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Bill· HRH.R. 823 (105th)referred
United States · United States Congress · 25 February 1997
Airport and Airway Trust Fund Tax Reinstatement Act of 1997 - Amends the Internal Revenue Code to restore the Airport and Airway Trust Fund excise taxes. Extends authority to transfer revenue to such Fund. (Sec. 3) Reduces by 4.3 cents the excise tax rate on various transportation motor fuels. Prohibits the taxation on any sale or use of compressed natural gas beginning six days after enactment of this Act until October 1, 1997. (Sec. 4) Sets forth the procedure for filing a claim for a credit or refund for any such tax imposed on any liquid prior to the seventh day after enactment of this Act. (Sec. 5) Imposes a floor stocks tax of 4.3 cents per gallon on any liquid on which such fuel tax was imposed before October 1, 1997, and which is held on such date by any person. Sets forth provisions on method of payment and exceptions to such tax. (Sec. 6) Expresses the sense of the Congress that consumers receive the benefit of such excise tax reduction and that transportation motor fuels producers and dealers take necessary action to reduce fuel prices to reflect such tax reduction. Directs the Comptroller General to study and report to the Congress on whether there has been a pass through to consumers because of such fuel tax reduction.
Law· SS. 342 (105th)enacted
United States · United States Congress · 24 February 1997
Authorizes extension of the International Organizations Immunities Act to the Hong Kong Economic and Trade Offices (Hong Kong's official economic and trade missions in the United States) in the same manner as such Act may be extended to a public international organization in which the United States participates pursuant to any treaty or Act of the Congress. Authorizes the President to apply to such Offices certain provisions of the Agreement on State and Local Taxation of Foreign Employees of Public International Organizations.
Bill· SS. 330 (105th)referred
United States · United States Congress · 13 February 1997
Individual Investment Account Act of 1997 - Amends the Internal Revenue Code to allow a deduction for amounts contributed to individual investment accounts. Allows tax-free distributions, limited to $15,000 for all taxable years, from such accounts for use in the purchase of a principal residence by a first-time homebuyer. Makes such accounts tax-exempt unless the individual engages in prohibited transactions. Adjusts dollar limitations under this Act for inflation. Allows such deduction in determining adjusted gross income. Exempts such accounts from estate tax. Excludes from gross income gain from the sale or exchange of property if, during the five-year period ending on the date of the sale or exchange, such property has been owned and used by the taxpayer as a principal residence for periods aggregating three years or more. Limits such exclusion to the amount paid to an individual investment account during the one-year period beginning on the date of the sale or exchange. Provides for adjusting the basis of a residence acquired through the use of an individual investment account.
Bill· SS. 320 (105th)referred
United States · United States Congress · 13 February 1997
TABLE OF CONTENTS: Title I: Pension Reform Title II: Protection of Rights of Former Spouses to Pension Benefits Under Certain Government and Government-Sponsored Retirement Programs Title III: Reforms Related to 401(k) Plans Title IV: Modifications of Joint and Survivor Annuity Requirements Title V: Spousal Consent Required for Distributions from Section 401(k) Plans Title VI: Women's Pension Toll-Free Phone Number Title VII: Periodic Pension Benefits Statements Comprehensive Women's Pension Protection Act of 1997 - Title I: Pension Reform - Amends the Tax Reform Act of 1986 to apply specified integrated plan nondiscrimination rules to all accrued benefits. Amends the Internal Revenue Code (Code) to repeal the permitted disparity provision with respect to simplified employee pension contributions. (Sec. 102) Applies minimum coverage requirements to a separate line of business employer plan for qualified trust purposes. Establishes a single line of business special rule. (Sec. 103) Sets forth provisions concerning the division of pension benefits upon divorce. Amends the Employee Retirement Income Security Act of 1974 to set forth similar provisions. (Sec. 104) Provides for the continued availability of certain remedies with respect to pre-1985 domestic relations orders. (Sec. 105) Amends the Railroad Retirement Act of 1974 to eliminate specified employee-annuitant requirements with respect to a divorced wife's annuity. Title II: Protection of Rights of Former Spouses to Pension Benefits Under Certain Government-Sponsored Retirement Programs - Amends the Railroad Retirement Act of 1974 and Federal law to provide for protection of former spouses to railroad and civil service pension benefits. Title III: Reforms Related to 401(k) Plans - Applies a specified limitation on acquisition and holding of employer securities and real property to 401(k) plans. Title IV: Modifications of Joint and Survivor Annuity Requirements - Amends the Employee Retirement Income Security Act of 1974 and the Code to permit, with respect to specified plans, a qualified joint and two-thirds survivor annuity. Defines such an annuity. Title V: Spousal Consent Required for Distributions from Section 401(k) Plans - Amends the Code to require spousal consent for 401(k) plan distributions. Title VI: Women's Pension Toll-Free Phone Number - Directs the Secretary of Labor to provide for a women's pension toll-free telephone number. Authorizes appropriations. Title VII: Periodic Pension Benefits Statements - Amends the Employee Retirement Income Security Act of 1974 to prescribe time periods for furnishing pension benefits statements.
Bill· SS. 329 (105th)referred
United States · United States Congress · 13 February 1997
Congressional Fiscal Responsibility Incentive Act of 1997 - Amends the Legislative Reorganization Act of 1946 to reduce the annual salary of a Member of Congress by ten percent if the total expenditures of the Federal Government exceed its total receipts for a fiscal year. Requires such reductions in salary to be disregarded the first pay period beginning on or after the date the Congress receives a report indicating that total receipts of the Federal Government are greater than or equal to its total expenditures for a fiscal year. Requires restoration of the Member's salary for such position to the level which would then be in effect without enactment of this Act. Mandates such pay adjustments before any other adjustment scheduled to take effect on the same day for the same position. Makes it out of order for the House of Representatives or the Senate to consider any bill or resolution increasing the salary for Members of Congress, with specified exceptions, unless the bill or resolution deals with no subject matter other than a pay increase for members. Requires a recorded vote by the House or Senate in the passage or adoption of such bill or resolution. Provides that this Act shall have no force or effect after passage of a constitutional amendment requiring a balanced Federal budget.
Bill· SS. 325 (105th)referred
United States · United States Congress · 13 February 1997
Elimination of Double Subsidies for the Hardrock Mining Industry Act of 1997 - Amends the Internal Revenue Code to disallow the percentage depletion allowance for hardrock mines located on land currently subject to the general mining laws or on land patented under such laws.
Bill· SS. 335 (105th)referred
United States · United States Congress · 13 February 1997
ISTEA Integrity Restoration Act - Authorizes appropriations out of the Highway Trust Fund (other than the Mass Transit Account) for the: (1) National Highway System (NHS); (2) Surface Transportation Program (STP); and (3) Federal Lands Highway Program, including Indian reservation roads, public lands highways, and parkways and park highways. (Sec. 4) Defines "highway funds" as funds apportioned and allocations authorized under this Act for the fiscal year and funds allocated to a State for the preceding fiscal year for Federal-aid highways and highway safety construction. Revises the apportionment of NHS funds to allocate one third of one percent (previously, one percent) to U.S. territories and possessions, and the remaining 99 and two-thirds percent among the States according to a formula based on population density. Includes bridge construction and related activities among eligible NHS projects. (Sec. 5) Repeals provisions regarding: (1) apportionments for resurfacing, restoring, rehabilitating, and reconstructing the Interstate System (IS); and (2) the transfer of interstate construction apportionments, the transfer of funds for STP projects, and limits on new capacity. (Sec. 6) Includes bridge construction and related activities as an eligible activity within the streamlined STP. Makes eligible under the STP an area of a State that is a nonattainment area for ozone or carbon monoxide, or for particulate matter with an aerodynamic diameter smaller than or equal to ten micrometers resulting from transportation activities, or for any combination thereof, for congestion mitigation and air quality improvement projects without regard to any Department of Transportation limitation relating to the type of ambient air quality standard addressed by such project. Requires a State, for each fiscal year, to allocate an amount determined according to a specified formula (based on FY 1995 funds) for transportation enhancement activities. Revises State certification procedures. (Sec. 7) Directs that, for purposes of STP and IS provisions, population shall be determined based on the most recent estimate prepared by the Secretary of Commerce, while apportionment factors shall be determined on the basis of the most recent data certified by the Secretary. (Sec. 8) Repeals provisions regarding: (1) the highway bridge replacement and rehabilitation program; and (2) the congestion mitigation and air quality improvement program. (Sec. 10) Replaces provisions regarding minimum allocations to States with an apportionment adjustment program under which the Secretary shall apportion among the States amounts sufficient to ensure that the ratio of the highway funds of a State to highway funds of all States for the fiscal year is not less than the adjustment percentage specified for that State under this Act. Requires each State to receive additional apportionments so that its percentage of highway funds is not less than 95 percent of the percentage of estimated tax payments attributable to highway users in the State paid into the Highway Trust Fund. Repeals: (1) existing apportionment adjustment programs; and (2) set-asides for interstate discretionary projects. (Sec. 12) Reduces from 3.75 to 2.0 the percentage of program funds authorized to be set aside for administrative costs. (Sec. 13) Sets forth provisions regarding permissible transfers of unobligated balances of funds apportioned to a State for: (1) congestion mitigation and air quality improvement; (2) interstate construction and maintenance; (3) bridge replacement and rehabilitation; and (4) the STP.
Bill· SS. 321 (105th)referred
United States · United States Congress · 13 February 1997
Strengthening Social Security Act of 1997 - Amends the Internal Revenue Code and title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to require covered employers to have a plan for withholding certain contributions from the wages of their eligible employees for investment according to the individual employee's personal investment plan. Defines personal investment plan as: (1) any personal investment retirement plan restricted to certain contribution deposits in the Personal Investment Fund, established in the Treasury by this Act; or (2) any individual retirement plan restricted to certain contribution deposits and administered or issued by a bank. Requires the Personal Investment Fund to be governed by a Personal Investment Fund Board under a system similar to the Thrift Savings Program for Federal employees. Covers self-employed individuals. Applies this Act only to employees who have not attained age 55. Specifies reduced social security tax rates for plan participants. Sets forth civil penalties for employers who fail to establish a personal investment payroll deduction plan or observe certain requirements with respect to it. Provides for the adjustment of the primary insurance amount for plan participants. Provides for specified graduated increases in normal and early retirement ages. Directs the Bureau of Labor Statistics to reduce by .5 percentage point the annual percentage change in the Consumer Price Indexes used with respect to OASDI cost of living adjustment calculations.
Bill· HRH.R. 755 (105th)reported
United States · United States Congress · 13 February 1997
Amends the Internal Revenue Code to allow an individual to designate a specified portion (but not less than $1) of any income tax overpayment and any cash contributions to be used for the benefit of units of the National Park System. Establishes a National Parks Trust Fund into which appropriated or credited amounts are received. Authorizes the Secretary of the Treasury to pay, not less often than quarterly, specified expenditures from the Trust Fund to the Director of the National Park Service. Requires that expenditures from such Fund be used only for operations, maintenance, and construction within the units of the National Park System. Prohibits the use of such expenditures for the purposes of land acquisition.
Bill· HRH.R. 803 (105th)open
United States · United States Congress · 13 February 1997
Amends the Internal Revenue Code to apply the special treatment of livestock sold or involuntarily converted on account of drought conditions also to livestock sold or converted because of flood or other weather-related conditions.
Bill· HRH.R. 791 (105th)open
United States · United States Congress · 13 February 1997
Amends the Internal Revenue Code to apply the special treatment of livestock sold or involuntarily converted on account of drought conditions also to livestock sold or converted because of other weather-related conditions.
Bill· HRH.R. 759 (105th)open
United States · United States Congress · 13 February 1997
Increases the rates of veterans' basic educational assistance, survivors and dependents educational assistance, the allowances provided for the pursuit of correspondence courses, special restorative training, and apprenticeship training, and basic educational assistance for members of the Selected Reserve. Increases such rates annually for fiscal years beginning on or after October 1, 1998 (currently, October 1, 1994) by the percentage increase in the Consumer Price Index.
Bill· HRH.R. 770 (105th)open
United States · United States Congress · 13 February 1997
Amends Federal armed forces provisions to: (1) make persons who willfully misclassify an individual for purposes of any employment tax ineligible for any defense contract; (2) require a person who submits a bid or proposal for a defense contract to certify that the amount of the bid or proposal is adequate to pay all employment taxes with respect to all work to be performed under the contract by the contractor's employees; (3) require each defense contract to include a requirement that the contractor provide certain notifications to each person who performs work under the contract and who is treated as an independent contractor for purposes of employment taxes; and (4) allow a person who submits a bid or proposal for a defense contract and who suffers damages as a result of the award of the contract to a person who knowingly and willfully submits a false certification to bring an action for damages against the person awarded the contract in any U.S. district court in which the defendant is located.
Bill· HRH.R. 750 (105th)referred
United States · United States Congress · 13 February 1997
Hong Kong Reversion Act - Directs the President to consider the performance of the Hong Kong Government and the actions of the Chinese Government when determining whether Hong Kong is not sufficiently autonomous to justify treatment under a particular U.S. law different from that accorded China as required under the United States-Hong Kong Policy Act of 1992. Directs the Secretary of State to include in each annual report to the Congress on conditions in Hong Kong, among other things, assessments of: (1) Hong Kong's or China's cooperation in securing certain agreements with the United States; and (2) the autonomy of Hong Kong and its customs territory. Authorizes extension of the International Organizations Immunities Act to the Hong Kong Economic and Trade Offices (Hong Kong's official economic and trade missions in the United States) in the same manner as such Act may be extended to a public international organization in which the United States participates pursuant to any treaty or Act of the Congress. Authorizes the President to apply to such Offices certain provisions of the Agreement on State and Local Taxation of Foreign Employees of Public International Organizations.
Bill· HRH.R. 766 (105th)referred
United States · United States Congress · 13 February 1997
TABLE OF CONTENTS: Title I: Pension Reform Title II: Protection of Rights of Former Spouses to Pension Benefits Under Certain Government and Government-Sponsored Retirement Programs Title III: Reforms Related to 401(k) Plans Title IV: Modifications of Joint and Survivor Annuity Requirements Title V: Spousal Consent Required for Distributions from Section 401(k) Plans Title VI: Women's Pension Toll-Free Phone Number Title VII: Periodic Pension Benefits Statements Comprehensive Women's Pension Protection Act of 1997 - Title I: Pension Reform - Amends the Tax Reform Act of 1986 to apply specified integrated plan nondiscrimination rules to all accrued benefits. Amends the Internal Revenue Code (Code) to repeal the permitted disparity provision with respect to simplified employee pension contributions. (Sec. 102) Applies minimum coverage requirements to a separate line of business employer plan for qualified trust purposes. Establishes a single line of business special rule. (Sec. 103) Sets forth provisions concerning the division of pension benefits upon divorce. Amends the Employee Retirement Income Security Act of 1974 to set forth similar provisions. (Sec. 104) Provides for the continued availability of certain remedies with respect to pre-1985 domestic relations orders. (Sec. 105) Amends the Railroad Retirement Act of 1974 to eliminate specified employee-annuitant requirements with respect to a divorced wife's annuity. Title II: Protection of Rights of Former Spouses to Pension Benefits Under Certain Government and Government-Sponsored Retirement Programs - Amends the Railroad Retirement Act of 1974 and Federal law to provide for protection of former spouses to railroad and civil service pension benefits. Title III: Reforms Related to 401(k) Plans - Applies a specified limitation on acquisition and holding of employer securities and real property to 401(k) plans. Title IV: Modifications of Joint and Survivor Annuity Requirements - Amends the Employee Retirement Income Security Act of 1974 and the Code to permit, with respect to specified plans, a qualified joint and two-thirds survivor annuity. Defines such an annuity. Title V: Spousal Consent Required for Distributions from Section 401(k) Plans - Amends the Code to require spousal consent for 401(k) plan distributions. Title VI: Women's Pension Toll-Free Phone Number - Directs the Secretary of Labor to provide for a women's pension toll-free telephone number. Authorizes appropriations. Title VII: Periodic Pension Benefits Statements - Amends the Employee Retirement Income Security Act of 1974 to prescribe time periods for furnishing pension benefits statements.
Bill· HRH.R. 769 (105th)open
United States · United States Congress · 13 February 1997
Amends the Federal Property and Administrative Services Act of 1949 to: (1) make persons who willfully misclassify an individual for purposes of any employment tax ineligible for any Government contract; (2) require a person who submits a bid or proposal for a Government contract to certify that the amount of the bid or proposal is adequate to pay all employment taxes with respect to all work to be performed under the contract by the contractor's employees; (3) require each Government contract to include a requirement that the contractor provide certain notifications to each person who performs work under the contract and who is treated as an independent contractor for purposes of employment taxes; and (4) allow a person who submits a bid or proposal for a Government contract and who suffers damages as a result of the award of the contract to a person who knowingly and willfully submits a false certification to bring an action for damages against the person awarded the contract in any U.S. district court in which the defendant is located.
Bill· HRH.R. 771 (105th)open
United States · United States Congress · 13 February 1997
Misclassification of Employees Act - Amends the Internal Revenue Code to provide for the waiver of employment tax liability for employers for any period if: (1) the employer did not treat an individual as an employee for purposes of employment taxes; (2) the treatment of such individual was based on a reasonable good faith misapplication of the common law rules used for determining the employer-employee relationship; (3) Federal tax returns for such period were filed on a basis consistent with the treatment of such individual as not being an employee; (4) the employer (and any predecessor) did not treat any other individual holding a substantially similar position as an employee for employment tax purposes after December 31, 1977; and (5) the employer enters into a closing agreement with, and monitored by, the Secretary of the Treasury with respect to treating such individual as an employee. Amends the Revenue Act of 1978 (relating to controversies involving whether individuals are employees for purposes of employment taxes) to require an employer to have a reasonable basis for not treating an individual as an employee. Requires the use of a recent prior audit as a reasonable basis. Excludes certain skilled technical personnel from such tax treatment. Removes the prohibition against regulations and rulings on employment status. Amends the Internal Revenue Code to set forth additional information to be included on statements covering payments for services. Provides for the determination of whether an individual is an employee of another person for purposes of unemployment compensation.
Bill· HRH.R. 802 (105th)referred
United States · United States Congress · 13 February 1997
Amends the Internal Revenue Code to repeal the estate and gift taxes.
Bill· HRH.R. 779 (105th)referred
United States · United States Congress · 13 February 1997
Elimination of Double Subsidies for the Hardrock Mining Industry Act of 1997 - Amends the Internal Revenue Code to disallow the percentage depletion allowance for hardrock mines located on land currently subject to the general mining laws, or on land patented under such laws.
Bill· HRH.R. 775 (105th)referred
United States · United States Congress · 13 February 1997
American Jobs Act - Amends the Internal Revenue Code to include imported property income of a controlled foreign corporation within the sums added together to compute foreign base company income. Defines imported income property to include, among other things, income from manufacturing, growing, selling, renting, or leasing imported property, but exempts any foreign oil and gas income or any foreign oil-related income. Provides for a separate application of limitations on the foreign tax credit for imported property income. Allows an employer a credit against tax, during the two-year period beginning with the day an employee starts work, equal to 20 percent of the qualified social security taxes paid or incurred by the employer for such new employee. Directs the Secretary of the Treasury to report to the Committee on Ways and Means and the Committee on Finance recommendations on the elimination of, or changes in, business tax preferences.
Bill· HRH.R. 763 (105th)referred
United States · United States Congress · 13 February 1997
Amends the Internal Revenue Code to apply, with limitations, an estate tax credit equivalent to the limited marital deduction to a decedent in a case in which, as of the date of the decedent's death: (1) both the decedent and the surviving spouse were noncitizens of, and not lawful permanent residents of, the United States; and (2) either the decedent or his or her surviving spouse was a qualified international organization employee. Defines a qualified international organization employee as a full-time employee of an international organization whose principal place of employment with such organization is in the United States.
Bill· HRH.R. 753 (105th)referred
United States · United States Congress · 13 February 1997
Intelligence Budget Accountability Act of 1997 - Directs the President to include in the annual budget submitted to the Congress a separate, unclassified statement of the appropriations and proposed appropriations for the current fiscal year, and the amount of appropriations requested for the fiscal year for which the budget is submitted, for national and tactical intelligence activities.
Bill· SS. 306 (105th)referred
United States · United States Congress · 12 February 1997
Amends the Internal Revenue Code to reduce the long term capital gains rate from 28 percent by two percent (but not below 14 percent) for each year the asset was held beyond two years. Reduces the net capital gain by the amount the taxpayer elects to take into account as investment income under specified provisions.
Bill· SS. 315 (105th)referred
United States · United States Congress · 12 February 1997
Corporate Welfare Reduction Act of 1997 - Amends the Internal Revenue Code, with respect to determining the foreign tax credit, to replace the formula for reducing the amount of oil and gas extraction taxes taken into account. Disallows as creditable amounts: (1) any taxes paid or accrued to a foreign country with respect to foreign oil and gas income (including extraction income) which are not imposed under the country's generally applicable income tax law; and (2) any other taxes on such income to the extent that the country's law is structured or operates so that the tax amount imposed will generally be materially greater, over a reasonable period, than the amount generally imposed on other income. Separates such income, for purposes of certain limitations on the application of the credit, into foreign oil and gas extraction income and foreign oil related income. Removes the deferral, for purposes of taxation of controlled foreign corporations, of tax on extraction income or income from consumption in the foreign country. Provides that the Secretary of the Treasury's authority, in allocating income, deductions, credits, and allowances among taxpayers owned or controlled by the same interests, shall not be limited by any restriction on the ability of the entities to transfer or receive money or property. Revises provisions concerning the exclusion of foreign earned income by U.S. citizens living abroad. Treats the gain or loss of a nonresident alien individual or foreign corporation that is a ten-percent shareholder in a domestic corporation upon disposition of such a corporation's stock as if the taxpayer were engaged during the taxable year in a trade or business within the United States and such gain or loss attributable to a permanent U.S. trade or business establishment. Imposes a 26-percent minimum tax on nonresident alien individuals. Provides for the withholding of tax on such dispositions, except in the case of stock which is not regularly traded. Excepts such gain from the branch profits tax imposed on foreign corporations. Requires notice to the Secretary upon distributions by a U.S. person to a foreign person in redemption of stock or complete liquidation of a subsidiary. Removes the exemption of ten-percent shareholders from the tax on interest of nonresident alien individuals received from portfolio debt investments. Redefines portfolio interest as only interest paid on obligations issued by governmental entities. Provides special rules for determining the source of income from the sale of inventory property.
Bill· HRH.R. 722 (105th)open
United States · United States Congress · 12 February 1997
Amends the Internal Revenue Code to exempt certain small businesses from the required use of the electronic fund transfer system for depository taxes. Revises specified deposit phase-in provisions.
Bill· HRH.R. 735 (105th)referred
United States · United States Congress · 12 February 1997
TABLE OF CONTENTS: Title I: Essential Access Community Hospital Program Title II: Capital Financing Assistance for Safety Net Providers Subtitle A: Amendments of Internal Revenue Code of 1986 Subtitle B: Capital Financing Assistance for Safety Net Providers Title III: Capital Allocation Plans Essential Health Facilities Investment Act of 1997 - Title I: Essential Access Community Hospital Program - Amends part A (Hospital Insurance) of title XVIII (Medicare) of the Social Security Act (SSA) to: (1) revise the Essential Access Community Hospital Program (EACH), extending EACH to all States and authorizing increased appropriations for EACH grants; and (2) establish a program of assistance (PA) for activities related to the formation of State and local community health networks. (Sec. 103) Requires the Secretary of Health and Human Services to report on EACH and PA effectiveness in increasing medically underserved population health care. Title II: Capital Financing Assistance for Safety Net Providers - Subtitle A: Amendments of Internal Revenue Code of 1986 - Amends the Internal Revenue Code (IRC) to impose a tax on the hospital gross receipts of any person for the taxable year. Subtitle B: Capital Financing Assistance for Safety Net Providers - Amends SSA to establish a program to provide capital financing assistance in the form of loan guarantees, interest rate subsidies, matching loans, and direct grants to eligible hospitals and facilities. Creates in the Treasury the related Capital Financing Trust Fund. (Sec. 212) Provides for adjustment of Medicare hospital payments to take into account any capital financing assistance received by the hospital. (Sec. 213) Amends the IRC to grant tax-exempt status to State and local bonds guaranteed by the Fund. Title III: Capital Allocation Plans - Amends SSA title XVIII to mandate that each State establish a plan for Federal approval of capital expenditures for certain non-rural health care services in the State in order to receive Medicare reimbursement for capital-related expenses.
Bill· HRH.R. 736 (105th)referred
United States · United States Congress · 12 February 1997
Amends the Internal Revenue Code to repeal the estate tax, gift tax, and the tax on generation-skipping transfers.
Bill· HRH.R. 724 (105th)referred
United States · United States Congress · 12 February 1997
Student Loan Affordability Act of 1997 - Amends the Internal Revenue Code to allow a tax deduction for the interest paid on qualified higher education loans. Allows such deduction in computing adjusted gross income.
Bill· HRH.R. 731 (105th)referred
United States · United States Congress · 12 February 1997
Amends the Internal Revenue Code to permit the interest on water, waste, and essential community facilities loans guaranteed by the Secretary of Agriculture to be tax-exempt.
Bill· HRH.R. 721 (105th)referred
United States · United States Congress · 12 February 1997
Stop Tax-Exempt Arena Debt Issuance Act - Amends the Internal Revenue Code to treat certain bonds used directly or indirectly for financing professional sports facilities as private activity bonds and not as qualified bonds, except for certain approved projects, facilities with final bond resolutions, and current refundings.
Bill· HRH.R. 711 (105th)referred
United States · United States Congress · 12 February 1997
Public Benefit Bonds Innovative Financing Act - Amends the Internal Revenue Code to provide for the tax treatment of distributions from qualified retirement plans investing in public benefit bonds.
Bill· HRH.R. 707 (105th)referred
United States · United States Congress · 12 February 1997
Investment Competitiveness Act of 1997 - Amends the Internal Revenue Code to exempt interest-related dividends and short-term capital gain dividends received from a regulated investment company from the 30 percent tax on the income of nonresident aliens and foreign corporations not connected with a U.S. business, subject to exception. Revises provisions concerning: (1) the estate tax treatment of stock in certain regulated investment companies owned by a nonresident; and (2) the distribution of U.S. property by a qualified investment entity (currently, a real estate investment trust).
Bill· HRH.R. 705 (105th)referred
United States · United States Congress · 12 February 1997
Equine Tax Fairness Act of 1997 - Amends Internal Revenue Code provisions limiting passive activity losses and credits to modify the definition of material participation with respect to the treatment of equine activities (breeding, racing, or showing horses).
Bill· HRH.R. 701 (105th)referred
United States · United States Congress · 12 February 1997
Amends the Internal Revenue Code to allow for the deduction of personal exemptions in determining alternative taxable income, subject to exception.
Bill· HRH.R. 693 (105th)referred
United States · United States Congress · 12 February 1997
Senior Citizens' Tax Fairness Act - Amends the Internal Revenue Code to provide for the phaseout and repeal of the tax increase on social security benefits made under the Revenue Reconciliation Act of 1993.
Bill· HJRESH.J.Res. 52 (105th)referred
United States · United States Congress · 12 February 1997
Constitutional Amendment - Requires the President to transmit to the Congress, before each fiscal year, a proposed statement of receipts and outlays for such fiscal year in which outlays (except those for repayment of debt principal) are not greater than receipts (except those derived from borrowing)(a proposed balanced budget). Requires the Congress to adopt, by law, a statement of receipts and outlays for such fiscal year in which outlays are not greater than receipts (a balanced budget). Authorizes the Congress to amend, by law, that balanced budget, provided revised outlays are not greater than revised receipts. Authorizes the Congress to provide in balanced budget for a specific excess of outlays over receipts by a vote directed solely to that subject in which two-thirds of the whole number of each House agree to such excess. Requires the Congress and the President to ensure that actual outlays do not exceed the outlays set forth in such balanced budget. Prohibits any increase in the limit on the debt of the United States, unless two-thirds roll call vote of each House provides by law for such an increase. Requires any bill that increases the internal revenue (except by a de minimis amount) to receive for final adoption the concurrence of two-thirds of each House. Permits the Congress to waive the requirements of this article when: (1) a declaration of war is in effect; or (2) the United States is engaged in military conflict which causes an imminent and serious threat to national security and is so declared by a joint resolution, adopted by a majority of each House, which becomes law. Makes any increase in the internal revenue enacted under such a waiver effective for only two years. Makes the internal revenue provisions of this Article effective upon ratification, and the remaining provisions effective on the later of FY 2002 or the second fiscal year beginning after ratification.
Bill· HJRESH.J.Res. 53 (105th)referred
United States · United States Congress · 12 February 1997
Constitutional Amendment - Prohibits total outlays from exceeding total receipts, unless a three-fifths vote of both Houses authorizes a specific excess. Declares that total receipts include all receipts of the United States except those derived from borrowing or retirement trust funds. Declares that total outlays include all outlays except those for retirement trust funds or repayment of debt principal. Directs the President to submit a balanced budget. Authorizes the Congress to waive these provisions when a declaration of war is in effect. Requires roll call votes in the House and Senate under this amendment. Makes this amendment effective the second fiscal year beginning after its ratification. Declares that if there is a Federal budget deficit for the first fiscal year beginning after its ratification, then during the next five fiscal years, the annual budget deficit may not exceed specified percentages of that budget deficit for each of those years.
Bill· HRH.R. 674 (105th)open
United States · United States Congress · 11 February 1997
ISTEA Integrity Restoration Act - Authorizes appropriations out of the Highway Trust Fund (other than the Mass Transit Account) for the: (1) National Highway System (NHS); (2) Surface Transportation Program (STP); and (3) Federal Lands Highway Program, including Indian reservation roads, public lands highways, and parkways and park highways. (Sec. 4) Defines "highway funds" as funds apportioned and allocations authorized under this Act for the fiscal year and funds allocated to a State for the preceding fiscal year for Federal-aid highways and highway safety construction. Revises the apportionment of NHS funds to allocate 0.4 percent (previously, one percent) to U.S. territories and possessions, and the remaining 99.6 among the States according to a formula based on population density. Includes bridge construction and related activities among eligible NHS projects. (Sec. 5) Repeals provisions regarding: (1) apportionments for resurfacing, restoring, rehabilitating, and reconstructing the Interstate System (IS); and (2) the transfer of interstate construction apportionments, the transfer of funds for STP projects, and limits on new capacity. (Sec. 6) Includes bridge construction and related activities as an eligible activity within the streamlined STP. Makes eligible under the STP an area of a State that is a nonattainment area for ozone or carbon monoxide, or for particulate matter with an aerodynamic diameter smaller than or equal to ten micrometers resulting from transportation activities, or for any combination thereof, for congestion mitigation and air quality improvement projects without regard to any Department of Transportation limitation relating to the type of ambient air quality standard addressed by such project. Revises: (1) State certification procedures; and (2) procedures for payments to States for eligible STP activities. (Sec. 7) Directs that, for purposes of STP and IS provisions, population shall be determined based on the most recent estimate prepared by the Secretary of Commerce. (Sec. 8) Repeals provisions regarding: (1) the highway bridge replacement and rehabilitation program; and (2) the congestion mitigation and air quality improvement program. (Sec. 10) Replaces provisions regarding minimum allocations to States with an apportionment adjustment program under which the Secretary shall apportion among the States amounts sufficient to ensure that the ratio of the highway funds of a State to highway funds of all States for the fiscal year is not less than the adjustment percentage specified for that State under this Act. Requires each State to receive additional apportionments so that its percentage of highway funds is not less than 95 percent of the percentage of estimated tax payments attributable to highway users in the State paid into the Highway Trust Fund. Repeals: (1) existing apportionment adjustment programs; and (2) set-asides for interstate discretionary projects. (Sec. 12) Reduces from 3.75 to 2.35 the percentage of program funds authorized to be set aside for administrative costs. (Sec. 13) Sets forth provisions regarding permissible transfers of unobligated balances of funds apportioned to a State for: (1) congestion mitigation and air quality improvement; (2) interstate construction and maintenance; (3) bridge replacement and rehabilitation; and (4) the STP.
Bill· HRH.R. 683 (105th)open
United States · United States Congress · 11 February 1997
Amends the Internal Revenue Code to increase the unified credit against the estate tax and the gift tax. Requires an estate tax return in cases where the gross estate exceeds $1.2 million (currently $600,000). Revises the formula for the phaseout of graduated rates and the unified credit.
Bill· HRH.R. 688 (105th)referred
United States · United States Congress · 11 February 1997
Leaking Underground Storage Tank Trust Fund Amendments Act of 1997- Amends the Solid Waste Disposal Act to require the Administrator of the Environmental Protection Agency (EPA) to distribute to States at least 85 percent of the funds appropriated to EPA from the Leaking Underground Storage Tank Trust Fund each fiscal year for the reasonable costs under cooperative agreements of: (1) State actions under the EPA program for petroleum release responses; (2) necessary administrative expenses directly related to corrective action and compensation programs under State financial responsibility requirements; (3) such programs in any instance, as determined by the State, in which an owner's or operator's financial resources (excluding resources provided by such programs) are inadequate to pay the costs of a corrective action without significantly impairing the ability to continue in business; (4) enforcement of an approved State or local underground storage tank (UST) program or similar provisions; and (5) State and local corrective actions pursuant to regulations regarding corrective action in response to UST releases. Prohibits use of such funds to provide financial assistance to an owner or operator in meeting regulatory requirements for upgrading of existing UST systems. Sets forth requirements for allocation of funds to States. Makes inapplicable to Trust Fund amounts provided to owners or operators under programs described in (2), above, provisions for recovery of petroleum release corrective or enforcement action costs.
Law· HRH.R. 668 (105th)enacted
United States · United States Congress · 11 February 1997
Airport and Airway Trust Fund Tax Reinstatement Act of 1997 - Amends the Internal Revenue Code to restore the Airport and Airway Trust Fund excise taxes. Extends authority to transfer revenue to such Fund.
Bill· HRH.R. 673 (105th)open
United States · United States Congress · 11 February 1997
Patent and Trademark Office Surcharge Extension Act of 1997 - Amends the Omnibus Budget Reconciliation Act of 1990 to: (1) extend permanently (currently expires after FY 1998) the authority of the Patent and Trademark Office to charge and collect surcharges (user fees); and (2) provide for the deposit and authorized uses of such surcharges for fiscal years 1999 and thereafter.
Bill· HRH.R. 684 (105th)referred
United States · United States Congress · 11 February 1997
Amends the Internal Revenue Code to provide for the treatment of, as well as define, a qualified funeral trust.
Bill· HRH.R. 687 (105th)referred
United States · United States Congress · 11 February 1997
Income Equity Act of 1997 - Amends the Internal Revenue Code to deny employers a deduction for payments of excessive compensation (more than 25 times the lowest compensation paid any other employee).
Bill· HJRESH.J.Res. 48 (105th)referred
United States · United States Congress · 11 February 1997
Constitutional Amendment - Prohibits Government outlays from exceeding receipts for any fiscal year, unless a three-fifths roll call vote of each House of Congress provides by law for a specific excess of outlays over receipts. Prohibits an increase in the limit on the U.S. public debt, unless a three-fifths roll call vote of each House provides by law for such an increase. Directs the President, before each fiscal year, to propose to the Congress a balanced budget for that fiscal year. Prohibits any bill to increase revenue from becoming law unless approved by a majority roll call vote of each House. Authorizes the Congress to waive this Article for any fiscal year in which: (1) a declaration of war is in effect; or (2) the United States is engaged in military conflict which causes an imminent and serious military threat to national security and is so declared by a joint resolution, adopted by a majority of each House, which becomes law. Includes in total receipts all Government receipts except those derived from borrowing, and includes in total outlays all Government outlays except those for repayment of debt principal. Prohibits the Federal Government, except as necessary to enforce rights of individuals under the Constitution, from imposing: (1) any obligation upon States without providing the funds necessary for compliance; or (2) conditions on grants to States unless such conditions are necessary to specify the manner in which the funds are to be expended. Requires this Article to take effect beginning with the later of FY 2002 or the second fiscal year beginning after its ratification.
Bill· HJRESH.J.Res. 50 (105th)referred
United States · United States Congress · 11 February 1997
Constitutional Amendment - Prohibits outlays for a fiscal year (except those for repayment of debt principal) from exceeding total receipts (except those derived from borrowing) for that fiscal year unless the Congress, by a three-fifths roll call vote of each House, authorizes a specific excess of outlays over receipts. Requires a three-fifths roll call vote of each House to increase the public debt. Directs the President to submit a balanced budget to the Congress. Authorizes the Congress to waive these provisions when: (1) a declaration of war is in effect; (2) the United States faces an imminent and serious military threat to national security as declared by a joint resolution which becomes law; or (3) the President certifies and Congress affirms by a joint resolution that the United States is experiencing an economic recession. Excludes from consideration as part of Government total receipts and outlays: (1) receipts derived from borrowing and outlays for repayment of debt principal; and (2) receipts and outlays for benefits and administrative expenses of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund that provide earnings-based old-age and survivor or disability cash benefits for individuals and their dependents. Allows any enforcement or implementation legislation of the Congress to rely on estimates of outlays and receipts. Makes this article effective beginning with FY 2002 or with the second fiscal year beginning after its ratification, whichever is later.
Bill· SS. 293 (105th)referred
United States · United States Congress · 10 February 1997
Amends the Internal Revenue Code to extend permanently the tax credit for expenses of clinical testing of certain drugs for rare diseases or conditions.
Bill· HRH.R. 656 (105th)referred
United States · United States Congress · 10 February 1997
Amends the Internal Revenue Code to revise provisions concerning distributions from State tuition programs to: (1) provide for the exclusion from income of distributions used exclusively for qualified higher education expenses; and (2) include the expenses of room and board in the definition of qualified higher education expenses.
Bill· SS. 288 (105th)referred
United States · United States Congress · 6 February 1997
Family Estate Tax Relief Act of 1997 - Amends the Internal Revenue Code to provide for an annual incremental increase, from the current $192,800 credit to a credit of $1 million by the year 2004, in the credit against the estate transfer tax. Excludes from the value of the gross estate, in specified circumstances, the lesser of: (1) the adjusted value of the qualified family-owned business interests of the decedent otherwise includible in the estate; or (2) $1 million, reduced by the amount of an exclusion allowed with respect to the estate of a previously deceased spouse of the decendent. Increases the portion of the estate tax subject to the four-percent interest rate applicable to an extended estate tax payment time where the estate consists largely of a closely held business.
Bill· SS. 285 (105th)referred
United States · United States Congress · 6 February 1997
Tuition Tax Elimination Act - Amends the Internal Revenue Code to: (1) include in gross income any distribution from a qualified State tuition program not used to exclusively to pay qualified higher education expenses of the designated beneficiary; and (2) not provide earned income credit inflation adjustments to individuals with no qualifying children.
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