term storage. Allows the owner or operator of a qualified hazardous waste disposal or long-term storage facility to elect to pay a tax of $50 per ton in lieu of such schedule. Excludes from such tax wastes which are: (1) exempt from regulation as hazardous waste or not listed under specified provisions of the Solid Waste Disposal Act; (2) treated waste waters in a surface impoundment which is in compliance with water monitoring requirements for facilities with permits under the Solid Waste Disposal Act; and (3) being disposed of or stored by any person in the course of carrying out any removal or remedial action under CERCLA in accordance with an approved plan, removed from any facility listed on the National Priorities List, or removed from a facility for which notification has been provided to the Administrator of the Environmental Protection Agency pursuant to specified provisions of CERCLA. Imposes such tax on: (1) the owner or operator of the qualified hazardous waste disposal or storage facility; or (2) the person disposing of the hazardous waste, against regulations, at other than a qualified disposal or storage facility. Requires that a credit be allowed for any tax previously paid under this Act by the disposer or the deliverer to a qualified facility on the long-term storage of such hazardous waste. Presumes last in, first out for tax credit purposes for fungible waste placed in qualified storage. Imposes the excise tax prospectively only. Terminates such tax after FY 1990. Sets forth requirements for recordkeeping, statements, and tax returns for persons disposing of or storing hazardous waste for one year or more, consistent with requirements for reports to be submitted to the Administrator under the Solid Waste Disposal Act. Authorizes the Secretary of the Treasury to receive copies of reports such persons are required to make under the Solid Waste Disposal Act, the Marine Protection, Research and Sanctuaries Act, or the Safe Drinking Water Act. Directs the Secretary to report annually to the Congress through January 1989 on the amount of revenues collected and the effectiveness of this Act in raising revenue and discouraging the environmentally unsound disposal of waste. Includes these revenues in the Hazardous Substance Response Trust Fund (Superfund).

Bill· SS. 1 (99th)referred

A bill requiring reductions in outlays for the fiscal years 1986, 1987, and 1988.

United States · United States Congress · 3 January 1985

Requires Federal outlays for FY 1986 through 1988 to be reduced so as to reduce the percentage of the gross national product that the Federal deficit comprises to four percent in FY 1986, three percent in FY 1987, and two percent in FY 1988.

Bill· HRH.R. 476 (99th)referred

A bill to amend the Internal Revenue Code of 1954 to provide to individuals who have attained the age of 62 a refundable credit against income tax for increases in real property taxes and utility bills.

United States · United States Congress · 3 January 1985

Amends the Internal Revenue Code to allow individuals who have attained age 62 an income tax credit for the amount by which their property taxes and utility bills for their principal residences have increased since such individuals reached age 62 or purchased their home, whichever occurred later.

Bill· HRH.R. 376 (99th)open

A bill to amend the Public Works and Economic Development Act of 1965 and the Appalachian Regional Development Act of 1965 to authorize the appropriation of funds to carry out such Acts for fiscal years 1986, 1987, and 1988.

United States · United States Congress · 3 January 1985

Amends the Public Works and Economic Development Act of 1965 to extend through FY 1988 the authorization of appropriations in the following areas: (1) general authorization of appropriations; (2) public works and development facility loans; (3) technical assistance and economic development planning; and (4) special economic development and adjustment assistance to areas with high unemployment, economic dislocation, or long-term economic deterioration problems. Amends the Appalachian Regional Development Act of 1965 (ARDA) to authorize appropriations through FY 1988 for: (1) the administrative expenses of the Appalachian Regional Commission; (2) the leasing of office space for the Commission; (3) the Appalachian development highway system; and (3) general implementation of ARDA. Extends the termination date for ARDA until October 1, 1988.

Bill· HRH.R. 268 (99th)open

A bill to amend the Internal Revenue Code of 1954 to deny the benefits of the accelerated cost recovery system to any business which does not expand its employment.

United States · United States Congress · 3 January 1985

Amends the Internal Revenue Code to require that for every two dollars a business deducts under the accelerated cost recovery system, one dollar in wages must be paid to new employees of the business. Provides an exception for small businesses whose depreciation deduction does not exceed $5,000. Prohibits a taxpayer from hiring new employees to replace former employees intentionally released by the taxpayer for the purpose of meeting this requirement. Provides that a business which does not meet this requirement shall be limited to the depreciation available under the former asset depreciation range system.

Bill· HRH.R. 242 (99th)open

A bill to repeal the changes made by the Tax Reform Act of 1984 with respect to the tax treatment of debt instruments issued for property.

United States · United States Congress · 3 January 1985

Amends the Internal Revenue Code to repeal rules relating to the determination of the issue price of certain debt instruments issued for property. Amends the Tax Reform Act of 1984 to repeal the revisions made to rules for the imputation of interest on certain deferred payments. Provides that the Internal Revenue Code shall be applied and administered as if such revisions had not been enacted.

Bill· HRH.R. 416 (99th)open

Flat Rate Tax Act of 1985

United States · United States Congress · 3 January 1985

Flat Rate Tax Act of 1985 - Amends the Internal Revenue Code to impose a ten-percent tax rate on the taxable income of every individual (including any estate and trust). Increases the amount of the personal exemption from $1,000 to $2,000. Disallows income tax credits except the credit for tax withheld on wages. Repeals the minimum tax for taxpayers other than corporations. Disallows exclusions from gross income except for: (1) social security benefits; (2) veterans' benefits; and (3) interest on certain governmental securities. Disallows income tax deductions except for: (1) personal exemptions; (2) charitable contributions; (3) interest incurred for a principal residence or for investment property; (4) State and local income and real property taxes; and (5) trade and business expenses.

Bill· HRH.R. 373 (99th)open

Broad-Based Enhanced Savings Tax Act of 1985

United States · United States Congress · 3 January 1985

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

Bill· HRH.R. 350 (99th)referred

Severance Tax Equity Act of 1983

United States · United States Congress · 3 January 1985

Severance Tax Equity Act of 1983 - Limits the amount of severance taxes imposed by a State on oil, natural gas, and coal to the amount of costs incurred by the State which are directly attributable to the production within the State of crude oil, natural gas, or coal. Sets forth enforcement procedures. Allows the Attorney General or any person who pays a severance tax to bring a civil action in a district court of the United States in order to enforce such limitation. Directs the Secretary of Energy to determine the severance tax collected by each State during 1978 (1978 being the base year used in determining excessive State severance taxes).

Bill· HRH.R. 306 (99th)referred

Victims of Handgun Crimes Compensation Tax Act of 1985

United States · United States Congress · 3 January 1985

Victims of Handgun Crimes Compensation Tax Act of 1985 - Amends the Internal Revenue Code to increase from ten percent to 40 percent the excise tax on pistols and revolvers. Establishes in the Treasury a trust fund to be known as the Victims of Handgun Crimes Trust Fund. Appropriates to such Trust Fund an amount equivalent to 62.5 percent of the amounts received through the imposition of the excise tax on pistols and revolvers. Establishes a program for the compensation of victims of handgun crimes. Provides that such program shall be administered by the States. Sets forth requirements and procedures for such program. Provides that such program shall be funded by payments from the Trust Fund established by this Act.

Bill· HRH.R. 429 (99th)referred

A bill to apportion certain funds for construction of the National System of Interstate and Defense Highways for fiscal years 1985 and 1986, and for other purposes.

United States · United States Congress · 3 January 1985

Directs the Secretary of Transportation to apportion for expenditure on the National System of Interstate and Defense Highways: (1) one-half of the sums authorized to be appropriated in accordance with the interstate cost estimate for FY 1985; and (2) the sums authorized to be appropriated in accordance with the interstate cost estimate for FY 1986. Directs the Secretary to apportion: (1) one-half of the sums to be apportioned for FY 1984 for expenditure on substitute highway and public mass transit projects; and (2) the sums to be apportioned for FY 1985 for expenditure on substitute highway and public mass transit projects. Specifies apportionment factors.

Bill· HRH.R. 236 (99th)referred

A bill to make permanent the increase in the tax on cigarettes and to provide cost-of-living adjustments in the amount of such tax.

United States · United States Congress · 3 January 1985

Amends the Tax Equity and Fiscal Responsibility Act of 1982 to make permanent the increase in the excise tax on cigarettes. Amends the Internal Revenue Code to provide for cost-of-living adjustments in the rate of such tax. Amends title XVIII (Medicare) of the Social Security Act to appropriate to the Federal Hospital Insurance Trust Fund the funds raised by such excise tax.

Bill· HRH.R. 468 (99th)referred

A bill to provide a deduction from gross income for individual taxpayers who maintain home care and adult day care expenses of a dependent of the taxpayer who suffers from Alzheimer's disease or related organic brain disorders.

United States · United States Congress · 3 January 1985

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

Bill· HRH.R. 475 (99th)referred

A bill to amend the Internal Revenue Code of 1954 to exclude from gross income gain on the sale or exchange of certain farmland if the owners of the farmland, in a convenant binding themselves and all future owners of their land, restrict the use of such land to use as farmland.

United States · United States Congress · 3 January 1985

Amends the Internal Revenue Code to exclude from gross income gain from the sale or exchange of certain farmland if the use of such land is restricted to farming by a covenant binding all future owners of such land.

Bill· HRH.R. 467 (99th)referred

A bill to amend the Internal Revenue Code of 1954 to allow the dependent care credit for expenses with respect to dependents incapable of self-care without regard to whether such expenses are incurred to enable the taxpayer to be gainfully employed.

United States · United States Congress · 3 January 1985

Amends the Internal Revenue Code to allow the dependent care income tax credit for expenses incurred for the care of dependents incapable of self-care without regard to whether such expenses were incurred to enable the taxpayer to be gainfully employed.

Bill· HRH.R. 450 (99th)referred

Refundable Investment Tax Credit Act of 1985

United States · United States Congress · 3 January 1985

Refundable Investment Tax Credit Act of 1985 - Amends the Internal Revenue Code to provide for the refunding of investment tax credit amounts which exceed tax liability.

Bill· HRH.R. 452 (99th)referred

A bill to amend the Internal Revenue Code of 1954 to provide that the inclusion of tax-exempt interest in determining the taxation of social security benefits shall not apply to interest on obligations held by the taxpayer before the date of the enactment of the Social Security Amendments of 1983 and continuously thereafter.

United States · United States Congress · 3 January 1985

Amends the Internal Revenue Code to provide that tax-exempt interest on securities held by the taxpayer before the date of the enactment of the Social Security Amendments of 1983 shall not be taken into account in determining the amount of social security benefits subject to tax.

Bill· HRH.R. 449 (99th)referred

Oil Industry Foreign Tax Credit Reform Act of 1985

United States · United States Congress · 3 January 1985

Oil Industry Foreign Tax Credit Reform Act of 1985 - Amends the Internal Revenue Code to disallow an income tax credit for foreign taxes paid by domestic corporations with respect to foreign oil-related income.

Bill· HRH.R. 434 (99th)referred

A bill to amend the Internal Revenue Code of 1954 to provide that participating in certain shared-housing arrangements does not make an individual ineligible for the one-time exclusion of gain from sale of principal residence by individuals who have attained age 55.

United States · United States Congress · 3 January 1985

Amends the Internal Revenue Code to provide that participating in certain shared-housing arrangements does not make a taxpayer ineligible for the one-time exclusion of gain from sale of a principal residence by individuals who have attained age 55. Defines a "shared-housing arrangement" as an arrangement under which two or more unrelated individuals, at least one of whom has attained age 60 or is handicapped, share housing facilities.

Bill· HRH.R. 406 (99th)referred

A bill to amend the Internal Revenue Code of 1954 to provide a refundable tax credit for taxpayers who maintain households which include elderly persons who are determined by a physician to be disabled.

United States · United States Congress · 3 January 1985

Amends the Internal Revenue Code to allow a refundable income tax credit to any individual who maintains a household which includes one or more elderly qualified persons. Sets the amount of such credit at $1,000 for each such elderly person living in the household. Limits the aggregate amount creditable to $2,000 on any return for the taxable year. Defines "qualified elderly person" as any individual who: (1) has attained age 65; (2) has an impairment which, as determined by a physician, renders such individual physically or mentally incapable of caring for himself and has lasted or is expected to last six months or longer; and (3) has as a principal place of abode for more than half of the taxable year the home of the taxpayer.

Bill· HRH.R. 413 (99th)referred

A bill to amend the Internal Revenue Code of 1954 to allow individuals to compute the amount of the deduction for payments into retirement savings on the basis of the compensation of their spouses, and for other purposes.

United States · United States Congress · 3 January 1985

Amends the Internal Revenue Code to allow certain individuals to compute the amount of their income tax deduction for contributions to retirement savings accounts on the basis of the earned income of their spouses.

Bill· HRH.R. 408 (99th)referred

A bill to amend the Internal Revenue Code of 1954 to allow a deduction for amounts paid by an individual for dependent care services to enable him to perform volunteer services for certain organizations.

United States · United States Congress · 3 January 1985

Amends the Internal Revenue Code to allow an income tax deduction for expenses incurred for dependent care services while the taxpayer performs volunteer work for civic and charitable organizations. Limits such deduction to $400 per month. Reduces the allowable amount of such deduction by one-fourth of the amount by which the taxpayer's adjusted gross income exceeds $20,000. Prohibits a deduction for any amounts paid to a relative of the taxpayer for dependent care services.

Bill· HRH.R. 415 (99th)referred

A bill to amend the Internal Revenue Code of 1954 to exempt nonprofit volunteer firefighting or rescue organizations from the Federal excise taxes on gasoline, diesel fuel, and certain other articles and services.

United States · United States Congress · 3 January 1985

Amends the Internal Revenue Code to exempt nonprofit volunteer firefighting or rescue organizations from the excise tax on sales of special fuels, automotive parts, petroleum products, and communication services.

Bill· HRH.R. 411 (99th)referred

A bill to amend the Internal Revenue Code of 1954 to provide that in the case of individuals who attain age 62 no penalty shall be imposed for failure to pay estimated income tax where taxable income for the taxable years is less than $20,000 ($30,000 in the case of a married couple filing a joint return), and more than 50 percent of such income is retirement income.

United States · United States Congress · 3 January 1985

Amends the Internal Revenue Code to exempt from the penalty for failure to pay estimated income tax certain individuals who have attained age 62 if: (1) the taxable income of such individual is less than $20,000 ($30,000 for joint return); and (2) more than 50 percent of the gross income of such individual is retirement income.

Bill· HRH.R. 405 (99th)referred

A bill to amend the Internal Revenue Code of 1954 to provide to individuals who have attained the age of 62 a refundable credit against income tax for increases in real property taxes and utility bills.

United States · United States Congress · 3 January 1985

Amends the Internal Revenue Code to allow individuals who have attained age 62 an income tax credit for the amount by which their property taxes and utility bills for their principal residences have increased since such individuals reached age 62 or purchased their homes, whichever occurred later.

Bill· HRH.R. 385 (99th)referred

A bill to amend the Internal Revenue Code of 1954 with respect to deductions for certain expenses incurred by a member of a uniformed service of the United States, or by a minister, who receives a housing or subsistence allowance.

United States · United States Congress · 3 January 1985

Permits members of the clergy and members of the uniformed services to deduct expenses related to tax-exempt housing allowances and subsistence allowances without regard to the operation of Revenue Ruling 83-3.

Bill· HRH.R. 353 (99th)referred

A bill to amend the Internal Revenue Code of 1954 to provide a mechanism for taxpayers to designate overpayments of income tax, and to contribute other amounts, for purposes of reducing the public debt of the United States.

United States · United States Congress · 3 January 1985

Amends the Internal Revenue Code to permit a taxpayer to designate on his or her tax return that one dollar or more of any overpayment of income tax and any cash contributions which the taxpayer includes with such return shall be used to reduce the public debt of the United States.

Bill· HRH.R. 346 (99th)referred

A bill entitled: "The Tenant Tax Equity Act of 1985".

United States · United States Congress · 3 January 1985

Amends the Internal Revenue Code to allow an income tax deduction for real estate taxes imposed by State law on tenants. Extends such deduction to taxpayers who do not otherwise itemize their income tax deductions.

Bill· HRH.R. 338 (99th)referred

A bill to amend the Internal Revenue Code of 1954 to exempt nonprofit volunteer firefighting or rescue organizations from the Federal excise taxes on gasoline, diesel fuel, and certain other articles and services.

United States · United States Congress · 3 January 1985

Amends the Internal Revenue Code to exempt nonprofit volunteer firefighting or rescue organizations from the excise tax on sales of special fuels, automotive parts, petroleum products, and communication services.

Bill· HRH.R. 339 (99th)referred

A bill to amend the Internal Revenue Code of 1954 to allow a deduction of $1,000 for each dependent who has attained age 55 and who is a member of the taxpayer's household.

United States · United States Congress · 3 January 1985

Amends the Internal Revenue Code to allow a deduction from gross income of $1,000 for each dependent who has attained the age of 55 and is a member of the taxpayer's household. Increases the deduction to $2,000 for dependents who are blind or bedridden.

Bill· HRH.R. 321 (99th)referred

A bill to amend the District of Columbia Self-Government Reorganization Act to repeal the limitation on the Council of the District of Columbia regarding the imposition of any tax upon individuals who are not residents of the District of Columbia.

United States · United States Congress · 3 January 1985

Amends the District of Columbia Self-Government and Government Reorganization Act to repeal the limitation on the Council of the District of Columbia regarding the imposition of any tax upon individuals who are non-residents of the District.

Bill· HRH.R. 269 (99th)referred

A bill to amend the Internal Revenue Code of 1954 to provide that the unified credit against the estate tax shall not be reduced by certain gifts made during 1976 which are includible in the gross estate of the decedent.

United States · United States Congress · 3 January 1985

Amends the Internal Revenue Code to provide that the unified credit against the estate tax shall not be reduced by gifts made after September 8, 1976, and before January 1, 1977, which are includible in the gross estate of the decedent.

Bill· HRH.R. 265 (99th)referred

A bill to extend to all unmarried individuals the full tax benefits of income splitting now enjoyed by married individuals filing joint returns; and to remove rate inequities for married persons where both are employed.

United States · United States Congress · 3 January 1985

Amends the Internal Revenue Code to provide identical income tax rates for all taxpayers without regard to marital status. Bases such rate on the present rate imposed on married individuals filing joint returns. Repeals the tax tables for taxpayers who are: (1) heads of households; (2) unmarried individuals; and (3) married individuals filing separate returns. Limits the earned income that must be reported by a married person filing a separate return to the amount actually earned by that individual.

Bill· HRH.R. 240 (99th)referred

Asset Indexing Act of 1985

United States · United States Congress · 3 January 1985

Asset Indexing Act of 1985 - Amends the Internal Revenue Code to require an inflation adjustment, based on the gross national product deflator, to the adjusted basis of certain assets (corporate stock and real property held for more than one year which is a capital asset or property used in a trade or business) at the time of sale or exchange, solely for the purpose of determining gain or loss on such assets. Excludes from such treatment: (1) creditors' interests; (2) options; (3) net lease property in the case of a lessor; (4) preferred stock with fixed dividends; and (5) stock in small business corporations, personal holding companies, and certain foreign corporations.

Bill· HRH.R. 238 (99th)referred

Home Ownership Incentive Act of 1985

United States · United States Congress · 3 January 1985

Home Ownership Incentive Act of 1985 - Amends the Internal Revenue Code to allow an income tax deduction for contributions of cash, stocks, bonds, or other securities tradeable on an established exchange to a tax-exempt trust account established for the exclusive purpose of purchasing the taxpayer's first principal residence. Limits the maximum annual deduction to $1,000 with a maximum lifetime deduction of $10,000. 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. 64 (99th)open

A bill to amend the Internal Revenue Code of 1954 to allow employers a tax credit for hiring displaced homemakers.

United States · United States Congress · 3 January 1985

Amends the Internal Revenue Code to qualify displaced homemakers for the targeted jobs income tax credit. Defines "displaced homemaker" as an individual who: (1) has not worked in the labor force for a substantial number of years but has, during those years, worked in the home providing unpaid services for family members; and (2) has been dependent on public assistance or on the income of another family member but is no longer supported by that income or is receiving public assistance on account of dependent children in the home.

Bill· HRH.R. 18 (99th)open

A bill to amend the Internal Revenue Code of 1954 to impose a minimum tax on individuals and corporations.

United States · United States Congress · 3 January 1985

Amends the Internal Revenue Code to impose a minimum income tax of ten percent on individual economic income which exceeds the following exemption amount: (1) $40,000 for joint returns; (2) $30,000 for single returns; and (3) $20,000 for married individuals filing separate returns. Defines "economic income" as income received or accrued reduced by the sum of ordinary and necessary expenses paid or incurred in the production of such income plus a reasonable allowance for the diminution in the value of property used in the production of such income. Imposes a ten percent minimum tax on the net income of a corporation exceeding $10,000. Disallows any credits against such minimum tax.

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