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Bill· HRH.R. 3640 (95th)referred
United States · United States Congress · 17 February 1977
Amends the Internal Revenue Code to repeal the carryover basis provisions enacted by the Tax Reform Act which provide that beneficiaries receiving property from a decedent's estate will retain the decedent's basis in the property. Restores prior law which "stepped up" or "stepped down" the property's basis to its market value at the time of death without imposing tax consequences on the appreciation or depreciation the property underwent while held by the decedent.
Bill· HRH.R. 3651 (95th)referred
United States · United States Congress · 17 February 1977
Amends the Internal Revenue Code to allow employers to take the credit for expenses of work incentive programs for wages paid new, full-time handicapped employees over the first cumulative 12 months of their employment.
Bill· HRH.R. 3647 (95th)referred
United States · United States Congress · 17 February 1977
Amends the Internal Revenue Code to allow individuals an income tax credit for five percent of the rent paid for their principal residence. Limits the credit to $75 in the case of a joint return, $37.50 for married individuals filing separately, and $50 for other taxpayers.
Bill· HRH.R. 3650 (95th)referred
United States · United States Congress · 17 February 1977
Amends the Internal Revenue Code to allow employers to take the credit for expenses of work incentive programs for wages paid new, full-time handicapped employees over the first cumulative 12 months of their employment.
Bill· HRH.R. 3643 (95th)referred
United States · United States Congress · 17 February 1977
Amends the Internal Revenue Code to allow taxpayers to credit against the income tax specified higher education expenses, including tuition, fees, books, and supplies, incurred by the taxpayer for himself or any dependent. Limits the credit to 100 percent of the first $200 for any individual, 25 percent of the next $300, and 5 percent of the next $1,000. Limits the credit to expenses incurred by full time students at institutions of vocational and higher education, minus scholarships and veterans' benefits. Limits the total credit allowed the taxpayer to his income tax liability minus the sum of all other credits applied thereto. Disallows any deduction of educational expenses used to determine the amount of the credit allowed by this Act.
Bill· HRH.R. 3646 (95th)referred
United States · United States Congress · 17 February 1977
Amends the Tax Reform Act to provide an unlimited exclusion from gross income of disability payments received by persons who retired on or before October 1, 1976, and either retired on disability, or were entitled to retire on disability.
Bill· HRH.R. 3642 (95th)referred
United States · United States Congress · 17 February 1977
Amends the Internal Revenue Code to allow taxpayers to credit against the income tax specified higher education expenses, including tuition, fees, books, and supplies, incurred by the taxpayer for himself or any dependent. Limits the credit to 100 percent of the first $200 for any individual, 25 percent of the next $300, and 5 percent of the next $1,000. Limits the credit to expenses incurred by full time students at institutions of vocational and higher education, minus scholarships and veterans' benefits. Limits the total credit allowed the taxpayer to his income tax liability minus the sum of all other credits applied thereto. Disallows any deduction of educational expenses used to determine the amount of the credit allowed by this Act.
Bill· HRH.R. 3638 (95th)referred
United States · United States Congress · 17 February 1977
Amends the Internal Revenue code to limit the mileage rate for the business deduction for the use of automobiles to the same rate used to reimburse Federal employees for the use of automobiles.
Bill· HRH.R. 3634 (95th)referred
United States · United States Congress · 17 February 1977
Motor Vehicle Tax Repeal Act - Repeals the excise tax on trucks, buses, and tractors and parts and accessories for such vehicles. Provides for the refund or credit of such taxes paid by the manufacturer, producer, or importer on items sold after January 1, 1977.
Bill· HRH.R. 3630 (95th)referred
United States · United States Congress · 17 February 1977
Amends the Internal Revenue Code to provide that income received from nonmember telephone companies shall not be used in determining whether mutual and cooperative telephone companies qualify as tax exempt organizations.
Bill· HRH.R. 3584 (95th)referred
United States · United States Congress · 16 February 1977
Amends the Federal Water Pollution Control Act to authorize the Administrator of the Environmental Protection Agency to approve user charge systems based upon ad valorem taxation if such system results in distribution of operation and maintenance costs to user classes in proportion to the total waste water loading of treatment works by such user classes.
Bill· HRH.R. 3587 (95th)referred
United States · United States Congress · 16 February 1977
Amends the Internal Revenue Code to exempt highway vehicles from the highway use tax where 80 percent of their use is involved in the initial transportation of unprocessed farm and forest products.
Bill· HRH.R. 3529 (95th)referred
United States · United States Congress · 16 February 1977
Amends the Internal Revenue Code to allow physicians, dentists and optometrists annual tax exclusions, decreasing from $20,000 to $5,000 over their first five years of medical practice in areas certified by the Secretary of Health, Education, and Welfare as having an insufficient number of practicing physicians.
Bill· HRH.R. 3575 (95th)referred
United States · United States Congress · 16 February 1977
Amends the Internal Revenue Code to allow employers a limited income tax credit for wages paid individuals certified by the Secretary of Labor as hard-core unemployed. Directs the Secretary of Labor to establish a program, with administrative procedures to guard against duplicity and fraud, for the certification, by local agencies, of the hard-core unemployed eligible for tax-supported hiring under this Act.
Bill· HRH.R. 3586 (95th)referred
United States · United States Congress · 16 February 1977
Amends the Internal Revenue Code to exempt farming vehicles from the highway motor vehicle excise tax, excepting vehicles owned by corporations with gross annual receipts exceeding $950,000, or which derive more than 50 percent of their gross receipts from nonfarming activities.
Bill· HRH.R. 3548 (95th)referred
United States · United States Congress · 16 February 1977
Amends the Internal Revenue Code to disallow business income tax deductions for expenses incurred for lobbying before Congress or other legislative bodies.
Bill· HRH.R. 3558 (95th)referred
United States · United States Congress · 16 February 1977
Amends the Internal Revenue Code to exempt farm and soil and water conservation trucks from the Highway Use Tax.
Bill· HRH.R. 3547 (95th)referred
United States · United States Congress · 16 February 1977
Amends the Internal Revenue Code to disallow the deduction of oil company advertising expenses incurred for purposes other than the sale of products or services.
Bill· HRH.R. 3546 (95th)referred
United States · United States Congress · 16 February 1977
Amends the Internal Revenue Code to prohibit a business deduction for expenses paid or incurred to advertise electric and natural gas utility services. Disallows any rate increases to cover additional utility taxes incurred as a result of this Act. Empowers the Attorney General to seek injunctive remedies from the U.S. district courts against any such rate increases.
Bill· HRH.R. 3522 (95th)referred
United States · United States Congress · 16 February 1977
Amends the Internal Revenue Code to allow an income tax deduction for expenses incurred in providing special education and training for a dependent handicapped child at a private institution which is established and operated for the specific purpose of providing such education and training.
Bill· HRH.R. 3496 (95th)referred
United States · United States Congress · 16 February 1977
Amends the Internal Revenue Code to allow individuals to exclude from gross income the net profit derived from hobbies and other activities not engaged in for profit, where the profits for the taxable year do not exceed $500.
Bill· HRH.R. 3488 (95th)referred
United States · United States Congress · 16 February 1977
Amends the Internal Revenue Code to exclude from gross income the first $500 ($1,000 for persons filing joint returns) earned as interest on savings deposits in financial institutions.
Bill· HRH.R. 3490 (95th)referred
United States · United States Congress · 16 February 1977
Amends the Internal Revenue Code to allow employers a refundable income tax credit for 50 percent of the wages paid new employees during the taxable years for work done in the United States. Limits the credit taken to $80,000. Limits the number of employees for whom credit may be taken to ten new employees, or the maximum number of employees paid by the taxpayer during the calendar quarter ending the previous June 30th, whichever number is less. Directs the Secretary to submit reports to Congress, in 1978 and 1980 assessing the impact of this credit.
Resolution· HRESH.Res. 292 (95th)referred
United States · United States Congress · 16 February 1977
Disapproves the recommendations of the President transmitted to Congress, pursuant to the Federal Salary Act of 1967, recommending rates of pay for: (1) the Vice President, Members of Congress and the Resident Commissioner from Puerto Rico; (2) specified positions in the legislative branch; (3) specified judicial personnel; (4) specified positions under the Executive Schedule; and (5) the Board of Governors of the United States Postal Service.
Resolution· HRESH.Res. 288 (95th)referred
United States · United States Congress · 16 February 1977
Disapproves the recommendations of the President transmitted to Congress, pursuant to the Federal Salary Act of 1967, recommending rates of pay for: (1) the Vice President, Members of Congress and the Resident Commissioner from Puerto Rico; (2) specified positions in the legislative branch; (3) specified judicial personnel; (4) specified positions under the Executive Schedule; and (5) the Board of Governors of the United States Postal Service.
Resolution· HRESH.Res. 290 (95th)referred
United States · United States Congress · 16 February 1977
Disapproves the recommendations of the President transmitted to Congress, pursuant to the Federal Salary Act of 1967, recommending rates of pay for: (1) the Vice President, Members of Congress and the Resident Commissioner from Puerto Rico; (2) specified positions in the legislative branch; (3) specified judicial personnel; (4) specified positions under the Executive Schedule; and (5) the Board of Governors of the United States Postal Service.
Bill· SS. 733 (95th)referred
United States · United States Congress · 11 February 1977
Amends the Internal Revenue Code to increase from $100 to $600 ($1,200 in the case of a joint return) the amount of dividends which individuals may exclude from income.
Bill· SS. 734 (95th)referred
United States · United States Congress · 11 February 1977
Amends the Internal Revenue Code to exclude from gross income the first $100 ($200 for persons filing joint returns) earned as interest on savings deposits in financial institutions.
Bill· SS. 740 (95th)referred
United States · United States Congress · 11 February 1977
Amends the Internal Revenue Code to allow expenses attributable to a trade or business of a kind customarily carried on in the home as a sole proprietorship to be deducted from gross income even though the home is used as the taxpayer's principal residence so long as the activities conducted outside the home are merely incidental to the conduct of such business.
Bill· SS. 736 (95th)referred
United States · United States Congress · 11 February 1977
American Stock Ownership Plans - Provides that for purposes of the Internal Revenue Code the term "American stock ownership plan" means a trust created or organized in the United States for the exclusive benefit of an individual or his beneficiaries which meets specified requirements, including: (1) contributions will not be accepted for the taxable year in excess of $1,500 on behalf of any individual; (2) the trust is designed to invest solely in common stock of domestic corporations; (3) contribution received by the trustee during a particular taxable year will be allocated to a separate class year account; and (4) the interest of an individual in each class year account may not be paid or distributed before the end of the seventh taxable year following that year in which such class year account was established, except in the case of death or disability. States that the term "American stock ownership annuity" means a contract for a variable annuity, issued by an insurance company which meets specified requirements similar to those of the stock ownership trust above. Provides that a trust created or organized in the United States by an employer for the exclusive benefit of his employees or their beneficiaries or by an association of employees for the exclusive benefit of its members of their beneficiaries, shall be treated as an American stock ownership plan, but only if the trust meets the requirements of such a plan as stated above and also provides a separate accounting for the interest of each employee or member. Exempts American stock ownership plans from taxation. Provides that any amount paid by an employer to American stock ownership plan or annuity shall be included in an individuals gross income. Allows an individual to deduct from his gross income amounts paid in cash during the taxable year by or on behalf of such individual to an American stock ownership plan or annuity. Stipulates that no deduction shall be allowed for the two taxable years succeeding the taxable year in which a payment or payment or distribution from such a plan or annuity which is taxable to the individual under this Act is made. Stipulates that the deduction allowable to an individual under this Act may not exceed an amount equal to 15 percent of the compensation included in his gross income for such taxable year, or $1,500 whichever is less, multiplied by a fraction, the denominator of which is $20,000 and the numerator of which is $20,000 minus the excess of such compensation over $20,000. Provides that any amount received from a class year account established more than seven years before the taxable year in which the amount is received, and any amount paid or distributed on account of the death of the individual for whose benefit the broadened stock ownership plan or annuity was created shall be included in gross income in the year received and treated as a long term capital gain.
Bill· SS. 732 (95th)referred
United States · United States Congress · 11 February 1977
Amends the Internal Revenue Code to: (1) reduce the normal corporate income tax; (2) increase the corporate surtax; and (3) increase the corporate surtax exemption.
Bill· SS. 728 (95th)referred
United States · United States Congress · 11 February 1977
Amends the Internal Revenue Code to lower the distribution requirements for operating private foundations for purposes of avoiding the excise tax on undistributed income. Allows certain libraries, museums, and nonprofit nursing homes to avoid the excise tax on investment income by electing higher distribution requirements.
Bill· SS. 731 (95th)referred
United States · United States Congress · 11 February 1977
Amends the Internal Revenue Code to allow employers a nonrefundable income tax credit for the hiring of new employees. Sets the amount of the credit at: (1) $1 multiplied by the number of new employee hours of employment for the first 26 weeks of employment; and (2) 50 cents multiplied by the number of new employee hours of employment for the second 26 weeks of employment. Stipulates that new employees must have been unemployed for more than 26 weeks and not displace or replace a current employee. Directs the Secretaries of Labor and Commerce to publicize the availability of this credit in connection with employment programs for which they are responsible.
Bill· SS. 713 (95th)referred
United States · United States Congress · 10 February 1977
Amends the Internal Revenue Code to treat the lessees of certain urban mass transit property as having acquired such property for purposes of qualifying for the investment tax credit.
Bill· SS. 685 (95th)referred
United States · United States Congress · 10 February 1977
Amends the Internal Revenue Code to extend for four years (to June 14, 1981) the deadline for tax deductible charitable contributions of certain partial interests in recreation lands and historic lands and buildings for conservation purposes.
Bill· SS. 669 (95th)referred
United States · United States Congress · 10 February 1977
Residential Property Tax Relief Act -- Amends the Internal Revenue Code to allow individuals a refundable income tax credit for State and local property taxes attributable to the support of public elementary and secondary education. Limits the credit taken to $150, plus in the case of taxpayers aged 62 or more the, amount by which such taxes exceed five percent of their income for the taxable year.
Bill· SS. 665 (95th)referred
United States · United States Congress · 10 February 1977
United States Olympic Fund Act - Establishes on the books of the Treasury a Fund to be known as the "United States Olympic Fund." Allows an individual taxpayer to designate that one dollar of any overpayment of his tax, or one dollar of any contribution which he makes with his return be available to such fund. Authorizes to be appropriated to the fund an amount equal to twice the amounts designated by taxpayers pursuant to this Act.
Bill· SS. 680 (95th)referred
United States · United States Congress · 10 February 1977
New Jobs Tax Credit Act - Amends the Internal Revenue Code to allow income tax credit for 20 percent of the wages paid to employees during their first twelve months of employment, where the employee was hired before attaining 22 years of age; or after being unemployed for at least 15 weeks and where his employment represents an increase in the average number of the employer's workforce for the previous calendar year. Limits this credit to employees hired before 1979, and to $2,000 in the case of each employee.
Bill· SS. 675 (95th)referred
United States · United States Congress · 10 February 1977
Allows a refundable income tax credit for 30 percent of the expenditures not exceeding $750 which the taxpayer paid or incurred during the taxable year for the installation of insulation in his principal residence. Limits the application of this credit to expenditures paid or incurred for installations made before 1980. Allows a refundable income tax credit for 40 percent of the first $1,000, and a secondary credit for 25 percent of the next $6,400 paid or incurred by the taxpayer during the taxable year for the installation of qualified solar and geothermal energy equipment in his principal residence. Reduces these limitations in subsequent tax years by subtracting the amounts taken into account for these credit in previous tax years. Limits this credit to equipment installed before 1982 in the case of solar, geothermal or wind energy equipment. Prorates each of the above credits for residential improvements among joint owners and cooperative shareholders according to their proportionate interests in the residential property. Allows an investment tax credit for 20 percent of the qualified investment cost of depreciable geothermal and solar energy equipment placed in service before 1982. Allows such a credit for 10 percent of the qualified costs of insulation placed in service before 1982.
Resolution· SCONRESS.Con.Res. 10 (95th)passed
United States · United States Congress · 10 February 1977
Sets forth the congressional budget for the United States Government for fiscal year 1977. Provides that the recommended level of Federal revenues is $346,800,000,000 and the amount by which the aggregate level of Federal revenues should be decreased is $9,700,000,000. States that the appropriate level of total new budget authority is $467,000,000,000. Establishes the appropriate level of the public debt at $718,300,000,000. Sets forth the appropriate level of new budget authority and the estimated budget outlays for each major functional category.
Bill· HRH.R. 3446 (95th)referred
United States · United States Congress · 9 February 1977
Amends the Internal Revenue Code to repeal the carryover basis provisions enacted by the Tax Reform Act which provide that beneficiaries receiving property from a decedent's estate will retain the decedent's basis in the property. Restores prior law which "stepped up" or "stepped down" the property's basis to its market value at the time of death without imposing tax consequences on the appreciation or depreciation the property underwent while held by the decedent.
Bill· HRH.R. 3426 (95th)referred
United States · United States Congress · 9 February 1977
Amends the Internal Revenue Code to exclude from gross income the gain from the sale or exchange of a taxpayer's principal residence provided that he has used and owned it as such for five out of the previous eight years.
Bill· HRH.R. 3404 (95th)referred
United States · United States Congress · 9 February 1977
Amends the Internal Revenue Code to allow employers a refundable income tax credit for 50 percent of the wages paid new employees during the taxable years for work done in the United States. Limits the credit taken to $80,000. Limits the number of employees for whom credit may be taken to ten new employees, or the maximum number of employees paid by the taxpayer during the calendar quarter ending the previous June 30th, whichever number is less. Directs the Secretary to submit reports to Congress, in 1978 and 1980 assessing the impact of this credit.
Bill· HRH.R. 3400 (95th)referred
United States · United States Congress · 9 February 1977
Amends the Internal Revenue Code to exempt aircraft used primarily for agricultural operation from the excise tax on civil aircraft. Provides for the refund of the excise tax on gasoline used for farming purposes in an aircraft to the aerial applicator who purchased it.
Bill· HRH.R. 3418 (95th)referred
United States · United States Congress · 9 February 1977
Jobs Creation Act - Amends the Internal Revenue Code to reduce the individual income tax rates. Allows a credit against the income tax up to $1,000, for ten percent of the increase in the total savings deposits and investments since the end of the previous year. Allows a limited income tax deduction by certain domestic corporations for dividends paid. Limits corporate deductions for dividends received from foreign corporations. Repeals corporate deductions for other dividends received. Limits the corporate normal tax rate to 20 percent. Allows the taxpayer to take a deduction for specified percentages of the acquisition costs of certain types of property, with a corresponding reduction in basis, in lieu of a depreciation deduction. Doubles the corporate surtax exemption to $100,000.
Bill· HRH.R. 3414 (95th)referred
United States · United States Congress · 9 February 1977
States that no person performing work under a contract in connection with a civil works project entered into by the Army Corps of Engineers shall be immune from any State or local laws, ordinances, or taxes on the ground that such performance took place in whole or in part on property of the United States. Permits any State or political subdivision thereof to tax real property transferred to any individual for a profitmaking activity and receive payment from such individual even though the United States retains an interest of any kind in such property. Directs the Secretary of the Army, with respect to any contract transferring such property, which was executed after January 1, 1970, but before the date of enactment of this Act, to transfer to the State or local government within whose immediate jurisdiction such property is located, an amount of money equal to such amounts that would have been collected by such government had not such property been owned by the United States.
Bill· HRH.R. 3357 (95th)referred
United States · United States Congress · 9 February 1977
Amends the Housing and Community Development Act to provide that units of general local government receiving grants, under the hold-harmless provisions of such Act, shall be entitled, after fiscal year 1977, to continue to receive the amount to which they are presently entitled.
Bill· HRH.R. 3402 (95th)referred
United States · United States Congress · 9 February 1977
Amends the Internal Revenue Code to allow individuals to designate $1 to their income tax liability to be used for reducing the public debt of the United States.
Bill· HRH.R. 3345 (95th)referred
United States · United States Congress · 9 February 1977
Amends the Internal Revenue Code to allow individuals whose income consists solely of employee compensation and interest to elect to have the Internal Revenue Service compute their income tax liability.
Bill· HRH.R. 3372 (95th)referred
United States · United States Congress · 9 February 1977
Investment Tax Credit Act - Amends the Internal Revenue Code to allow an additional investment tax credit for machinery and equipment placed in service on existing manufacturing plants or in nearby areas.
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