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101 records in US in 1974

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Records

Bill· SJRESS.J.Res. 252 (93rd)referred

A joint resolution to limit expenditures of the United States Government during the fiscal year ending June 30, 1975.

United States · United States Congress · 11 October 1974

Stipulates that expenditures and net lending during the fiscal year 1975 under the Budget of the United States Government shall be limited to $297,000,000,000. States that if such expenditures and net lending during the fiscal year ending June 30, 1975, exceed $297,000,000,000, a surtax of five percent shall be applied with respect to the income tax of taxpayers for taxable year 1975.

Bill· HRH.R. 17349 (93rd)referred

A bill to amend the Internal Revenue Code of 1954 to exclude from gross income the interest paid or accrued on a deposit or account in a bank or other savings institution to the extend that the amount of such interest does not exceed the amount of interest which would have been paid or accrued on such deposit or account if the rate of interest on such deposit or account had been the inflation rate.

United States · United States Congress · 11 October 1974

Excludes from gross income, under the Internal Revenue Code, the interest paid or accrued on a deposit or account in a bank or other savings institution to the extent that the amount of such interest does not exceed the amount of interest which would have been paid or accrued on such deposit or account if the rate of interest on such deposit or account had been the inflation rate.

Bill· HRH.R. 17341 (93rd)referred

A bill to amend the Internal Revenue Code of 1954 to provide relief to certain individuals 62 years of age and over who own or rent their homes, through a system of income tax credits and refunds.

United States · United States Congress · 11 October 1974

Allows an income tax credit under the Internal Revenue Code to a claimant who is domiciled in the United States and 62 years of age for a taxable year for the property taxes accrued or 25 percent of the gross rent actually paid by a household solely for its right of occupancy for such taxable year, or both. Sets forth a table of claims allowed under the provisions of this Act, based on household income and taxes paid. Directs the Secretary of the Treasury to make available suitable forms with instructions for claimants, including a form which may be included with or a part of the individual income tax form. Allows any person aggrieved by the denial in whole or in part of relief to appeal such denial to the Tax Court by filing a petition with such court within 30 days after such denial. (Adds 26 U.S.C. 1601-1605)

Bill· HRH.R. 17324 (93rd)referred

A bill to amend the Internal Revenue Code of 1954 to increase the excise tax on cigarettes, and to amend the Public Health Service Act to establish a trust fund to be used to fund the research programs of the National Cancer Institute.

United States · United States Congress · 11 October 1974

Increases the excise tax on small cigarettes, weighing 3 pounds or less per thousand, to $4 per thousand plus an additional $1 per thousand, and that on large cigarettes, weighing over 3 pound per thousand, to $8.40 per thousand plus an additional $2.10 per thousand, effective June 30, 1975. (Amends 26 U.S.C. 5701 (b)) Establishes the National Cancer Research Fund to be used to fund the research programs of the National Cancer Institute. Provides that, beginning with fiscal year 1976, there shall be appropriated to the trust fund amounts equivalent to the additional tax on cigarettes imposed by this Act. Authorizes appropriations to the trust fund from the general fund of the Treasury through September 30, 1977.

Bill· HJRESH.J.Res. 1162 (93rd)referred

Joint resolution to limit expenditures and net lending during the fiscal year 1975 to $297 billion, and for other purposes.

United States · United States Congress · 11 October 1974

Stipulates that expenditures and net lending during the fiscal year 1975 under the Budget of the United States Government shall be limited to $297,000,000,000. States that if such expenditures and net lending during the fiscal year ending June 30, 1975, exceed $297,000,000,000, a surtax of five percent shall be applied with respect to the income tax of taxpayers for taxable year 1975.

Resolution· HRESH.Res. 1439 (93rd)referred

Resolution expressing the sense of the House with respect to the consideration and reporting of a concurrent resolution on the budget for the fiscal year 1976.

United States · United States Congress · 11 October 1974

Expresses the sense of the House of Representatives that, if a concurrent resolution on the budget is considered and reported under title III of the Congressional Budget Act of 1974 for the fiscal year beginning July 1, 1975, such resolution should set forth a balanced budget and should include proposals for a reduction in the national debt.

Bill· SS. 4125 (93rd)referred

A bill to provide a limit on tax preferences and for the allocation of deductions.

United States · United States Congress · 10 October 1974

Includes the amount of disallowed tax preferences as gross income under the Internal Revenue Code. Defines the amount of disallowed tax preferences as the amount by which the sum of the items of tax preference exceeds the limit on tax preferences. Identifies tax preferences as charitable contributions of appreciated property, accelerated depreciation, interest on various governmental obligations, farm losses, and capital gains. Limits tax preferences to an amount equal to the greater of one-half of the sum of the items of tax preference and the adjusted gross income computed as specified; or $10,000. Provides that when disallowed tax preferences are included in gross income, the amount shall be allowed as a deduction in each of the five succeeding taxable years. States that if a taxpayer has allocable expenses for a taxable year, the deduction otherwise allowable under this Act for such expenses shall be disallowed to the extent of an amount equal to the lesser of the aggregate of such expenses multiplied by a specified fraction, or the allowable tax preference. Defines, for purposes of determining allocable deductions, the nature of allocable expenses and allowable tax preferences (including depletion and intangible drilling and development costs).

Bill· SS. 4117 (93rd)referred

Anti-Inflation Tax Reform Act

United States · United States Congress · 10 October 1974

Anti-Inflation Tax Reform Act - Title I: Income Tax Relief for Individuals - Provides, under the Internal Revenue Code, that the percentage standard deduction shall be 17 percent of adjusted gross income but not to exceed $2,500 ($1,250 in the case of a separate return by a married individual). Sets the low income allowance at $1,500 in the case of a married individual who files a joint return. Allows a tax credit for individuals 65 and over. Allows a tax deduction for the employment-related expenses for household and dependent care services. Limits such deduction to $2,400 where there is one qualifying dependent. Limits such deduction where adjusted gross income exceeds $18,000. Title II: Income Tax Reform Amendments - Limits the percentage depletion allowance to oil and gas wells producing regulated natural gas, to the extent of such production, and wells producing natural gas sold under a fixed contract to the extent of such production. Repeals the deduction for intangible drilling and development costs for oil and gas wells. States that in the case of tax paid or accrued to any foreign country with respect to income derived from the extraction, production, transportation, or refining of oil or gas in such country, the term "income, war profits, and excess profits tax" does not include any royalty, bonus, or other payment which does not constitute the payment of a bona fide Federal or National income tax. Eliminates the designation of a corporation as a Domestic International Sales Corporation (DISC) as of December 31, 1973. Imposes for each taxable year with respect to income of every person, a tax equal to 10 percent of the amount (if any) by which the sum of the items of tax preference exceeds the excludable amount. Repeals provisions of the Internal Revenue Code providing an exemption to farmers' cooperatives. Allows an income tax exclusion of up to $300 for dividends from cooperatives. Provides that in the case of an individual trust, estate, an electing small business corporation or a professional service corporation, except as otherwise provided in this Act, accelerated deductions for the taxable year attributable to a class of property shall not be allowed to the extent such deductions exceed the net related income for the taxable year from such class of property. Defines classes of property for purposes of determining accelerated deductions. Defines "net related income." Sets forth rules for partnerships, professional service corporations and farms, for purposes of determining limitations on artificial accounting losses. States that if a foreign corporation is a controlled foreign corporation for an uninterrupted period of 30 days or more during any taxable year, every United States shareholder of such corporation who owns stock in such corporation on the last day in such year on which such corporation is a controlled foreign corporation shall include in its gross income, for its taxable year in which or with which such taxable year of the corporation ends, its pro rata share of the corporation's earnings and profits for such year. Provides that earnings and profits of a foreign corporation attributable to amounts which are, or have been included in the gross income of a United States shareholder shall not, when such amounts are distributed directly or indirectly through a chain of ownership to such shareholder or a trust of which such shareholder is a beneficiary, be again included in the gross income of such United States shareholder. States that each person who is, or has been, a United States shareholder of a controlled foreign corporation may be required to maintain such records and accounts as may be prescribed. Removes the $25,000 limitation on the amount of investment interest eligible for a deduction.

Bill· SS. 4124 (93rd)referred

A bill to amend the Internal Revenue Code of 1954 to provide for a 30 percent credit, in lieu of an exemption, for the interest on certain governmental obligations.

United States · United States Congress · 10 October 1974

Allows an income credit, under the Internal Revenue Code, equal to 30 percent of the interest on: (1) the obligations of a State, a territory, or a possession of the United States, or any political subdivision of any of the foregoing, or of the District of Columbia; and (2) the obligations of the United States (with exceptions specified in this Act). Excepts industrial development bonds from such provision, except as provided in this Act for residential real property for family units, sports facilities, airports, docks, mass commuting facilities, parking facilities, sewage or solid waste disposal facilities, air or water pollution control facilities, industrial parks, and issues for $1,000,000 or less which are to be used for acquisition, construction, or improvement of property subject to the depreciation allowance. Allows the small-issue face amount to be $5,000,000, under specified conditions, which shall take into account capital expenditures to replace property destroyed by disasters. Excepts arbitrage bonds from such tax credit provision.

Bill· SS. 4116 (93rd)referred

A bill to amend the Internal Revenue Code of 1954 to restrict the authority for inspection of returns and the disclosure of information with respect thereto.

United States · United States Congress · 10 October 1974

States that income tax returns and return information shall be confidential. Defines returns and return information for purposes of this Act. Permits the inspection of returns and return information by individuals filing such returns by State tax officials, corporation officials, trustees, estate administrators, and by the House Ways and Means Committee, the Senate Finance Committee, and the Joint Committee on Internal Revenue Taxation upon request and in closed session. Permits the inspection by other committees if authorized by resolution. Allows the inspection of returns and return information by the President or his designees upon his order, and by Justice Department attorneys, without request, for use in relevant proceedings under the tax laws. Allows such inspection, under specified conditions, by the Commerce Department for statistical purposes and by other executive officials for administrative or judicial proceedings other than under the tax laws. Conditions the foregoing inspections upon whether: (1) the taxpayer is a party to the proceedings; (2) the taxpayer consents; or (3) such return information has or may have a bearing on the outcome of such proceedings. Allows qualified inspection of return information by authorized executive officials for purposes of assessing persons being considered for appointments. Authorizes the disclosure of return information to the Attorney General when such information indicates possible criminal violations. Sets forth procedures for disclosure and inspection of return information, including maintenance of a record of who inspects such returns. Establishes penalties for unauthorized disclosure of return information.

Bill· SS. 4123 (93rd)referred

A bill to amend the Internal Revenue Code of 1954 to provide for a graduated credit, in lieu of a deduction, for interest paid on a mortgage on a taxpayer's principal residence and for the real property taxes paid on such principal residence.

United States · United States Congress · 10 October 1974

Provides for a graduated tax credit, under the Internal Revenue Code, (in lieu of a tax deduction) expressed as a percentage of the interest paid on a mortgage on a taxpayer's principal residence and for the real property taxes paid on such principal residence. Defines the applicable percentage as 30 percent less .05 percent for every $500 by which income exceeds $20,000.

Resolution· SCONRESS.Con.Res. 118 (93rd)open

Resolution to establish a ceiling on fiscal year 1975 expenditures.

United States · United States Congress · 10 October 1974

Establishes $300,000,000,000 as the appropriate upper limit of Federal spending for fiscal year 1975, and requests the President to submit to the Congress within 30 days of the adoption of this resolution the proposed deferrals and rescissions necessary to adhere to this limit.

Bill· HRH.R. 17285 (93rd)referred

A bill to amend the Internal Revenue Code of 1954 to restrict the authority for inspection of returns and the disclosure of information with respect thereto, and for other purposes.

United States · United States Congress · 10 October 1974

States that income tax returns and return information shall be confidential. Defines returns and return information for purposes of this Act. Permits the inspection of returns and return information by individuals filing such returns by State tax officials, corporation officials, trustees, estate administrators, and by the House Ways and Committee, the Senate Finance Committee, and the Joint Committee on Internal Revenue Taxation upon request and in closed session. Permits the inspection by other committees if authorized by resolution. Allows the inspection of returns and return information by the President or his designees upon his order, and by Justice Department attorneys, without request, for use in relevant proceedings under the tax laws. Allows such inspection, under specified conditions, by the Commerce Department for statistical purposes and by other executive officials for administrative or judicial proceedings other than under the tax laws. Conditions the foregoing inspections upon whether: (1) the taxpayer is a party to the proceedings; (2) the taxpayer consents; or (3) such return information has or may have a bearing on the outcome of such proceedings. Allows qualified inspection of return information by authorized executive officials for purposes of assessing persons being considered for appointments. Authorizes the disclosure of return information to the Attorney General when such information indicates possible criminal violations. Sets forth procedures for disclosure and inspection of return information, including maintenance of a record of who inspects such return. Establishes penalties for unauthorized disclosure of return information.

Bill· HRH.R. 17277 (93rd)referred

A bill to authorize the President to reduce Federal expenditures and net lending for fiscal year 1975 to $295 billion.

United States · United States Congress · 10 October 1974

Provides that the Congressional Budget and Impoundment Control Act of 1974 is temporarily amended to authorize the President to reduce expenditures and net lending during fiscal year 1975, under the Budget of the United States Government, to not more than $295,000,000,000. Directs the President to transmit, within 30 days, to the House of Representatives and the Senate a message specifying the reductions of budget expenditures and net lending for each major department and agency of the Government. States that in making reductions, the President shall not reduce the expenditures and net lending of any major department and agency by more than 20 percent of the sum requested in the budget for the fiscal year unless expressly approved by the Congress. Provides that the proposal submitted by the President pursuant to this Act shall become law in thirty days following its submission to the Congress unless prior to such date the Congress by concurrent resolution disapproves of or modifies all or part of such proposal.

Bill· HRH.R. 17226 (93rd)referred

A bill to provide for joint action by the executive and legislative branches to limit outlays from budget authority for the fiscal year 1975.

United States · United States Congress · 10 October 1974

Provides that, within 40 days after enactment of this Act, the President shall submit to Congress recommendations or proposals for changes in existing law which are sufficient to limit budget outlays of the United States Government during fiscal year 1975 to $300,000,000,000.

Bill· HRH.R. 17280 (93rd)referred

A bill to provide for joint action by the executive and legislative branches to limit outlays from budget authority for the fiscal year 1975.

United States · United States Congress · 10 October 1974

Provides that, within 40 days after the enactment of this Act, the President shall submit to Congress recommendations, limited only under this Act to proposed rescissions and deferrals of budget authority pursuant to the Impoundment Control Act of 1974, or proposals for changes in existing law, or both, which recommendations he deems sufficient to limit budget outlays by the United States Government, during fiscal year 1975, to $295,000,000,000.

Bill· HRH.R. 17276 (93rd)referred

A bill to provide for joint action by the executive and legislative branches to limit outlays from budget authority for the fiscal year.

United States · United States Congress · 10 October 1974

Provides that, within 40 days after enactment of this Act, the President shall submit to Congress recommendations or proposals for changes in existing law which are sufficient to limit budget outlays of the United States Government during fiscal year 1975 to $300,000,000,000.

Bill· HRH.R. 17253 (93rd)referred

A bill to provide for joint action by the executive and legislative branches to limit outlays from budget authority for the fiscal year 1975.

United States · United States Congress · 10 October 1974

Provides that, within 40 days after enactment of this Act, the President shall submit to Congress recommendations for reductions in budget authority and other measures which he deems sufficient to limit budget outlays during fiscal year 1975 to $300,000,000,000. States that the President's recommendations shall be limited to proposed rescissions and deferrals pursuant to the Impoundment Control Act of 1974.

Bill· HRH.R. 17263 (93rd)referred

A bill to amend the Internal Revenue Code of 1954 to increase the excise tax on cigarettes.

United States · United States Congress · 10 October 1974

Increases the excise tax on small cigarettes, weighing 3 pounds per thousand, to $4 per thousand plus an additional $1 per thousand, and on large cigarettes, weighing more than 3 pounds per thousand, to $8.40 per thousand plus an additional $2.10 per thousand. (Amends 26 U.S.C. 5701 (b))

Bill· HRH.R. 17259 (93rd)referred

A bill to provide for joint action by the executive and legislative branches to limit outlays from budget authority for the fiscal year 1975.

United States · United States Congress · 10 October 1974

Provides that, within 40 days after enactment of this Act, the President shall submit to Congress recommendations or proposals for changes in existing law which are sufficient to limit budget outlays of the United States Government during fiscal year 1975 to $300,000,000,000.

Resolution· HRESH.Res. 1437 (93rd)passed

Resolution providing for the consideration of H. Con. Res. 667. A concurrent resolution to establish a target for budget outlays for fiscal 1975 in the amount of $300 billion.

United States · United States Congress · 10 October 1974

States that upon the adoption of this resolution it shall be in order in the House to consider the concurrent resolution (H. Con. Res. 667) to establish a target for budget outlays for fiscal year 1975 in the amount of $300,000,000,000.

Bill· HRH.R. 17193 (93rd)referred

A bill to provide for joint action by the executive and legislative branches to limit outlays from budget authority for the fiscal year 1975.

United States · United States Congress · 9 October 1974

Provides that, within 40 days after enactment of this Act, the President shall submit to Congress recommendations for reductions in budget authority and other measures which he deems sufficient to limit budget outlays during fiscal year 1975 to $300,000,000,000. States that the President's recommendations shall be limited to proposed rescissions and deferrals pursuant to the Impoundment Control Act of 1974.

Bill· HRH.R. 17213 (93rd)referred

A bill to amend the Internal Revenue Code of 1954 to exclude from gross income $1,000 of interest on savings in the case of an individual taxpayer.

United States · United States Congress · 9 October 1974

Excludes from gross income the first $1,000 of interest and dividends on savings deposits or withdrawal accounts in a domestic savings and loan association, bank, credit union, or similar thrift institution in the case of an individual taxpayer under the Internal Revenue Code of 1954.

Bill· HRH.R. 17180 (93rd)referred

A bill to amend the Internal Revenue Code of 1954 to allow certain individuals who have attained age 65 or who are disabled a refundable tax credit for property taxes paid by them on their principal residences or for a certain portion of the rent they pay for their principal residences.

United States · United States Congress · 9 October 1974

Allows a tax credit, under the Internal Revenue Code, equal to the amount of real property taxes paid or accrued by a taxpayer during the taxable year which were imposed by a state or political subdivision thereof or property owned and used by him as his principal residence during the taxable property year, and the amount of rent constituting real property taxes paid or incurred by him during the taxable year. Defines an eligible individual, for such credit, as an individual who has attained age 65 before the close of the taxable year; who is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or has lasted or can be expected to last for a continuous period of not less than 12 months; or who is blind. Limits such credit for any taxable year to $500 ($250 in the case of a separate return by a married individual). Reduces such credit for any taxable year by an amount equal to 10 percent of the excess (if any) of the adjusted gross income of the taxpayer over $9,000 ($4,500 in the case of a separate return by a married individual). Provides that for purposes of this Act an individual who is a tenant-stockholder in a cooperative housing corporation shall be treated as owning the house or apartment which he is entitled to occupy by reason of his ownership of stock in such corporation, and shall be treated as having paid real property taxes during the taxable year equal to his proportionate share of such taxes paid or incurred by such corporation.

Bill· HRH.R. 17179 (93rd)referred

A bill to amend the Internal Revenue Code of 1954 to increase the excise tax on cigarettes, and to amend the Public Health Service Act to increase the authorization for appropriations for the National Heart and Lung Institute by amounts equal to the increase in receipts from such tax.

United States · United States Congress · 9 October 1974

Imposes increased taxes, under the Internal Revenue Code, on cigarettes of $0.50 more per thousand on small cigarettes and $1.05 more per thousand on large cigarettes, the proceeds, coupled with additional appropriation authorizations, to be used in part for programs respecting lung and blood diseases.

Bill· HRH.R. 17170 (93rd)referred

A bill to prohibit any State from imposing a tax on the income derived by any individual from services in a Federal area within such State if such individual is not a resident or domiciliary of such State or of any other State which imposes a tax on income.

United States · United States Congress · 8 October 1974

Prohibits any State from imposing a tax on the income derived by any individual from services in a Federal area within such State if such individual is not a resident or domiciliary of such State or of any other State which imposes a tax on income. (Amends 4 U.S.C. 106 (b)).

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