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Bill· HRH.R. 15330 (94th)referred
United States · United States Congress · 30 August 1976
Amends the Internal Revenue Code to exempt farmers or farm operators from the highway use tax on heavy trucks if the farmer: (1) uses such vehicle primarily for farming purposes, and (2) is not a corporation with gross receipts in excess of $950,000 or with gross receipts more than 50 percent of which are from activities other than farming.
Bill· HRH.R. 15324 (94th)referred
United States · United States Congress · 30 August 1976
Surplus School Conversion Act - Entitles taxpayers, under the Internal Revenue Code, to elect to take a deduction with respect to the amortization of any qualified school or hospital property based on a period of 180 months. Defines qualified school or hospital property to mean any building or other structure which is acquired by the taxpayer from a tax-exempt organization which used such structure to provide facilities for an educational institution or an institution which provided medical or custodial care. Makes technical and conforming amendments.
Bill· HRH.R. 15299 (94th)referred
United States · United States Congress · 26 August 1976
Amends the Internal Revenue Code to allow a taxpayer to treat 50 percent of the qualified erosion prevention expenditures which are paid or incurred by him in a taxable year as expenditures which are not chargeable to capital account. Allows expenditures so treated to be taken as a deduction. Defines "qualified erosion prevention expenditures" to mean expenditures for improvements: (1) of real property within the United States which borders the Great Lakes and is within an area designated by the Chief of Engineers of the Army as being susceptible to erosion caused by high water levels; (2) designed to prevent or reduce shoreline erosion of such property; (3) which are of a type approved by the Chief of Engineers pursuant to this Act; and (4) which meet other specified conditions. Directs the Chief of Engineers to promulgate standards for the improvements which qualify for the deduction created by this Act and to establish the maximum cost which he considers reasonable for such improvements. Limits the deduction for improvements to 50 percent of the maximum cost which the Chief of Engineers establishes.
Bill· HRH.R. 15291 (94th)referred
United States · United States Congress · 26 August 1976
Surplus School Conversion Act - Entitles taxpayers, under the Internal Revenue Code, to elect to take a deduction with respect to the amortization of any qualified school or hospital property based on a period of 180 months. Defines qualified school or hospital property to mean any building or other structure which is acquired by the taxpayer from a tax-exempt organization which used such structure to provide facilities for an educational institution or an institution which provided medical or custodial care. Makes technical and conforming amendments.
Bill· SS. 3761 (94th)referred
United States · United States Congress · 24 August 1976
Amends the Internal Revenue Code to allow a corporation a charitable deduction for a contribution or a gift to a charitable organization which is to be used outside the United States or its possessions. Authorizes the Secretary of the Treasury to exempt contributions from the provisions of this Act.
Bill· SS. 3762 (94th)referred
United States · United States Congress · 24 August 1976
Amends the Internal Revenue Code to provide that the current withholding tables as set forth in the Revenue Adjustment Act of 1975 shall remain in effect through December 31, 1976, rather than August 31, 1976.
Bill· HRH.R. 15229 (94th)referred
United States · United States Congress · 23 August 1976
Amends the Internal Revenue Code to provide a single unified rate schedule for estate and gift taxes. Establishes progressive rates based on cumulative lifetime transfers and transfers at death. Determines the amount of estate tax by applying the unified rates to such cumulative transfers and then subtracting the taxes payable on lifetime transfers. Provides that for purposes of determining the amount of the gross estate, the amount of gift tax paid with respect to transfers made within three years of death shall be included in the decedent's gross estate. Provides, as a transitional rule, that the lifetime transfers taken into account in determining cumulative transfers at death, for purposes of imposing the estate tax under the unified schedule, shall only include taxable gifts made after December 31, 1976. Repeals the estate and gift tax exemptions. Substitutes for such exemptions a credit against estate and gift taxes in the amount of $40,000.
Bill· HRH.R. 15230 (94th)referred
United States · United States Congress · 23 August 1976
Amends the Internal Revenue Code to provide a single unified rate schedule for estate and gift taxes. Establishes progressive rates based on cumulative lifetime transfers and transfers at death. Determines the amount of estate tax by applying the unified rates to such cumulative transfers and then subtracting the taxes payable on lifetime transfers. Provides that for purposes of determining the amount of the gross estate, the amount of gift tax paid with respect to transfers made within three years of death shall be included in the decedent's gross estate. Provides, as a transitional rule, that the lifetime transfers taken into account in determining cumulative transfers at death, for purposes of imposing the estate tax under the unified schedule, shall only include taxable gifts made after December 31, 1976. Repeals the estate and gift tax exemptions. Substitutes for such exemptions a credit against estate and gift taxes in the amount of $40,000.
Bill· HRH.R. 15211 (94th)referred
United States · United States Congress · 23 August 1976
Amends the Internal Revenue Code to increase from $1,500 to $5,000 the deduction allowed for contributions to individual retirement accounts. Eliminates the present prohibition of such deductions by taxpayers who are participants in other retirement plans.
Bill· HRH.R. 15208 (94th)referred
United States · United States Congress · 23 August 1976
Authorizes any taxpayer to elect to have any portion of any overpayment of tax or any contribution in money which the taxpayer forwards with the return for such taxable year, under the Internal Revenue Code, be available, as the taxpayer may designate on such return, for the National Endowment for the Arts or the National Endowment for the Humanities.
Bill· SS. 3754 (94th)referred
United States · United States Congress · 10 August 1976
Amends the Internal Revenue Code to allow a tax credit to individuals who have attained the age of 65 and who do not receive financial assistance in the form of a direct money grant under a State plan of public assistance to the poor, blind, or aged. Sets such credit at an amount equal to the amount in excess of 5 percent of the Household income of an eligible individual for real property taxes, or if renting, 15 percent of the rent, but in either event not to exceed $500. Restricts such credit to the taxpayer's principal residence.
Bill· HRH.R. 15129 (94th)referred
United States · United States Congress · 10 August 1976
Directs the Secretary of Agriculture to formulate five-year goals in specified areas of rural development and to include a detailed accounting of the progress made and anticipated in meeting such goals in an annual report to Congress. Requires in such report an analysis of the legislative, financial, institutional and other capabilities and constraints which are relevant to meeting such goals. Requires the appointment of a new Assistant Secretary of Agriculture for Rural Development within 60 days if a vacancy should occur in such position.
Bill· HRH.R. 15146 (94th)referred
United States · United States Congress · 10 August 1976
Amends the Internal Revenue Code to specify that the only records which an employer shall be required to keep in connection with charged tips shall be charge receipts and copies of statements furnished by employees.
Bill· HRH.R. 15132 (94th)referred
United States · United States Congress · 10 August 1976
Amends the Internal Revenue Code to increase the amount of the personal exemption from $750 to $1,000. Provides for automatic annual cost-of-living increases in individual income tax rates. Allows a tax credit for educational expenses paid to an institution of higher education for the taxpayer, his spouse, and any of his dependents. Sets limitations on the amount of such credit. Makes the amendments made by this Act effective for taxable years beginning after December 31, 1976.
Bill· HRH.R. 15116 (94th)referred
United States · United States Congress · 9 August 1976
Amends the Federal-Aid Highway Act of 1976 to establish an obligation limit of $7,200,000,000 for fiscal year 1977 for Federal-aid highways and highways safety construction programs. Exempts from such limitation obligations for emergency relief, for the special urban high density traffic program and for the special bridge replacement program. Requires the Secretary of Transportation to submit monthly reports to the Congress on the amount of obligation, by State, for Federal-aid highways and highway safety construction programs.
Bill· HRH.R. 15106 (94th)referred
United States · United States Congress · 9 August 1976
Amends the Internal Revenue Code to provide that the determination of whether amounts received by an individual under a Federal or State scholarship (including the value of contributed services and accommodations) at an educational institution are excludable from gross income shall be made without regard to whether: (1) such individual while receiving such amounts is a member of the uniformed services on active duty or in an off-duty or inactive status; or (2) such individual is required as a condition of receiving such amounts (a) to serve for a certain period of time as a member of the uniformed services; or (b) to agree to perform services in his profession or occupation for a certain period of time in a certain geographical area or under other specified conditions. Provides that in the case of an individual who has obtained one or more Federal or State education loans, no amount shall be included in gross income by reason of: (1) the discharge in whole or in part of the indebtedness of the individual under such a loan; or (2) the payment in whole or in part of the principal or interest under such a loan if such discharge or payment is pursuant to an agreement under which the individual agreed to perform services in his profession or occupation for a certain period of time in a certain geographical area or under other specified conditions.
Bill· HRH.R. 15093 (94th)referred
United States · United States Congress · 5 August 1976
Amends the Internal Revenue Code to provide that the amount of the charitable deduction allowed for expenses incurred in the operation of a motor vehicle shall include that portion of the costs of operating and maintaining such vehicle (including a reasonable allowance for depreciation) which is allocable to such operation, and shall be determined in the same manner as if such operation were in connection with a trade or business of the taxpayer.
Bill· HRH.R. 15065 (94th)referred
United States · United States Congress · 5 August 1976
Amends the Internal Revenue Code to allow individuals a tax credit equal to one half the amount paid for health insurance premiums up to a maximum credit of $250.
Bill· HRH.R. 15092 (94th)referred
United States · United States Congress · 5 August 1976
Amends the Internal Revenue Code to exempt from excise tax buses purchased by tax exempt organizations or by other persons for exclusive use in furnishing transportation for a State or local government or a tax exempt organization (presently, transportation must be limited to students and employees of schools).
Bill· HRH.R. 15083 (94th)referred
United States · United States Congress · 5 August 1976
Denies the benefits of the foreign tax credit, under the Internal Revenue Code, to any taxpayer, or a member of a controlled group which includes the taxpayer, who is determined by the Secretary of the Treasury to have participated in or cooperated with the boycott of Israel, with respect to income, war profits, or excess profits taxes paid or accrued to any country which requires such participation or cooperation as a condition of doing business within that country. Denies DISC benefits to any Domestic International Sales Corporation that the Secretary of Treasury determines has participated in or cooperated with the boycott of Israel. Requires taxpayers with foreign source income derived directly or indirectly from sources within a country which requires participation in or cooperation with the boycott of Israel as a condition of doing business with or within such country to report such fact to the Secretary of the Treasury, who shall make a determination whether the taxpayer participated in or cooperated with the boycott of Israel for the taxable year.
Bill· HRH.R. 15076 (94th)referred
United States · United States Congress · 5 August 1976
Amends the Internal Revenue Code to increase from $1,500 to $5,000 the deduction allowed for contributions to individual retirement accounts. Eliminates the present prohibition of such deductions by taxpayers who are participants in other retirement plans.
Bill· HRH.R. 15054 (94th)referred
United States · United States Congress · 4 August 1976
Amends the Internal Revenue Code to allow members of volunteer firefighting organizations to deduct the cost of firefighting-related clothing expenses.
Bill· HRH.R. 15042 (94th)referred
United States · United States Congress · 4 August 1976
Amends the Internal Revenue Code to allow heads of households (currently heads of family) to produce 200 gallons of wine per year for use by the household without payment of the Federal tax.
Bill· HRH.R. 15055 (94th)referred
United States · United States Congress · 4 August 1976
Amends the Internal Revenue Code to exempt nonprofit volunteer firefighting or rescue organizations from the excise tax on sales of special fuels, automotive parts, petroleum products, and communication services.
Bill· HRH.R. 15048 (94th)referred
United States · United States Congress · 4 August 1976
Amends the Internal Revenue Code to allow taxpayers of any age to exclude from gross income gain from the sale or exchange of property if during the eight year period preceding the sale or exchange, such property has been owned and used as the taxpayer's principal residence for periods aggregating five years or more. Allows a surviving spouse to tack on the holding and use periods of the decedent spouse without regard to whether such decedent spouse had made an election to exclude gain from a prior sale or exchange.
Bill· HRH.R. 15018 (94th)referred
United States · United States Congress · 3 August 1976
Authorizes any amount received from appropriated funds as a scholarship by a member of a uniformed service who is receiving training under the Armed Forces Health Professions Scholarship Program from an educational institution to be continued to be treated as a scholarship, excludable from gross income under the Internal Revenue Code for calendar years 1976, 1977, and 1978.
Bill· HRH.R. 14999 (94th)referred
United States · United States Congress · 2 August 1976
Amends the Internal Revenue Code to allow a tax deduction for State and local taxes paid or incurred for the rental of a dwelling unit. States that for purposes of this Act the term "dwelling unit" means a housing unit occupied by a tenant as a principal residence, and excludes a facility (such as a hotel or motel room) which is occupied by a transient on a short-term or temporary basis.
Bill· HRH.R. 14967 (94th)referred
United States · United States Congress · 30 July 1976
Amends the Internal Revenue Code to allow specified otherwise tax exempt organizations to operate a public entertainment activity in conjunction with a National, State, local, regional, or international fair or exposition without losing their tax exempt status, by excluding such public entertainment activity from the definition of the term "unrelated trade or business."
Bill· HRH.R. 14961 (94th)referred
United States · United States Congress · 29 July 1976
Amends the Internal Revenue Code to require the Secretary of the Treasury to submit to Congress an annual report on the effects of inflation or deflation on the Federal income tax liabilities of taxpayers.
Bill· HRH.R. 14940 (94th)passed
United States · United States Congress · 29 July 1976
Authorizes appropriations for fiscal year 1977 to carry out the Treaty of Friendship and Cooperation between the United States and Spain, January 24, 1976, including $15,000,000 for military assistance under the Foreign Assistance Act of 1961, $7,000,000 for security supporting assistance under such Act, $2,000,000 for international military education and training under such Act, and $12,000,000 for guaranties under the Foreign Military Sales Act. Declares such assistance exempt from restrictions upon grants to an economically developed nation capable of sustaining its own defense burden and economic growth, under the Foreign Assistance Act of 1961. Stipulates the scope and policy with respect to such Treaty. Directs that the United States contribution toward modernization and maintenance of the aircraft control and warning network in Spain be financed from Department of Defense appropriations. Authorizes the President to apply the proceeds from the lease of aircraft to Spain to the purchase of aircraft for such country, notwithstanding restrictions regarding the application of such proceeds.
Bill· HRH.R. 14950 (94th)referred
United States · United States Congress · 29 July 1976
Redefines State for purposes of the State Taxation of Depositories Act, in order to remove the Commonwealth of Puerto Rico, the Virgin Islands, Guam, and American Samoa. Prohibits such territories of the United States from imposing tax on any insured depository having its principal office outside such jurisdiction.
Bill· HRH.R. 14925 (94th)referred
United States · United States Congress · 28 July 1976
Small Business Growth and Job Creation Act - Title I: Small Business Independence and Continuation - Amends the Internal Revenue Code to establish graduated corporate income tax rates. Changes the holding period for capital assets from six months to one year. Establishes a new alternative tax on capital gains. Increases the estate tax exemption from $60,000 to $180,000. Establishes a new rate schedule for the estate tax. Increases the gift tax exclusion from $3,000 to $9,000, and the gift tax exemption from $30,000 to $90,000. Replaces the present gift tax schedule with a flat rate of 75 percent of whatever the estate tax on such a sum would be. Provides that a distribution of property by a corporation in redemption of stock to pay death taxes shall be treated as a distribution in full payment in exchange for the stock if all of the stock of such corporation which is included in determining the value of the decedent's gross estate is either, (1) more than 20 percent (generally, 35 percent), of the value of the gross estate of such decedent, or (2) more than 40 percent (generally, 50 percent) of the taxable estate of such decedent. Provides that if stock in a corporation is sold by a shareholder owning stock representing more than 30 percent of the fair market value of all outstanding stock of the corporation whose stock is being sold, the gain from such sale shall be recognized only to the extent that the taxpayer's sale price exceeds the cost of replacement property purchased by the taxpayer within two years. Defines "replacement property" as property which is held for the production of income or which is held for investment. Allows the executor of an estate involving an interest in a closely held business to elect to include in the value of the gross estate the decedent's basis in such business rather than the fair market value of such interest. States that the basis of property acquired from a decedent as to which such an election was made shall be the decedent's basis in such property rather than the fair market value of such interest. Allows the marital deduction of the estate tax to exceed 50 percent of the value of the adjusted gross estate when an interest in a specially defined small business is included in the estate. Title II: Small Business Growth Incentives - Allows a taxpayer to choose the cash method of accounting in any case where inventory is an income determining factor and the ending inventory for the taxable year does not exceed $200,000. Provides a deferred tax credit against taxable income for unincorporated businesses. Establishes a graduated investment tax credit. Amends the definition of a small business corporation to allow domestic corporations with up to 20 shareholders (presently, ten) to qualify for subchapter S treatment. Allows a small business to make a subchapter S election at any time during the taxable year. Allows to a business a credit equal to 50 percent of the wages paid during the taxable year to new employees, up to two employees and $20,000 for the taxable year. Allows a similar credit for new disadvantaged employees up to a maximum of $60,000 per taxable year. Allows the practical cost recovery method to be used in computing depreciation. Title III: Small Business Tax Simplification - Allows a corporation to file an application for refund of overpayment of estimated income tax at any time during the taxable year. Provides a special rule for treatment of net operating loss adjustments in the case of new corporations. Increases the minimum credit on accumulated earnings from $150,000 to $500,000. Redefines "section 1244 stock" to mean common stock in a corporation if: (1) such corporation during its preceding taxable year derived more than 50 percent of its aggregate gross receipts from sources other than royalties, rents, dividends, interest, annuities, and sales or exchanges of stock or securities; and (2) the equity capital of such corporation does not exceed $1,000,000. Increases the losses on section 1244 stock which may be treated as ordinary losses (rather than capital losses) from $25,000 to $50,000.
Bill· HRH.R. 14930 (94th)referred
United States · United States Congress · 28 July 1976
Extends for two years that provision of the Internal Revenue Code which allows expenses relating to the rehabilitation of low income rental housing to be depreciated over a 60 month period (rather than the useful life of the property). Increases the maximum amount of expenditures which can be depreciated in such manner from $15,000 to $20,000.
Bill· HRH.R. 14904 (94th)referred
United States · United States Congress · 28 July 1976
Amends the Internal Revenue Code to grant tax exempt status to industrial development bonds the proceeds of which are used for drydock facilities, the primary purpose of which is to be for repairing, inspecting, or servicing vessels.
Resolution· HRESH.Res. 1440 (94th)referred
United States · United States Congress · 28 July 1976
Creates a nine member House Select Committee on the Fiscal Problems of Cities. Directs the committee to conduct a study to identify the nature and causes of problems afflicting large cities which face severe fiscal imbalance. Provides that consideration shall be given problems which contribute to the financial plight of cities, including: (1) net outmigration of population; (2) decline in employment opportunities; (3) adverse city/suburban relationships; (4) cost of public services; (5) rising crime rates; (6) lack of new investment in housing; and (7) racial, ethnic, and economic segregation. Calls upon the committee to develop a policy regarding the appropriate role of various levels of government in the solution of such problems. Requires the committee to evaluate the consequences of, and coordination among, existing Federal policies and programs which relate to the major problems identified by the committee. Directs the committee to formulate specific recommendations regarding Federal legislation and executive administrative action for modifications of or alternatives to present Federal programs.
Bill· SS. 3701 (94th)referred
United States · United States Congress · 27 July 1976
Amends the State Taxation of Depositories Act to extend the moratorium on the power of States to impose "doing-business" taxes on out-of-State depositories from September 12, 1976, to June 30, 1977.
Bill· HRH.R. 14874 (94th)referred
United States · United States Congress · 27 July 1976
Authorizes, under the Internal Revenue Code, any individual who has attained the age of 65 to take a nonrefundable tax credit for a percentage of the amount of real property taxes or the amount of rent constituting real property taxes paid or accrued by the taxpayer during the taxable year. Defines the applicable percentage as 50 percent reduced by two percent for each $1,000 amount by which the adjusted gross income of such taxpayer exceeds $5,000.
Bill· HRH.R. 14887 (94th)referred
United States · United States Congress · 27 July 1976
Amends the Internal Revenue Code to prohibit interest on tax in cases where a taxpayer received erroneous assistance from the Internal Revenue Service with respect to such tax.
Bill· HRH.R. 14888 (94th)referred
United States · United States Congress · 27 July 1976
Amends the Internal Revenue Code to allow as a credit sums paid for tuition to an institution of higher education by a taxpayer for himself, his spouse or a dependent. Limits such credit to $600 per student for each taxable year. Allows individuals a credit for charitable contributions to institution of higher education. Limits such credit to 20 percent of the taxpayer's total tax liability or $500, whichever is less. Stipulates that no amounts taken into account in calculating such credit shall be allowed as a charitable deduction.
Bill· HRH.R. 14871 (94th)referred
United States · United States Congress · 27 July 1976
Amends the Internal Revenue Code to allow individuals a tax credit equal to one half the amount paid for health insurance premiums up to a maximum credit of $250.
Bill· HRH.R. 14867 (94th)referred
United States · United States Congress · 27 July 1976
Amends the Internal Revenue Code to exclude from the definition of a private foundation an organization which is federally chartered and which is organized for the purpose of honoring the memory of a former President of the United States.
Bill· HRH.R. 14868 (94th)referred
United States · United States Congress · 27 July 1976
Small Business Growth and Job Creation Act - Title I: Small Business Independence and Continuation - Amends the Internal Revenue Code to establish graduated corporate income tax rates. Changes the holding period for capital assets from six months to one year. Establishes a new alternative tax on capital gains. Increases the estate tax exemption from $60,000 to $180,000. Establishes a new rate schedule for the estate tax. Increases the gift tax exclusion from $3,000 to $9,000, and the gift tax exemption from $30,000 to $90,000. Replaces the present gift tax schedule with a flat rate of 75 percent of whatever the estate tax on such a sum would be. Provides that a distribution of property by a corporation in redemption of stock to pay death taxes shall be treated as a distribution in full payment in exchange for the stock if all of the stock of such corporation which is included in determining the value of the decedent's gross estate is either, (1) more than 20 percent (generally, 35 percent), of the value of the gross estate of such decedent, or (2) more than 40 percent (generally, 50 percent) of the taxable estate of such decedent. Provides that if stock in a corporation is sold by a shareholder owning stock representing more than 30 percent of the fair market value of all outstanding stock of the corporation whose stock is being sold, the gain from such sale shall be recognized only to the extent that the taxpayer's sale price exceeds the cost of replacement property purchased by the taxpayer within two years. Defines "replacement property" as property which is held for the production of income or which is held for investment. Allows the executor of an estate involving an interest in a closely held business to elect to include in the value of the gross estate the decedent's basis in such business rather than the fair market value of such interest. States that the basis of property acquired from a decedent as to which such an election was made shall be the decedent's basis in such property rather than the fair market value of such interest. Allows the marital deduction of the estate tax to exceed 50 percent of the value of the adjusted gross estate when an interest in a specially defined small business is included in the estate. Title II: Small Business Growth Incentives - Allows a taxpayer to choose the cash method of accounting in any case where inventory is an income determining factor and the ending inventory for the taxable year does not exceed $200,000. Provides a deferred tax credit against taxable income for unincorporated businesses. Establishes a graduated investment tax credit. Amends the definition of a small business corporation to allow domestic corporations with up to 20 shareholders (presently, ten) to qualify for subchapter S treatment. Allows a small business to make a subchapter S election at any time during the taxable year. Allows to a business a credit equal to 50 percent of the wages paid during the taxable year to new employees, up to two employees and $20,000 for the taxable year. Allows a similar credit for new disadvantaged employees up to a maximum of $60,000 per taxable year. Allows the practical cost recovery method to be used in computing depreciation. Title III: Small Business Tax Simplification - Allows a corporation to file an application for refund of overpayment of estimated income tax at any time during the taxable year. Provides a special rule for treatment of net operating loss adjustments in the case of new corporations. Increases the minimum credit on accumulated earnings from $150,000 to $500,000. Redefines "section 1244 stock" to mean common stock in a corporation if: (1) such corporation during its preceding taxable year derived more than 50 percent of its aggregate gross receipts from sources other than royalties, rents, dividends, interest, annuities, and sales or exchanges of stock or securities; and (2) the equity capital of such corporation does not exceed $1,000,000. Increases the losses on section 1244 stock which may be treated as ordinary losses (rather than capital losses) from $25,000 to $50,000.
Bill· HRH.R. 14844 (94th)reported
United States · United States Congress · 26 July 1976
Estate and Gift Tax Reform Act - Amends the Internal Revenue Code to provide a single unified rate schedule for estate and gift taxes. Establishes progressive rates based on cumulative lifetime transfers and transfers at death. Determines the amount of estate tax by applying the unified rates to such cumulative transfers and then subtracting the taxes payable on lifetime transfers. Provides that for purposes of determining the amount of the gross estate, the amount of gift tax paid with respect to transfers made within three years of death shall be included in the decedent's gross estate. Provides, as a transitional rule, that the lifetime transfers taken into account in determining cumulative transfers at death, for purposes of imposing the estate tax under the unified schedule, shall only include taxable gifts made after December 31, 1976. Repeals the estate and gift tax exemptions. Substitutes for such exemptions a credit against estate and gift taxes in the amount of $40,000. Increases the estate tax marital deduction to $250,000 or one-half of the decedent's gross estate, whichever is greater. Increases the gift tax marital deduction in the case of lifetime gifts to a spouse. Allows an unlimited marital deduction for the first $100,000 of lifetime gifts made to a spouse and, thereafter, a deduction for one-half of the aggregate lifetime gifts made to a spouse in excess of $200,000. Allows the executor of an estate which includes real property being put to a qualified use to value such property at such use, rather than its fair market value determined on the basis of its highest and best use. Defines qualified use as: (1) use as a farm; or (2) use in a trade or business. Imposes special conditions for such valuation, including: (1) the value of the qualified real property and related personal property must be at least 50 percent of the decedent's gross estate; (2) at least 25 percent of the adjusted value of the gross estate must be qualified real property; (3) the real property must pass to a qualified heir; (4) the real property must have been used or held for qualified use for five of the last eight years prior to the decedent's death; and (5) there must have been material participation in the operation or management of the real property by the decedent or a member of his family in five out of the eight years immediately preceding the decedent's death. Provides for recapture of any tax benefits obtained by use of the reduced valuation if, prior to the death of the qualified heir or within 15 years of the death of the decedent, the property is disposed of to nonfamily members or ceases to be used for qualified purposes. Provides for a lien on all such real property with respect to which the special valuation is elected. Provides for a 15-year period for the payment of the estate tax attributable to the decedent's interest in a farm or closely held business, with a deferral of the tax for five years and installment payments over the next ten years. Requires, as a qualification for such deferral and installment treatment, the value of the closely held business or farm in the decedent's estate to be at least 65 percent of the gross estate. Allows discretionary extensions of up to ten years to pay the estate tax for reasonable cause (rather than for "undue hardship" as under present law). Provides for a lien for payment of the deferred taxes attributable to a closely held business or farm. Provides that the basis of property acquired from a decedent dying after December 31, 1976, shall be the adjusted basis of the property immediately before the death of the decedent increased by a specified proportion of the Federal and State estate taxes. Stipulates that such increase shall not increase the basis of the property above its fair market value. Excludes personal and household effects from the carryover basis rule. Limits such exclusion to $10,000. Imposes a tax, in the case of generation skipping transfers under a trust, upon a distribution of the trust assets to a generation skipping heir, or upon the termination of an intervening interest in the trust. Determines the tax by adding the value of the distributed property, or terminated interest, to the heir's taxable transfers and applying the heir's marginal transfer tax rate to the value of such interest. Allows a deduction from value of the gross estate of a decedent for amounts left to children of the decedent if the decedent's spouse has predeceased him. Limits such deduction to $5,000 multiplied by the number of years each child is under the age of 21. Requires gift tax returns to be filed for any quarter only when the total cumulative gifts made during the taxable year exceed $25,000, or during the last quarter if the total does not reach $25,000. Provides that if the Internal Revenue Service proposes a deficiency in the estate tax because of a higher valuation of the assets included in the decedent's gross estate, it must disclose to the executor during the settlement process the basis on which the higher valuation was determined.
Bill· HRH.R. 14857 (94th)referred
United States · United States Congress · 26 July 1976
Exempts from Federal income taxation, under the Internal Revenue Code, a corporation organized and operated for mutual purposes and without profit for the purpose of providing, either or both, reserve funds for, and insurance of, shares and deposits in credit unions which have no capital stock and are organized and operated for mutual purposes and not for profit.
Bill· HRH.R. 14845 (94th)referred
United States · United States Congress · 26 July 1976
Small Business Growth and Job Creation Act - Title I: Small Business Independence and Continuation - Amends the Internal Revenue Code to establish graduated corporate income tax rates. Changes the holding period for capital assets from six months to one year. Establishes a new alternative tax on capital gains. Increases the estate tax exemption from $60,000 to $180,000. Establishes a new rate schedule for the estate tax. Increases the gift tax exclusion from $3,000 to $9,000, and the gift tax exemption from $30,000 to $90,000. Replaces the present gift tax schedule with a flat rate of 75 percent of whatever the estate tax on such a sum would be. Provides that a distribution of property by a corporation in redemption of stock to pay death taxes shall be treated as a distribution in full payment in exchange for the stock if all of the stock of such corporation which is included in determining the value of the decedent's gross estate is either, (1) more than 20 percent (generally, 35 percent), of the value of the gross estate of such decedent, or (2) more than 40 percent (generally, 50 percent) of the taxable estate of such decedent. Provides that if stock in a corporation is sold by a shareholder owning stock representing more than 30 percent of the fair market value of all outstanding stock of the corporation whose stock is being sold, the gain from such sale shall be recognized only to the extent that the taxpayer's sale price exceeds the cost of replacement property purchased by the taxpayer within two years. Defines "replacement property" as property which is held for the production of income or which is held for investment. Allows the executor of an estate involving an interest in a closely held business to elect to include in the value of the gross estate the decedent's basis in such business rather than the fair market value of such interest. States that the basis of property acquired from a decedent as to which such an election was made shall be the decedent's basis in such property rather than the fair market value of such interest. Allows the marital deduction of the estate tax to exceed 50 percent of the value of the adjusted gross estate when an interest in a specially defined small business is included in the estate. Title II: Small Business Growth Incentives - Allows a taxpayer to choose the cash method of accounting in any case where inventory is an income determining factor and the ending inventory for the taxable year does not exceed $200,000. Provides a deferred tax credit against taxable income for unincorporated businesses. Establishes a graduated investment tax credit. Amends the definition of a small business corporation to allow domestic corporations with up to 20 shareholders (presently, ten) to qualify for subchapter S treatment. Allows a small business to make a subchapter S election at any time during the taxable year. Allows to a business a credit equal to 50 percent of the wages paid during the taxable year to new employees, up to two employees and $20,000 for the taxable year. Allows a similar credit for new disadvantaged employees up to a maximum of $60,000 per taxable year. Allows the practical cost recovery method to be used in computing depreciation. Title III: Small Business Tax Simplification - Allows a corporation to file an application for refund of overpayment of estimated income tax at any time during the taxable year. Provides a special rule for treatment of net operating loss adjustments in the case of new corporations. Increases the minimum credit on accumulated earnings from $150,000 to $500,000. Redefines "section 1244 stock" to mean common stock in a corporation if: (1) such corporation during its preceding taxable year derived more than 50 percent of its aggregate gross receipts from sources other than royalties, rents, dividends, interest, annuities, and sales or exchanges of stock or securities; and (2) the equity capital of such corporation does not exceed $1,000,000. Increases the losses on section 1244 stock which may be treated as ordinary losses (rather than capital losses) from $25,000 to $50,000.
Bill· HRH.R. 14855 (94th)referred
United States · United States Congress · 26 July 1976
Amends the Internal Revenue Code to require the Internal Revenue Service to audit all income tax returns filed by members of Congress.
Bill· HRH.R. 14817 (94th)referred
United States · United States Congress · 22 July 1976
Small Business Growth and Job Creation Act - Title I: Small Business Independence and Continuation - Amends the Internal Revenue Code to establish graduated corporate income tax rates. Changes the holding period for capital assets from six months to one year. Establishes a new alternative tax on capital gains. Increases the estate tax exemption from $60,000 to $180,000. Establishes a new rate schedule for the estate tax. Increases the gift tax exclusion from $3,000 to $9,000, and the gift tax exemption from $30,000 to $90,000. Replaces the present gift tax schedule with a flat rate of 75 percent of whatever the estate tax on such a sum would be. Provides that a distribution of property by a corporation in redemption of stock to pay death taxes shall be treated as a distribution in full payment in exchange for the stock if all of the stock of such corporation which is included in determining the value of the decedent's gross estate is either, (1) more than 20 percent (generally, 35 percent), of the value of the gross estate of such decedent, or (2) more than 40 percent (generally, 50 percent) of the taxable estate of such decedent. Provides that if stock in a corporation is sold by a shareholder owning stock representing more than 30 percent of the fair market value of all outstanding stock of the corporation whose stock is being sold, the gain from such sale shall be recognized only to the extent that the taxpayer's sale price exceeds the cost of replacement property purchased by the taxpayer within two years. Defines "replacement property" as property which is held for the production of income or which is held for investment. Allows the executor of an estate involving an interest in a closely held business to elect to include in the value of the gross estate the decedent's basis in such business rather than the fair market value of such interest. States that the basis of property acquired from a decedent as to which such an election was made shall be the decedent's basis in such property rather than the fair market value of such interest. Allows the marital deduction of the estate tax to exceed 50 percent of the value of the adjusted gross estate when an interest in a specially defined small business is included in the estate. Title II: Small Business Growth Incentives - Allows a taxpayer to choose the cash method of accounting in any case where inventory is an income determining factor and the ending inventory for the taxable year does not exceed $200,000. Provides a deferred tax credit against taxable income for unincorporated businesses. Establishes a graduated investment tax credit. Amends the definition of a small business corporation to allow domestic corporations with up to 20 shareholders (presently, ten) to qualify for subchapter S treatment. Allows a small business to make a subchapter S election at any time during the taxable year. Allows to a business a credit equal to 50 percent of the wages paid during the taxable year to new employees, up to two employees and $20,000 for the taxable year. Allows a similar credit for new disadvantaged employees up to a maximum of $60,000 per taxable year. Allows the practical cost recovery method to be used in computing depreciation. Title III: Small Business Tax Simplification - Allows a corporation to file an application for refund of overpayment of estimated income tax at any time during the taxable year. Provides a special rule for treatment of net operating loss adjustments in the case of new corporations. Increases the minimum credit on accumulated earnings from $150,000 to $500,000. Redefines "section 1244 stock" to mean common stock in a corporation if: (1) such corporation during its preceding taxable year derived more than 50 percent of its aggregate gross receipts from sources other than royalties, rents, dividends, interest, annuities, and sales or exchanges of stock or securities; and (2) the equity capital of such corporation does not exceed $1,000,000. Increases the losses on section 1244 stock which may be treated as ordinary losses (rather than capital losses) from $25,000 to $50,000.
Bill· HRH.R. 14834 (94th)referred
United States · United States Congress · 22 July 1976
Amends the Internal Revenue Code to increase the percentage standard deduction to an amount equal to 20 percent of adjusted gross income but not to exceed (1) $3,000 in the case of a joint return or a surviving spouse, (2) $2,500 in the case of an unmarried individual, or (3) $1,500 in the case of a married individual filing a separate return.
Bill· HRH.R. 14835 (94th)referred
United States · United States Congress · 22 July 1976
Historic Preservation Tax Act - Title I: Short Title - Sets forth the popular name for this Act. Title II: Rehabilitation of Historic Structures - Provides under the Internal Revenue Code for the preservation and rehabilitation of historic structures by allowing a tax deduction with respect to the amortization of the amortizable basis of any certified historic structure based on a period of 60 months. Specifies that no deduction shall be allowed for any expense or loss incurred as a result of the destruction of a certified historic structure. Limits deductions on structures erected upon a site which was occupied by a certified historic structure which was demolished or substantially altered. Title III: Rehabilitation of Historic Property - Allows a taxpayer to compute the depreciation deduction attributable to substantially rehabilitated historic property as though the original use of such property commenced with him. Title IV: Charitable Transfers for Conservation Purposes - Allows income, estate and gift tax deductions for transfer of remainder or partial interests in property for conservation purposes.
Bill· HRH.R. 14815 (94th)referred
United States · United States Congress · 22 July 1976
Amends the Internal Revenue Code to allow as a credit against the income tax specified higher education expenses, including tuition and fees, paid or incurred by an individual during the taxable year for himself and for any dependent. States that if the expenses are for only one individual the amount of the credit shall be the sum of: (1) 50 percent of such expenses as does not exceed $200; (2) 25 percent of such expenses as exceeds $200 but not $500; and (3) five percent of such expenses as exceeds $500 but does not exceed $1,000. Increases the amount of the credit if more than one person's expenses are eligible. Disallows the deduction of any education expenses taken into account in determining the amount of such credit.