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101 records in US in 1979
United States · United States Congress · 6 December 1979
Urges both Houses of Congress to act promptly in their consideration of pending legislation to impose a strong windfall profits tax.
United States · United States Congress · 5 December 1979
Anti-Inflation Tax Act of 1979 - Amends the Internal Revenue Code to require annual cost of living adjustments to: (1) personal income tax brackets; (2) the $1,000 personal tax exemption; (3) the adjusted basis of property for purposes of determining gain from the sale or exchange of a capital asset; (4) interest rates on savings bonds and certificates issued pursuant to the Second Liberty Bond Act and other obligations of the United States; (5) withholding tables; and (6) minimum income levels for which income tax returns must be filed.
United States · United States Congress · 5 December 1979
Amends the Revenue Act of 1978 to qualify tax-exempt organizations for the rules governing the taxable year of inclusion of any amount covered by a private deferred compensation plans which were in effect prior to the issuance of proposed regulation by the Internal Revenue Service on February 3, 1978.
United States · United States Congress · 5 December 1979
Amends the Internal Revenue Code to allow individuals, including individuals who do not itemize deductions, an income tax deduction for blood donations. Classifies such donations as charitable contributions. Limits the amount of such deduction to $200 for a taxable year.
United States · United States Congress · 5 December 1979
Amends the Internal Revenue Code to allow an income tax credit for the cost of purchasing and installing fire detectors in the residence of any taxpayer. Limits the amount of such credit to $50 for a taxable year.
United States · United States Congress · 4 December 1979
Amends the Internal Revenue Code to exempt labor unions and their tax-exempt trusts established for the sole and exclusive benefit of their members from the excise tax on air transportation.
United States · United States Congress · 4 December 1979
Amends the Internal Revenue Code to permit individual taxpayers an income tax deduction as a charitable contribution for permitting tax-exempt organizations which care for handicapped individuals to use a residence of the taxpayer's for the care of such individuals. Specifies that the amount of such deduction shall be the rental value of the residence.
United States · United States Congress · 4 December 1979
Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to prohibit the taxation of any title II benefits.
United States · United States Congress · 4 December 1979
Amends the Internal Revenue Code to exempt corporations from the quarterly payment of estimated tax liability if estimated tax liability is less that $500.
United States · United States Congress · 4 December 1979
Amends the Internal Revenue Code to exclude from gross income interest earned on certain obligations issued by the Tennessee Valley Authority.
United States · United States Congress · 4 December 1979
Amends the Internal Revenue Code to repeal provisions which permit farmers to elect to treat expenditures for clearing farm land as currently deductible business expenses.
United States · United States Congress · 3 December 1979
United States Olympic Fund Act of 1979 - Amends the Internal Revenue Code to permit taxpayers to designate on their income tax returns a contribution of fifty cents to the United States Olympic Fund. Establishes the United States Olympic Fund under the auspices of the Secretary of the Treasury for the receipt of tax contributions authorized by this Act. Directs the Secretary to transfer amounts from the Fund to the United States Olympic Committee on a quarterly basis. Requires the Committee to submit a report to the Secretary setting forth the amounts received by the Committee and the purposes for which such amounts were spent. Requires that such report be available for public inspection.
United States · United States Congress · 3 December 1979
Foreign Investment in Real Estate Tax Act of 1979 - Amends the Internal Revenue Code to tax nonresident aliens and foreign corporations engaged in a trade or business in the United States on the same basis as U.S. citizens. Provides that gains or losses realized by such aliens or foreign corporations from the sale or exchange of a U.S. real property interest shall be afforded the same tax treatment as similar gains and losses of U.S. citizens. Defines "U.S. real property interest" as either: (1) an interest in real property located in the United States; (2) stock in a U.S. real property holding organization (a business entity in which a controlling interest is held by ten or fewer individuals and of which U.S. real property interests constitute more than 50 percent of the fair market value of the organization); or (3) an interest in a partnership or trust which is or was a U.S. real property holding organization. Includes within the term "interest in real property" fee ownership and co-ownership of land or improvements thereon, leaseholds of land or improvements, and options to acquire such leaseholds of land or improvements, but excludes an interest in real property which is used in a trade or business unless such property is used primarily for the production of rentals from real property, income from farming, or gain from the sale of a U.S. real property interest. Requires individuals who acquire a U.S. real property interest from a nonresident alien or a foreign corporation to withhold an amount equal to 28 percent of the amount realized on the transaction. Provides an exemption from such withholding requirement if: (1) the seller of a property interest provides the buyer with a certificate which indicates that any tax liability with respect to the sale has been satisfied or does not exist; (2) the transaction involves the acquisition of stock in a corporation which is effected through the medium of an organized securities exchange; or (3) the transaction involves the sale of property used as a single family principal residence and the amount realized upon disposition does not exceed $150,000. Invalidates any exemption from the withholding requirement if the buyer is aware that the certificate of exemption is false or fraudulent. Requires a U.S. real property holding organization in which a nonresident alien or a foreign corporation owns an equity interest to file an informational return for the taxable year in which such interest is held. Directs the Secretary of the Treasury to publish at least twice a year the names and addresses of organizations filing such returns. Provides civil penalties for organizations which fail to file such returns. Designates U.S. real property interests as property situated in the United States for purposes of the estate and gift tax. Allows nonresident aliens and foreign corporations a refundable income tax credit for tax withheld with respect to dispositions of U.S. real property interests and tax-free covenant bonds. Overrides, for taxable years after December 31, 1984, tax treaties which would exempt foreign investors from the requirements established by this Act. Permits the Internal Revenue Service to inspect the books and records of a taxpayer to insure compliance with the requirements of this Act without regard to any restrictions on IRS inspections otherwise imposed by law.
United States · United States Congress · 30 November 1979
Amends the Internal Revenue Code to deny an income tax exclusion of the interest paid on mortgage revenue bonds. Defines "mortgage revenue bonds" as any obligations which are issued to finance single family housing and which are not secured by the general obligation of any State or local government. Provides for an exception to this rule for bond issues in connection with: (1) assisted housing, redevelopment and renewal programs; (2) State programs; and (3) low and moderate income housing programs. Directs the Secretary of the Treasury, together with the Secretary of Housing and Urban Development and the Comptroller General of the United States, to conduct a joint study of: (1) the effectiveness of tax exempt mortgage revenue bond programs as compared to existing private and Federal mortgage activities; (2) the accessibility of the mortgage revenue bond program to those who would not otherwise have home ownership opportunities; and (3) measures taken by bond issuers to mitigate the displacement of low and moderate income families resulting from the development of mortgage revenue bond programs.
United States · United States Congress · 29 November 1979
Amends the Internal Revenue Code to permit the executor of an estate, in calculating the value of the gross estate, to elect to disregard that portion of the value of any copyright, or literary, musical, or artistic work created by a decedent which would have been ordinary income if such work had been sold by the decedent at its fair market value.
United States · United States Congress · 29 November 1979
Amends the Internal Revenue Code to exclude from gross income dividends received from a domestic corporation up to $100 during a taxable year and interest earned on a withdrawable savings account in a bank or thrift institution. Limits the amount of interest excludable to that amount which exceeds the amount of interest or dividends received by the taxpayer during the preceding taxable year up to $500. Permits individuals age 65 and over to exclude a full $500 for a taxable year.
United States · United States Congress · 29 November 1979
Amends the Internal Revenue Code to allow individuals an income tax credit equal to 25 percent of the expenses incurred by such individuals for the principal fuel (including electricity) used to heat their principal residences. Limits the dollar amount of such credit to $300 for a taxable year. Reduces the amount of such credit by one percent of the amount by which the taxpayer's adjusted gross income exceeds $15,000.
United States · United States Congress · 29 November 1979
Amends the Internal Revenue Code to allow businesses located in economically distressed areas a nonrefundable income tax credit for 30 percent of fuel oil expenses incurred in heating such businesses.
United States · United States Congress · 28 November 1979
Amends the Internal Revenue Code to increase the partial exclusion of dividends from the gross income of an individual from $100 to $500 ($1000 in the case of a married couple filing a joint return), by increments of $100 ($200 in the case of a married couple filing jointly) over the five year period from 1981 through 1985. Excludes from the gross income of an individual any amount received as interest or dividends on a time or demand deposit with a federally-insured bank, savings and loan association, or credit union. Limits the amount of such interest excluded to a maximum $500 ($1000 in the case of a married couple filing a joint return). Provides for incremental exclusions of interest over a four year transition period from 1981 through 1984. Sets the maximum investment income that may be excluded under this Act at an aggregate $200 ($400 in the case of a married couple filing a joint return).
United States · United States Congress · 28 November 1979
Amends the Internal Revenue Code to permit the waiver of residency requirements for individuals residing in a foreign country who claim income tax deductions for living expenses incurred in such country, if such individuals are prevented from conducting normal business in such country due to war, civil unrest, or similar adverse conditions, and such individuals prove to the satisfaction of the Secretary of the Treasury that they would have met such residency requirements under normal conditions. Permits a taxpayer to roll over complete distributions from a money purchase pension plan or report income from such distribution according to the ten-year income averaging rules, even if there is no similar distribution from another pension plan of the same employer in which the taxpayer is a participant. Raises the age requirement for youths participating in the qualified cooperative education program from 16-19 to 16-20, for purposes of the targeted jobs credit. Provides that, with respect to any sale of real property during 1976, indebtedness incurred before January 1, 1965 by a tax-exempt organization to finance the construction of a building on such property shall not be treated as acquisition indebtedness for purposes of the tax on the unrelated business income of such organization, if the property was acquired by such organization before January 1, 1952, and is contiguous to another parcel of real property which was acquired by such organization before January 1, 1952, and was used by such organization in accordance with the purposes for which such organization received its tax-exemption.
United States · United States Congress · 28 November 1979
Amends the State and Local Fiscal Assistance Act of 1972 to add a fourth title, "Fiscal Assistance During Periods of Recession," which authorizes the Secretary of the Treasury to make payments to State and local governments during calendar quarters in which there is a decline in real wages, salaries, and the gross national product. Authorizes appropriations of up to $1,000,000,000 for such payments made during the calendar quarters of fiscal year 1980. Establishes ceilings on appropriations for each such quarter. Requires one-third of such appropriations to be allocated to State governments and two-thirds to local governments. Sets forth formulas for determining the amount of such allocations to State and local governments. Directs the Secretary to receive assurances from each State and unit of local government before issuing payments that: (1) standard fiscal, accounting, and auditing practices will be used; (2) the Secretary and the Comptroller General will be given access to documents in order to review compliance; (3) reports required by the Secretary will be furnished; (4) the State or unit of local government will comply with provisions of law prohibiting discrimination on the basis of race, color, national origin, age, or handicapped condition; (5) the State or unit of local government will comply with the wage standards under the Davis-Bacon Act; and (6) expenditure of payments received will be in accordance with laws and procedures applicable to a State's or unit of local government's own revenues. Authorizes the Secretary to withhold payments for a failure to comply with requirements of this title. Directs the Secretary to submit annual and quarterly reports to the Congress when payments have been made under such program. Grants the Secretary authority to prescribe rules to implement this Act. Authorizes appropriations as may be necessary for administration of this Act. Authorizes appropriations for such countercyclical payments to Puerto Rico, Guam, and the Virgin Islands. Sets forth a formula for determining the amount of such payments. Permits the governments of the territories to allocate portions of such payments to their local governments as they deem appropriate. Adds a fifth title, "Targeted Fiscal Assistance" which authorizes the Secretary to make additional payments to units of local government experiencing higher rates of unemployment. Authorizes appropriations of $150,000,000 for such payments in fiscal year 1980. Sets forth formulas for determining eligibility and amounts of such payments. Directs the Secretary to receive assurances from each unit of local government identical to those required under title IV before issuing payments. Authorizes the Secretary to withhold payments to enforce compliance. Directs the Secretary to issue such payments by: (1) 90 days from the enactment of appropriations; or (2) April 1, 1980, whichever is earlier. Requires the Secretary to submit an annual report to the Congress on the targeted fiscal assistance program. Empowers the Secretary to promulgate regulations to implement such program. Authorizes necessary appropriations for administrative expenses. Authorizes appropriations and establishes formulas for issuing fiscal assistance payments to Puerto Rico, Guam, and the Virgin Islands. Authorizes the governments of the territories to allocate appropriate portions of such payments to their local governments. Repeals title II of the Public Works Employment Act of 1976.
United States · United States Congress · 28 November 1979
Amends the Internal Revenue Code, regarding the exclusion from the estate tax of the adjusted consideration furnished by a decedent's spouse with respect to jointly held property, to require treatment of services performed by such spouse as consideration in money or money's worth.
United States · United States Congress · 27 November 1979
Amends the Internal Revenue Code to exclude from gross income dividends received from a domestic corporation up to $100 during a taxable year and interest earned on a withdrawable savings account in a savings bank. Limits the amount of interest excludable to that amount which exceeds the amount of interest or dividends received by the taxpayer during the preceding taxable year up to $500. Permits individuals age 65 and over to exclude a full $500 for a taxable year.
United States · United States Congress · 27 November 1979
Irrigation Water Conservation Tax Act of 1979 - Amends the Internal Revenue Code to provide for equipment which conserves irrigation water an additional ten percent investment tax credit and an election to depreciate such equipment based on a useful life of three years.
United States · United States Congress · 27 November 1979
Amends the Internal Revenue Code to permit tax-exempt voluntary employees' beneficiaries associations to provide life insurance benefits to their members through the use of whole or ordinary life insurance policies.
United States · United States Congress · 27 November 1979
Amends the Internal Revenue Code to allow income, estate, and gift tax deductions for charitable contributions for the construction or maintenance of buildings to house tax-exempt fraternal organizations.
United States · United States Congress · 20 November 1979
Wagering Neutrality Act of 1979 - Amends the Internal Revenue Code to repeal the withholding tax requirements with respect to gambling winnings.
United States · United States Congress · 16 November 1979
Amends the Organic Act of Guam, the Revised Organic Act of the Virgin Islands, and the Internal Revenue Code to repeal the current tax system to such territories, under which inhabitants satisfy their Federal income tax obligations by paying such taxes into the territorial treasuries. Imposes the same Federal taxes on inhabitants of Guam, the Virgin Islands and American Samoa as those imposed on citizens of the United States. Authorizes the Governments of Guam, American Samoa, and the Virgin Islands to impose such taxes on income as the respective legislatures may deem appropriate. Authorizes such Governments to enter into agreements with the Secretary of the Treasury for Federal collection of any such taxes. Specifies taxes and customs duties to be covered into the treasury of American Samoa.
United States · United States Congress · 16 November 1979
Sets forth the congressional budget for the United States Government for fiscal year 1980. Sets the recommended level of Federal revenues for such year at $517,800,000,000. Recommends an increase of $2,400,000,000 in the aggregate level of Federal revenues. States that the appropriate level of total new budget authority for fiscal year 1980 is $638,000,000,000. Sets the appropriate level of total budget outlays at $547,600,000,000. States that a budget deficit of $29,800,000,000 for fiscal year 1980 would be appropriate in light of economic conditions. Sets the appropriate level of the public debt at $886,400,000,000 in fiscal year 1980 with an increase in the statutory debt limit of $7,400,000,000. Sets forth the appropriate levels of new budget authority and estimated budget outlays for each major functional category of the budget in fiscal year 1980. Expresses the sense of the Congress that there be no revision of the budget figures contained in this resolution barring unforeseen developments. State that failure to achieve the savings assumed in the Second Budget Resolution will crowd out funding for priorities in the budget and may require rescission of enacted appropriations. Calls upon the following congressional committees to make the savings assumed in this resolution: (1) the Senate Committee on Agriculture, Nutrition and Forestry and the House Committee on Education and Labor; (2) the Senate Committee on Environment and Public Works and the House Committee on Public Works and Transportation; (3) the Senate Committee on Governmental Affairs and the House Committee on Post Office and Civil Service; (4) the House and Senate Committee on Armed Services; (5) the Senate Committee on Finance and the House Committee on Ways and Means; and (6) the House and Senate Committee on Veterans' Affairs. Sets forth the congressional budget for the United States Government for fiscal years 1981 and 1982. Recommends aggregate levels of Federal revenues of $610,200,000,000 in fiscal year 1981 and $671,800,000,000 in fiscal year 1982 with an increase in Federal revenues of $10,200,000,000 in 1981 and a decrease of $34,800,000,000 in 1982. States that the appropriate level of new budget authority for fiscal year 1981 is $664,900,000,000 and $747,600,000,000 for fiscal year 1982. Sets the appropriate level of total budget outlays at $600,500,000,000 in fiscal year 1981 and $653,000,000,000 in fiscal year 1982. Recommends budget surpluses of $9,700,000,000 and $18,800,000,000 in fiscal years 1981 and 1982 respectively. Sets the aggregate level of the public debt at $911,200,000,000 in fiscal year 1981 with an increase in the temporary debt limit of $32,200,000,000. Establishes the level of the public debt at $939,100,000,000 for fiscal year 1982 with an increase of $60,100,000,000 in the temporary debt limit. Sets forth the corresponding appropriate levels of new budget authority and estimated budget outlays for each major functional category of the budget in fiscal years 1981 and 1982. Directs each standing committee of the House of Representatives which has jurisdiction over entitlement programs to include with its required March 15, 1980, report to the Budget Committee specific recommendations for funding mechanisms which would enable the Congress to exercise more fiscal control over such entitlements. Directs the Budget Committee to submit to the House such recommendations as it deems appropriate based on such reports. Reaffirms the commitment of Congress to find a way to relate accurately the outlays of off-budget Federal entities to the budget. Estimates such outlays to be $16,000,000,000 in fiscal year 1980.
United States · United States Congress · 16 November 1979
Basic Health Insurance Tax Credit and Medical Assistance Act - States as the purposes of this Act the establishment of a system of protection against medical costs and the involvement of the private health insurance industry in the provision of medical care for the needy and indigent. Amends the Internal Revenue Code to allow individual taxpayers a refundable income tax credit for amounts paid during the taxable year for basic health insurance. Requires that any insurance plan purchased by the taxpayer contain a $1,000 deductible, a co-payment provision for 25 percent of costs up to $25,000, and no co-payment requirement for expenses in excess of $25,000. Permits the taxpayer to elect to apply a credit for health care premiums to the two preceding or succeeding years of the taxable year. Allows an income tax deduction for the medical expenses, not otherwise covered by insurance, of the taxpayer and his dependents, and for the medical care of a needy or indigent individual, to the extent that such expenses exceed $500. Treats the payment of medical costs for a needy or indigent person (not a dependent of the taxpayer) which is made to a charitable organization on behalf of such person as a charitable contribution for purposes of the income tax deduction. Amends title XIX (Medicaid) of the Social Security Act to permit recipients of health care benefits under such title to obtain coverage for medical expenses under private health insurance plans. Directs the Congressional Budget Office to study the adequacy of the use of the refundable income tax credit established by this Act in meeting health care needs as an alternative to Federal programs, and to report to Congress on its findings.
United States · United States Congress · 16 November 1979
Amends the Internal Revenue Code to qualify fuel efficient government motor vehicles for the investment tax credit.
United States · United States Congress · 15 November 1979
Home Heating Oil Tax Relief Act of 1979 - Amends the Internal Revenue Code to allow homeowners whose home heating oil expenses exceed four percent of their adjusted gross income an income tax deduction for the cost of such oil purchased during the taxable year. Limits the amount of such deduction to the lesser of $2,000 or the cost of 2,000 barrels of heating oil. Denies such deduction for taxpayers whose adjusted gross income exceeds $40,000.
United States · United States Congress · 15 November 1979
Indian Tribal Governmental Tax Status Act of 1979 - Amends the Internal Revenue Code to treat an Indian tribal government as a State for purposes of: (1) determining the deductibility of a charitable contribution made to such tribe; (2) exemptions from the excise tax; (3) deductions for State and local taxes; (4) the tax exclusion for interest on government bonds; (5) the unrelated business income tax applicable to colleges and universities; and (6) the tax treatment of contributions to candidates for public office and the activities of private foundations. Provides for the tax-free issuance of industrial development bonds by Indian tribes under specified circumstances. Defines "Indian tribal government" for the purposes of this Act.
United States · United States Congress · 14 November 1979
Capital Cost Recovery Act of 1979 - Amends the Internal Revenue Code to revise the method for determining useful lives of business assets for purposes of computing allowable depreciation deductions. Replaces the asset depreciation range (ADR) method with a schedule of capital cost recovery periods for three classes of business property. Establishes capital cost recovery periods for the following classes of business property: (1) buildings and their structural components, ten years; (2) tangible property, five years; and (3) automobiles, taxis, and light-duty trucks (up to $100,000), three years. Allows a ten percent investment tax credit for buildings and tangible property, and a six percent credit for automobiles, taxis, and light duty trucks. Requires the recapture of depreciation amounts and investment tax credit amounts applicable to assets which are sold or otherwise disposed of prior to the expiration of the capital cost recovery period. Permits taxpayer to deduct less than the full allowance for capital cost recovery in any taxable year. Permits a carryover to succeeding taxable years of any unused depreciation amounts. Disqualifies capital cost recovery property from the allowance for first year depreciation. Treats amounts claimed as the capital cost recovery of noncorporate lessors as an item of tax preference for purposes of the minimum tax. Adopts as an accounting practice the "half year convention" under which investments eligible for capital cost recovery treatment or the investment tax credit which are made at any time during the taxable year are deemed to be made in the middle of such year.
United States · United States Congress · 14 November 1979
Amends the Internal Revenue Code to exclude from gross income gain on the sale or exchange of certain farmland if the owners of the farmland, in a irrevocable covenant binding upon themselves and all future owners of the land, restrict the use of such land to use as farmland.
United States · United States Congress · 14 November 1979
Amends the Internal Revenue Code to qualify electric forklift vehicles for the additional ten percent investment tax credit for energy property.
United States · United States Congress · 14 November 1979
Amends the Internal Revenue Code to provide a tax exclusion from personal income earned abroad by an individual performing qualified charitable services for a tax-exempt employer created or organized in the United States. Limits such exclusion to an amount not to exceed a figure computed on a daily basis at an annual rate of $20,000. Sets a formula for the maximum amount of exclusion for an individual who performs such charitable services and also performs other services while residing in a camp located in a hardship area.
United States · United States Congress · 14 November 1979
Basic Research Revitalization Act of 1979 - Amends the Internal Revenue Code to permit a taxpayer engaged in a trade or business an income tax credit equal to 25 percent of the cash contributions made by such taxpayer to a reserve fund established to finance basic research in the scientific or engineering fields. Limits the total amount of such credit to five percent of the taxable business income of the taxpayer for the taxable year. Exempts such reserve fund from income taxation. Allows an income tax deduction for the basic research expenses paid out of the reserve fund during the taxable year. Specifies that research financed pursuant to this Act shall be performed by an institution of higher education, and that the results of such research must be made public not later than one year after such research is made available to the taxpayer.
United States · United States Congress · 14 November 1979
Prohibits any State or political subdivision of such State from imposing an income tax on any Federal officer or employee who is not a resident of such State or political subdivision.
United States · United States Congress · 14 November 1979
Amends the Internal Revenue Code to allow income, estate, and gift tax deductions for charitable contributions for the construction or maintenance of buildings to house tax-exempt fraternal organizations.
United States · United States Congress · 14 November 1979
Amends the Internal Revenue Code to prohibit any State, or political subdivision thereof, which imposes an income tax on a corporation from taking into account any amount of income belonging to, or attributable to, any foreign corporation which is also a member of an affiliated group to which the domestic corporation belongs, unless such amount is subject to Federal income tax. Prohibits any State, or political subdivision thereof, from taxing or otherwise taking into account a certain percentage (determined according to specified formulae) of any dividend received by a corporation from a foreign corporation (or by a domestic corporation treated as having received such a dividend). Allows such State, or political subdivision, to take into account only a tax for which a Federal foreign tax credit would be allowed.
United States · United States Congress · 14 November 1979
Amends the Internal Revenue Code to exclude from gross income all interest income earned by the taxpayer.
United States · United States Congress · 14 November 1979
Amends the Internal Revenue Code to modify the formula for the determination of the basis of the deduction for disaster losses to take into account the replacement cost of the destroyed property. Sets such basis at the sum of the adjusted basis (for determining loss from the sale or other disposition of property), plus the excess of the replacement cost over the unadjusted basis of such property.
United States · United States Congress · 14 November 1979
Repeals the estate tax, the gift tax, and the tax on generation-skipping transfers under the Internal Revenue Code.
United States · United States Congress · 14 November 1979
Amends the Internal Revenue Code to treat the proceeds from the redemption of Series E and EE United States savings bonds as capital gain.
United States · United States Congress · 13 November 1979
Extends for one year the exclusion from gross income for income tax purposes amounts received by participants in the Uniformed Services Health Professions Scholarship program and amounts received as National Research Service Awards.
United States · United States Congress · 13 November 1979
Amends the Internal Revenue Code to repeal the carryover basis provisions enacted by the Tax Reform Act of 1976 which provide that beneficiaries receiving property from a decedent's estate will retain the decedent's basis in the property. Restores prior law which "stepped up" or "stepped down" the property's basis to its market value at the time of death without imposing tax consequences on the appreciation or depreciation the property underwent while held by the decedent. Permits the executor of a decedent dying between December 31, 1976 and November 7, 1978 to elect irrevocably application of the carryover basis provisions repealed by this Act.
United States · United States Congress · 13 November 1979
Amends the Internal Revenue Code to require a court order before property of a taxpayer may be levied upon for the collection of tax.
United States · United States Congress · 13 November 1979
Amends the Internal Revenue Code to permit taxpayers who do not itemize income tax deductions to claim a deduction from gross income for charitable contributions.
United States · United States Congress · 13 November 1979
Amends the Internal Revenue Code to exempt from the excise tax on the use of civil aircraft any qualified person using an aircraft equipped for agricultural operation, if such person uses it primarily for such agricultural operation. Provides for the refund by the Secretary of the Treasury of the gasoline excise tax for the use of any liquid as a fuel on a farm for farming purposes if such fuel is used in an aircraft and by an aerial applicator who was the actual ultimate purchaser of such fuel.