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Bill· SS. 3013 (98th)open
United States · United States Congress · 21 September 1984
Space Development Act of 1984 - Provides that activities performed in space for U.S. persons on any spacecraft predominantly used or operated in space and controlled from locations within the United States, articles produced in space primarily for sale or use within the United States upon such spacecraft, and assets used or operated in space upon such spacecraft (including such spacecraft) shall be treated as activities performed, or articles produced, within the United States for purposes of the Internal Revenue Code and the Tariff Schedules of the United States. Amends the Internal Revenue Code to allow an investment tax credit for any tangible personal property which is predominantly used or operated in space and which is either a spacecraft or is used or operated upon such spacecraft. Includes as recovery property eligible as a tax deduction with respect to the recovery cost system any tangible property used in space subject to the allowance for depreciation. Includes in the gross income of a taxpayer certain income derived from commercial activity in space.
Resolution· HRESH.Res. 586 (98th)failed
United States · United States Congress · 20 September 1984
Sets forth the rule for the consideration of H.J. Res. 648 (continuing appropriations).
Bill· HRH.R. 6275 (98th)referred
United States · United States Congress · 19 September 1984
Amends the Internal Revenue Code to require the Secretary of the Treasury to include a notice to taxpayers of the penalty for filing frivolous returns. Requires that such notice be included in the written instructions to the individual income tax return forms. Requires the Secretary to include space on income tax returns for taxpayer comments.
Bill· HRH.R. 6276 (98th)referred
United States · United States Congress · 19 September 1984
Requires the Secretary of the Treasury to credit or refund to certain taxpayers the amount such taxpayers were penalized for the filing of frivolous income tax returns. Makes eligible for such credit or refund a taxpayer who filed an income tax return between September 4, 1982, and December 31, 1984, if such return was required to contain or be verified by a declaration that it was made under penalties of perjury and such declaration was subsequently struck out or altered.
Bill· HRH.R. 6261 (98th)open
United States · United States Congress · 18 September 1984
GST Tax Simplification Act of 1984 - Amends the Internal Revenue Code to impose a separate tax on three forms of generation-skipping transfers: (1) taxable distributions; (2) taxable terminations; and (3) outright skips. Provides that the rate of tax on these generation-skipping transfers will be equal to the maximum unified Federal estate and gift tax rate. Allows every transferor to take a credit of $417,000 against the generation-skipping transfers during the transferor's life. Sets forth rules for the allocation of such credit. Defines "taxable distribution," "taxable termination," and "outright skips" for purposes of this Act. Levies a gift tax on taxable distributions. Provides that the trustee making the distribution is liable for the payment of the tax. Permits the distributee to elect to pay the tax. Denies the taxable distribution eligibility for the annual gift tax exclusion. Permits an income tax deduction for a percentage of the taxable distribution includible in the gross income of the distributee. Imposes a surtax on every outright generation skip. Makes the transferor liable for the payment of this tax. Imposes an estate tax on every taxable termination. Provides that the trustee with respect to which the taxable termination occurs shall be liable for the payment of the tax. Provides special rules and definitions relating to the operation of the generation skipping transfer taxes. Directs the Secretary of the Treasury to prescribe by regulations the person required to make the return with respect to the generation-skipping transfer tax and the time for making such return. Requires the Secretary to promulgate regulations to implement the generation-skipping transfer taxes.
Bill· HRH.R. 6260 (98th)open
United States · United States Congress · 18 September 1984
GST Tax Simplification Act of 1984 - Amends the Internal Revenue Code to provide a flat rate of tax on every generation-skipping transfer. Provides that the liability for the tax shall be that of the transferee except in the case of taxable terminations, where the liability will be that of the trustee, or in the case of a direct skip, where the liability will be that of the transferor. Permits a credit for any generation-skipping transfer tax paid to any State with respect to any property subject to this tax if such transfer occurs at the time of death or as a result of death of an individual. Defines the terms "generation-skipping transfer," "taxable distributions," "taxable terminations," and "direct skip" for purposes of this Act. Describes the method for determining the taxable amount where there is a taxable distribution, a taxable termination, or a direct skip. Requires that property be valued as of the time of the generation-skipping transfer. Allows for certain instances of alternate valuation. Allows a special $10,000 per year exemption for certain otherwise taxable distributions from trusts. Establishes rules to be followed to qualify for this special exemption. Provides for an exemption of up to $1,000,000 for each person making generation-skipping transfers. Allows an individual to apply the exemption to transfers made by his or her spouse or to transfer the exemption to the spouse. Permits the allocation of this exemption at any time up to the due date of an individual's estate tax return. Provides that the rate of tax on generation-skipping transfers will be 80 percent of the maximum Federal estate tax rate. Establishes rules for the determination of the inclusion ratio to be used to determine the amount of the generation-skipping transfer subject to tax. Sets forth valuation rules for generation-skipping transfers. Sets forth rules for: (1) assigning individuals to generations for purposes of making the determination of whether a generation-skipping transfer occurs; and (2) adjusting the basis of property transferred in a generation-skipping transfer. Limits the liability of a trustee for the generation-skipping transfer tax in certain situations. Directs the Secretary of the Treasury to prescribe by regulations the person required to make the return with respect to the generation-skipping transfer tax and the time for making such return. Requires the Secretary to promulgate regulations to implement the generation-skipping transfer tax. Permits an income tax deduction for the amount of the generation-skipping transfer taxes imposed on an income distribution. Sets forth special rules for distributions in redemption of stock to pay generation-skipping transfer taxes. Permits the election of alternate valuation by an estate only if the estate tax and the generation-skipping transfer tax is reduced by the election. Allows a special adjustment for generation-skipping transfer taxes with respect to the estate tax credit for taxes on prior transfers. Increases the amount of a gift by the amount of the generation-skipping transfer tax imposed on a direct skip transfer. Permits an extension of time for payment of the generation-skipping transfer tax on direct skip transfers of interests in a closely-held business.
Law· HJRESH.J.Res. 648 (98th)enacted
United States · United States Congress · 17 September 1984
Makes continuing appropriations for FY 1985 for projects or activities, not otherwise specifically provided for in this joint resolution, at a rate for operations and to the extent and in the manner provided for in the following appropriation Acts as passed by the House of Representatives as of October 1, 1984: (1) the Agriculture, Rural Development, and Related Agencies Appropriation Act, 1985; (2) the District of Columbia Appropriation Act, 1985; (3) the Department of the Interior and Related Agencies Appropriation Act, 1985; (4) the Departments of Labor, Health and Human Services, and Education, and Related Agencies Appropriation Act, 1985; (5) the Military Construction Appropriation Act, 1985; and (6) the Water Resource Development Appropriation Act, 1984. Makes continuing appropriations for projects or activities at the rate for operations and to the extent and in the manner provided for in H.R. 6237, the Foreign Assistance and Related Programs Appropriations Act, 1985, as reported to the House of Representatives on September 13, 1984. Sets forth the funds for continuing activities of the Department of Defense, pending enactment of the Department of Defense Appropriation Act, 1985. Provides such funding under the current terms and conditions and at the current rate for operations, or the rate provided for in the budget estimates, whichever is lower. Makes continuing appropriations for activities which were conducted in FY 1984 pursuant to the Department of Transportation and Related Agencies Appropriations Act, 1984, under the current terms and conditions and at the current rate for operations, or the rate provided for in the budget estimates, whichever is lower. Makes continuing appropriations for programs, projects, or activities provided for in the Treasury, Postal Service and General Government Appropriations Act, 1985 (H.R. 5798) to the extent and in the manner provided for in the conference report as passed by the House of Representatives on September 12, 1984, as if enacted into law. Requires the Department of the Treasury to consolidate the operations of the Bureau of Government Financial Operations in accordance with the language concerning amendment number nine in the joint explanatory statement of the committee of conference (H. Rept. 98-993). Makes continuing appropriations for specified activities, not otherwise provided for in this joint resolution, which were conducted in FY 1984, under the terms and conditions provided in applicable appropriation Acts for FY 1984, at the current rate. Declares that appropriations and funds made available and authority granted pursuant to this joint resolution shall remain available from October 1, 1984, until: (1) enactment into law of an appropriation for any project or activity provided for in this joint resolution; (2) enactment of the applicable appropriations Act by both Houses without any provision for such project or activity; or (3) September 30, 1985, whichever occurs first. Declares that appropriations made and authority granted pursuant to this joint resolution shall cover all obligations or expenditures incurred for any project or activity during the period of availability under this joint resolution. Charges expenditures made pursuant to this joint resolution to the applicable appropriation, fund, or authorization whenever a bill in which it is contained is enacted into law. Authorizes the apportionment of appropriations to the extent necessary to permit pay increases to civilian officers and employees and to active and retired military personnel. Appropriates additional funds for correction of the design deficiency of the navigation project for Barnegat Inlet. Appropriates additional funds for flood control projects on the Mississippi River and tributaries in Arkansas, Illinois, Kentucky, Louisiana, Mississippi, Missouri, and Tennessee. Appropriates additional funds to carry out the programs authorized by the Appalachian Regional Development Act of 1965, as amended. Directs the Secretary of the Army, acting through the Chief of Engineers, to take necessary action to remedy slope failures and erosion problems along: (1) the banks of the Coosa River, Alabama, in order to protect the Fort Toulouse National Historic Landmark and Taskigi Indian Mound; and (2) the banks of the Black Warrior River, Alabama, in order to project the Mound State Monument National Historic Landmark. Authorizes the Secretary of the Army, acting through the Chief of Engineers, to: (1) perform necessary channel and associated work in connection with the Turtle Creek, Pennsylvania, local protection project; (2) take necessary action to remove accumulated snags and other debris blocking the channel of the Hatchie River in Mississippi; and (3) perform necessary channel and associated work in connection with the Glencoe, Alabama, flood control project. Directs the Corps of Engineers to operate and maintain the McKinney Bayou Pumping Plant. Amends the authorization for the Sardis Lake Project, Oklahoma, to authorize the Secretary of the Army, acting through the Chief of Engineers, to plan, design, and construct access road improvements to the existing road from the west end of the Sardis Lake to Daisy, Oklahoma. Requires State or political subdivisions to agree to operate and maintain said facilities at their own expense. Directs the Secretary of the Army, acting through the Chief of Engineers, to utilize funds previously appropriated for the Meramec River Basin flood control study to establish a demonstration project for flood forecasting/warning on the Lower Meramec River. Grants to the University of Alabama at Huntsville the funds appropriated to the Secretary of the Army for the design and construction of a Corps of Engineers learning facility. Directs the Secretary of the Army, acting through the Chief of Engineers, to remove the Berkeley Pier, San Francisco Bay, California. Authorizes the Secretary of the Army, acting through the Chief of Engineers, to undertake structural and nonstructural measures to prevent flood damage to communities in the Pearl River Basin, Saint Tammany Parish, Lousiana. Directs the Secretary of the Army , acting through the Chief of Engineers, after consultation with the advisory committee established by this joint resolution, to carry out a demonstration project for the development, operation, and maintenance of a recreation and greenbelt area on and along the Des Moines River, Iowa. Establishes such advisory committee. Authorizes appropriation for such demonstration project. Authorizes the Secretary of the Army to prosecute the project for navigation, Tampa Harbor, East Bay Channel, Florida. Modifies the project for navigation, Newport News Creek, Virginia, to authorize the relocation and reconstruction by the Commonwealth of Virginia of the project upon plan approval by the Secretary of the Army. Requires that rates for the sale of electric power generated at facilities constructed pursuant to certain Federal law be based upon the costs of generating and transmitting such power, and be approved by the Secretary of the Interior. Prohibits the use of funds by the Comptroller General to review or decide any protest involving the nonappropriated fund procurement of property or services by the Tennessee Valley Authority. Makes additional appropriations for the Tennessee Valley Authority for a demonstration project constructing a main water transmission line for the city of Bristol, Tennessee. Amends the National Housing Act to authorize appropriations for low-income housing through FY 1986. Provides that upon the completion of each contract on behalf of qualified tenants on a State-aided, noninsured rental housing project, the balance of the contract authority provided in appropriation Acts for such contract shall be rescinded. Makes any amounts of authority for rent supplement contracts under the National Housing Act, or for low-income rental and cooperative housing under the Housing and Urban Development Act of 1965, which would otherwise become available at the time of cancellation as a result of a foreclosure action, or a transfer of a deed, of a State-aided, noninsured rental housing project, available for such project for the balance of the term remaining at the time of cancellation. Makes certain funds available to provide assistance under the new construction program of the U.S. Housing Act of 1937 for the Carmel Plaza North Project, District of Columbia. Requires the Administrator of the Environmental Protection Agency to make a grant from construction grant funds allotted to the State of Ohio for FY 1985 to the owners of the Rocky River Wastewater Treatment Plant in Rocky River, Ohio, for reimbursement of such owners for the cost of plant construction. Requires the Administrator of the Small Business Administration, with respect to small business concerns involved in the fishing industry and with respect to agricultural enterprises, to treat the recent drought and El Nino-related ocean conditions as disasters. Prohibits the use of any funds by the U.S. Customs Service to propose any rule or regulation relating to the subject matter of the Advance Notice of Proposed Regulations published in the Federal Register on July 21, 1983. Declares that nothing shall prevent the expenditure of funds to propose any rule or regulation relating to duty-free stores which implements or conforms to statutory standards hereafter enacted by Congress.
Bill· HRH.R. 6254 (98th)referred
United States · United States Congress · 14 September 1984
Amends the Internal Revenue Code to make permanent the exclusion from the gross income of employees for amounts paid by the employer to provide legal services.
Bill· HRH.R. 6253 (98th)referred
United States · United States Congress · 14 September 1984
Amends the Internal Revenue Code to revise the restrictions on investments in tangible investment assets by individual retirement accounts and individually directed accounts. Allows such investments except for: (1) the acquisition of a tangible investment asset from the individual (or his beneficiaries) for whose benefit the account was created; or (2) the transfer (by distribution or otherwise) of a tangible investment asset from an account to the individual (or his beneficiaries) for whose benefit the account has been created.
Bill· HRH.R. 6256 (98th)referred
United States · United States Congress · 14 September 1984
Amends the Panama Canal Act of 1979 to exempt from taxation the cost of living allowance or certain other allowances paid to certain employees of the Panama Canal Commission.
Bill· SS. 2995 (98th)open
United States · United States Congress · 13 September 1984
Amends the Tax Reform Act of 1984 to provide that an individual who, as of September 12, 1984, was performing services for one member of a corporate group and was eligible for nontaxable air travel benefits provided by a corporate affiliate shall continue to be eligible for such benefits if as of that date: (1) the primary business of the affiliated group was air transportation of passengers; and (2) at least 50 percent of the persons performing services for the corporation for which the individual is currently performing services were employees of or had previously performed services for the second such corporation.
Bill· HRH.R. 6245 (98th)referred
United States · United States Congress · 13 September 1984
Amends the Internal Revenue Code to increase the amount of the deductions allowed for personal exemptions from $1,000 to $2,600.
Bill· HRH.R. 6244 (98th)referred
United States · United States Congress · 13 September 1984
Residential Energy Conservation Tax Credit Act of 1984 - Amends the Internal Revenue Code to extend the income tax credit for residential energy conservation expenditures for five years (from 1985 to 1990). Revises the method of calculating the amount of such credit. Reduces the maximum amount of the expenditures which may be taken into account from $2,000 to $1,000. Increases the percentage of the expenditures which may be taken into account from 15 to 40 percent. Phases out such credit for taxpayers with an adjusted gross income in excess of $30,000.
Bill· HRH.R. 6236 (98th)referred
United States · United States Congress · 13 September 1984
REIT Tax Provisions Revision Act of 1984 - Amends the Internal Revenue Code to revise rules concerning the taxation of the income of shareholders of certain real estate investment trusts (REITs). Treats as ordinary income the gain on the sale or exchange of stock in a real estate investment trust to the extent of the amount of any recapture distribution previously received with respect to such stock. Defines "recaputure distribution." Exempts REITs from the special rules for corporate tax preference items relating to the reduction in certain preference items. Increases the allowable selling price and number of sales of real estate assets by a REIT without imposition of the 100 percent prohibited transaction tax. Eliminates the independent contractor requirement for the management of rental property and use of foreclosure property which is owned by a REIT. Revises standards for the disqualification of a REIT as a personal holding company. Allows REITs to have wholly-owned subsidiaries. Revises rules disqualifying income in the form of rents or interest based on net income or profits of the tenant of a REIT. Excludes net operating losses carried over from prior years for purposes of computing the net capital gain of a REIT for the taxable year. Excludes net losses from prohibited transactions for purposes of computing REIT taxable income. Eliminates present requirements that a capital gain dividend must be designated as such in a written notice from a REIT to its shareholders within 30 days after the close of the REIT taxable year. Substitutes for such requirement a notice to the Secretary of the Treasury within 45 days after the close of the REIT taxable year. Allows the payment of dividends within 90 days after the close of the taxable year by a REIT without the imposition of the excise tax on REIT taxable income net distributed during the taxable year. Limits the penalty on a REIT making a deficiency dividend distribution due to adjustment of REIT taxable income. Excludes from REIT distribution requirements any noncash income recognized by a REIT under certain deferred payment and installment sales rules requiring the imputation of interest. Excludes from REIT distribution requirements any income recognized by a REIT upon a determination that an exchange of real property failed to meet the requirements for the nonrecognition of gain for exchanges solely in kind.
Bill· SS. 2987 (98th)open
United States · United States Congress · 12 September 1984
Minority Telecommunications Ownership Tax Act of 1984 - Amends the Internal Revenue Code to increase the dollar limitation on used property eligible for the investment tax credit from $150,000 to $5,000,000 for property certified by the Federal Communications Commission (FCC) as necessary or appropriate to effectuate an FCC policy with respect to the ownership and control of systems of communication by wire or radio. Extends to non-broadcast communications systems the nonrecognition of gain on FCC-certified sales and exchanges.
Bill· SS. 2988 (98th)open
United States · United States Congress · 12 September 1984
Amends the Tax Equity and Fiscal Responsibility Act to provide that States which allow certain small businesses to pay a nonexperience based State unemployment tax rate below 5.4 percent may gradually increase the unemployment tax rate for such businesses over a four-year period to equal the new 5.4 percent standard State unemployment tax rate for 1985 and thereafter.
Bill· HRH.R. 6231 (98th)referred
United States · United States Congress · 12 September 1984
Amends the Tax Reform Act of 1984 to provide that an individual who, as of September 12, 1984, was performing services for one member of a corporate group and was eligible for nontaxable air travel benefits provided by a corporate affiliate shall continue to be eligible for such benefits if as of that date: (1) the primary business of the affiliated group was air transportation of passengers; and (2) at least 50 percent of the persons performing services for the corporation for which the individual is currently performing services were employees of or had previously performed services for the second such corporation.
Bill· HRH.R. 6200 (98th)referred
United States · United States Congress · 6 September 1984
Requires the President to transmit to Congress for FY 1986 and each fiscal year thereafter a balanced budget. Permits the transmittal of alternate budget proposals which, if implemented, would result in a deficit or surplus if the President determines that a balanced budget is inappropriate for any fiscal year. Urges the President to submit to the House and the Senate, not later than September 30, 1984, a comprehensive plan to balance the Federal budget. Requires the Committee on the Budget of each House to report, by April 15, 1985, and by April 15 of each year, a balanced budget for the upcoming fiscal year. Requires the chairmen of the budget committees and an individual designated by the President to meet from time to time and agree upon common economic and technical estimating assumptions which shall be used for the preparation and reestimation of the President's budget. Establishes a commission which shall: (1) review, with respect to FY 1986, the balanced budget proposal submitted by the President and the budgets reported by the Committees on the Budget; (2) study the effectiveness of the provisions of this Act in achieving balanced Federal budgets; and (3) make recommendations for further changes which may be necessary to achieve balanced Federal budgets. Requires the commission to transmit to the President and Congress a report not later then December 31, 1986, containing a detailed statement of its findings, conclusions, and recommendations for such legislation and administrative actions as it considers appropriate. Terminates the commission 30 days after the submission of such report.
Bill· HRH.R. 6202 (98th)referred
United States · United States Congress · 6 September 1984
Bureau of Indian Affairs Fiscal Accountability Act of 1984 - Requires the Secretary of the Interior (the Secretary) to submit to certain congressional committees an Initial Report on Appropriations Allotment for the Bureau of Indian Affairs. Requires such Report to identify the allotments made to specified Indian programs and activities. Requires such Report to include a certification by the Assistant Secretary of the Interior for Indian Affairs (Assistant Secretary) that funds appropriated to the Bureau of Indian Affairs will be allotted as presented in the Report. Prohibits funds allotted to one activity from being transferred to another activity, except with congressional approval or direction. Requires the Secretary to submit a Reconciliation Report on Appropriations Allotment for the Bureau of Indian Affairs to certain congressional committees after each fiscal year. Requires such Report to explain any differences between actual expenditures within a Subactivity and the allotment assignment to such Subactivity. Requires such Report to include a certification by the Assistant Secretary regarding the accuracy of stated expenditures and actual assignment for each Subactivity. Sets forth administrative and criminal penalties for certain officials who violate the transfer provisions of this Act.
Bill· HRH.R. 6203 (98th)referred
United States · United States Congress · 6 September 1984
Makes supplemental appropriations for FY 1985 to the Department of Agriculture for famine relief. Makes supplemental appropriations for FY 1985 to the Agency for International Development for: (1) agriculture, rural development, and nutrition programs; (2) health programs; (3) energy and development programs to address the longer-term development needs created by refugees and displaced persons in Africa; and (4) international disaster assistance. Requires such funds to be available for obligation and expenditure notwithstanding specified limitations on foreign assistance appropriations.
Bill· HRH.R. 6199 (98th)referred
United States · United States Congress · 6 September 1984
Amends the Internal Revenue Code to exempt from income taxation certain nonprofit corporations and associations organized to provide reserve funds for domestic savings and loan associations.
Bill· SS. 2948 (98th)open
United States · United States Congress · 10 August 1984
Fair and Simple Tax Act of 1984 - Title I: Reduction of Individual and Corporate Tax Rates - Subtitle A: Reduction of Rates - Amends the Internal Revenue Code to revise individual tax rates. Imposes a tax rate of 25 percent on the taxable income of every individual. Imposes a tax rate of 15 percent on corporate income which does not exceed $50,000 and a tax rate of 30 percent on corporate income exceeding $50,000. Subtitle B: Increase in Amount of Personal Exemption and Zero Bracket Amount - Increases the amount of the personal exemption to $2,000. Increases the zero bracket amount to $2,700 for single taxpayers and $3,500 for a joint return or surviving spouse. Provides for an annual adjustment in the personal exemption and the zero bracket amount by a cost-of-living adjustment based on the Consumer Price Index. Repeals the exemption for dependents who are students over the age of 18. Subtitle C: Employment Income Exclusion Established - Allows an individual taxpayer to exclude 20 percent of the amount received during the taxable year by such individual as employment income. Provides that the exclusion shall be phased out when the individual's wages and salaries exceed the Federal Insurance Compensation Act's maximum wage base for the calendar year. Excludes all of an individual's employment income where the employment income for the taxable year is $10,000 or less ($15,000 or less in the case of a joint return). Provides for an annual adjustment in the employment income exclusion by a cost-of-living adjustment based on the Consumer Price Index. Subtitle D: Repeals Related to Reduction in Rates - Repeals provisions relating to: (1) tax tables for individuals; (2) special averaging rules for lump-sum distributions; (3) accumulated corporate surplus; (4) personal holding companies; (5) income averaging; and (6) graduated corporate tax rates. Applies the trust throwback rules only to amounts distributed from a foreign trust. Title II: Base Broadening - Subtitle A: Credits - Repeals the following income tax credits: (1) the credit for household and dependent care services; (2) the credit for the elderly and the permanently and totally disabled; (3) the residential energy credit; (4) the credit for contributions to candidates for public office; (5) the credit for clinical testing expenses for certain drugs; (6) the credit for producing fuel from nonconventional sources; (7) the credit for increasing research activities; (8) the credit for work incentive expenses; (9) the credit for alcohol used as fuel; (10) the employee stock ownership credit; (11) the general tax credit; (12) the investment credit for depreciable property; and (13) the credit for employment of certain new employees. Subtitle B: Exclusions - Repeals the tax exclusion for: (1) compensation for injuries or sickness; (2) dividends received by individuals; (3) amounts received under qualified group legal service plans; (4) qualified transportation furnished by employer; (5) dividend reinvestment in public utilities; and (6) payments to encourage exploration, development, and mining for defense purposes. Reduces the maximum amount of the earned income credit from $5,000 to $4,000. Provides for an annual adjustment in the earned income credit by a cost-of-living adjustment based on the Consumer Price Index. Treats as taxable income: (1) unemployment compensation; (2) the annual increase in the cash surrender value of life insurance policies; and (3) interest on industrial development bonds and mortgage subsidy bonds. Provides that the transfer of a corporation's stock in satisfaction of indebtedness will be treated as having satisfied the indebtedness with money equal to the fair market value of the stock. Provides a limited exclusion from income for scholarships and fellowships. Amends the Merchant Marine Act to repeal the tax exemption for deposits into, and withdrawals from, a capital construction fund. Excludes the first $7,000 ($10,500 for a joint return) of Social Security benefits from gross income. Provides that no more than one-half of Social Security benefits may be includible in taxable income. Subtitle C: Deductions - Repeals the tax deductions for: (1) casualty and theft losses; (2) unused business credits; and (3) two-earner married couples. Repeals the deduction for State and local income taxes. Increases the floor on the deduction for medical and dental expenses from five to ten percent. Repeals the deduction for consumer interest. Subtitle D: Adjustment to Basis; Changes in Certain Special Capital Gains Treatment Provisions - Allows an inflation adjustment, based on the gross national product deflator, to the adjusted basis of capital assets which have been held for more than one year at the time of sale or exchange solely for the purpose of determining gain or loss on such assets. Excludes from such treatment: (1) creditor's interest; (2) options; (3) net lease property in the case of the lessor; (4) preferred stock with fixed dividends; and (5) stock in small business corporations and certain foreign corporations. Allows the Secretary of the Treasury to disallow all or part of an adjustment where there was a transfer to increase the inflation adjustment or depreciation allowance. Reduces the alternative tax rate for corporations from 28 to 20 percent. Repeals the deduction for individuals for capital gains. Phases out the limitation on the deduction of capital losses by individuals over a ten-year period, with full deductibility of such losses after 1994. Provides that capital loss deductions shall be treated as tax preference items subject to the minimum tax. Permits the carryover of the excess of capital losses over gross income by individuals. Makes applicable only to corporations the rules for capital gains and losses relating to: (1) the sale of land with unharvested crop; (2) the disposal of coal or domestic iron ore; (3) gain or loss in the case of timber, coal, or domestic iron ore; (4) distribution of property; (5) collapsible partnerships; (6) property used in the trade or business and involuntary conversions; (7) the sale or exchange of patents; (8) amortization in excess of depreciation; (9) gain from the sale of depreciable property between certain related taxpayers; (10) gain from dispositions of certain depreciable property; (11) gain on foreign investment company stock; (12) the election by foreign investment companies to distribute income currently; (13) gain from certain sales or exchanges of stock in certain foreign corporations; (14) gain from certain sales or exchanges of patents, etc., to foreign corporations; (15) gain from disposition of certain depreciable realty; (16) gain from disposition of farm land; (17) gain from disposition of interest in oil, gas, or geothermal property; and (18) gain from disposition of property acquired with certain cost-sharing payments. Provides a transition period of ten years, beginning on January 1, 1985, in which a taxpayer may elect to not apply the inflation adjustment to the basis of capital assets for purposes of determining capital gain or loss. Provides that when such election is made, 25 percent of any gain from the sale or disposition of such asset shall be excludible from gross income and 25 percent of any loss shall not be deductible. Title III: Capital Cost Recovery - Subtitle A: Simplified Cost Recovery System for Depletable Property - Allows individuals and corporations a depletion deduction for qualified depletable property equal to an applicable percentage determined by the cost recovery tables for cost recovery property. Requires that qualified depletable property be assigned to one class of recovery property. Uses the anticipated productive life of such depletable property (rather than the present class life as provided under current law) for making the assignment. Assigns oil, gas wells or wells drilled for any geothermal deposit to the class of three year property. Provides that these rules shall not deny any deduction allowable for loss sustained by reason of the abandonment of a nonproductive well or mine. Subtitle B: Other Changes - Repeals the income tax deductions for: (1) research and experimental expenditures; (2) soil and water conservation expenditures; (3) depreciation or amortization of improvements made by a lessee on a lessor's property; (4) expenditures by farmers for clearing land; (5) amortization of reforestation expenditures; (6) start-up expenditures; (7) intangible drilling and development costs in the case of oil and gas wells and geothermal wells; (8) percentage depletion; (9) development expenditures; and (10) deduction and recapture of certain mining exploration expenditures. Allows a ten year period for the amortization of construction period interest and taxes. Allows a deduction for circulation expenses for a newspaper, magazine, or other periodical ratably over a five-year period. Excludes amounts chargeable to a capital account from such treatment. Title IV: Miscellaneous Provisions - Subtitle A: Foreign Income - Repeals the domestic international sales corporations (DISC) provisions for taxable years beginning after December 31, 1984. Subtitle B: Other Miscellaneous Provisions - Requires farmers to compute their taxable income using the accrual method of accounting with the capitalization of preproduction expenses. Exempts taxpayers who do not have gross receipts of $1,000,000. Requires farming syndicates to use the accrual method of accounting without regard to gross receipts. Requires the recognition of the gain or loss on distributions of property by corporations. Eliminates the special bad debt reserves of financial institutions. Reduces the percentage by which Social Security benefits must be reduced for income earned above certain amounts. Repeals the earnings reduction test for taxable years beginning after December 31, 1989. Title V: Effective Dates - Sets forth the effective dates of the provisions of this Act.
Bill· SS. 2958 (98th)referred
United States · United States Congress · 10 August 1984
Amends the Public Works and Economic Development Act of 1965 to extend through FY 1987 the authorization of appropriations in the following areas: (1) grants for operation of health projects; (2) general authorization of appropriations; (3) public works and development facility loans; (4) business loans and loan guarantees; (5) the redevelopment area loan program; (6) technical assistance and economic development planning; (7) supplemental and basic grants; (8) assistance to economic development districts; (9) Indian economic development; and (10) grants to areas with high unemployment, economic adjustment problems, or long-term economic deterioration problems. Extends through FY 1987 (currently FY 1981) the authority of the Secretary of Commerce to obligate funds appropriated for emergency financial assistance to create job opportunities in areas with high unemployment.
Bill· SJRESS.J.Res. 348 (98th)open
United States · United States Congress · 10 August 1984
Constitutional Amendment - Requires the Congress to assure that the total outlays of the Government during any fiscal year (except for the repayment of debt) do not exceed an amount equal to the greater of: (1) the difference between an amount which bears the same ratio to the gross national product at the close of such fiscal year as outlays for the preceding fiscal year bear to the gross national product at the close of such preceding fiscal year, and an amount equal to one percent of gross national product for such fiscal year; and (2) 19 percent of the gross national product for such fiscal year. Permits a waiver of such limitations in case of national emergency or war, but all expenditures in excess of such limitations must be approved by three-fourths of Congress.
Bill· HRH.R. 6182 (98th)referred
United States · United States Congress · 10 August 1984
Enterprise Zone Community Development and Employment Act of 1984 - Title I: Designation of Enterprise Zones - Amends the Internal Revenue Code to provide for the designation of enterprise zones by the Secretary of Housing and Urban Development for purposes of extending the tax incentives and regulatory flexibility measures provided by this Act. Provides that State and local governments shall nominate areas for such designation. Limits the designation of enterprise zones to a specified number of nominated areas per year (one-third of which must be in rural areas). Limits the period during which such designations shall remain in effect. Provides that the Secretary may designate such zones only if: (1) the area is within the jurisdiction of the local government; (2) the boundary of the area is continuous; (3) the area has a population of at least 4,000 if any portion thereof is located within a standard metropolitan statistical area (with a population of at least 50,000) or 1,000 otherwise, or is within an Indian reservation; and (4) the area meets specified unemployment and poverty requirements. Requires nominating local governments, as a condition of the Secretary's designation, to agree in writing to follow a course of action which may include improving local services, simplifying or streamlining regulation of business, or receiving commitments of private entities to assist employees and residents of the area. Describes areas to which preference shall be given by the Secretary in deciding to designate enterprise zones. Limits the authority of the Secretary to designate enterprise zones to a period of ten years after the publication of regulations pertaining to such zones. Requires the Secretary to report to Congress on the effects of such enterprise zones' designation not later than two years after the Secretary first designates areas as enterprise zones. Requires that any tax reduction effected by a local government under the terms of this Act be disregarded for purposes of determining the eligibility of a State or local government for Federal assistance or benefits. States that designation of an enterprise zone shall not give displaced persons from such an area any rights or benefits under the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970. Provides that the designation of an enterprise zone shall not constitute a Federal action for purposes of applying the requirements of the National Environmental Policy Act or other provisions of Federal law relating to the protection of the environment. Title II: Federal Income Tax Incentives - Subtitle A: Credit for Employers - Allows employers located in enterprise zones a nonrefundable income tax credit for increased employment expenditures and employment of the disadvantaged. Allows a three-year carryback and 15-year carryover of such credit. Sets the amount of such credit at the sum of: (1) ten percent of the increase in payroll (taking into account a maximum of $15,000 in wages per year per employee); (2) a specified percentage of the wages paid to certain disadvantaged workers; and (3) 50 percent of the economically disadvantaged medical or day care expenses paid or incurred during the taxable year. Phases out such credit in the last three years of the enterprise zone designation. Disallows a deduction for the portion of wages taken into account for such credit. Allows employees located in enterprise zones an income tax credit for a specified amount of wages earned plus, in the case of economically disadvantaged individuals, a specified amount of medical or day care expenses. Phases out such credit in the last three years of the enterprise zone designation. Subtitle B: Credits for Investment in Tangible Property in Enterprise Zones - Allows businesses an additional investment tax credit for investment in certain tangible property located in enterprise zones. Limits such credit to five percent for zone personal property and ten percent for new zone construction property, including rental property. Requires that the property subject to such credit be predominantly used in the zone, be purchased after zone designation, and not be acquired from relatives or related corporations. Requires the recapture of such credit upon early disposition of the property. Phases out such credit in the last three years of the enterprise zone designation. Allows the waiver of the 30-year rule with respect to the income tax credit for certain rehabilitation expenditures in the case of rehabilitated buildings in enterprise zones. Increases the limitation on used property eligible for the investment tax credit in the case of enterprise zone property. Provides a refundable income tax credit for 35 percent of rehabilitation expenditures incurred by organizations organized and operated primarily for purposes of rehabilitating real property located in an enterprise zone. Subtitle C: Special Rules for Enterprise Zone Corporations - Allows an income tax deduction up to a maximum of $25,000 per year for the purchase of stock originally issued by an enterprise zone small business having a net worth of less than $2,000,000. Treats as ordinary income any amount previously taken as a deduction upon the sale or disposition of such stock. Provides tax penalties if such stock is sold within three years. Treats as an ordinary loss any loss incurred on the sale or exchange of enterprise zone industrial development bonds or enterprise zone corporate bonds. Limits such treatment to an aggregate amount of $50,000 per year. Excludes from gross income 50 percent of income earned from stock in or obligations of enterprise zone corporations. Limits such exclusion to an aggregate amount of $100,000 per year. Extends the net operating loss carryover period for enterprise zone corporations from 15 years to the year in which the designation of enterprise zone expires. Subtitle D: Rules Relating to Industrial Development Bonds - Provides that limitations on the cost recovery deductions for property financed with tax-exempt industrial development bonds shall not apply to enterprise zone property. Provides that the termination of the small issue exemption shall not apply to industrial development bonds the proceeds of which are used to finance facilities in such enterprise zones. Subtitle E: Sense of Congress with Respect to Tax Simplification - Expresses the sense of the Congress that the Internal Revenue Service should simplify the administration and enforcement of any provision of the Internal Revenue Code affected by this Act. Title III: Regulatory Flexibility - Revises the definition of "small entity" for purposes of the analysis of regulatory functions to include qualified businesses (as defined in title II of this Act), governments, and nonprofit enterprises operating within enterprise zones. Authorizes Federal agencies, upon request by a designating government, to waive or modify rules and regulations which pertain to the carrying out of projects or activities within an enterprise zone. Requires agencies to approve such a request if the resulting benefits of job creation, community development, or economic revitalization outweigh the public interest in continuation of the rule unchanged. Disallows waiver or modification of a rule that would directly violate a statutory requirement (including the Davis-Bacon Act and Fair Labor Standards Act) or which would present a danger to the public health and safety. Provides that any waivers or modifications of a rule shall remain in effect as long as the zone designations. Amends the Department of Housing and Urban Development Act to direct the Secretary of Housing and Urban Development to promote the coordination of all enterprise zone programs and consolidate all periodic reports required under such programs into one summary report. Title IV: Establishment of Foreign-Trade Zones in Enterprise Zones - Requires the Foreign-Trade Board to consider on a priority basis and expedite the processing of applications for the establishment of foreign-trade zones within enterprise zones. Requires the Secretary of the Treasury to give priority to, and expedite applications for, the establishment of ports of entry necessary to establish such zones. States that to the maximum extent practicable foreign-trade zones should be established within enterprise zones.
Bill· HRH.R. 6146 (98th)referred
United States · United States Congress · 10 August 1984
Amends the Internal Revenue Code to preclude States from taking into account, for purposes of taxation under the unitary taxing method, the income of a corporation's foreign affiliates.
Bill· HRH.R. 6169 (98th)referred
United States · United States Congress · 10 August 1984
Amends the Internal Revenue Code to provide that the amount of private activity bonds which may be issued in a State shall be limited to an amount equal to $150 multiplied by the State's population.
Bill· HRH.R. 6165 (98th)referred
United States · United States Congress · 10 August 1984
Fair and Simple Tax Act of 1984 - Title I: Reduction of Individual and Corporate Tax Rates - Subtitle A: Reduction of Rates - Amends the Internal Revenue Code to revise individual tax rates. Imposes a tax rate of 25 percent on the taxable income of every individual. Imposes a tax rate of 15 percent on corporate income which does not exceed $50,000 and a tax rate of 30 percent on corporate income exceeding $50,000. Subtitle B: Increase in Amount of Personal Exemption and Zero Bracket Amount - Increases the amount of the personal exemption to $2,000. Increases the zero bracket amount to $2,700 for single taxpayers and $3,500 for a joint return or surviving spouse. Provides for an annual adjustment in the personal exemption and the zero bracket amount by a cost-of-living adjustment based on the Consumer Price Index. Repeals the exemption for dependents who are students over the age of 18. Subtitle C: Employment Income Exclusion Established - Allows an individual taxpayer to exclude 20 percent of the amount received during the taxable year by such individual as employment income. Provides that the exclusion shall be phased out when the individual's wages and salaries exceed the Federal Insurance Compensation Act's maximum wage base for the calendar year. Excludes all of an individual's employment income where the employment income for the taxable year is $10,000 or less ($15,000 or less in the case of a joint return). Provides for an annual adjustment in the employment income exclusion by a cost-of-living adjustment based on the Consumer Price Index. Subtitle D: Repeals Related to Reduction in Rates - Repeals provisions relating to: (1) tax tables for individuals; (2) special averaging rules for lump-sum distributions; (3) accumulated corporate surplus; (4) personal holding companies; (5) income averaging; and (6) graduated corporate tax rates. Applies the trust throwback rules only to amounts distributed from a foreign trust. Title II: Base Broadening - Subtitle A: Credits - Repeals the following income tax credits: (1) the credit for household and dependent care services; (2) the credit for the elderly and the permanently and totally disabled; (3) the residential energy credit; (4) the credit for contributions to candidates for public office; (5) the credit for clinical testing expenses for certain drugs; (6) the credit for producing fuel from nonconventional sources; (7) the credit for increasing research activities; (8) the credit for work incentive expenses; (9) the credit for alcohol used as fuel; (10) the employee stock ownership credit; (11) the general tax credit; (12) the investment credit for depreciable property; and (13) the credit for employment of certain new employees. Subtitle B: Exclusions - Repeals the tax exclusion for: (1) compensation for injuries or sickness; (2) dividends received by individuals; (3) amounts received under qualified group legal service plans; (4) qualified transportation furnished by employer; (5) dividend reinvestment in public utilities; and (6) payments to encourage exploration, development, and mining for defense purposes. Reduces the maximum amount of the earned income credit from $5,000 to $4,000. Provides for an annual adjustment in the earned income credit by a cost-of-living adjustment based on the Consumer Price Index. Treats as taxable income: (1) unemployment compensation; (2) the annual increase in the cash surrender value of life insurance policies; and (3) interest on industrial development bonds and mortgage subsidy bonds. Provides that the transfer of a corporation's stock in satisfaction of indebtedness will be treated as having satisfied the indebtedness with money equal to the fair market value of the stock. Provides a limited exclusion from income for scholarships and fellowships. Amends the Merchant Marine Act to repeal the tax exemption for deposits into, and withdrawals from, a capital construction fund. Excludes the first $7,000 ($10,500 for a joint return) of Social Security benefits from gross income. Provides that no more than one-half of Social Security benefits may be includible in taxable income. Subtitle C: Deductions - Repeals the tax deductions for: (1) casualty and theft losses; (2) unused business credits; and (3) two-earner married couples. Repeals the deduction for State and local income taxes. Raises the floor on the deduction for medical and dental expenses from five to ten percent. Repeals the deduction for consumer interest. Subtitle D: Adjustment to Basis; Changes in Certain Special Capital Gains Treatment Provisions - Allows an inflation adjustment, based on the gross national product deflator, to the adjusted basis of capital assets which have been held for more than one year at the time of sale or exchange solely for the purpose of determining gain or loss on such assets. Excludes from such treatment: (1) creditor's interest; (2) options; (3) net lease property in the case of the lessor; (4) preferred stock with fixed dividends; and (5) stock in small business corporations and certain foreign corporations. Allows the Secretary of the Treasury to disallow all or part of an adjustment where there was a transfer to increase the inflation adjustment or depreciation allowance. Reduces the alternative tax rate for corporations from 28 to 20 percent. Repeals the deduction for individuals for capital gains. Phases out the limitation on the deduction of capital losses by individuals over a ten-year period, with full deductibility of such losses after 1994. Provides that capital loss deductions shall be treated as tax preference items subject to the minimum tax. Permits the carryover of the excess of capital losses over gross income by individuals. Makes applicable only to corporations the rules for capital gains and losses relating to: (1) the sale of land with unharvested crop; (2) the disposal of coal or domestic iron ore; (3) gain or loss in the case of timber, coal, or domestic iron ore; (4) distribution of property; (5) collapsible partnerships; (6) property used in the trade or business and involuntary conversions; (7) the sale or exchange of patents; (8) amortization in excess of depreciation; (9) gain from the sale of depreciable property between certain related taxpayers; (10) gain from dispositions of certain depreciable property; (11) gain on foreign investment company stock; (12) the election by foreign investment companies to distribute income currently; (13) gain from certain sales or exchanges of stock in certain foreign corporations; (14) gain from certain sales or exchanges of patents, etc., to foreign corporations; (15) gain from disposition of certain depreciable realty; (16) gain from disposition of farm land; (17) gain from disposition of interest in oil, gas, or geothermal property; and (18) gain from disposition of property acquired with certain cost-sharing payments. Provides a transition period of ten-years, beginning on January 1, 1985, in which a taxpayer may elect to not apply the inflation adjustment to the basis of capital assets for purposes of determining capital gain or loss. Provides that when such election is made, 25 percent of any gain from the sale or disposition of such asset shall be excludible from gross income and 25 percent of any loss shall not be deductible. Title III: Capital Cost Recovery - Subtitle A: Simplified Cost Recovery System for Depletable Property - Allows individuals and corporations a depletion deduction for qualified depletable property equal to an applicable percentage determined by the cost recovery tables for cost recovery property. Requires that qualified depletable property be assigned to one class of recovery property. Uses the anticipated productive life of such depletable property (rather than the present class life as provided under current law) for making the assignment. Assigns oil, gas wells or wells drilled for any geothermal deposit to the class of three year property. Provides that these rules shall not deny any deduction allowable for loss sustained by reason of the abandonment of a nonproductive well or mine. Subtitle B: Other Changes - Repeals the income tax deductions for: (1) research and experimental expenditures; (2) soil and water conservation expenditures; (3) depreciation or amortization of improvements made by a lessee on a lessor's property; (4) expenditures by farmers for clearing land; (5) amortization of reforestation expenditures; (6) start-up expenditures; (7) intangible drilling and development costs in the case of oil and gas wells and geothermal wells; (8) percentage depletion; (9) development expenditures; and (10) deduction and recapture of certain mining exploration expenditures. Allows a ten-year period for the amortization of construction period interest and taxes. Allows a deduction for circulation expenses for a newspaper, magazine, or other periodical ratably over a five-year period. Excludes amounts chargeable to a capital account from such treatment. Title IV: Miscellaneous Provisions - Subtitle A: Foreign Income - Repeals the domestic international sales corporations (DISC) provisions for taxable years beginning after December 31, 1984. Subtitle B: Other Miscellaneous Provisions - Requires farmers to compute their taxable income using the accrual method of accounting with the capitalization of preproduction expenses. Exempts taxpayers who do not have gross receipts of $1,000,000. Requires farming syndicates to use the accrual method of accounting without regard to gross receipts. Requires the recognition of the gain or loss on distributions of property by corporations. Eliminates the special bad debt reserves of financial institutions. Reduces the percentage by which Social Security benefits must be reduced for income earned above certain amounts. Repeals the earnings reduction test for taxable years beginning after December 31, 1989. Title V: Effective Dates - Sets forth the effective dates of the provisions of this Act.
Bill· HRH.R. 6157 (98th)referred
United States · United States Congress · 10 August 1984
Amends the Internal Revenue Code to provide that for purposes of the small issue industrial development bonds tax exemption, the $10,000,000 exclusion of capital expenditures where there is an urban development action grant shall apply whether the grant was made before or after the issuance of bonds.
Bill· HRH.R. 6183 (98th)referred
United States · United States Congress · 10 August 1984
Amends the Internal Revenue Code to waive issue date requirements and volume limitations for qualified veterans' mortgage bonds issued by a State that adopted a resolution relating to the Veterans Mortgage Bond Program on March 9, 1984, and ratified such resolution in 1984.
Bill· HRH.R. 6171 (98th)referred
United States · United States Congress · 10 August 1984
Amends the Internal Revenue Code to limit to ten percent the maximum rate of interest on certain underpayments of individual income tax where a notice of deficiency was not sent within one year after the later of: (1) the last day for filing of tax returns; or (2) the date such return was filed.
Bill· HRH.R. 6150 (98th)referred
United States · United States Congress · 10 August 1984
Amends the Internal Revenue Code to increase the income tax credit for child care expenses from a maximum of 30 percent to a maximum of 50 percent of such expenses. Reduces such percentage by one percent for each full $1,000 by which the taxpayer's adjusted gross income exceeds $10,000.
Bill· HRH.R. 6180 (98th)referred
United States · United States Congress · 10 August 1984
Amends the Internal Revenue Code to prohibit the issuance in bearer form of securities which are interests in Treasury obligations. Provides that the issue price of any registration-required obligation shall be treated as the principal amount of the obligation.
Bill· HRH.R. 6176 (98th)referred
United States · United States Congress · 10 August 1984
Amends the Internal Revenue Code to deny the depreciation deduction with respect to multifamily rental housing for any year for which such housing does not meet health and safety standards or the State and local real property taxes with respect to such housing are not being paid on a satisfactory basis. Requires the taxpayer to provide with the tax return on which the depreciation deduction is claimed both a property tax certification and a health and safety certification. Provides that deductions disallowed pursuant to these rules shall be treated as an expense after the recovery period.
Bill· HRH.R. 6172 (98th)referred
United States · United States Congress · 10 August 1984
Amends the Internal Revenue Code to exempt from the application of imputed interest rules: (1) the first $250,000 of the sale price of residential property sold by an individual; (2) the first $1,000,000 of the sale price of farm property; and (3) the first $500,000 of the sale price of business, trade, or investment property.
Resolution· HRESH.Res. 572 (98th)passed
United States · United States Congress · 10 August 1984
Waives points of order against the consideration of H.R. 6040 (supplemental appropriations).
Bill· SS. 2933 (98th)open
United States · United States Congress · 9 August 1984
Amends the Internal Revenue Code to provide that restrictions on the allowance for depreciation and the investment tax credit for property leased by a tax-exempt entity shall not apply to certain correctional facilities leased by State and local governments.
Bill· SS. 2945 (98th)open
United States · United States Congress · 9 August 1984
Amends the Internal Revenue Code to waive issue date requirements and volume limitations for qualified veterans' mortgage bonds issued by a State that adopted a resolution relating to the Veterans Mortgage Bond Program on March 9, 1984, and ratified such resolution in 1984.
Bill· SS. 2930 (98th)open
United States · United States Congress · 9 August 1984
Amends the Internal Revenue Code to repeal rules relating to the determination of the issue price of certain debt instruments issued for property. Amends the Tax Reform Act of 1984 to repeal the revisions made to rules for the imputation of interest on certain deferred payments. Provides that the Internal Revenue Code shall be applied and administered as if such revisions had not been enacted.
Bill· SS. 2932 (98th)open
United States · United States Congress · 9 August 1984
Amends the Natural Gas Pipeline Safety Act of 1968 and the Hazardous Liquid Pipeline Safety Act of 1979 to: (1) authorize appropriations for FY 1985 and 1986, including appropriations for the State grant programs; and (2) direct the Secretary of Transportation to submit directly to Congress on April 15 of each year the annual reports required of the Secretary under each Act. (Current law requires that the reports be submitted to the President for transmittal to Congress on June 15 of each year.) Declares that the following acts unreasonably burden and discriminate against interstate commerce and prohibits any State or subdivision of a State from: (1) assessing natural gas transmission property at a value that has a higher ratio to the true market value of the natural gas transmission property than the ratio that the assessed value of commercial and industrial property in the same assessment jurisdiction has to the true market value of such commercial and industrial property; (2) levying or collecting a tax on an assessment that may not be made under clause (1) of this paragraph; (3) levying or collecting an ad valorem property tax on natural gas transmission property at a tax rate that exceeds the tax rate applicable to commercial and industrial property in the same assessment jurisdiction; and (4) imposing another tax that discriminates against a natural gas company subject to the jurisdiction of the Federal Energy Regulatory Commission. Permits relief only if the ratio of assessed value to true market value exceeds, by at least five percent, the ratio of assessed value to true market value of commercial and industrial property in the same assessment jurisdiction.
Bill· HRH.R. 6131 (98th)referred
United States · United States Congress · 9 August 1984
Requires the Director of the Office of Management and Budget to assure that no more than 25 percent of any Federal agency's budget authority for a fiscal year may be obligated in the last quarter of such year. Permits departures from such requirement if necessary to avoid disruption. Requires the Director to report to Congress on action taken pursuant to this Act and on any departures. Exempts any reserves established and any other actions taken to satisfy this Act from specified reporting requirements of the Impoundment Control Act of 1974.
Bill· HRH.R. 6125 (98th)referred
United States · United States Congress · 9 August 1984
Amends the Internal Revenue Code to prohibit the Secretary of the Treasury from sending a notice of deficiency to a taxpayer unless: (1) the Secretary has made reasonable attempts to contact and meet face-to-face with the taxpayer; and (2) all administrative procedures established within the Internal Revenue Service have been exhausted. Allows the Secretary to withdraw a notice of deficiency erroneously issued to a taxpayer.
Bill· HRH.R. 6138 (98th)referred
United States · United States Congress · 9 August 1984
Amends the Internal Revenue Code to provide an income tax credit for the recycling of metal containers used to store agricultural chemicals. Sets the amount of such credit at 25 cents per pound of qualified agricultural chemical container which the taxpayer recycles.
Bill· HRH.R. 6113 (98th)referred
United States · United States Congress · 9 August 1984
Amends the Internal Revenue Code to provide for the repayment of the increased excise tax imposed on fuel used in diesel-powered automobiles or light trucks. Sets the amount of such repayment at six cents per gallon.
Bill· HRH.R. 6128 (98th)referred
United States · United States Congress · 9 August 1984
Amends the Internal Revenue Code to exclude from a taxpayer's modified adjusted gross income the amount of tax-exempt interest received or accrued by the taxpayer in determining whether the taxpayer's social security benefits or railroad retirement benefits are to be included in gross income subject to income tax.
Law· HRH.R. 6112 (98th)enacted
United States · United States Congress · 9 August 1984
Amends the Tax Equity and Fiscal Responsibility Act to provide that States which allow certain small businesses to pay a nonexperience-based State unemployment tax rate below 5.4 percent may gradually increase the unemployment tax rate for such businesses over a four-year period to equal the new 5.4 percent standard State unemployment tax rate for 1985 and thereafter.
Bill· SS. 2914 (98th)open
United States · United States Congress · 8 August 1984
Enterprise Zone Act of 1984 - Title I: Designation of Enterprise Zones - Amends the Internal Revenue Code to provide for the designation of enterprise zones by the Secretary of Housing and Urban Development for purposes of extending the tax incentives and regulatory flexibility measures provided by this Act. Provides that State and local governments shall nominate areas for such designation. Limits the total number of designated areas to 75 (25 per year over a three-year period). Requires that at least one-third of such area be in rural areas. Limits the period during which such designations shall remain in effect. Provides that the Secretary may designate such zones only if: (1) the area is within the jurisdiction of the local government; (2) the boundary of the area is continuous; (3) the area has a population of at least 4,000 if any portion thereof is located within a standard metropolitan statistical area (within a population of at least 50,000) or 1,000 otherwise, or it is within an Indian reservation; and (4) the area meets specified unemployment and poverty requirements. Requires nominating local governments, as a condition of the Secretary's designation, to agree in writing to follow a course of action which may include reducing tax rates, improving local services, simplifying or streamlining regulation of business, or receiving commitments of private entities to assist employees and residents of the area. Terminates the authority of the Secretary to designate enterprise zones on December 31, 1988, or three years after the publication of regulations pertaining to such zones, whichever is later. Describes areas to which preference shall be given in deciding to designate enterprise zones. Requires the Secretary to prepare and submit to the Congress every four years a report on the effects of such enterprise zones' designation. Requires that any property tax reduction effected by a local government under the terms of this Act be disregarded for purposes of determining the eligibility of a State or local government for Federal assistance or benefits. States that designation of an enterprise zone shall not give displaced persons from such an area any rights or benefits under the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970. Exempts enterprise zones from certain requirements relating to Federal environmental policy. Title II: Federal Income Tax Incentives - Subtitle A: Credits for Employers and Employees - Allows employers located in enterprise zones a nonrefundable income tax credit for increased employment expenditures and employment of the disadvantaged. Sets the amount of such credit at ten percent of the increase in payroll (taking into account a maximum of $15,000 in wages per year per employee) plus 50 percent of the wages paid to certain disadvantaged workers for the first three years of the enterprise zone designation. Phases out such credit in the last three years of the enterprise zone designation. Disallows a deduction for the portion of wages taken into account for such credit. Allows employees located in enterprise zones a nonrefundable income tax credit equal to five percent of qualified wages earned per year (taking into account a maximum of $9,000 in wages per year). Phases out such credit in the last three years of the enterprise zone designation. Requires every employer to furnish to each qualified enterprise zone employee a written statement showing the amount of qualified wages paid. Subtitle B: Credits for Investment in Tangible Property in Enterprise Zones - Allows businesses an additional investment tax credit for investment in certain tangible property located in enterprise zones. Limits such credit to five percent for zone personal property and ten percent for new zone construction property, including rental property. Requires that the property subject to such credit be predominantly used in the zone, be purchased after zone designation, and not be acquired from relatives or related corporations. Requires the recapture of such credit upon early disposition of the property. Phases out such credit in the last three years of the enterprise zone designation. Subtitle C: Reduction in Capital Gains Tax - Eliminates the capital gains tax on property of corporations acquired after the enterprise zone designation and used in a zone business. Qualifies certain low-income rental housing located in an enterprise zone for such treatment. Permits property to remain qualified for purposes of the revised capital gains treatment after a designation of an enterprise zone has terminated. Exempts gain from the sale or exchange of property used in a business in an enterprise zone from the computation of the minimum tax. Allows noncorporate taxpayers to deduct from gross income 100 percent of any net capital gain from qualified enterprise zone property. Subtitle D: Rules Relating to Industrial Development Bonds - Provides that limitations on the cost recovery deductions for property financed with tax-exempt industrial development bonds shall not apply to enterprise zone property. Provides that the termination of the small issue exemption shall not apply to industrial development bonds the proceeds of which are used to finance facilities in such enterprise zones. Subtitle E: Sense of the Congress with Respect to Tax Simplification - Expresses the sense of the Congress that the Internal Revenue Service should simplify the administration and enforcement of any provision of the Internal Revenue Code affected by this Act. Title III: Regulatory Flexibility - Revises the definition of "small entity" for purposes of the analysis of regulatory functions to include qualified businesses (as defined in Title II of this Act), governments, and nonprofit enterprises operating within enterprise zones. Authorizes Federal agencies, upon request by a designating government, to waive or modify rules and regulations which pertain to the carrying out of projects or activities within an enterprise zone. Requires agencies to approve such request if the resulting benefits of job creation, community development, or economic revitalization outweigh the public interest in continuation of the rule unchanged. Disallows waiver or modification of a rule that would directly violate a statutory requirement (including the Davis-Bacon Act and Fair Labor Standards Act) or which would present a danger to the public health and safety. Provides that such waivers or modifications of a rule shall remain in effect as long as the zone designations. Amends the Department of Housing and Urban Development Act to direct the Secretary of Housing and Urban Development to promote the coordination of all enterprise zone programs and consolidate all periodic reports required under such programs into one summary report. Title IV: Establishment of Foreign-Trade Zones in Enterprise Zones - Requires the Foreign-Trade Board to consider on a priority basis and expedite the processing of applications for the establishment of foreign-trade zones within enterprise zones. Requires the Secretary of the Treasury to give priority to, and expedite applications for, the establishment of ports of entry necessary to establish such zones. States that to the maximum extent practicable, foreign-trade zones should be established within enterprise zones.
Bill· HRH.R. 6092 (98th)referred
United States · United States Congress · 8 August 1984
Authorizes reduced postal rates during FY 1985 and 1986 for parcels of food, medicine, or clothing sent to Poland or the Union of Soviet Socialist Republics.
Bill· HJRESH.J.Res. 635 (98th)referred
United States · United States Congress · 8 August 1984
Makes a supplemental appropriation to the Department of Agriculture for the food stamp program for FY 1984.
Bill· SS. 2913 (98th)open
United States · United States Congress · 7 August 1984
Amends the Tax Reform Act of 1984 to provide that a credit union is not to be treated as an instrumentality of the United States for purposes of determining exemptions from the tax-exempt leasing rules.