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101 records in US in 1975
United States · United States Congress · 4 December 1975
Increases, under the Internal Revenue Code, the amount of the estate tax exemption from $60,000 to $100,000. Makes this Act effective with respect to the estates of decedents dying after the date of enactment.
United States · United States Congress · 4 December 1975
Extends for an additional year the income tax credit allowed under the Internal Revenue Code for the purchase of a new principal residence.
United States · United States Congress · 4 December 1975
Provides the same income tax rate table to unmarried individuals filing returns as that applicable to married individuals filing separate returns under the Internal Revenue Code.
United States · United States Congress · 3 December 1975
Permits, under the Internal Revenue Code, an individual to deduct amounts paid by that individual for retirement savings for the benefit of his spouse, within specified limitations.
United States · United States Congress · 3 December 1975
Provides for the payment of interest at a rate of 5 percent on excess amounts withheld from individuals' wages pursuant to the Internal Revenue Code.
United States · United States Congress · 2 December 1975
Provides, under the Internal Revenue Code, in cases of gain from disposition of property whose purchase price was deducted as a business expense, such deduction shall be treated as allowed for depreciation.
United States · United States Congress · 2 December 1975
Limits the situations, defined in the Internal Revenue Code, in which interest need not be paid on the amount of income tax overdue as a result of underpayment of estimated taxes.
United States · United States Congress · 2 December 1975
Provides that losses in excess of $500 from shoreline erosion incurred by the individual taxpayer shall be deductible for purposes of the income tax imposed under the Internal Revenue Code.
United States · United States Congress · 2 December 1975
Federal Taxpayers' Rights Act - Directs the Secretary of the Treasury to prepare pamphlets which set forth in nontechnical terms (1) the rights and obligations of a taxpayer and the Internal Revenue Service during an audit; (2) the procedures by which a taxpayer may appeal any adverse decision of the Service (including administrative and judicial appeals); (3) the procedures for prosecuting refund claims and filing of taxpayer complaints; and (4) the procedures which the Service may use in enforcing the internal revenue laws (including assessment, jeopardy assessment, levy and distraint, and enforcement of liens). Establishes within the Internal Revenue Service an office to be known as the Office of Taxpayer Services to be under the supervision and direction of an Assistant Commissioner of Internal Revenue who shall assist taxpayers in obtaining easily understandable tax information and answering questions on tax liability, among other functions. States that, upon application filed by a taxpayer, the Assistant Commissioner for Taxpayer Services may issue a Taxpayer Assistance Order if, in the determination of the Assistant Commissioner, the taxpayer is suffering from an unusual, unnecessary, or irreparable loss as a result of the manner in which the internal revenue laws are being administered by the Secretary or his delegate. Authorizes the President of the Legal Services Corporation to establish Taxpayer Representation Offices in four cities (selected by the President) for purposes of providing legal assistance to individuals in connection with: (1) any audit by the Service of any return made by or on behalf of the individual with respect to any tax imposed by chapter 1 of the Internal Revenue Code of 1954, or (2) an assessment or collection from any such individual of any tax imposed by such chapter. Provides for show cause hearings with respect to jeopardy assessments and termination of taxable years. Increases the monetary value of specified items to be exempt from levy. Provides criminal penalties (a fine of up to $10,000, imprisonment for up to 2 years, or both) for investigation into or surveillance over the beliefs, associations, or activities of any individual or organization which are not directly related to such revenue laws. Prohibits a civil cause of action for damages or an injunction, or both, for such violations. Prohibits inspection of tax returns pursuant to a criminal investigation unless a search warrant has been issued upon probable cause to believe that no alternative source of necessary information is available. Provides rules for civil investigation related to: (1) payment of Social Security and Railroad Retirement Taxes; (2) pension administration; (3) census information; (4) enforcement of taxpayer's rights under this Act; (5) inspection by States; (6) inspection by a Committee of Congress; and (7) disclosure to persons having a substantial interest (agents of partnerships and corporations, and shareholders of corporations). Provides a civil action for damages for unauthorized disclosure of tax information.
United States · United States Congress · 2 December 1975
Extends the moratorium on State "doing business" taxation of federally insured depository institutions, until January 1, 1978.
United States · United States Congress · 2 December 1975
States that face-amount certificates shall be considered endowment contracts rather than bonds for purposes of the Internal Revenue Code.
United States · United States Congress · 2 December 1975
Provides, under the Internal Revenue Code, that specified deductions allowed on a decedent's estate shall not be permitted as an offset against the sale price of property in determining gain or loss. Allows such offset if the taxpayer files with the Secretary of the Treasury a statement that such specified deductions have not been taken and a waiver of all rights thereto.
United States · United States Congress · 1 December 1975
Allows an exclusion from adjusted gross income under the Internal Revenue Code of up to $57,500 over a five-year period to doctors, dentists, and optometrists who practice continuously for at least two years (but only $35,000 is excludible for the first two years) in a physician-shortage area.
United States · United States Congress · 1 December 1975
Revises the Internal Revenue Code to provide that the loss from the sale or exchange of any security shall be considered as a loss from the sale or exchange of a capital asset unless the taxpayer notified the Secretary of the Treasury within 30 days of the acquisition of such security that the security was not acquired as an investment. Provides that if the required notification was given, any gain on the sale or exchange of such security shall be treated as ordinary gain.
United States · United States Congress · 1 December 1975
Denies electric and gas public utilities a deduction under the Internal Revenue Code for amounts paid or incurred by such utilities to advertise or promote the sale or use of electricity or gas.
United States · United States Congress · 1 December 1975
Authorizes a deduction, under the Internal Revenue Code, to individuals with permanently handicapped children for amounts contributed to a trust fund which is to be used for the care and support of such child. Limits such deduction to the lesser of 10 percent of the adjusted gross income of the taxpayer, or $5000 in the case of a joint return. Specifies the type of trust which may meet the conditions of this Act. Defines terms used in this Act.
United States · United States Congress · 1 December 1975
Requires, under the Congressional Budget Act, that the first congressional budget resolution each year fix ceilings on budget outlays and new budget authority which must be met for the coming fiscal year (instead of only setting forth flexible targets as under present law) and include three-year budget projections. Prohibits the consideration of any measure in the House or Senate if its enactment would result in total budget outlays or total budget authority in excess of the ceiling in effect under the most recently adopted congressional budget resolution.
United States · United States Congress · 1 December 1975
Increases the value of exemptions for taxable estates under the Internal Revenue Code from $60,000 to $200,000 of the value of the gross estate. Increases the limitation on the aggregate marital deduction to 50 percent of the adjusted gross value of the estate, plus $100,000. Allows an executor to value farmland, woodland, and scenic open land at its current use value rather than at its fair market value.
United States · United States Congress · 1 December 1975
Provides that funds made available for the several departments, agencies, corporations, and other organizational units of the Federal Government for fiscal year 1976 shall be available until: (1) enactment into law of an appropriation for any project or activity provided for in this joint resolution; or (2) enactment of the applicable appropriation Act by both Houses without any provision for such project or activity; or (3) March 31, 1976, whichever occurs first.
United States · United States Congress · 20 November 1975
Excludes industrially funded personnel in computing the total number of civilian personnel authorized by law for the Department of Defense in any fiscal year.
United States · United States Congress · 20 November 1975
Provides for a $50 payment to individuals who were not eligible for the $50 payment under the Tax Reduction Act because no social security benefits were paid to such individuals for March 1975, by reason of excess earnings being charged to such month.
United States · United States Congress · 20 November 1975
Provides that for purposes of determining the amount of tax to be withheld, under the Internal Revenue Code, payments paid to Federal employees and members of the uniformed services for accumulated leave shall be considered to be paid on the basis of an annual payroll period.
United States · United States Congress · 19 November 1975
Provides a tax credit under the Internal Revenue Code of $250 per individual who is at least 61 years of age housed in the principal residence of the taxpayer during the taxable year.
United States · United States Congress · 19 November 1975
Provides a one-year continuation of individual income tax reduction, (low-income allowance, percentage standard deduction, and personal exemptions) the 1975 change in corporate tax rates, and the increase in the corporate surtax exemption enacted by the Tax Reduction Act of 1975.
United States · United States Congress · 14 November 1975
Extends the State Taxation of Depositories Act from January 1, 1976 to September 12, 1976.
United States · United States Congress · 14 November 1975
Increases the amount of deductions for personal exemptions for a taxpayer, his dependents, persons over age 65, and blind persons to $1,000 for each exemption to which such taxpayers are entitled under the Internal Revenue Code.
United States · United States Congress · 14 November 1975
Provides that when the nature of business or employment necessitates several trips from home per day to a point of business or employment, only the first trip from home and the last trip back to home at night shall be nondeductible commuting expenses for purposes of eligibility for a tax deduction under the Internal Revenue Code.
United States · United States Congress · 14 November 1975
Provides that upon the adoption of this resolution it shall be in order to move, clause 2(1) (6) of rule XI to the contrary notwithstanding, that the House resolve itself into the Committee of the Whole House on the State of the Union for the consideration of the bill (H. R. 10481) to authorize emergency guarantees of obligations of States and political subdivisions thereof; to amend the Internal Revenue Code to provide that income from specified obligations guaranteed by the United States shall be subject to taxation; to amend the Bankruptcy Act; and for other purposes. Directs that after general debate, which shall be confined to the bill and shall continue not to exceed three hours, two hours to be equally divided and controlled by the chairman and ranking minority member of the Committee on Banking, Currency and Housing, and one hour to be equally divided and controlled by the chairman and ranking minority member of the Committee on Ways and Means, the bill shall be read for amendment under the five-minute rule by titles instead of by sections. Provides that no amendment to title II of said bill shall be in order except amendments recommended by the Committee on Ways and Means, and said amendments shall not be subject to amendment. Directs that, at the conclusion of the consideration of the bill for amendment, the Committee shall rise and report the bill to the House with such amendments as may have been adopted, and the previous question shall be considered as ordered on the bill and amendments thereto to final passage without intervening motion except one motion to recommit.
United States · United States Congress · 13 November 1975
Indian Tribal Governmental Tax Status Act - Expresses the findings of Congress, including that exemption of Indian Tribal governments from specified taxes would be consistent with the Federal laws and treaties recognizing the governmental status of such tribes. Provides for such exemption under provisions of the Internal Revenue Code relating to: (1) retirement income; (2) contributions to candidates for public office; (3) interest on governmental obligations; (4) scholarships and fellowship grants; (5) charitable contributions; (6) services and facilities tax; (7) other taxes on sales and services; (8) gasoline used on farms; (9) taxation on employee annuities; (10) transfers for public, charitable, and similar religious uses; (11) retailers' and manufacturers' excise tax; and (12) specified gasoline and lubricating oil taxes.
United States · United States Congress · 13 November 1975
Extends to all unmarried individuals the full tax benefits of income splitting now enjoyed by married individuals filing joint returns under the Internal Revenue Code.
United States · United States Congress · 13 November 1975
Taxpayer Audit Disclosure Act - Requires the establishment of formal procedures and criteria for the selection of individual income tax returns for audit. Directs the Secretary of the Treasury or his delegate to provide any individual selected for auditing with a written notice which clearly specifies the reasons for and manner in which the return of such individual was selected for audit. Provides that the Secretary or his delegate shall furnish to such individual a written explanation which describes the audit procedure, the rights which a taxpayer may exercise during such procedure, the right of the taxpayer to make an administrative or judicial appeal from an adverse decision at the end of such procedure, and the right of the taxpayer to claim a refund. Requires the Secretary of the Treasury or his delegate to submit to the Joint Committee on Internal Revenue Taxation before September 30 of each year a report setting forth: (1) the number of individuals whose returns were selected for audit during the previous 12-month period; (2) a classification of individuals whose returns were audited during the previous 12-month period by, among other factors, income levels, geographic distribution, and profession; (3) the number of individuals audited during the previous 12-month period who were found to have made underpayments or overpayments of tax, together with summary statistics reflecting the percentage of such number, by income category, who made underpayments or overpayments of certain ranges of amounts (to be determined by the Secretary or his delegate); and (4) such other information as may be requested by the joint committee in accordance with the purposes of this Act.
United States · United States Congress · 12 November 1975
Sets forth budget levels for the fiscal year beginning on July 1, 1975 which include: (1) total budget outlays of $375,600,000,000; (2) new budget authority of $406,200,000,000; (3) a budget deficit of $74,800,000,000; (4) Federal revenues of $300,800,000,000; and (5) a public debt of $623,200,000,000. Directs the Senate Committee on Finance and the House Committee on Ways and Means to submit to their respective Houses legislation to decrease Federal revenues by $6,400,000,000. States the budget levels for the transition quarter beginning on July 1, 1976.
United States · United States Congress · 11 November 1975
Small Business Tax Reform Act - Provides, under the Internal Revenue Code, for a ten-year carryover of net operating losses incurred during the first 10 years of operation of a trade or business. Authorizes a partnership to elect to close its taxable year as of the date of death of a partner, or provides that the taxable year may close only with respect to the deceased partner. Provides that the estate of a deceased spouse shall not be treated as a shareholder in a closed corporation electing taxation as a partnership. Increases the number of permissible shareholders in such a close corporation from 10 to 15. Authorizes grantor trusts and voting trusts to be shareholders in closed corporations eligible to elect to be taxed as a partnership. Directs the Secretary of the Treasury to study the possibilities for simplification of the last-in, first-out method of inventory accounting.
United States · United States Congress · 11 November 1975
Provides an additional personal exemption of $750 under the Internal Revenue Code for individuals serving in volunteer organizations providing firefighting, ambulance, or rescue services and meeting minimum State standards for the provision of such services.
United States · United States Congress · 11 November 1975
Denies the charitable deduction under the Internal Revenue Code for contributions of qualified governmental publications by treating such publications as not being capital assets.
United States · United States Congress · 11 November 1975
Exempts, under the Internal Revenue Code, nonprofit volunteer firefighting or rescue organizations from the Federal excise taxes on gasoline, diesel fuel, and special fuels. Exempts such organization from the tax on communication services.
United States · United States Congress · 11 November 1975
Directs that in computing the total number of civilian personnel authorized in any fiscal year for the Department of Defense or any military department thereof, there shall be excluded from such computation civilian personnel engaged in industrially funded activities.
United States · United States Congress · 11 November 1975
Revises the congressional budget for the United States Government for fiscal year 1976, including to recommend a budget deficit of $0 and a public debt of $548,400,000,000, and to prescribe the appropriate levels for budget authority, budget outlays, and Federal revenues.
United States · United States Congress · 10 November 1975
Exempts, under the Internal Revenue Code, nonprofit volunteer firefighting or rescue organizations from the Federal excise taxes on gasoline, diesel fuel, and special fuels. Exempts such organization from the tax on communication services.
United States · United States Congress · 10 November 1975
Directs that in computing the total number of civilian personnel authorized in any fiscal year for the Department of Defense or any military department thereof, there shall be excluded from such computation civilian personnel engaged in industrially funded activities.
United States · United States Congress · 10 November 1975
Provides for the payment of interest at a rate of 5 percent on excess amounts withheld from individuals' wages pursuant to the Internal Revenue Code.
United States · United States Congress · 7 November 1975
Allows a tax deduction under the Internal Revenue Code to individuals who rent their principal residences for the portion of the real property taxes paid or accrued by their landlords that may be allocated to such residence.
United States · United States Congress · 7 November 1975
Permits, under the Internal Revenue Code, a taxpayer to deduct expenses paid by him in connection with his education or training or the education or training of his spouse or any of his dependents, at an institution of higher education or a trade or vocational school. Specifies that such expenses shall include tuition, fees, charges for textbooks, and transportation expenses up to $200.
United States · United States Congress · 7 November 1975
Educational Expenses Tax Deferral Act - Provides, under the Internal Revenue Code, that any taxpayer who has incurred qualified educational expenses for the taxable year may elect to defer payment of part or all of as much of the personal income tax as does not exceed his qualified educational expenses for such year. Directs that such deferral shall not allowed for any amount of tax which is less than one percent of the taxpayer's gross income. Establishes guidelines for deferred installment payment. Defines "qualified educational expenses" as the sum of the reasonable and necessary educational expenses paid by the taxpayer in connection with the education of the taxpayer. Sets a maximum amount of such expenses which may be taken into account. Defines "educational expenses" to include tuition, fees, books and supplies but not food, lodging or living expenses. Provides that the educational expenses which may be deferred shall be reduced by the total amount of student financial aid received.
United States · United States Congress · 6 November 1975
Tax Reform Act - Title I: Limitation on Artificial Losses - Restricts the extent to which losses arising from accelerated deductions under the Internal Revenue Code on real property can be used currently to offset income unrelated to real estate. Places accelerated deductions, to the extent that the deductions exceed the taxpayer's net related income from real property, in a deferred deduction account for use in a later year. Defines "net related income" as gross income from real property less the ordinary deductions attributable to real property (deductions other than the accelerated deductions). Stipulates that the limitation does not apply to true economic losses which continue to be deductible currently. States that the accelerated deductions which are subject to this limitation are the deductions for interest and taxes during the construction period, and accelerated depreciation in excess of straight line depreciation. Applies the limitation on artificial losses (LAL) to commercial and residential property where the construction begins after December 31, 1975. Delays the application of LAL to residential property if specified conditions are met. Applies LAL to farm operations to restrict the extent to which losses arising from accelerated deductions from farm operations can be used currently to offset nonfarm income. States that the accelerated deductions which would be limited include: (1) prepaid seed, seed, fertilizer and similar farm supply expenses; (2) preproductive period expenses attributable to specified crops, animals, and livestock; and (3) accelerated depreciation of livestock. Allows losses attributable to accelerated deductions from farm operations to be used to offset $20,000 of nonfarm income. Eliminates such allowance for taxpayers who have nonfarm income of $40,000 or more. Applies LAL to intangible drilling and development costs on developmental oil and gas wells on a property-by-property basis. Stipulates that such deductions cannot be taken in any year to the extent they exceed the net related income derived in that year from the operation of the same property. Provides that the amount of the related income (against which the intangible drilling costs can be deducted) shall be reduced by the amount of any percentage depletion and dry hole deductions taken with respect to that income. Extends the limitation on artificial losses to motion picture films, equipment leasing, and sports franchises. Stipulates that with respect to sports franchises LAL shall only apply to those established or transfered after November 4, 1975. Extends from December 31, 1975, until December 31, 1977, the termination date of the five-year amortization of expenditures incurred to rehabilitate low-income rental housing. Title II: Other Amendments Related to Tax Shelters - Provides, under the Internal Revenue Code, that in the case of residential real estate, all depreciation in excess of straight line depreciation shall be completely recaptured to the extent of any gain realized at the time of the sale of such property. Provides that any gain on the disposition of an interest in oil or gas properties (or an interest in an oil and gas venture) shall be treated as ordinary income to the extent of the excess of the intangible drilling deductions taken with respect to those properties over the deductions that would have been allowed had the expenses been capitalized. Requires corporations engaged in farm operations, other than Subchapter S corporations and family corporations, to use accrual and inventory accounting methods for tax purposes. Permits taxpayers using the cash method of accounting to deduct prepayment of interest only in the period to which it relates under an accrual method of accounting. Requires points to be deducted ratably over the term of a loan, except in the case of a mortgage secured by the taxpayer's principal residence. Imposes a limit of $12,000 a year on the amount of nonbusiness interest that an individual can claim as a deduction. Provides that in the case of a loan for investment purposes, interest on the loan shall be deductible to the extent of the investment income in addition to such $12,000 limitation. Limits the deduction of a loss to the amount for which the taxpayer is at risk in the cases of motion picture films, livestock, and specified crops, including wheat and cotton. Limits the deduction for intangible drilling and development costs attributable to a property to the extent of the taxpayer's equity investment in a partnership. Stipulates that a taxpayer cannot deduct such expenses paid out of borrowed funds, unless he has personal liability with respect to those borrowings. Specifically limits the extent to which a partnership may allocate income and loss generally and also specified items of income, gain, loss, deduction, or credit among the partners. Provides that with respect to hobby loss elections, the waiver of the statute of limitations shall be limited so that the waiver does not apply to unrelated items on the taxpayer's return. Title III: Minimum Tax for Individuals - Makes changes in the present minimum tax on individuals, estates, trusts, and Subchapters S corporations. Reduces the present $30,000 exemption on the minimum tax for individuals to $20,000. Eliminates the exemption completely when preference income exceeds $40,000. Increases the minimum tax from 10 to 14 percent. Reduces the deduction under the minimum tax for regular income taxes from 100 percent of the regular taxes to 50 percent. Title IV: Extensions of Individual Income Tax Reductions - Makes permanent the individual income tax reductions directed by the Tax Reduction Act. Provides a tax credit for 1976 equal to the greater of: (1) two percent of so much of a taxpayer's taxable income as does not exceed $12,000, or (2) $30 per taxpayer's, spouse and dependent. Directs that the earned income credit provided in the Tax Reduction Act not be taken into account as income or receipts for purposes of determining eligibility of the taxpayer or any other individual for benefits or assistance or for purposes of determining the amount of benefits or assistance, under any Federal program or under any State or local program financed in whole or in part with Federal funds. Title V: Tax Simplification in the Individual Income Tax - Replaces the 12 existing optional tax tables with 4 tables based upon taxable income rather than adjusted gross income. Applies these four new tables to taxable incomes up to $20,000 and makes them available to those who itemize and to those who take the standard deduction. Changes the alimony deduction from an itemized deduction to a deduction from gross income in arriving at adjusted gross income (making the alimony deduction available to those who take the standard deduction). Converts the present retirement income credit to a tax credit for the elderly, available to all taxpayers age 65 or older regardless of whether they have retirement income or earned income. Increases the maximum amount on which the credit is computed. Revises the present procedure for reduction of the credit by substituting an income phaseout based upon adjusted gross income above $7500. Replaces the itemized deduction for household and dependent care expenses with a nonrefundable tax credit. Extends the credit to married couples in which the husband or wife, or both, work part time (presently, both are required to work full time). Revises the sick pay exclusion to provide a maximum annual exclusion of $5200 for taxpayers under age 65 who are permanently and totally disabled. Reduces the exclusion on a dollar-for- dollar basis by the taxpayer's income in excess of $15,000. Provides that members of the armed services who enlist after September 24, 1975 will be allowed to exclude military disability payments from their gross income only if the payments are directly related to "combat injuries". Defines "combat injuries" for purposes of such exclusion. Revises the deduction for the expenses of moving to a new residence in connection with beginning work at a new location. Increases the maximum deduction for premove househunting and temporary living expenses at the new job location from $1,000 to $1,500. Removes the present requirement that members of the armed forces report as income any moving expenses, for which they are provided in-kind services by the Department of Defense or the Department of Transportation, for required moves incident to a permanent change of station. Title VI: Business Related Individual Income Tax Provisions - Prohibits a taxpayer from deducting any expenses attributable to the use of his home for business purposes except with respect to such portion of the home that is used exclusively on a regular basis as (1) the taxpayer's principal place of business, or (2) a place of business which is used for patients, clients, or customers in meeting or dealing with the taxpayer in the normal course of business. Stipulates that such deduction may not exceed the income generated by the business activity of the taxpayer in his home. Imposes new limitations on deductions allowable for the expenses of taxpayers attending conventions, or similar meetings outside the United States. Modifies the present tax treatment of qualified stock options, so that they are subject to the rules of the Internal Revenue Code, and in general are treated as ordinary income. Provides that where a taxpayer has a loss arising from the guaranty of a loan, he will receive the same treatment as where he has a loss from a loan which he makes directly (presently, nonbusiness guarantees are treated as business loans). Revises the treatment of the deduction for trade or business expenses away from home afforded State legislators and members of Congress. Eliminates the present $3,000 limitation and substitutes an amount to be determined by the Internal Revenue Service in accordance with specified factors. Title VII: Accumulation Trusts - Substitutes a single method for the two alternative methods used in computing the throwback rule for accumulation distributions. Provides that income accumulated by a trust prior to a beneficiary's attaining the age of 21, and the years a beneficiary was not in existence, shall not be subject to the throwback rule. Repeals the capital gains throwback rule. Title VIII: Investment Credit Changes - Extends for four years, until 1980, the increase in the investment tax credit and the increase in the limitation on used property effected by the Tax Reduction Act. Revises the investment credit with respect to movie and television films. Title IX: Continuation for Two Years of 1975 Change in Corporate Tax Rates and Increase in Surtax Exemption - Continues until December 31, 1977, the increase in the corporate surtax exemption and the decrease in the corporate tax rates effected by the Tax Reduction Act. Title X: Changes in the Treatment of Foreign Income - Phases out over a four-year period the present exclusions allowed U.S. citizens living abroad for income earned abroad. Continues the exclusion for employees of charitable organizations and employees on construction projects. Applies the present grantor trust rules to U.S. grantors of foreign trusts with U.S. beneficiaries. Provides that the definition of "investments in U.S. property" by controlled foreign corporations (which are treated as dividends) will be limited to investments in stock or obligations of a related U.S. person and to tangible property leased to, or used by, such related U.S. person. Repeals that provision of the Internal Revenue Code which excepts U.S. shareholders of less- developed country corporations from ordinary income tax on gain from the sale of stock of those corporations (to the extent of their accumulated profits). Repeals the "per country" limitation on the foreign tax credit. Requires foreign losses to be offset against U.S. income when, and to the extent, foreign income is earned in future years. Provides new treatment for foreign sources capital gains and losses. Repeals the present 30 percent withholding tax on dividend and interest income received from the United States by foreign persons. Modifies the tax treatment of "possessions" corporations by providing a new tax credit for such corporations in lieu of the income exclusion provided under present law. Title XI: Amendments Affecting Domestic International Sales Corporations - Eliminates Domestic International Sales Corporations taxable income treatment for products sold for use as military equipment and for agricultural products not in surplus in the United States. Revises the method of computing DISC benefits. Title XII: Administrative Provision - Establishes a series of rules dealing with income tax return preparers, including: (1) each prepared return, statement or other document must contain the identification number of the return preparer and other data sufficient to identify the preparer; (2) each preparer must furnish to a taxpayer a copy of the return of claim for refund prepared by the tax return preparer at the time the return is given to the taxpayer for his signature; and (3) each return preparer or person employing a tax return preparer to prepare the returns of others must file an annual report with the IRS. Provides a $100 penalty for negligent or intentional disregard of Internal Revenue Service rules or regulations by a tax return preparer. Provides a $500 penalty for a willful attempt to evade, defeat or understate any tax by a tax return preparer. Provides a procedure to permit an organization to ask the U.S. Tax Court or a Federal district court for a declaratory judgment as to its tax-exempt status and classification under the Internal Revenue Code or its charitable donee status. Specifies the situations in which the IRS can make summary assessments in case of mathematical error. Authorizes the paying officers of the House of Representatives to enter into agreements with requesting States or the District of Columbia to withold State or District income tax from any Members or employees of the House who request such withholding. Authorizes the withholding of State and local income taxes from the pay of members of the National Guard and Ready Reserve when such members participate in drills or training. Replaces the present information reporting requirement on specified gambling winnings of more than $1000 with a 20 percent withholding requirement on such winnings. Exempts state-conducted lotteries from the two percent wagering tax. Provides expedited Tax Court review of jeopardy and termination assessments. Exempts a limited amount of a taxpayer's wages, salary, and other income from levy under jeopardy and termination assessments. Title XIII: Technical Income Tax Provisions - Provides that in the case of homeowner associations, condominium housing associations, and cooperative housing corporations, only the investment income and income derived from a trade or business shall be taxable. Allows cash basis farmers who receive payments under the Agriculture and Consumer Protection Act of 1973 for losses to crops caused by natural disasters, to elect to report the disaster proceeds as income in the year in which the income normally received from the crops would have been reproted. Permits a deduction for a bad debt owed by a political party or campaign committee to an accrual basis taxpayer if specified conditions are satisfied. Title XIV: Treatment of Certain Capital Losses; Holding Period for Capital Gains and Losses - Increases the amount of ordinary income against which a capital loss may be deducted from $1,000 to $4,000 effective in 1978 with lesser increases in the intervening years. Allows an individual with capital losses of $30,000 or more in any taxable year an option of electing a three-year carryback of capital losses against capital gains (but not against ordinary income). Increases over a three-year period the holding period for long-term capital gains and losses from six months to a year. Title XV: Individual Retirement Account Amendments - Makes tax-free rollover treatment available to an employee who receives a payment on account of a termination of his employer's retirement plan or on account of a complete discontinuance of contributions under such plan. Title XVI: Real Estate Investment Trusts - Establishes a deficiency dividend procedure that allows a real estate investment trust (REIT) which fails to meet the income distribution requirements upon and audit by the Internal Revenue Service to make a late distribution to its shareholders to avoid disqualificaiton. Permits a REIT to have a limited amount of income (up to one percent of its gross income) from property held for sale to customers. Subjects such income to corporate tax. Title XVII: Amortization of Certain Railroad Grading and Tunnel Bores; Tax Treatment of Certain Railroad Ties - Allows amortization over a 50-year period of railroad grading and tunnel bores that were placed in service before 1969. Allows railroads which use the retirement -replacement method of accounting for depreciation of their railroad track to expense currently (rather than capitalize) expenditures for acquiring and installing replacement ties which are not made of wood. Title XVIII: Tax Credit for Home Garden Tool Expenses - Provides a seven percent tax credit to individuals for the purchase of home garden tools used in the production of home vegetable gardens. Limits the credit to a maximum of $100 annually. Title XIX: Repeal and Revision of Approximately Obsolete, Rarely Used, Etc., Provisions - Removes or amends approximately 1,000 sections of the Internal Reveue Code which are no longer used in computing current taxes or are little used and of minor importance.
United States · United States Congress · 6 November 1975
Denies electric and gas public utilities a deduction under the Internal Revenue Code for amounts paid or incurred by such utilities to advertise or promote the sale or use of electricity or gas.
United States · United States Congress · 6 November 1975
Allows, under the Internal Revenue Code, an income tax deduction for any volunteer public service work contribution made by such individual for the taxable year. Limits such deduction to a maximum of $2,000. Requires that a minimum of 50 hours of service be performed for a qualified recipient organization in order to qualify for the deduction.
United States · United States Congress · 6 November 1975
Denies electric and gas public utilities a deduction under the Internal Revenue Code for amounts paid or incurred by such utilities to advertise or promote the sale or use of electricity or gas.
United States · United States Congress · 6 November 1975
Denies electric and gas public utilities a deduction under the Internal Revenue Code for amounts paid or incurred by such utilities to advertise or promote the sale or use of electricity or gas.
United States · United States Congress · 6 November 1975
Allows, under the Internal Revenue Code, owners of retail outlets who do not refine crude oil to use the percentage depletion method of deducting investment expenses for their oil or natural gas production.