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Bill· HRH.R. 3802 (99th)referred
United States · United States Congress · 20 November 1985
Amends the Internal Revenue Code to provide that, at the election of the taxpayer, gross income does not include gain from the sale or exchange of a farm if during the five-year period ending on the date of the sale or exchange, such farm has been owned and used by the taxpayer, whose principal occupation is farming, actively engaged in the trade or business of farming. Limits the amount of gain excludible from gross income to $500,000 ($250,000 in the case of a separate return by a married individual). Permits such election to be made or revoked at any time before the expiration of the period for making a claim for credit or refund of the tax otherwise imposed for the taxable year in which the sale or exchange occurred.
Bill· HRH.R. 3795 (99th)referred
United States · United States Congress · 20 November 1985
Amends the Internal Revenue Code to exempt State or local government owned unmarked vehicles operated by police or firefighting officers from the substantiation requirements for certain deductions and credits.
Bill· HRH.R. 3801 (99th)referred
United States · United States Congress · 20 November 1985
Amends the Internal Revenue Code to impose an additional excise tax on gasoline and gasoline mixed with alcohol. Sets the amount of such tax at: (1) ten cents during 1986; (2) 20 cents during 1987; (3) 30 cents during 1988; (4) 40 cents during 1989; (5) 50 cents during 1990; and (6) ten cents after 1990. Allows for a higher rate during 1991 if a Federal deficit exists. Establishes in the Treasury a Deficit Reduction Trust Fund. Appropriates to such trust fund the revenues raised by such excise tax. Sets forth requirements for the expenditure of funds from such trust fund.
Bill· HRH.R. 3788 (99th)referred
United States · United States Congress · 19 November 1985
Cigarette Excise Tax Amendments of 1985 - Amends the Internal Revenue Code to increase the excise tax on cigarettes from: (1) $8 to $16 for small cigarettes; and (2) $16.80 to $33.60 for large cigarettes. Provides for cost-of-living adjustments to such rates. Imposes a floor stock excise tax on small and large cigarettes. Establishes in the Treasury a Cancer Research Trust Fund (trust fund). Transfers revenues raised by such additional taxes to such trust fund. Provides that amounts in such trust fund shall be made available to the National Cancer Institute.
Bill· HRH.R. 3780 (99th)referred
United States · United States Congress · 19 November 1985
Small Contribution Tax Credit Reform Act of 1985 - Amends the the Internal Revenue Code to repeal the income tax credit for contributions to presidential, state, and local candidates, political action committees, and newsletter fund contributions. Allows an income tax credit for congressional candidate contributions. Limits the amount of such credit to $100 for a taxable year ($200 in the case of a joint return).
Bill· HRH.R. 3786 (99th)referred
United States · United States Congress · 19 November 1985
Amends the Internal Revenue Code to impose an additional manufacturers excise tax on nondomestic gas guzzler automobiles. Sets forth the method of calculating the amount of such tax based on the fuel economy of such automobiles. Defines a "nondomestic gas guzzler automobile" as an automobile: (1) which is manufactured by or on behalf of a United States corporation; (2) of which more than 25 percent of the cost to the manufacturer is attributable to value added outside the United States; and (3) the sale of which requires the payment of the present gas guzzlers tax.
Bill· HRH.R. 3770 (99th)open
United States · United States Congress · 18 November 1985
Amends the Internal Revenue Code to impose a ten percent excise tax on amounts paid to any person or government for the United States broadcast rights for Olympic events. Requires the purchaser of such broadcast rights to withhold the amount of such tax. Allows an income tax deduction for the payor of such excise tax. Establishes in the Treasury a United States Olympic Trust Fund. Appropriates to such trust fund amounts raised by such excise tax. Requires the Secretary of the Treasury to pay, not less often than quarterly, to the United States Olympic Committee the amount available in such trust fund less certain administrative expenses.
Bill· HJRESH.J.Res. 457 (99th)referred
United States · United States Congress · 18 November 1985
Makes continuing appropriations for FY 1986 for programs, projects, or activities as provided for in the following appropriations Acts as passed by the House of Representatives: (1) the Agriculture, Rural Development, and Related Agencies Appropriations Act, 1986; (2) the Departments of Commerce, Justice, and State, the Judiciary, and Related Agencies Appropriations Act, 1986; (3) the Department of Defense Appropriations Act, 1986; (4) the District of Columbia Appropriations Act, 1986; (5) the Department of the Interior and Related Agencies Appropriations Act, 1986; (6) the Departments of Labor, Health and Human Services, and Education, and Related Agencies Appropriations Act, 1986; (7) Military Construction Appropriations Act, 1986; and (8) the Department of Transportation and Related Agencies Appropriations Act, 1986. Makes continuing appropriations for programs, projects, or activities provided for in the Treasury, Postal Service, and General Government Appropriations Act, 1986, as provided in the conference report as passed the House. Makes continuing appropriations for programs, projects, or activities provided for in the Department of Housing and Urban Development-Independent Agencies Act, 1986, as provided for in the conference report as passed by the House and the Senate. Makes continuing appropriations for programs, projects, or activities as provided for in the Foreign Assistance and Related Programs Appropriations Act, 1986, as reported to the House. Makes continuing appropriations for FY 1986 for the following activities under the terms and conditions provided in applicable appropriations Acts for FY 1985, at the current rate: (1) worker training, job search allowances, and relocation allowances under the Trade Act of 1974; (2) activities under the Public Health Service Act; (3) refugee and entrant assistance activities under the Immigration and Nationality Act and specified activities under the Refugee Act of 1980 and the Refugee Education Assistance Act of 1980; (4) minority science improvement activities under the Omnibus Budget Reconciliation Act of 1981; and (5) payment to the Corporation for Public Broadcasting under the Communications Act of 1934, provided that the current rate shall be the payment provided for FY 1987. Prohibits the use of any such appropriations to initiate or resume any project or activity for which appropriations, funds, or authority were not available during FY 1985. Provides that appropriations under this Act shall remain available from December 13, 1985, until the earlier of the following: (1) enactment into law of an appropriation for any project or activity provided for in this Act; (2) enactment of the applicable appropriations Act by both Houses without any provision for such project or activity; or (3) September 30, 1986. Directs the Secretary of Agriculture to issue regulations to: (1) provide for nonrecourse loans on basic agricultural commodities at such levels as will reflect a fair return to the farm producer above the cost of production; (2) provide for payment by the purchaser, rather than by appropriation, for basic commodities sold for domestic use; and (3) enable producers of any basic agricultural commodity to produce the amount needed for domestic consumption, to maintain the pipeline, and to regain and retain by competitive sales the normal U.S. share of the world market. Requires the Secretary to: (1) determine on a case-by-case basis, which agricultural borrowers are unable to continue making principal and interest payments as a result of embargoes on the sale of U.S. agricultural products or the failure to offer surplus commodities for sale in world markets at competitive prices; (2) suspend such payments and forego foreclosure on Government loans to such borrowers for 12 months or until an adjustment is agreed upon; and (3) request other creditors of such borrowers to postpone payments due.
Bill· HRH.R. 3760 (99th)referred
United States · United States Congress · 14 November 1985
Amends the Internal Revenue Code to allow individual taxpayers to elect to file income tax returns on the last day of the individual's birth month, if the birthday is in the months of May, June, July, August, September, October, November, or December. Provides special rules for individuals who make such an election and who make estimated income tax payments.
Bill· HRH.R. 3761 (99th)referred
United States · United States Congress · 14 November 1985
Amends the Internal Revenue Code to exclude from the gross income of any eligible physicians' and surgeons' mutual protection and indemnity association any capital contributions by a member joining such association. Requires such payment to be included in gross income for the taxable year with respect to any member who elects to deduct such payment as a trade or business expense. Allows any member of such an association to elect, with the consent of the association, to treat any capital contribution made during the taxable year as an ordinary and necessary business expense for purposes of the deduction allowed for business expenses to the extent such payment does not exceed the amount which would be payable to an independent insurance company for similar insurance coverage and further reduced by any annual dues, assessments, or premiums paid during such taxable year. Requires any refund of such capital contribution in a subsequent year to be included in income for the taxable year received to the extent a deduction for such payment was allowed. Requires the association: (1) to have been operative and providing protection under the laws of any State prior to January 1, 1984; (2) to not be subject to regulation by any State insurance department; (3) to have a right to make unlimited assessments against all members to cover current claims and losses; and (4) to not be a member of, nor subject to protection by, any insurance guaranty plan or association of any State.
Bill· HJRESH.J.Res. 456 (99th)referred
United States · United States Congress · 14 November 1985
Makes continuing appropriations for FY 1986 for programs, projects, or activities as provided for in the following appropriations Acts as passed by the House of Representatives as of December 5, 1985: (1) the Agriculture, Rural Development, and Related Agencies Appropriations Act, 1986; (2) Departments of Commerce, Justice, and State, the Judiciary, and Related Agencies Appropriations Act, 1986; (3) the Department of Defense Appropriations Act, 1986; (4) the District of Columbia Appropriations Act, 1986; (5) the Department of the Interior and Related Agencies Appropriations Act, 1986; (6) the Departments of Labor, Health and Human Services, and Education, and Related Agencies Appropriations Act, 1986; (7) Military Construction Appropriations Act, 1986; and (8) the Department of Transportation and Related Agencies Appropriations Act, 1986. Makes continuing appropriations for programs, projects, or activities provided for the Treasury, Postal Service, and General Government Appropriations Act, 1986, as provided in the conference report as passed the House. Makes continuing appropriations for programs, projects, or activities provided for in the Department of Housing and Urban Development-Independent Agencies Act, 1986, as provided for in the conference report as passed by the House and the Senate. Makes continuing appropriations for programs, projects, or activities as provided for in the Foreign Assistance and Related Programs Appropriations Act, 1986, as reported to the House. Makes continuing appropriations for FY 1986 for the following activities under the terms and conditions provided in applicable appropriations Act for FY 1985, at the curent rate: (1) worker training, job search allowances, and relocation allowances under the Trade Act of 1974; (2) activities under the Public Health Service Act; (3) refugee and entrant assistance activities under the Immigration and Nationality Act and specified activities under the Refugee Act of 1980 and the Refugee Education Assistance Act of 1980; (4) minority science improvement activities under the Omnibus Budget Reconciliation Act of 1981; and (5) payment to the Corporation for Public Broadcasting under the Communications Act of 1934, provided that the current rate shall be the payment provided for FY 1987. Prohibits the use of any such appropriations to initiate or resume any project or activity for which appropriations, funds, or authority were not available during FY 1985. Provides that appropriations under this Act shall remain available from December 6, 1985, until the earlier of the following: (1) enactment into law of an appropriation for any project or activity provided for in this Act; (2) enactment of the applicable appropriations Act by both Houses without any provision for such project or activity; or (3) September 30, 1986. Directs the Secretary of Agriculture to issue regulations to: (1) provide for nonrecourse loans on basic agricultural commodities at such levels as will reflect a fair return to the farm producer above the cost of production; (2) provide for payment by the purchaser, rather that by appropriations, for basic commodities sold for domestic use; and (3) enable producers of any basic agricultural commodity to produce the amount needed for domestic consumption, to maintain the pipeline, and to regain and retain by competitive sales the normal U.S. share of the world market.
Bill· HRH.R. 3744 (99th)referred
United States · United States Congress · 13 November 1985
Social Security Trust Funds Fiscal Integrity Act of 1985 - Amends titles II (Old Age, Survivors and Disability Insurance) and XVIII (Medicare) of the Social Security Act to require the Board of Trustees of the Federal Old-Age and Survivors Insurance Trust Fund, Federal Disability Insurance Trust Fund, Federal Hospital Insurance Trust Fund, and the Federal Supplementary Medical Insurance Trust Fund to submit quarterly reports to the Congress on the present and expected operation and status of such funds. Requires the Managing Trustees of the funds to submit an advance report to the Board of Trustees of each fund and to each House of the Congress when: (1) investment of an amount in the fund, or its expenditure to meet current disbursements, is impossible; or (2) such amount will be used for other than required disbursements. Directs the Secretary of the Treasury to pay, to the social security trust funds, the interest which would have accrued but for noninvestments, redemptions, and disinvestments of such funds for the period beginning on or after September 1, 1985, and ending on the date of the enactment of this Act which would not have occurred had the public debt limit been raised pursuant to a specified resolution of the House of Representatives. Requires that obligations be issued to the funds at such terms and interest rates as will ensure a projected annual interest income to such funds equivalent to the income which would have been earned from redeemed public debt obligations. Requires the Secretary, in connection with future efforts to meet the public debt limit and upon its subsequent extension, to: (1) pay, to the social security trust funds, the interest which would have accrued but for noninvestments, redemptions, and disinvestments; and (2) issue obligations to the funds at such terms and interest rates as will ensure a projected annual interest income to such funds equivalent to the income which would have been earned from redeemed public debt obligations.
Bill· HRH.R. 3746 (99th)referred
United States · United States Congress · 13 November 1985
Taxpayer Protection Act - Amends the Internal Revenue Code to subject the Internal Revenue Service (IRS), in the collection of taxes, to provisions of the Fair Debt Collection Practices Act regarding communication and harassment in connection with debt collection. Prohibits the publication of any tax deficiency which has not been adjudged to be payable by a competent court. Permits individual taxpayers to bring a civil action in a U.S. district court for damages resulting from collection practices prohibited by this Act. Requires a Federal court order before property of a taxpayer may be levied upon for the collection of tax. Specifies that a showing of fraud or malfeasance or a misrepresentation, for purposes of modifying or reconsidering a closing agreement between an individual taxpayer and the Secretary of the Treasury, shall be taken into account only if such a showing or misrepresentation is determined by a competent court. Prohibits the Secretary from consenting to extend for more than one year the period for assessment of the income tax liability of any individual taxpayer. Requires the Secretary to prepare, for distribution to taxpayers, brief but comprehensive statements which set forth in nontechnical terms: (1) the rights and obligations of taxpayers during an audit; (2) the procedures which the IRS may use in enforcing revenue laws; and (3) the procedures by which a taxpayer may appeal adverse decisions, prosecute refund claims, and file taxpayer complaints. Requires a copy of such statement to accompany any tax forms sent to taxpayers. Prescribes criminal penalties for: (1) any investigation by employees of the United States in connection with Federal tax laws which inquires into the beliefs, associations, or activities of any individual or organization; or (2) the maintenance of any records containing information derived from such an investigation. Creates a civil cause of action for any taxpayer aggrieved by a prohibited investigation or by the deprivation of any civil rights. Permits the award of a judgment of costs, including reasonable attorney's fees, to a prevailing taxpayer in any proceeding before the Tax Court. Makes binding on the Secretary: (1) a tax return prepared for the taxpayer by an officer or employee of the IRS acting in his official capacity to provide such assistance; and (2) written information or advice given to the taxpayer by such an officer or employee acting in his official capacity. Places the burden of proof, in administrative and judicial proceedings involving the IRS and a taxpayer, upon the IRS. Directs that the property of taxpayers, for purposes of the estate and gift tax, be valued at historical cost (original cost to the taxpayer or the basis of the property if it was not purchased). Prohibits the use in IRS personnel evaluations of amounts collected pursuant to audits or investigations. Precludes the Secretary from exercising any enforcement authority over churches or certain other organizations. Prohibits the audit of any group of taxpayers unless the Secretary has first met certain notice requirements or permitted members of the group to file an amended return. Sets forth conditions which must be met by the IRS before any action is taken to interfere with the property rights of a taxpayer. Requires the IRS, before securing the records of or personal data concerning any taxpayer, to: (1) notify the taxpayer in writing of the demand, the material sought, and the need for the material; (2) have commenced an action in a competent court against the taxpayer; and (3) have justified its need before the court consistent with the discovery rules of the Federal Rules of Civil Procedure. States that the IRS shall have no authority, in enforcing the tax obligations of any person, which conflicts with rights and privileges granted under the Constitution.
Bill· HRH.R. 3749 (99th)referred
United States · United States Congress · 13 November 1985
Education Savings Account Act of 1985 - Amends the Internal Revenue Code to allow an individual taxpayer an income tax deduction for contributions to a savings account established to pay the educational expenses (tuition, supplies, meals, and lodging) of individuals who have not attained the age of 35 at the time the account is established. Permits such payments of educational expenses to be made to an institution of higher education or a vocational school. Sets forth certain additional criteria an education savings account must meet in order for contributions to the account to qualify for this tax treatment. Prohibits an individual from being the beneficiary of more than one account during any calendar year. Requires the trustee of the account to transfer five percent of the amount of the net income of the account for any calendar year to the State student incentive grant program of any State designated by the terms of the instrument of the account. Requires any amounts paid out of an education savings account to be included in the gross income of the payee or distributee, unless such amounts are used to pay the educational expenses incurred by the individual for whose benefit the account is established. Requires the individual for whose benefit the educational expenses were paid to include such amounts in income on a pro rata basis over a ten year period beginning at age 35. Provides that an education savings account shall be tax-exempt unless certain prohibited transactions are undertaken. Provides a ten percent tax penalty on distributions which were not used for the payment of educational expenses. Requires that the trustee of an education savings account file reports with the Secretary of the Treasury on the maintenance of the account. Imposes penalties for not filing required reports. Extends the deduction for contributions to an education savings account to taxpayers who do not otherwise itemize deductions. Provides that contributions to an education savings account shall not be considered a taxable gift. Provides that distributions from education savings accounts are excluded from income in determining support.
Bill· SS. 1845 (99th)open
United States · United States Congress · 12 November 1985
Provides that if any foreign country imposes certain sanctions on any United States person then the tax on the income of foreign corporations connected with United States business shall be imposed on the corporations of such foreign country without regard to any treaty between such country and the United States. Specifies the sanctions taken by a foreign country constituting a punitive action with respect to a United States person because a State uses a worldwide unitary apportionment method of measuring State income of multinational corporations doing business within such State.
Bill· HRH.R. 3728 (99th)referred
United States · United States Congress · 12 November 1985
Amends the Internal Revenue Code to allow an income tax credit for contributions made to a savings account established to pay the educational expenses of the taxpayer's dependent child at an institution of higher education or a vocational school. Limits the amount of such credit to $500 for each eligible student. Disallows such credit to any individual who has a taxable income greater than $60,000 for the taxable year. Provides for cost-of-living adjustments to such amounts. Allows an income tax exclusion for income earned by such education savings accounts provided such accounts are used exclusively for educational expenses. Sets forth penalties for the use of account funds for other than educational purposes. Requires the distribution of unused account assets to contributors when the beneficiary attains age 26. Includes such distributions in the gross income of contributors receiving such distributions. Requires that the trustee of an education savings account file reports with the Secretary of the Treasury on the maintenance of the account. Imposes penalties for not filing required reports.
Bill· HRH.R. 3731 (99th)referred
United States · United States Congress · 12 November 1985
Amends the Internal Revenue Code to deny tax-exempt status (and prohibit the deduction of contributions) to certain educational organizations established to avoid the integration of the public schools.
Bill· SS. 1839 (99th)open
United States · United States Congress · 7 November 1985
Amends the Internal Revenue Code to provide that the depreciation and amortization deductions for property used predominantly within an environmental zone (as defined by this Act) shall be computed in the same manner as the deduction for property used predominantly outside the United States. Requires the depletion deduction with respect to any mining activity within, or oil or gas well, mine or geothermal or other deposit located in, an environmental zone to be computed using cost depletion rather than percentage depletion. Disallows the deductions with respect to: (1) the expensing of depreciable property used within the environmental zone; (2) the deduction for soil and water conservation and land clearing expenses in an environmental zone; and (3) the deductions for intangible drilling and development costs and tertiary injectants. Defines "environmental zone." Denies the investment tax credit for property which is used predominantly within an environmental zone. Excludes from the calculation of the credit for production of nonconventional fuel sales of qualified fuels produced within or from property extracted or removed from an environmental zone. Provides that the at-risk rules with respect to certain deductions shall not apply to real property located within an environmental zone, equipment leasing of property to be used predominantly within such zone, and business activity within such zone. Denies tax-exempt status for certain governmental obligations used to finance facilities in an environmental zone. Denies capital gain treatment of proceeds from the sale or exchange of timber, coal, or iron ore extracted from an environmental zone.
Resolution· HRESH.Res. 312 (99th)passed
United States · United States Congress · 7 November 1985
Sets forth the rule for the consideration of H.J. Res. 441 (continuing appropriations).
Bill· HRH.R. 3703 (99th)referred
United States · United States Congress · 6 November 1985
Agricultural Bond and Interest Relief Act of 1985 - Amends the Internal Revenue Code to allow an income tax exclusion for interest earned on a depository institution agricultural tax-exempt savings certificate. Limits the aggregate amount excludable to $10,000 ($20,000 in the case of a joint return). Defines "depository institution agricultural tax-exempt savings certificate" as a certificate which: (1) is issued by a qualified savings institution after December 31, 1985, and before January 1, 1991; (2) has a maturity of one year; (3) has an investment yield equal to at least 70 percent of that of specified Treasury bills; and (4) is made available in denominations of $500. Requires a financial institution which issues such savings certificates to provide agricultural financing in an amount not less than the lesser of: (1) 75 percent of the face amount of savings certificates issued; or (2) 75 percent of net savings. Allows an income tax exclusion for interest earned on obligations issued: (1) by any Federal land bank; (2) by any Federal land bank association; (3) by any Federal intermediate credit bank; (4) jointly by any combination of such entities; or (5) jointly by any combination of such entities and any bank for cooperatives the establishment of which was continued under the Farm Credit Act of 1971. Allows States to issue tax-exempt agricultural bonds in excess of the limits imposed on the issuance of private activity bonds.
Resolution· HCONRESH.Con.Res. 229 (99th)referred
United States · United States Congress · 6 November 1985
Expresses the sense of the Congress that there should be no increase in individual income tax rates.
Law· HJRESH.J.Res. 441 (99th)enacted
United States · United States Congress · 5 November 1985
Extends the deadline for availability of certain continuing appropriations for FY 1986 until December 5, 1985.
Bill· HRH.R. 3676 (99th)referred
United States · United States Congress · 1 November 1985
Amends the Internal Revenue Code to exclude from gross income the value of certain Panama Canal Treaty allowances, such as cost of living allowances, living quarters allowances, educational travel benefits, health care services, vacation leave travel and transportation services, etc.
Bill· HRH.R. 3672 (99th)referred
United States · United States Congress · 1 November 1985
Historic Structure Valuation Act - Amends the Internal Revenue Code to provide that the value of any certified historic structure includible in the gross estate of the decedent shall be its historic use value. Defines "historic use value" as the value of the certified historic structure subject to any perpetual historic preservation easement. Requires that the election for the special valuation treatment must be made by the time prescribed for filing the tax return. Allows the executor of an estate to elect to pay all or part of the estate tax due in two or more equal installments (not to exceed 15) if the value of the certified historic structure included in the gross estate of the decedent exceeds 35 percent of the adjusted gross estate. Permits the annual payment of such installments. Limits the amount of the tax which may be paid in installments. Provides that if a deficiency has been assessed, the deficiency shall be prorated to the installments payable. Requires the interest due on any unpaid portion of the estate tax to be paid annually at the the same time as each installment payment. Requires the accelerated payment of any unpaid portion of the estate tax subject to this election if more than 50 percent of the certified historic structure amount is distributed, sold, exchanged, or otherwise disposed of to any person other than a qualified heir of the decedent. Requires any undistributed net income of the estate to be used to liquidate any unpaid portion of the estate tax payable in installments. Requires the payment of the unpaid portion of the estate tax upon notice and demand if any payment of principal or interest is not paid on or before the date fixed for the payment. Permits payment of any principal or interest amount within six months of the due date with an imposition of a penalty for such late payment. Permits the executor to elect to pay a deficiency in installments if the deficiency is assessed, the estate qualifies for the certified historic structure election, and the executor has not made the election.
Bill· SS. 1814 (99th)open
United States · United States Congress · 31 October 1985
Amends the Internal Revenue Code to allow employees and employers to make contributions to a cost-of-living arrangement to supplement a defined benefit plan. Defines a "cost-of-living" arrangement as an arrangement under a defined benefit plan which indexes a benefit provided under such plan or a separate plan subject to certain requirements. Requires that participation in such an arrangement must be elective. Provides that transfers to a cost-of-living arrangement shall not be taken into account for purposes of lump-sum distribution. Disallows an income tax deduction for employee contributions to a cost-of-living arrangement.
Bill· SS. 1808 (99th)open
United States · United States Congress · 30 October 1985
Amends the Internal Revenue Code to grant tax-exempt status to corporations or trusts which acquire and manage real property for certain other tax-exempt organizations. Sets forth certain criteria to be met by such corporations and trusts in order to qualify for tax-exempt status. Exempts such corporations or trusts from the application of the acquisition indebtedness rules applicable to the unrelated business income of tax-exempt organizations.
Bill· HRH.R. 3645 (99th)referred
United States · United States Congress · 30 October 1985
Amends the Internal Revenue Code to exclude as a tax preference item in computing the alternative minimum tax capital gains amounts resulting from the transfer, sale, or exchange by certain farmers of real property used in the active conduct of farming as a result of an insolvency transaction.
Bill· SS. 1799 (99th)open
United States · United States Congress · 29 October 1985
Amends the Internal Revenue Code to exclude from personal holding company income computer software royalties received by businesses actively engaged in developing, manufacturing, and producing computer software. Requires the deductions for trade or business expenses and research and experimental expenditures of the company to equal or exceed 25 percent of the ordinary gross income of the company. Requires that the dividends paid during the year equal or exceed the excess of the personal holding company income over ten percent of ordinary gross income. Provides special rules for members of an affiliated group. Excludes computer software royalties from foreign personal holding company income.
Bill· HJRESH.J.Res. 432 (99th)referred
United States · United States Congress · 29 October 1985
Extends the deadline for availability of certain continuing appropriations for FY 1986 until November 21, 1985.
Resolution· HRESH.Res. 302 (99th)passed
United States · United States Congress · 29 October 1985
Waives points of order against the consideration of H.R. 3629 (Department of Defense appropriations).
Bill· HRH.R. 3632 (99th)referred
United States · United States Congress · 28 October 1985
Scientific Facilities Financing Act of 1985 - Amends the Internal Revenue Code to provide that gross income does not include interest on qualified scientific facilities and equipment bonds. Defines "qualified scientific facilities and equipment bonds" as obligations issued by tax-exempt entities organized and operated exclusively for scientific and educational purposes where substantially all the proceeds are to be used to finance scientific facilities or equipment for the benefit of an institution of higher education.
Bill· HRH.R. 3634 (99th)referred
United States · United States Congress · 28 October 1985
Requires the Secretary of the Treasury to deposit in Government trust funds amounts equal to interest lost to such trust funds through disinvestment of Federal or federally-insured obligations by the Secretary during FY 1986 for the purpose of avoiding any violation of the public debt limit.
Resolution· SCONRESS.Con.Res. 83 (99th)open
United States · United States Congress · 25 October 1985
Expresses the sense of the Congress that no part of any tax reform legislation based on the President's tax reform proposal submitted to the Congress on May 29, 1985, shall: (1) take effect before its date of enactment, but in no case earlier than July 1, 1986; or (2) apply to transactions occurring pursuant to a binding contract in effect prior to its date of enactment.
Bill· HRH.R. 3615 (99th)referred
United States · United States Congress · 24 October 1985
Agricultural IDB Protection Act of 1985 - Amends the Internal Revenue Code to modify the definition of "manufacturing facility" for purposes of tax-exempt industrial development bonds to include land, improvements to land, or property of a character subject to the allowance for depreciation that is used in the cultivation, raising, production, catching, harvesting, or processing of plants or animals. Modifies the definition of "substantial farmland" to require the size of the parcel to be 30 percent of the median size of a farm in the county in which the parcel is located. Permits used farm equipment to be eligible for industrial development bonds if it is acquired by an individual who is a first-time farmer.
Resolution· HRESH.Res. 299 (99th)passed
United States · United States Congress · 24 October 1985
Waives points of order against the consideration of S. 1160 (armed forces funding).
Bill· SS. 1786 (99th)open
United States · United States Congress · 23 October 1985
Cultivation of Highly Erodible Lands and Wetlands Tax Act - Amends the Internal Revenue Code to disallow any income tax credit or deduction (including any depreciation deduction) for any amounts paid or incurred on any property used in cultivating highly erodible land or wetland owned or leased by a taxpayer for the purpose of converting such land or wetland into cropland. Sets forth specified exceptions to such disallowance. Treats as ordinary income, rather than as capital gains, a specified portion of gain realized on the sale or disposition of highly erodible land or wetland cultivated by the taxpayer for the purpose of converting such land or wetland into cropland. Sets forth specified exceptions to such treatment.
Bill· SS. 1782 (99th)open
United States · United States Congress · 22 October 1985
Amends the Internal Revenue Code to impose an excise tax on smokeless tobacco manufactured in or imported into the United States. Sets the rate of such tax at: (1) $1.20 per pound on snuff and a proportionate tax on all fractional parts of a pound; and (2) 40 cents per pound on chewing tobacco and a proportionate tax on all fractional parts of a pound. Defines "snuff" and "chewing tobacco" for purposes of such tax.
Resolution· SRESS.Res. 242 (99th)open
United States · United States Congress · 22 October 1985
Expresses the sense of the Senate that the Congress should not adopt additional statutory changes which will further curtail the issuance by units of State and local governments of obligations which are tax-exempt under Federal income tax law.
Bill· HRH.R. 3597 (99th)open
United States · United States Congress · 22 October 1985
Indian Economic Development Act of 1985 - Title I: Designation of Indian Enterprise Zones - Amends the Internal Revenue Code to provide for the designation of Indian enterprise zones by the Secretary of the Interior for purposes of extending the tax incentives and regulatory flexibility measures provided by this Act. Provides that tribal governments shall nominate areas for such designation. Limits the designation of Indian enterprise zones to 30 nominated areas over a 36-month period (one-third of which must be in areas with a population of less than 1,000). Limits the period during which such designation shall remain in effect. Provides that the Secretary may designate such zones only if: (1) the area is within the jurisdiction of the tribal government; (2) the boundary of the area is continuous; (3) the area is determined to be Indian lands by the Secretary; and (4) the area meets specified unemployment and poverty requirements. Requires nominating tribal 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, receiving commitments of private entities to assist employees and residents of the area, or actions for the partial limitation of tribal sovereign immunity for purposes of recourse in contract and other civil disputes within the zone. Terminates the authority of the Secretary to designate such Indian enterprise zones on July 1, 1986, or 36 months after the publication of regulations pertaining to such zones, whichever is later. Describes areas to which preference shall be given in deciding to designate Indian enterprise zones. Requires the Secretary to prepare and submit to the Congress every four years a report on the effects of such Indian enterprise zones' designation. Requires that any tax reduction effected by a tribal commitment under the terms of this Act shall be disregarded for purposes of determining the eligibility of a tribe for Federal assistance or benefits. Specifies that a designation of an Indian enterprise zone shall not give displaced persons from such an area any rights or benefits under the Uniform Relocation Assistance and Real Property Acquired Policies Act of 1970. Exempts Indian enterprise zones from certain requirements relating to Federal environmental policy. Title II: Federal Income Tax Incentives - Subtitle A: Credits for Employers - Allows employers located in Indian enterprise zones a nonrefundable income tax credit for increased employment expenditures and employment of the disadvantaged. Allows a three-year carryback and a 15-year carryover of such credit. Sets the amount of such credit at ten percent of the increase in payroll (taking into account $17,500 in wages per year per employee) plus a specified percentage of wages paid to certain disadvantaged workers for the first seven years of the Indian 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. Subtitle B: Credits for Investment in Tangible Property in Indian Enterprise Zones - Allows businesses an additional investment tax credit for investment in certain tangible property located in Indian enterprise zones. Limits such credit to five percent for zone personal property, ten percent for new zone construction property, and 20 percent for zone infrastructure investment. Phases out such credit in the last three years of the enterprise zone designation. Requires the recapture of such credit upon early disposition of the property. Subtitle C: Reduction in Capital Gain Tax Rates - Eliminates the capital gains tax on property of corporations acquired after the enterprise zone designation and used in a zone business. 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 Indian 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. 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) and tribal governments and nonprofit enterprises operating within Indian enterprise zones. Authorizes Federal agencies, upon request by a designating tribal 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 changed. Disallows waiver or modification if a rule 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 no waiver or modification of a rule shall remain in effect for a longer period than the period for which the Indian enterprise zone designation is in effect. Title IV: Establishment of Foreign - Trade Zones in Indian Enterprise Zones - Requires the Foreign Trade Zone Board to consider on a priority basis and expedite the processing of applications for the establishment of foreign-trade zones within Indian 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 Indian enterprise zones. Title V: Partial Waiver of Tribal Sovereign Immunity - Authorizes the Secretary to approve plans, pursuant to a tribal economic development plan, which include provisions for the partial waiver of sovereign immunity, including provisions for binding arbitration of contract and other civil disputes between tribal entities and non-tribal businesses or entities. Specifies that such a partial waiver of sovereign immunity shall not encumber nor diminish the trust assets of the tribe.
Bill· HRH.R. 3585 (99th)referred
United States · United States Congress · 17 October 1985
Amends the Internal Revenue Code to allow the deduction for payment of expenses relating to income received as a basic allowance for quarters, variable housing allowance, or station housing allowance by members of the uniformed services.
Resolution· HRESH.Res. 296 (99th)passed
United States · United States Congress · 17 October 1985
Sets forth the rule for the consideration of H.R. 3500 (budget reconciliation).
Bill· HRH.R. 3576 (99th)referred
United States · United States Congress · 16 October 1985
Amends the Internal Revenue Code to allow an income tax deduction for contributions made to a savings account established to pay the elementary, secondary, and post-secondary education expenses of any individual. Limits to $3,000 the maximum dollar amount allowable per year for such an account. Requires the allocation of such maximum amount in the case of more than one contributor to an account. Provides for annual cost-of-living adjustments to such maximum amount. Provides that no account may have more than one beneficiary and that no individual may be a beneficiary of more than one account. Permits the deferral of income tax on income accumulated in such educational savings accounts as long as such amounts are used exclusively for educational expenses (tuition, fees, supplies, meals, and lodging). Provides that distributions from such accounts used to pay the beneficiary's educational expenses shall be included in the beneficiary's income over a ten-year period beginning in the year in which the individual attains the age of 27. Requires that the balance of any funds remaining in such an account when the beneficiary attains the age of 27 shall be distributed among the contributors to such an account and shall be included in the gross income of such contributors. Imposes a ten percent penalty tax on distributions which are not used for educational expenses. Exempts an education savings account from taxation except for the tax on certain unrelated business income. Revokes such tax exemption where a contributor or beneficiary engages in certain prohibited transactions with the account. Extends the deduction for contributions to an education savings account to taxpayers who do not otherwise itemize deductions. Provides that distributions from an education savings account shall not be taken into account in determining the support of the beneficiary for purposes of the dependency exemption. Requires the trustee of an education savings account to file reports with the Secretary of the Treasury on the maintenance of the account. Imposes a penalty for failure to file any required report.
Bill· HRH.R. 3566 (99th)referred
United States · United States Congress · 11 October 1985
Amends the Internal Revenue Code to allow a $30 ($60 for a joint return) refundable income tax credit to taxpayers who vote in Federal elections. Requires that the taxpayer document such voting.
Bill· HRH.R. 3549 (99th)referred
United States · United States Congress · 10 October 1985
Allows any State, or political subdivision thereof, to require retailers engaged in business in that State to collect a State and local sales or use tax on the sale or use of tangible personal property shipped or delivered into that State or political subdivision.
Bill· HRH.R. 3553 (99th)referred
United States · United States Congress · 10 October 1985
Savings Account for a Valued Education Act of 1985 - Amends the Internal Revenue Code to permit an income tax deduction by an individual for contributions to education savings accounts (established for purposes of paying expenses at an institution of higher or vocational education). Limits the amount of contributions to $1,000 per year to any single account. Provides that no deduction will be allowed for amounts contributed to an account for an individual who has attained the age of 19 before the close of the calendar year in which the contribution is made. Provides for an annual inflation adjustment for the amount of the deduction which may be taken for contributions to such accounts. Limits the maximum amount of contributions to an education savings account to $18,000. Requires any assets in an education savings account for the benefit of an individual who attains age 28 to be distributed within 30 days after such individual attains such age to an eligible educational institution or to another education savings account established for the benefit of a sibling who has not attained the age of 28 to the extent the value of the contributions to such account is less than $18,000. Requires that amounts distributed from an education savings account be included in the gross income of the recipient unless the distribution is made to another education savings account or to an eligible education institution, or unless the distribution is a distribution of excess contributions before the due date of the tax return. Provides that for the ten tax years beginning when the individual attains age 28, ten percent of the amount paid or distributed from an education savings account to pay education expenses incurred by the individual for whose benefit the account was established shall be included in the gross income of the individual each year. Exempts education savings accounts from income taxes, except for tax on unrelated business income of charitable organizations. Provides penalties for engaging in prohibited transactions or pledging the account's assets. Imposes an additional penalty tax of ten percent on amounts from an education savings account included in income for certain reasons. Imposes certain reporting requirements on the trustees of education savings accounts. Sets forth various definitions. Permits the deduction for amounts contributed to an education savings account to be taken in arriving at adjusted gross income. Provides that contributions to an education savings account are not subject to gift tax.
Bill· HRH.R. 3539 (99th)referred
United States · United States Congress · 9 October 1985
Amends the Internal Revenue Code to exclude from the gross income of an individual any discharge of indebtedness with respect to black lung benefits which are required to be repaid to the United States. Limits the aggregate amount excludible for all taxable years of an individual to $20,000.
Bill· HRH.R. 3523 (99th)referred
United States · United States Congress · 8 October 1985
Amends the Internal Revenue Code to allow a nonrefundable income tax credit for expenses incurred in the care of certain family members with Alzheimer's disease or related disorders. Sets the amount of such credit at 30 percent of the expenses incurred for taxpayers with incomes of $25,000 or less. Reduces the rate of such credit, but not below 20 percent, by one percent for each $2,000 of adjusted gross income in excess of $25,000. Limits such credit to taxpayers with an adjusted gross income of less than $60,000. Imposes an aggregate limit of $20,000 on the amount of expenses which may be taken into account with a maximum of $10,000 per family member. Defines "qualified family member" as any individual who: (1) is related to the taxpayer by blood or marriage; and (2) is diagnosed by a physician as having senile dementia of the Alzheimer type or related organic brain disorders. Defines "qualified care expenses" as payments for: (1) home health agency services; (2) homemaker services; (3) adult day care; (4) respite care; or (5) certain health and equipment and supplies.
Bill· SS. 1741 (99th)open
United States · United States Congress · 7 October 1985
Condominium Cost Reduction Act of 1985 - Amends the Internal Revenue Code to permit an owner of residential rental property to elect to treat the gain from the conversion of such property into condominium units as capital gain. Limits such treatment to owners of structures which were used in the trade or business of the owner for five years prior to conversion. Treats any gain from the sale of such units as ordinary income to the extent that such gain exceeds the allocable capital gain amount.
Bill· SS. 1732 (99th)open
United States · United States Congress · 3 October 1985
Hospital Insurance Trust Fund and Health Promotion Revenue Act of 1985 - Amends the Internal Revenue Code to increase the excise tax on cigarettes from: (1) $8 to $12 for small cigarettes; and (2) $16.80 to $25.20 for large cigarettes. Imposes a floor stock excise tax on small and large cigarettes. Transfers 50 percent of the revenues raised by such additional taxes to the Federal Hospital Insurance Trust Fund (Medicare). Establishes within the Treasury the Health Promotion and Disease Prevention Trust Fund. Transfers to the trust fund 50 percent of the revenues raised by the additional excise taxes on cigarettes.
Bill· HRH.R. 3505 (99th)referred
United States · United States Congress · 3 October 1985
Health Care Savings Account Act of 1985 - Amends the Internal Revenue Code to permit individuals (employees or self-employed individuals) and employers to contribute to health care savings accounts. Limits the amount which may be contributed to a health care savings account each year to no greater than the combined amount of employee and employer hospital insurance (Medicare) payroll tax paid during that year. Provides that the employee or self-employed individual and the employer will each receive a 60 percent tax credit for their respective portion of their hospital insurance payroll tax paid. Provides that a health care savings account shall be exempt from income taxes, except for the tax on certain unrelated business income, and except where such account: (1) engages in prohibited transactions; or (2) is used to pledge as security for a loan. Excludes from gross income of the distributee amounts distributed from a health care savings account provided that these funds are used for eligible medical expenses while the individual is eligible for Medicare. Permits the tax-free rollover of contributions from one health care savings account to another for the benefit of the distributee. Imposes a penalty of ten percent of the amount of any early distributions from a health care savings account. Provides that no amount distributed out of a health care savings account may be taken as a medical expense deduction. Imposes a tax on any excess contributions to such accounts. Imposes a penalty tax on prohibited transactions involving a health care savings account. Imposes a five percent tax on distributions from a health care savings account in the taxable year which reduces the level of all such accounts with respect to the distributee below the total value of health care savings account tax credits for the distributee. Provides exceptions for certain distributions. Imposes a 100 percent tax on such distributions if the distributions are not corrected within the taxable period. Imposes a 50 percent excise tax on the difference between the value of a decedent's health care savings accounts at the time of death and the amount contributed into the spouse's health care savings account at the time of, and on account of, such death. Establishes certain penalties for failure to file required reports with respect to health care savings accounts. Amends title XVIII (Medicare) of the Social Security Act to provide that in the case of an individual who has established a health care savings account, the total amount of any Medicare benefits which will be paid with respect to the individual will be reduced by a health care savings account-related deductible for the year. Provides that this deductible amount will be equal to 60 percent of the amount of medical-related expenditures that could be reasonably underwritten (by an insurance company) for the average Medicare beneficiary assuming that the annual premium will equal the health care savings account annuity. Provides special rules for individuals who cannot obtain insurance to cover their added deductible at the standard premium rates. Provides that these high cost insurance beneficiaries' added deductible is reduced by a proportion reflecting 80 percent of the excess premium required above the standard rate, except that the deductible may not drop below 120 percent of the individual's health care savings account annuity amount. Provides that the health care savings account-related deductible and the annuity amount shall be recalculated upon the qualification of a younger spouse for Medicare. Establishes catastrophic health care expense protection for certain individuals qualifying for Medicare protection. Requires such individuals to have contributed at least one-third of the maximum amount possible over the course of their careers into a health care savings account and at least $100 (indexed for inflation) or 50 percent of the maximum contribution per year, whichever is greater, in ten individual years. Treats surviving spouses without a separate health care savings account as eligible for the catastrophic coverage if the deceased spouse was formerly eligible for catastrophic coverage and the surviving spouse rolls 100 percent of the health care savings account of the deceased spouse into a health care savings account.