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Bill· HRH.R. 8296 (96th)referred
United States · United States Congress · 2 October 1980
Amends the Internal Revenue Code to allow a taxpayer to compute the depreciation deduction for a vessel documented under U.S. laws and operated in the foreign international, domestic commerce of the United States by using a useful life of one year.
Bill· HRH.R. 8287 (96th)referred
United States · United States Congress · 2 October 1980
Exempts from Federal income tax the interest on bonds issued after October 14, 1971, and before November 30, 1978, by specified volunteer fire departments of Indiana to the First Bank and Trust Company of Indianapolis, Indiana.
Bill· HRH.R. 8283 (96th)referred
United States · United States Congress · 2 October 1980
Individual Retirement Savings Act of 1980 - Amends the Internal Revenue Code to increase the allowable amount of the income tax deduction for contributions to an individual retirement account (IRA) to the lesser of $2,000 or the amount of an employee's taxable compensation. Permits active participants in tax-qualified retirement plans, tax-sheltered annuities, or governmental plans to claim an income tax deduction for contribution to an IRA up to a maximum of $500 for the taxable year. Disqualifies self-employed individuals and shareholder employees for the retirement savings deduction.
Bill· HRH.R. 8284 (96th)referred
United States · United States Congress · 2 October 1980
Amends the Internal Revenue Code to allow an income tax deduction for certain expenses incurred in the rental of a dwelling unit as a residence to a member of the taxpayer's family. Provides that this Act shall apply to taxable years beginning after December 31, 1975.
Bill· HRH.R. 8280 (96th)referred
United States · United States Congress · 2 October 1980
Amends the Internal Revenue Code to allow a taxpayer to select the amount of the depreciation deduction for a taxable year applicable to business property placed in service after December 31, 1980, provided that the investment tax credit with respect to such property is computed in accordance with specified standards.
Bill· HRH.R. 8294 (96th)referred
United States · United States Congress · 2 October 1980
Young Families Housing Act of 1980 - Amends the Internal Revenue Code to allow individual taxpayers an income tax deduction for cash contributions to an individual housing account. Limits the amount of such deduction to $2,500 for a taxable year and to $10,000 for all taxable years. Defines "individual housing account" as a trust created or organized in the United States for the exclusive benefit of an individual taxpayer and such taxpayer's spouse in purchasing a principal residence. Sets forth requirements for the establishment and maintenance of an individual housing account. Grants tax-exempt status to an individual housing account trust. Excludes from the gross income of a trust beneficiary amounts distributed from a trust which are used exclusively in connection with the purchase of a principal residence for the beneficiary. Sets forth rules for the tax treatment of a trust and distributions from a trust, in cases of divorce, improper distributions from a trust, and contributions to a trust in excess of the allowable amount. a trust in excess of the allowable amount. Prescribes a penalty equal to ten percent of the payments from a trust which are made for purposes other than the purchase of a principal residence. Requires the trustee of an individual housing account to file informational returns with the Secretary of the Treasury as required. Prescribes penalties for failure to file such returns. Authorizes the Secretary of Housing and Urban Development to increase the number of mortgages insured under the National Housing Act.
Bill· HRH.R. 8282 (96th)referred
United States · United States Congress · 2 October 1980
Amends the Internal Revenue Code to allow individuals and corporations a deduction from gross income for a percentage of the cost of recovery property that is depreciable tangible property (equipment or machinery) used in a trade or business or held for the production of income, which is placed in service after December 31, 1980. Establishes four classes and recovery periods for such property: (1) Class 1, two years; (2) Class 2, four years; (3) Class 3, seven years; and (4) Class 4, ten years. Requires assignment of property to the class which has a recovery period at least 40 percent shorter than its present midpoint useful life under the Asset Depreciation Range (ADR) system. Permits the taxpayer to elect placement of any item of property in the class with the next longer recovery period than the class to which it would otherwise belong. Defines the recovery percentage as the percentage (100 percent, 150 percent, or 200 percent) selected by the taxpayer for a class of items, divided by the number of years in the corresponding recovery period. Requires a taxpayer to establish a recovery account for each class of recovery property. Sets forth formulae for additions to and reductions in such account. Limits the amount of a recovery reduction to the aggregate determined by applying the recovery percentage for each class of property to the balance in the recovery account for such class at the end of such year. Denies eligibility for such deduction to livestock property subject to amortization, and property depreciable on a basis other than time, public utility property, oil or gas fired boilers, and property used predominantly outside the United States. Increases from 20 percent to 30 percent the ADR variance from class life for public utility property. Revises the applicable percentage for determination of the investment tax credit to make eligible for such credit: (1) 40 percent of the basis of an asset if its useful life is between two and four years (currently, 33 1/3 percent if its useful life is between three and five years); (2) 75 percent of asset basis if its useful life is between four and seven years (currently, 66 2/3 percent if its useful life is between five and seven years); and (3) 100 percent of basis if its useful life is seven years or greater (currently, the same). Makes the applicable percentage for recovery property for purposes of applying the energy percentage and employee plan percentage: (1) 66 2/3 percent of the basis of an asset if its useful life is between two and four years; and (2) 100 percent of basis if its useful life is four years or greater. Allows election of: (1) 20 year straight line depreciation, with Section 1250 recapture, for structures and structural components; and (2) 15 year straight line depreciation, with Section 1250 recapture, for low income housing; and (3) 15 year depreciation computed under the declining balance method at a rate not exceeding 150 percent of the straight line depreciation rate, with Section 1245 recapture, for certain qualified owner- occupied industrial and commercial buildings. Disallows component depreciation for any taxpayer who elects either the 20 or 15 year straight line depreciation or the 15 year depreciation computed under the declining balance method. Allows an election to treat the first $25,000 ($12,500 in the case of a married individual filing a separate return) of expenditures for recovery property which is purchased for use in a trade or business as currently deductible non-capital expenses. Provides for later recapture of such deductions. Limits such election to recovery property placed in service after December 31, 1980. Sets forth rules for treatment of the depreciation allowance for any recovery property in computing the earnings and profits of a corporation. Revises the progress expenditure rules to eliminate the useful life requirement for depreciable property being constructed by or for a taxpayer for use in trade or business (qualified progress expenditure property) and to apply to such property the revised percentages for determining the investment tax credit under this Act. Allows current depreciation of any qualified progress expenditure property not yet placed in service with respect to which a qualified progress expenditure (an amount chargeable during the taxable year to capital account with respect to self-constructed property or the cost of the construction of such property by another during the taxable year) has been made. Increases from ten to 25 percent the rehabilitation tax credit for nonresidential structures.
Bill· HJRESH.J.Res. 624 (96th)referred
United States · United States Congress · 2 October 1980
Constitutional Amendment - Requires the Congress to adopt a balanced budget, unless three-fifths of each House votes to approve a budget in which expenditures exceed receipts. Prohibits any appropriation bill which would cause expenditures to exceed the amount adopted in the budget. Prohibits receipts from exceeding the proportion of national income collected in the prior year, unless a specific increase is passed by each House. Authorizes the waiver of the balanced budget provisions in the case of war.
Bill· SS. 3187 (96th)referred
United States · United States Congress · 1 October 1980
Amends the Internal Revenue Code to allow the executor of an estate to elect to determine the value of certain farmland, woodland, or open space in the estate according to its current use value, rather than its fair market value. Requires such land to have been devoted to farming, woodland, or open space for the 60 months preceding the decedent's death. Provides for recapture of tax that would have been assessed and paid at fair market value if all or any part of such property is: (1) converted to an unqualified use; (2) rezoned for an unqualified use at the land owner's request; or (3) sold. Requires filing of a tax return within 30 days after the end of the calendar quarter in which such a sale takes pace.
Bill· SS. 3190 (96th)referred
United States · United States Congress · 1 October 1980
Amends the Internal Revenue Code, with respect to the crude oil windfall profit tax, to treat a holder of a net profit interest as a producer liable for payment of such tax on the portion of gross production allocated to him in proportion to his respective share, if any, of the net profits (computed without regard to such tax).
Bill· HRH.R. 8265 (96th)referred
United States · United States Congress · 1 October 1980
Job Expansion and Urban Development Tax Act of 1980 - Title I: Designation of Eligible Areas and Businesses - Amends the Internal Revenue Code to define a job expansion area as any area in the United States designated by one or more local governments as such. Limits eligibility for such designation to areas of at least 5,000 population whose rates of poverty and unemployment exceed specified national averages, and whose rate of per capita income growth falls below specified levels, Defines a "job expansion business" as one: (1) at least 50 percent of whose hours of service are performed by employees working in one or more job expansion areas; and, except in extenuating circumstances; and (2) at least 50 percent of such qualified employees are residents of a job expansion area. Title II: Tax Incentives - Subtitle A: New Investment - Provides for an election of an additional $40,000 ($80,000 in the case of married individuals filing jointly) first-year depreciation for machinery and equipment purchased by a qualified job expansion business. Requires recapture of the tax that would otherwise have been paid if the property concerned ceases to be used predominantly inside a job expansion area. Allows a five percent investment tax credit for new buildings placed in service by a qualified job expansion business. Subtitle B: Investment in Used Equipment and Rehabilitated Buildings - Allows the election by a qualified job expansion business of an investment tax credit for an additional $400,000 of cost for used equipment used predominantly in a job expansion area. Provides for recapture of the tax benefit in the event such property ceases to be used predominantly in such area. Allows a 25 percent investment tax credit for expenditures paid or incurred for rehabilitation of a building located in a job expansion area. Subtitle C: Limited Refund of Investment Tax Credit - Allows refund of the investment tax credit for job expansion area property up to $100,000. Subtitle D: Increases in Targeted Jobs Credit - Allows the targeted jobs credit for employment of residents of a job expansion area. Increases the amount of such credit for the employment of such individuals: (1) from 50 percent to 60 percent of the first-year wages; and (2) from 25 percent to 35 percent of the second-year wages. Title III: Effective Date - States the effective date of this Act
Bill· HRH.R. 8257 (96th)referred
United States · United States Congress · 1 October 1980
Amends the Internal Revenue Code to increase the energy percentage of the investment tax credit for cogeneration equipment to 20 percent (currently ten percent ) for the period beginning on January 1, 1981 and ending on December 31, 1990. Includes shaft power as a form of cogeneration energy. Exempts specified systems at cogeneration facilities from the limitation on the use of oil or natural gas by cogeneration equipment.
Bill· HRH.R. 8267 (96th)referred
United States · United States Congress · 1 October 1980
Amends the Internal Revenue Code to exclude from the gross income of an individual who has attained age 62 before the close of the taxable year any amount received as a pension or annuity under a public retirement system. Limits such exclusion to the excess of: (1) the maximum individual social security benefit which could be paid to such individual; or (2) the amounts actually received by such individual during the taxable year under title II (Old Age, Survivors, and Disability Insurance) of the Social Security Act.
Bill· HRH.R. 8264 (96th)referred
United States · United States Congress · 1 October 1980
Small Business Inventory Simplification Act of 1980 - Amends the Internal Revenue Code to allow a qualified small business to elect the cash method of accounting regardless of any requirement to use inventories if: (1) the average annual gross receipts for the three preceding taxable years do not exceed $1,500,000; and (2) such small business was qualified for each of the two preceding taxable years.
Bill· HRH.R. 8255 (96th)referred
United States · United States Congress · 1 October 1980
Amends the Internal Revenue Code to allow an individual taxpayer an income tax credit for the purchase of a new domestically manufactured automobile which is acquired primarily for personal use and which has a specified fuel economy standard. Limits such credit to the lesser of ten percent of the cost of the automobile or $800.
Bill· HRH.R. 8247 (96th)referred
United States · United States Congress · 1 October 1980
Amends the Internal Revenue Code to allow a credit against the estate tax for the contribution of an easement to a governmental unit or a publicly supported tax-exempt charitable organization exclusively for the preservation of open space (including farmland and forest land). Increases from $500,000 to $750,000 the limitation on the maximum decrease in the value of property that maybe taken into consideration for the special valuation of farm and other property.
Bill· HRH.R. 8248 (96th)referred
United States · United States Congress · 1 October 1980
Amends the Internal Revenue Code to treat as a qualified government interest exempt from the crude oil windfall profit tax the right of any State to receive royalty payments under the Mineral Lands Leasing Act of 1920. Allows the deduction from the windfall profit tax of: (1) severance taxes imposed by an Indian tribe; and (2) State ad valorem taxes based on the price at which crude oil is sold.
Bill· HRH.R. 8244 (96th)referred
United States · United States Congress · 1 October 1980
Amends the Internal Revenue Code, with respect to the crude oil windfall profit tax, to treat a holder of a net profit interest as a producer liable for payment of such tax on the portion of gross production allocated to him in portion to his respective share, if any, of the net profits (computed without regard to such tax).
Bill· HRH.R. 8266 (96th)referred
United States · United States Congress · 1 October 1980
Senior Citizens Housing Act of 1980 - Amends the Internal Revenue Code to allow an income tax credit to any taxpayer who rents a dwelling unit to or maintains a household for an individual aged 65 or over. Limits such credit to $500 for each such individual for the taxable year.
Bill· SS. 3176 (96th)referred
United States · United States Congress · 30 September 1980
Amends the Internal Revenue Code, with respect to gains from a sale or exchange to effectuate policies of the Federal Communications Commission (FCC), to treat as an involuntary conversion, on which gain shall not be recognized, the purchase of a television broadcasting station or a newspaper with proceeds from the sale of a radio or television broadcast station which has been forced by the FCC.
Bill· SS. 3175 (96th)referred
United States · United States Congress · 30 September 1980
Cultural Heritage Preservation and Access Act of 1980 - Amends the Internal Revenue Code to allow an income tax deduction for a percentage of the fair market value of a literary, musical, or artistic composition created by the personal efforts of the taxpayer and contributed to a charitable organization or to a governmental unit. Establishes tables for determining the appropriate percentage of fair market value for any particular individual. Disallows a deduction for a contribution of property which was produced while the taxpayer was a Government officer or employee if such property arose out of the performance of the taxpayer's duties. Requires, as a condition of eligibility for a fair market value deduction, a statement by the donee of such property that the property has artistic, musical, or literary value, and that the donee will use the property in a manner consistent with the purpose of its organization.
Bill· SS. 3167 (96th)referred
United States · United States Congress · 30 September 1980
Amends the Internal Revenue Code to impose on the sale by the manufacturer, producer, or importer of each light gauge steel drum a tax equal to 20 percent of the price for which so sold.
Bill· SS. 3174 (96th)referred
United States · United States Congress · 30 September 1980
American Innovation and Employee Stock Ownership Act of 1980 - Amends the Internal Revenue Code to provide: (1) for individuals, a deduction from gross income of 80 percent of qualified small corporation net capital gain; and (2) for corporations, an alternative capital gain tax rate of 14 percent of qualified small corporation net capital gain. Defines "qualified small corporation net capital gain" as net capital gain from the sale or exchange of qualified securities of a qualified small corporation: (1) whose gross income for the taxable year does not exceed $30,000,000; (2) whose net worth for such year does not exceed $15,000,000; (3) which employs not more than 1,000 persons below the officer level; (4) at least 15 percent of the total value of shares of all classes of whose stock is owned by such employees; and (5) such stock-owning employees constitute at least 25 percent of the total employees of the corporation.
Bill· HRH.R. 8237 (96th)referred
United States · United States Congress · 30 September 1980
Amends the Internal Revenue Code to provide an additional $1,000 personal tax exemption for a taxpayer, spouse, or a dependent who is disabled. Defines "disabled individual" as one who has a physical or mental impairment which substantially limits one or more of such individual's major life activities and which can be expected to be fatal or has lasted or will last continuously for at least 12 months. Requires proof of such disability before a taxpayer may be considered disabled. Disallows the additional exemption if the taxpayer or spouse already receives an extra exemption due to blindness. Allows an income tax credit for day care expenses incurred with respect to a disabled individual who is not claimed as a dependent by any other taxpayer.
Bill· HRH.R. 8236 (96th)referred
United States · United States Congress · 30 September 1980
Amends the Internal Revenue Code to repeal the requirement that the operating capacity of intercity buses must increase for such property to qualify for the investment tax energy credit.
Bill· HJRESH.J.Res. 617 (96th)referred
United States · United States Congress · 30 September 1980
Appropriates fiscal year 1981 funds for necessary activities contained in the following appropriation Acts: (1) Agriculture, Rural Development, and Related Agencies Appropriation Act, 1981; (2) District of Columbia Appropriation Act, 1981; (3) Department of Housing and Urban Development-Independent Agencies Appropriation Act, 1981; (4) Department of the Interior and Related Agencies Appropriation Act, 1981; (5) Departments of Labor, Health and Human Services, and Education and Related Agencies Appropriation Act, 1981; (6) Military Construction Appropriation Act, 1981; (7) Departments of State, Justice, and Commerce, the Judiciary, and Related Agencies Appropriation Act, 1981; (8) Department of Transportation and Related Agencies Appropriation Act, 1981; and (9) Treasury, Postal Service, and General Government Appropriation Act, 1981. Stipulates that such funds shall be available: (1) in the lesser amount as passed by the House of Representatives or the Senate as of October 1, 1980; (2) at rates no higher than the current rates for items included in only one version of an Act passed by both Houses; and (3) at the lower of fiscal year 1980 rates or the House passed rates for activities included in an Act passed only by the House of Representatives as of October 1, 1980. Specifies programs to be funded at fiscal year 1981 rates. Requires provisions to be identical in bills passed by both Houses in order to be applicable, if such provisions were not included in the fiscal year 1980 appropriation Acts and are applicable to more than one appropriation. Appropriates continuing funds for projects conducted during fiscal year 1980 and provided for by the Foreign Assistance and Related Programs Appropriation Act, 1981, as provided in the conference report. Limits funding of the Agency for International Development. Appropriates continuing funds to the extent provided by the House of Representatives passed version of the Legislative Branch Appropriation Act, 1981, but makes specified provisions inapplicable. Appropriates continuing funds, at the current rate, for the: (1) Council on Wage and Price Stability; (2) assistance for Joint State and Joint State and Local Law Enforcement Agencies; (3) Economic Development Administration; (4) Regional Action Planning Commission; (5) Pretrial Services Agencies; (6) U.S. Travel Service; (7) HUD for contributions to assisted housing; (8) National Aeronautics and Space Administration for research and development; (9) Senate; (10) nursing research; (11) health professions education and nurse training; (12) Community Mental Health Centers; (13) youth community conservation, youth employment and training, young adult conservation corps (at specified levels), and private sector employment opportunities; and (14) State Medicaid Fraud Control Units. Appropriates funds for necessary payments as provided by fiscal year 1980 appropriation Acts for: (1) black lung benefits; (2) Social Security benefits; (3) Public Health Service officers; (4) student loan programs; (5) unemployment benefits; (6) Department of Labor special benefits; and (7) veterans' benefits. Appropriates the necessary funds to: (1) carry out the authorized breeder reactor demonstration project at the current rate of operations; (2) process Cuban and Haitian entrants but not to exceed estimated amounts; (3) carry out the low income energy assistance program as passed by the House of Representatives, with specified exceptions; (4) conduct Energy and Water Development Appropriation Act, 1981, projects, with specified restrictions on funds to the Appalachian Regional Commission; (5) carry out the National Health Service Corps; and (6) carry out the House-passed version of the Department of Defense Appropriation Act 1981. Makes child nutrition program funds available to pay valid claims for meals served in September 1980. Makes such appropriations available until the earlier of enactment of the applicable appropriation Act or December 15, 1980. Exempts such appropriations from specified limitations for submission and approval of apportionments. Charges expenditures made pursuant to this joint resolution to the applicable appropriation Act when enacted. Declares that any fiscal year 1981 appropriation requiring additional authorizing legislation shall not become effective before December 31, 1980. Prohibits the use of appropriatied funds to: (1) prevent the implementation of voluntary prayer and meditation programs in the public schools; (2) perform abortions; (3) enforce a court order which would compel the expenditure of funds for a purpose specifically prohibited by the Departments of Labor, Health and Human Services, and Education, and Related Agencies Appropriation Act, 1981; (4) replace the Lau remedies as a guideline for services to students of limited English-language proficiency; or (5) pay prevailing rate employees or crews of vessels wages which exceed a specified amount. Appropriates necessary amounts for military construction projects to the extent provided in the House conference report 96-1433. Earmarks specified funds for emergency activities caused by the eruption of Mount Saint Helens in Washington to remain available for obligation until spent. Specifies the amount of funding for: (1) preimplementation of standby gasoline rationing plans; (2) strategic petroleum reserve petroleum acquisition; (3) the Postal Service; (4) Presidential transition expenses; and (5) countercyclical public service employment programs. Authorizes the President to order a special census or revised estimate if a governmental unit is significantly affected by a major population change due to a large number of legal immigrants within six months of a regular decennial census. Requires the number of Representatives to Congress for each State to be based only on the number of citizens in each State. Directs the Bureau of Prisons to maintain McNeil Island, Washington, pending disposal by the General Services Administration. Defines alternative fuels for purposes of the alternative fuels program as including fuel derived from heavy oil resources and innovative systems for the direct combustion of minerals and organic materials other than petroleum and natural gas. Sets forth funding restrictions for direct combustion feasibility studies, synthetic fuel and biomass energy and alcohol fuels programs, and reserves for loan guarantees for the alternative fuels program. Prohibits the use of funds to implement Internal Revenue Service regulations concerning the rental of dwelling units to family members, the taxpayer's principal place of business, or personal use of a dwelling unit. Continues funding at fiscal year 1980 levels for emergency energy conservation services. Restricts funding of the Solar Energy and Energy Conservation Bank to the rate as passed by the Senate.
Bill· HRH.R. 8225 (96th)referred
United States · United States Congress · 29 September 1980
Amends the Internal Revenue Code to allow individual taxpayers an income tax deduction from gross income for adoption expenses. Includes within the category of "adoption expenses" adoption agency fees, court costs, attorney fees, and other expenses directly related to the legal adoption of a child.
Bill· HRH.R. 8221 (96th)referred
United States · United States Congress · 29 September 1980
Amends the Internal Revenue Code to provide that an employee-participant in a tax-qualified plan of deferred compensation shall not lose eligibility for the income tax deduction for contributions to an individual retirement account if such employee separates from service with an employer during the taxable year and there is no increase in such employee's vested accrued benefit derived from employer contributions under such plan.
Resolution· HRESH.Res. 796 (96th)reported
United States · United States Congress · 29 September 1980
Waives certain points of order against H.R. 7854 (foreign aid).
Bill· SS. 3157 (96th)referred
United States · United States Congress · 25 September 1980
Amends the Internal Revenue Code to allow the employment credit and work incentive (WIN) credit against the alternative minimum tax for noncorporate taxpayers in the same manner as the foreign tax credit is allowed.
Bill· HRH.R. 8213 (96th)referred
United States · United States Congress · 25 September 1980
Self-Employed Individuals Retirement Tax Amendments of 1980 - Amends the Internal Revenue Code to increase the maximum amount of the income tax deduction for contributions to simplified employee pension plans and to retirement plans for self-employed individuals from $7,500 to $12,500 or $12,500 plus an inflation adjustment factor.
Bill· HRH.R. 8216 (96th)referred
United States · United States Congress · 25 September 1980
Amends the Internal Revenue Code to allow royalty owners and independent producers a $300 quarterly refundable credit against the crude oil windfall profit tax. Denies any income tax deduction for amounts taken as such credits.
Bill· HRH.R. 8214 (96th)referred
United States · United States Congress · 25 September 1980
Amends the Internal Revenue Code to allow an income tax deduction for expenses incurred in the rental of a dwelling unit as a residence to a member of the taxpayer's family. Provides that this Act shall apply to taxable years beginning after December 31, 1975.
Bill· SS. 3146 (96th)referred
United States · United States Congress · 24 September 1980
Amends the Internal Revenue Code to allow a taxpayer who, on July 1, 1980, held one or more motor carrier operating authorities an income tax deduction ratably over a period of 36 months, beginning with either July, 1980, or the first month of the taxpayer's first taxable year after July 1, 1980. Sets the amount of such deduction at the greater of: (1) $50,000; or (2) the aggregate adjusted bases of all motor carrier operating authorities held by the taxpayer on July 1, 1980.
Resolution· SCONRESS.Con.Res. 127 (96th)open
United States · United States Congress · 24 September 1980
Expresses the sense of the Congress that the Congress should proceed to the consideration of H.R. 5829, the Tax Reduction Act of 1980, prior to the next scheduled recess.
Law· HRH.R. 8202 (96th)open
United States · United States Congress · 24 September 1980
Continues the authority of the Department of Justice Appropriation Authorization Act, Fiscal Year 1980, until the earlier of the effective date of a general authorization Act or 180 days after enactment of this Act.
Bill· HRH.R. 8201 (96th)referred
United States · United States Congress · 24 September 1980
Amends the Internal Revenue Code to increase the maximum amount of the deduction allowed for contributions to specified individual retirement accounts. Eliminates the restriction prohibiting active participants in specified other plans from taking such a deduction. Revises the formula for the determination of amounts considered "excess contributions." Increases the amount which may be accepted by an individual retirement account in any taxable year. Permits the acceptance of excess contributions which, aggregated with those for prior taxable years, exceed a specified amount. Revises the procedure by which amounts or annuities paid or distributed become taxable. Excludes from consideration as early distributions requiring additional tax amounts withdrawn in connection with specified educational expenses or specified expenses in connection with the purchase of a first dwelling. Excludes from gross income, for purposes of the tax treatment of annuities, contributions made to individual retirement accounts allowed as deductions for retirement savings. Removes the exclusion from the gross estate, for purposes of the estate tax, of annuities receivable under specified individual retirement accounts. Permits, for purposes of the gift tax, proportionate exclusion from transfers to beneficiaries of amounts attributable to employee contributions. Sets forth the procedure for deduction of qualified retirement savings contributions. Provides for the treatment of such contributions allowed to be deducted as employer contributions.
Bill· HRH.R. 8199 (96th)referred
United States · United States Congress · 24 September 1980
Middle-Income Wage Earner Tax Relief Act of 1980 - Title I: Four Percent Income Tax Credit for Individuals - Amends the Internal Revenue Code to allow a refundable income tax credit equal to four percent of the taxes paid by individual taxpayers. Limits the amount of such credit to $250 for the taxable year for a taxpayer filing an individual return and $500 for the taxable year for taxpayers filing a joint return. Disallows such credit to any estate, trust, or nonresident alien individual. Title II: Permanent Tax Credit for Social Security Taxes - Amend the Internal Revenue Code to allow a refundable income tax credit equal to ten percent of the net social security taxes paid by employees, employers, and self-employed individuals during the taxable year. Title III: Relief from Marriage Penalty - Amends the Internal Revenue Code to allow married individuals filing jointly a nonrefundable income tax credit equal to six percent of the earned income of the spouse who earns 50 percent or less of the combined earned income of both the husband and wife for the taxable year. Limits the amount of such credit to $500 for the taxable year. Requires the reduction of such credit by one percent for each percentage point by which the lower income spouse's earned income is below 30 percent of the couple's combined earned income. Title IV: 10-5-3 Capital Cost Recovery - 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 a 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.
Bill· HRH.R. 8192 (96th)referred
United States · United States Congress · 24 September 1980
Amends the Internal Revenue Code to make the investment tax credit for motor vehicle manufacturing equipment and machinery refundable.
Bill· HRH.R. 8194 (96th)referred
United States · United States Congress · 24 September 1980
Amends the Internal Revenue Code to exempt tier 1 oil (stripper well oil and oil from an economic interest in a National Petroleum Reserve held by the United States), tier 2 oil (newly discovered, heavy, and incremental tertiary oil), and royalty owners from the crude oil windfall profit excise tax. Begins the phase-out of such tax on October 1, 1981.
Bill· HRH.R. 8183 (96th)referred
United States · United States Congress · 23 September 1980
Amends the Internal Revenue Code to require determination of gift tax liability on a calendar year, rather than quarterly, basis. Applies the return requirement on a calendar year, rather than quarterly, basis.
Bill· HRH.R. 8182 (96th)referred
United States · United States Congress · 23 September 1980
Amends the Internal Revenue Code, with respect to the estate tax, to provide a deduction from the gross estate for a charitable remainder interest in a trust created after December 31, 1969, and before December 31, 1977: (1) if each income interest is satisfied by a qualified annuity; and (2) if such remainder interest is transferred free of trust to charity. Sets a formula for the determination of the amount of such deduction.
Bill· SS. 3134 (96th)referred
United States · United States Congress · 22 September 1980
Amends the Internal Revenue Code to allow a credit against the income tax equal to 15 percent of the cost (not to exceed $1,500) of acquiring a qualified electric motor vehicle or the cost of converting a vehicle powered by an internal combustion engine to the use of electrical power. Limits such credit to acquisition, for original use, after December 31, 1980, and before January 1, 1991. Reduces such credit to ten percent of the cost (not to exceed $1,000) of acquiring or converting an electric vehicle designed to carry less than four passengers.
Bill· HRH.R. 8177 (96th)referred
United States · United States Congress · 22 September 1980
Industrial Energy Conservation Incentive Tax Act of 1980 - Amends the Internal Revenue Code to increase the investment tax credit energy percentage from ten to 20 percent for alternative energy property, specially defined energy property, and recycling equipment. Makes such credit refundable. Provides for a refundable 20 percent investment tax credit for qualified conservation property. Defines "qualified conservation property" as property which is used by a taxpayer as an energy-saving modification to an existing industrial facility. Excludes public utility property from such definition.
Bill· HRH.R. 8153 (96th)referred
United States · United States Congress · 18 September 1980
Amends the Internal Revenue Code to confer tax-exempt status upon agricultural and horticultural organizations operated as collective bargaining agents for the sale of members' unprocessed products.
Bill· HRH.R. 8159 (96th)referred
United States · United States Congress · 18 September 1980
Permits the same standard mileage rate to be used in determining the amount of income tax deductions for charitable and medical uses of automobiles as is used in determining the amount of income tax deductions for business uses of automobiles.
Bill· HRH.R. 8155 (96th)referred
United States · United States Congress · 18 September 1980
American Innovation Tax Incentive Act of 1980 - Amends the Internal Revenue Code to reduce the rate of tax on the net capital gains of individuals and corporations which realize gain from the sale of qualified securities issued by small business corporations. Defines "qualified securities" as stock or securities issued by corporations which meet specified requirements relating to size and employee ownership.
Bill· HRH.R. 8156 (96th)referred
United States · United States Congress · 18 September 1980
Amends the Revenue Act of 1978 to extend until January 1, 1984, the period during which individuals who have not been treated as employees by their employers shall not be treated as such for purposes of the employment tax.
Bill· HRH.R. 8152 (96th)referred
United States · United States Congress · 18 September 1980
Amends the Internal Revenue Code to exempt from liability for income tax on investments in the United States any foreign pension plan maintained under the laws of such foreign country primarily for the benefit of employees. Requires the participation in any such plan of at least ten employees, a majority of whom are nonresident alien individuals. Applies such exemption only to amounts received in the United States between December 31, 1980 and December 31, 1985.
Bill· HRH.R. 8148 (96th)referred
United States · United States Congress · 18 September 1980
Amends the Internal Revenue Code to allow a taxpayer who, on July 1, 1980, held one or more motor carrier operating authorities an income tax deduction ratably over a period of 36 months, beginning with either July, 1980, or the first month of the taxpayer's first taxable year after July 1, 1980. Sets the amount of such deduction at the greater of: (1) $50,000; or (2) the aggregate adjusted bases of all motor carrier operating authorities held by the taxpayer on July 1, 1980.