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Bill· HRH.R. 2827 (96th)referred

Intelligence and Intelligence Related Activities Authorization Act for Fiscal Year 1980

United States · United States Congress · 13 March 1979

Intelligence and Intelligence-Related Activities Authorization Act for Fiscal Year 1980 - Title I: Intelligence Activities - Authorizes appropriations for fiscal year 1980 for the conduct of intelligence and intelligence-related activities in certain departments, agencies and other elements of the United States Government. Title II: Intelligence Community Staff - Authorizes appropriations for the Intelligence Community Staff for fiscal year 1980 to provide the Director of Central Intelligence with necessary support staff. Establishes an end strength ceiling of 245 full-time employees. Title III: Central Intelligence Agency Retirement and Disability System - Authorizes appropriations for fiscal year 1980 for the Central Intelligence Agency Retirement and Disability Fund. Title IV: Central Intelligence Agency Firearms Authority - Amends the Central Intelligence Agency Act of 1949 to authorize Agency personnel to carry firearms while in the discharge of their official duties as prescribed by the Director. Sets forth the scope of official duties within the United States for purposes of this title. Title V: Technical Provisions - Provides for increased authorizations for benefits for Federal employees, should such increases be necessary. Authorizes appropriations for fiscal year 1981 for intelligence and intelligence-related activities.

Bill· HRH.R. 2842 (96th)referred

A bill to amend the Congressional Budget Act of 1974 to prevent the shifting of fiscal burdens to State and local governments.

United States · United States Congress · 13 March 1979

Amends the Congressional Budget Act of 1974 to require the Director of the Congressional Budget Office, at the request of any Member, to prepare for certain public bills and resolutions an estimate of the additional costs to State and local governments of carrying out any additional requirements imposed by such legislation. Prohibits the consideration by either House of any bill or resolution for which such estimate predicts such additional costs to State or local governments, unless such bill or resolution authorizes new budget authority for payment of such costs by the Federal Government.

Bill· SS. 618 (96th)referred

A bill to amend the Internal Revenue Code of 1954 to allow the payment of income tax on certain income support or deficiency payments to wheat and feed grain producers to be made in the year when the income normally received from the crops have been reported.

United States · United States Congress · 12 March 1979

Permits cash basis taxpayers to report as income, support or deficiency payments on wheat and feed grains received pursuant to the Food and Agriculture Act of 1977 in the taxable year in which the income normally received from the crops would have been reported.

Bill· SS. 614 (96th)referred

Technical Corrections Act of 1979

United States · United States Congress · 12 March 1979

Technical Corrections Act of 1979 - Provides, for purposes of making the investment tax credit rate permanent, that the Energy Tax Act of 1978 will be deemed to have been enacted prior to the Revenue Act of 1978. Title I: Amendments Related to Revenue Act of 1978 - Makes technical corrections to the Revenue Act of 1978 with respect to: (1) the earned income credit; (2) railroad unemployment compensation; (3) cafeteria-type employee benefit plans; (4) employee stock ownership plans (ESOP); (5) simplified employee pension plans; (6) defined benefit plans; (7) custodial accounts for regulated investment companies; (8) individual retirement accounts (IRAs); (9) "at risk" rules for business loss deductions; (10) the investment tax credit; (11) the targeted jobs credit; (12) industrial development bonds; (13) the ordinary loss deduction for small business corporation stock; (14) the entertainment facility tax deduction; (15) the deficiency dividend procedure for regulated investment companies; (16) self-insured medical reimbursement plans; (17) net operating loss deductions; (18) capital gains for individuals and corporations; (19) the minimum tax; (20) the maximum tax; (21) Tax Court administration; (22) refund adjustments for amounts held under claim of right; (23) estate and gift tax provisions; (24) carryover basis rules; (25) the tax treatment of cooperative housing corporations; (26) the tax treatment of environmental protection cost-sharing payments; and (27) general stock ownership corporations. Makes certain technical and clerical corrections to provisions of the Tax Reform Act of 1976. Makes certain technical and clerical corrections to provisions of the Foreign Earned Income Act of 1978, the Black Lung Benefits Revenue Act of 1977, and the Energy Tax Act of 1978. Title II: General Effective Date - Provides that any technical amendment made by title I of this Act shall take effect as if it had been included in the provision of the Revenue Act of 1978 to which it relates.

Law· HRH.R. 2797 (96th)open

Technical Corrections Act of 1979

United States · United States Congress · 12 March 1979

Technical Corrections Act of 1979 - Provides, for purposes of making the investment tax credit rate permanent, that the Energy Tax Act of 1978 will be deemed to have been enacted prior to the Revenue Act of 1978. Title I: Amendments Related to Revenue Act of 1978 - Makes technical corrections to the Revenue Act of 1978 with respect to: (1) the earned income credit; (2) railroad unemployment compensation; (3) cafeteria-type employee benefit plans; (4) employee stock ownership plans (ESOP); (5) simplified employee pension plans; (6) defined benefit plans; (7) custodial accounts for regulated investment companies; (8) individual retirement accounts (IRA's); (9) "at risk" rules for business loss deductions; (10) the investment tax credit; (11) the targeted jobs credit; (12) industrial development bonds; (13) the ordinary loss deduction for small business corporation stock; (14) the entertainment facility tax deduction; (15) the deficiency dividend procedure for regulated investment companies; (16) self-insured medical reimbursement plans; (17) net operating loss deductions; (18) capital gains for individuals and corporations; (19) the minimum tax; (20) the maximum tax; (21) Tax Court administration; (22) refund adjustments for amounts held under claim of right; (23) estate and gift tax provisions; (24) carryover basis rule; (25) the tax treatment of cooperative housing corporations; (26) the tax treatment of environmental protection cost-sharing payments; and (27) general stock ownership corporations. Makes certain technical and clerical corrections to provisions of the Tax Reform Act of 1976. Makes certain technical and clerical corrections to provisions of the Foreign Earned Income Act of 1978, the Black Lung Benefits Revenue Act of 1977, and the Energy Income Act of 1978, the Black Lung Benefits Revenue Act of 1977, and the Energy Tax Act of 1978. Title II: General Effective Date - Provides that any technical amendment made by Title I of this Act shall take effect as if it had been included in the provision of the Revenue Act of 1978 to which it relates.

Bill· HRH.R. 2794 (96th)referred

A bill to authorize appropriations to the Department of Energy for national security programs for fiscal year 1980 and fiscal year 1981, and for other purposes.

United States · United States Congress · 12 March 1979

Title I: National Security Programs - Authorizes the appropriation of funds for fiscal year 1980 to the Department of Energy for operating expenses incurred in carrying out national security programs, including scientific research and development, strategic and critical materials necessary for common defense, military applications of nuclear energy, and additional authorizations for specific projects. Title II: Petroleum and Oil Shale Reserves - Authorizes the appropriation of funds for operating expenses of naval petroleum reserves. Title III: General Provisions - Prohibits the use of funds authorized under this Act where the costs of the program exceed 105 percent of the program authorization or the costs exceed by more than $10,000,000 the amount authorized by this Act, whichever is the lesser. Prohibits the use of funds authorized by this Act for programs which have not been presented to, or requested of Congress unless 30 calendar days have elapsed since the Secretary of Energy has presented to all the appropriate congressional committees a full and complete statement of the action proposed. Allows the written waiver of such requirement where such waiver is approved in writing by each appropriate committee of Congress. Authorizes the Secretary to start any general plant project only if: (1) the maximum estimated cost of such project does not exceed $750,000, and any building in such project does not exceed $300,000 in estimated costs; and (2) the total costs of all projects undertaken pursuant to this Act does not exceed the estimated cost by more than 25 percent. Sets forth procedures for approval of projects that exceed the 25 percent estimated cost provision, and exempts from such procedures any project which has an estimated cost of less than $5,000,000. Allows the transfer of funds from specified projects to other Government agencies for the performance of work for which the appropriation is made. Authorizes the Secretary to perform construction design services for construction projects in support of national security programs as appropriated under this Act. Directs the Secretary to notify the appropriate committees of Congress in writing of specific cost overruns. Title IV: Authorization of Appropriations for Fiscal Year 1981 - Authorizes such appropriations for fiscal year 1981 as may be necessary for the programs set forth in this Act.

Bill· SS. 586 (96th)passed

Foreign Relations Authorization Act, Fiscal Years 1980 and 1981

United States · United States Congress · 8 March 1979

Foreign Relations Authorization Act, Fiscal Years 1980 and 1981 - Title I: State Department - Authorizes appropriations through fiscal year 1981 for the Department of State to be used for: (1) the administration of foreign affairs; (2) international organizations and conferences; (3) international commissions; and (4) migration and refugee assistance. Authorizes appropriations in fiscal year 1980 for the United States share of expenses of the bilateral science and technology agreement between the United States and Yugoslavia. Increases the authorization of appropriations for migration and refugee assistance during fiscal year 1979. Title II: International Communication Agency - Authorizes appropriations through fiscal year 1981 for the International Communication Agency. Title III: Board for International Broadcasting - Authorizes appropriations through fiscal year 1981 for the Board for International Broadcasting. Repeals the provision of the Foreign Relations Authorization Act, Fiscal Year 1979, which denies funding of Radio Free Europe/Radio Liberty (RFE/RL) if Communist countries use RFE/RL broadcasting facilities without allowing RFE/RL to use that country's facilities.

Bill· SS. 602 (96th)referred

A bill to amend the Internal Revenue Code of 1954 to modify the credit allowed for expenses for household and dependent care services necessary for gainful employment to include credit to individuals for expenses for the care of a mentally or physically handicapped child of such individual and to provide for the exemption from taxation of trusts established to provide care for such children except to the extent of distributions and to provide a deduction for contributions to such trust.

United States · United States Congress · 8 March 1979

Amends the Internal Revenue Code to provide that taxpayers who incur expenses for the care of a dependent child who is mentally or physically handicapped shall be eligible for the child care expenses credit whether or not the taxpayer incurred such expenses to enable him to seek gainful employment or such expenses were incurred outside his household. Increases the amount of expenses which may be considered in determining the amount of the credit. Provides that the earned income limitation shall not apply to taxpayers who provide care for handicapped children. Grants tax-exempt status to a trust established for the care of a physically or mentally handicapped child of the taxpayer. Allows an income tax deduction for contributions to a child care trust. Limits the amount of such deduction to the lesser of 15 percent of the taxpayer's compensation includable in gross income for the taxable year, or $1,500. Provides that distributions from such a trust shall not be taken into consideration in determining the eligibility of such child for Federal or State assistance.

Law· HRH.R. 2729 (96th)open

An act to authorize appropriations for activities for the National Science Foundation for fiscal year 1980, and for other purposes.

United States · United States Congress · 8 March 1979

National Science Foundation Authorization Act for Fiscal Year 1980 - Authorizes appropriations for activities of the National Science Foundation for fiscal year 1980, including the following categories: (1) mathematical and physical sciences and engineering; (2) astronomical, atmospheric, earth, and ocean sciences; (3) United States Antarctic Program; (4) biological, behavioral, and social sciences; (5) science education programs; (6) applied science and research applications; (7) scientific, technological, and international affairs; and (8) program development and management. Limits the transfer of funds from one category to another. Directs the National Science Foundation to develop indices, correlates, or other suitable measures or indicators of the status of scientific instrumentation in the United States and of the current and projected need for scientific and technological instrumentation. Directs the Foundation to conduct a Flood Hazard Mitigation Study and report to Congress, before the 1981 budget submission, specific program recommendations.

Bill· HRH.R. 2775 (96th)referred

State and Local Welfare Reform and Fiscal Relief Act of 1979

United States · United States Congress · 8 March 1979

State and Local Welfare Reform and Fiscal Relief Act of 1979 - Amends the program of Aid to Families with Dependent Children (AFDC) established by part A of title IV of the Social Security Act to establish a new formula for determining the amount of the Federal payment to each State for amounts expended by a State under such program. Provides for an annual cost-of-living increase in such amount. Requires that such increases be passed on to the recipients of aid under the program. Directs that each State plan for the operation of the State AFDC program provide for reimbursement of the political subdivisions of the State for the amount contributed to the program by the subdivisions.

Bill· HRH.R. 2744 (96th)referred

A bill to repeal the carryover basis provisions added by the Tax Reform Act of 1976.

United States · United States Congress · 8 March 1979

Amends the Internal Revenue Code to repeal the carryover basis provisions enacted by the Tax Reform Act of 1976 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. 2755 (96th)referred

A bill to amend the State and Local Fiscal Assistance Act of 1972 to suspend payments to States and for other purposes.

United States · United States Congress · 8 March 1979

Amends the State and Local Fiscal Assistance Act of 1972 to suspend payment of the State government share of revenue sharing funds beginning in fiscal year 1980. Terminates the entitlement of the District of Columbia to the degree it is treated as a State without affecting its entitlement as a local governmental unit.

Bill· HRH.R. 2758 (96th)referred

A bill to suspend revenue sharing payments to States under the State and Local Fiscal Assistance Act of 1972.

United States · United States Congress · 8 March 1979

Amends the State and Local Fiscal Assistance Act of 1972 to suspend payment of the State government share of revenue sharing funds beginning in fiscal year 1980. Terminates the entitlement of the District of Columbia to the degree it is treated as a State without affecting its entitlement as a local governmental unit.

Bill· SS. 566 (96th)open

Intergovernmental Antirecession and Targeted Fiscal Assistance Amendments of 1979

United States · United States Congress · 7 March 1979

Intergovernmental Fiscal Assistance Amendments of 1979 - Amends the Public Works Employment Act of 1976 to authorize the Secretary of the Treasury, through a targeted fiscal assistance program, to make annual payments for fiscal years 1979 and 1980 to local governments with local unemployment rates at or above six and one-half percent. Authorizes appropriations for such purpose. Sets forth formulas and procedures for allocations to local governments under such program. Directs the Secretary of Labor to determine or assign unemployment rates necessary to the Secretary of the Treasury's administration of all the antirecession provisions of such Act. Directs the Secretary of Labor, the Director of the Bureau of the Census, and the Director of the Office of Personnel Management to provide other necessary information. Sets forth formulas and procedures for allocations to the governments of Puerto Rico, Guam, American Samoa, and the Virgin Islands under both the targeted fiscal assistance and the antirecession fiscal assistance programs. Authorizes the Secretary of the Treasury, through an antirecession fiscal assistance program, to make payments to specified territorial governments and to State and local governments with unemployment rates at or above five percent. Suspends such payments whenever the seasonally adjusted rate of national unemployment is below six and one-half percent. Authorizes appropriations for such purpose during each of the seven succeeding calendar quarters beginning in 1979. Stipulates that a portion of the total amount of such appropriations is to be determined according to a formula based on the seasonally adjusted rate of national unemployment. Sets forth formulas and procedures for allocations to eligible State and local governments and to specified territorial governments.

Bill· SS. 557 (96th)referred

A bill to amend the Internal Revenue Code of 1954 to permit an individual covered by a private retirement plan to establish a separate individual retirement account or deduct a separate contribution to the plan.

United States · United States Congress · 7 March 1979

Amends the Internal Revenue Code to allow an individual income tax deduction for amounts paid in cash by or on behalf of an individual to a qualified retirement plan (currently excluded from such deduction) in which such individual was an active participant for any part of the taxable year. Defines a qualified retirement plan to include: (1) a private tax-exempt pension, profit-sharing, or stock bonus plan; (2) an employee annuity plan; (3) a qualified bond purchase plan; or (4) a specified type of pension plan provided for employees of life insurance companies.

Bill· HRH.R. 2704 (96th)referred

A bill to amend the Federal Civil Defense Act of 1950, to provide for an enhanced civil defense program for fiscal years 1980 through 1986, and for other purposes.

United States · United States Congress · 7 March 1979

Amends the Federal Civil Defense Act of 1950 to implement a new civil defense program designed to: (1) enhance the survivability of the American people and its leadership; (2) enhance deterrence and stability; (3) continue reliance on strategic nuclear forces as the preponderant factor in maintaining deterrence; and (4) plan for population relocation during times of international crisis. Requires the President to develop and execute such program. Stipulates that such program include the following elements: (1) a survey of shelter inherent in existing facilities; (2) nuclear civil protection planning for both in-place protection and population relocation during times of international crisis; (3) planning for the crisis development of additional shelters; (4) improvement of warning systems; (5) improvement of systems and capabilities for direction and control of emergency operations; (6) improvement of radiological defense capabilities; (7) improvement of emergency public information and training programs and capabilities; and (8) development of such other systems and capabilities as may be necessary to maximize lifesaving potential. Authorizes appropriations to carry out the provisions of such Act, with provision for inflation adjustments.

Bill· HRH.R. 2693 (96th)referred

Product Liability Partial Self-Insurance Act of 1979

United States · United States Congress · 7 March 1979

Product Liability Partial Self-Insurance Act of 1979 - Amends the Internal Revenue Code to allow a deduction to any business enterprise engaged in the manufacture, importation, distribution, lease, or sale of any product for contributions to its product liability trust account and for amounts paid to a captive insurer (wholly or partially-owned by the taxpayer) for product liability insurance. Specifies the amount a taxpayer may deduct, based upon the ability of such taxpayer to obtain insurance through conventional channels. Disallows any deductions for product liability losses which do not exceed the sum of the total trust funds in the taxpayer's account at the beginning of the taxable year plus the amount of deductible payments made by the taxpayer to the account during such year. Imposes penalties for the improper use of product liability reserve funds. Treats amounts accumulated in the taxpayer's product liability trust account as amounts accumulated for reasonably anticipated business needs, for purposes of avoiding the accumulated earnings tax.

Bill· HRH.R. 2692 (96th)referred

A bill to repeal the carryover basis provisions added by the Tax Reform Act of 1976.

United States · United States Congress · 7 March 1979

Amends the Internal Revenue Code to repeal the carryover basis provisions enacted by the Tax Reform Act of 1976 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. 2695 (96th)referred

A bill to amend the Internal Revenue Code of 1954 to provide individuals a refundable credit against income tax for maintaining a household a member of which is an individual who has attained the age of 65.

United States · United States Congress · 7 March 1979

Amends the Internal Revenue Code to allow a refundable, income tax credit for household expenses to any taxpayer who maintains a household in which a dependent aged 65 or over resides. Limits such credit to $250 for each aged dependent for the taxable year.

Bill· HRH.R. 2648 (96th)referred

Alcohol Production Incentive Act of 1979

United States · United States Congress · 6 March 1979

Alcohol Production Incentive Act of 1979 - Amends the Internal Revenue Code to allow a taxpayer to elect an income tax deduction with respect to the amortization, based on a 60-month period, of any qualified facility producing alcohol from coal or biomass for primary use as a substitute for fuel.

Bill· HRH.R. 2667 (96th)referred

A bill to amend the Internal Revenue Code of 1954 to provide for an extension of the period during which an individual must purchase a new residence for nonrecognition of gain on the sale of an old residence in the case of members of the Armed Forces who are stationed overseas or who are required to reside in Government-owned quarters.

United States · United States Congress · 6 March 1979

Amends the Internal Revenue Code to provide that the suspension of the 18-month period in which an individual must purchase a new residence for nonrecognition of gain on the sale of an old residence which is granted to members of the armed forces who are stationed overseas or who are required to reside in Government-owned quarters shall be extended to the later of four years after the date of the sale of the old residence (as currently provided) or one year after the date on which the taxpayer is no longer stationed overseas or required to reside in Government-owned quarters.

Bill· HRH.R. 2644 (96th)referred

A bill to amend the Revenue Act of 1978 to provide that, with respect to the amendments allowing the investment tax credit for single purpose agricultural or horticultural structures, credit or refund shall be allowed without regard to the statute of limitations for certain taxable years to which such amendments apply.

United States · United States Congress · 6 March 1979

Amends the Revenue Act of 1978 to provide that the credit or refund permitted with respect to the investment tax credit for single purpose agricultural or horticultural structures shall be allowed without regard to the statute of limitations or any rule of law (including res judicata) which may apply to taxable years to which the credit applies.

Bill· HRH.R. 2639 (96th)referred

A bill to amend the Internal Revenue Code of 1954 to allow the deduction of taxes assessed by special districts for debt retirement and for capital construction in connection with the construction of sewage treatment works in the same manner as the deduction allowed for real property taxes.

United States · United States Congress · 6 March 1979

Amends the Internal Revenue Code to allow an income tax deduction for that portion of real property taxes assessed against local benefits of a kind tending to increase the value of the property assessed which are properly allocable to the construction, maintenance, or finance costs of sewage treatment plants.

Bill· SS. 545 (96th)referred

A bill to amend the Internal Revenue Code of 1954 to increase the amount of the deduction for depreciation allowed with respect to certain small business property.

United States · United States Congress · 5 March 1979

Amends the Internal Revenue Code to permit small businesses to depreciate business property according to the practical cost recovery method. Provides, under such method, for a class life of: (1) two years for highway transportation equipment, tool, dies, and similar assets; (2) five years for machinery; and (3) ten years for real estate improvements. Limits the amount of the tax deduction for such depreciation to $200,000 for the taxable year. Permits a one-year carryover of depreciation amounts which exceed such limit.

Bill· SS. 542 (96th)referred

Product Liability Partial Self-Insurance Act

United States · United States Congress · 5 March 1979

Product Liability Partial Self-Insurance Act - Amends the Internal Revenue Code to allow a deduction to any business enterprise engaged in the manufacture, importation, distribution, lease, or sale of any product for contributions to its product liability trust account and for amounts paid to a captive insurer (wholly or partially-owned by the taxpayer) for product liability insurance. Specifies the amount a taxpayer may deduct, based upon the ability of such taxpayer to obtain insurance through conventional channels. Disallows any deductions for product liability losses which do not exceed the sum of the total trust funds in the taxpayer's account at the beginning of the taxable year plus the amount of deductible payments made by the taxpayer to the account during such year. Imposes penalties for the improper use of product liability reserve funds. Treats amounts accumulated in the taxpayer's product liability trust account as amounts accumulated for reasonably anticipated business needs, for purposes of avoiding the accumulated earnings tax.

Bill· HRH.R. 2604 (96th)referred

A bill to repeal the carryover basis provisions added by the Tax Reform Act of 1976.

United States · United States Congress · 5 March 1979

Amends the Internal Revenue Code to repeal the carryover basis provisions enacted by the Tax Reform Act of 1976 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· SS. 527 (96th)passed

National Science Foundation Authorization Act for Fiscal Year 1980

United States · United States Congress · 1 March 1979

National Science Foundation Authorization Act for Fiscal years 1980 and 1981 - Authorizes appropriations for activities of the National Science Foundation for fiscal year 1980, including the following categories: (1) mathematical and physical sciences and engineering; (2) astronomical, atmospheric, earth and ocean sciences; (3) United States Antarctic Program; (4) biological behavioral, and social sciences; (5) science education programs; (6) applied science and research applications; (7) scientific, technological, and international affairs; and (8) program development and management. Authorizes appropriations as necessary to the National Science Foundation for fiscal year 1981. Limits the transfer of funds from one category to another.

Bill· SS. 513 (96th)referred

A bill to extend for 2 years at its present level the program of general revenue sharing provided under the State and Local Fiscal Assistance Act of 1972.

United States · United States Congress · 1 March 1979

Amends the State and Local Fiscal Assistance Act of 1972 to authorize specified amounts to be appropriated to the State and Local Government Fiscal Assistance Trust Fund to pay for entitlements of State governments. Extends the program of general revenue sharing through September 30, 1982. Extends through September 30, 1982, the application of State laws which provide for the allocation of funds among county areas, or among units of local government.

Bill· SS. 511 (96th)referred

A bill to amend section 457 of the Internal Revenue Code of 1954 to extend to deferred compensation plans maintained by tax exempt organizations the treatment conferred upon such plans maintained by State and local governments by the Revenue Act of 1978.

United States · United States Congress · 1 March 1979

Amends the Internal Revenue Code to provide that compensation paid to an employee of a tax-exempt organization which is deferred under a compensation plan maintained by such an organization shall be includible in the gross income of the participant or beneficiary of such a plan only in the year in which the compensation is paid to the participant or beneficiary. Permits the deferral of the lesser of $7,500 or one-third of such employee's compensation in any taxable year. Permits the deferral of up to $15,000 ("catch-up exclusion") of compensations for any employee who did not utilize the $7,500 or one-third deferral limitation in the previous taxable years, if such employee is within three years of normal retirement age. States that the provisions of this Act shall apply to tax-exempt organizations in taxable years beginning after December 31, 1979.

Bill· HRH.R. 2568 (96th)referred

A bill to amend the Social Security Act and the Internal Revenue Code of 1954 to provide for Federal participation in the costs of the old-age, survivors, and disability insurance program and the medicare program, with appropriate reductions in social security taxes to reflect such participation, and with a substantial increase in the amount of an individual's annual earnings which may be counted for benefit and tax purposes.

United States · United States Congress · 1 March 1979

Amends title II (Old-Age, Survivors, and Disability Insurance) of the Social Security Act and the Internal Revenue Code to reduce tax rates below the level established by the Social Security Amendments of 1977 on employment income for both employers and employees and on self-employment income. Increases by 50 percent Federal contributions to the Federal Old-Age and Survivors Insurance Trust Fund, the Federal Disability Insurance Trust Fund, and the Federal Hospital Insurance Trust Fund established under title XVIII (Medicare) of the Social Security Act. Increases the ceiling on the amount of income that is subject to social security taxation to $100,000 in 1980.

Bill· HRH.R. 2553 (96th)referred

Individual Tax Return Equity Act of 1979

United States · United States Congress · 1 March 1979

Individual Tax Return Equity Act of 1979 - Amends the Internal Revenue Code to provide identical income tax rates for single persons, heads of households, and married couples filing jointly or separately. Establishes the zero bracket amount at $3,400 for all individual taxpayers.

Bill· HRH.R. 2582 (96th)referred

A bill to repeal the carryover basis provisions added by the Tax Reform Act of 1976.

United States · United States Congress · 1 March 1979

Amends the Internal Revenue Code to repeal the carryover basis provisions enacted by the Tax Reform Act of 1976 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. 2536 (96th)referred

A bill to amend the Internal Revenue Code of 1954 to provide that individuals will not be required to make declarations of estimated tax if the amount of estimated tax is less than $500.

United States · United States Congress · 1 March 1979

Amends the Internal Revenue Code to exempt individuals from making declarations of estimated tax, if the amount of such estimated tax is less than $500. Provides that penalties relating to the failure by an individual to pay estimated tax will not apply if the tax is less than $500.

Bill· HRH.R. 2550 (96th)referred

A bill to extend the provisions of law relating to the business expenses of legislators, and for other purposes.

United States · United States Congress · 1 March 1979

Amends the Internal Revenue Code to extend until January 1, 1979, the date until which a State legislator may qualify for the income tax deduction for living expenses while engaged in legislative business away from his home district. Eliminates the $3,000 limitation on the income tax deduction for the business expenses of Members of Congress.

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