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Taxation

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1,001 records in US in 1983

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Bill· HRH.R. 893 (98th)referred

A bill to amend the Internal Revenue Code of 1954 to allow an individual to withdraw amounts from an individual retirement account for the purchase of a principal residence.

United States · United States Congress · 25 January 1983

Amends the Internal Revenue Code to allow an individual to withdraw amounts from an individual retirement account for the purchase of a principal residence. Requires that ten percent of the amount withdrawn shall be included in the gross income of the distributee over a period of ten years beginning with the taxable year in which the distributee: (1) disposes of such principal residence or ceases to use it as a principal residence; or (2) attains the age of 59 1/2. Allows such withdrawals only if: (1) the amount withdrawn is used within 90 days for the purchase of the principal residence; (2) the individual retirement account was established at least 36 months before such withdrawal; (3) the trustee of such account is a qualified home mortgage institution; and (4) the trustee is given at least 60 days notice before such withdrawal.

Bill· HRH.R. 919 (98th)referred

A bill to amend the Internal Revenue Code of 1954 to provide for the establishment of the deduction of contributions to parents and students' savings accounts for educational purposes.

United States · United States Congress · 25 January 1983

Amends the Internal Revenue Code to allow an income tax deduction for cash and other personal property contributions to a parents' and students' savings account (PASS) used exclusively for the purpose of paying the educational expenses of the taxpayer or the taxpayer's child. Limits the amount of such deduction to $1,500 per year, adjusted for inflation. Limits eligibility for such deduction to dependents of the taxpayer, to individuals who have not attained age 21, full-time students at eligible educational institutions of higher learning or vocational schools, members of the Armed Forces on active duty, volunteers in the Peace Corps, or full-time volunteers with certain other organizations. Excludes distributions from such an account from the gross income of the payee so long as such distributions are used for the beneficiary's tuition, fees, books and supplies, and reasonable living expenses. Specifies sanctions for the use of account funds for other than educational purposes. Requires the beneficiary of a PASS account to maintain certain records and file certain documents with the Secretary of the Treasury.

Bill· HRH.R. 890 (98th)referred

A bill to amend the Internal Revenue Code of 1954 to increase the limitations on the deduction for individual retirement savings and to allow individuals covered by employer plans to qualify for such deduction.

United States · United States Congress · 25 January 1983

Amends the Internal Revenue Code to increase to $5,000 ($7,500 for married couples) the limitation on the income tax deduction for individual retirement savings. Allows individuals covered by employer plans to qualify for the deduction for retirement savings.

Bill· HRH.R. 888 (98th)referred

A bill to amend the Internal Revenue Code of 1954 to allow a deduction for dividends paid by domestic corporations.

United States · United States Congress · 25 January 1983

Amends the Internal Revenue Code to allow domestic corporations an income tax deduction for dividends paid by such corporations during the taxable year in lieu of the deduction for dividends received from other corporations. Disqualifies the following types of corporations: (1) S corporations; (2) regulated investment companies; (3) real estate investment trusts; (4) personal holding companies; and (5) domestic international sales corporations (DISC). Limits the amount of the deduction for dividends received from certain foreign corporations to 85 percent of a corporation's taxable income computed without regard to other deductions and the capital loss carryback. Provides that such limitation shall not apply to any corporation which has a net operating loss for the taxable year. Disallows any deduction for dividends on any share of stock which is sold by a taxpayer who has held such stock for less than 15 days (90 days for preferred stock) or stock for which the taxpayer is under an obligation to make corresponding payments with respect to substantially identical stock or securities. Repeals provisions allowing deductions for dividends received on certain preferred stock.

Bill· HRH.R. 884 (98th)referred

Mortgage Interest Rate Reduction Act of 1983

United States · United States Congress · 25 January 1983

Mortgage Interest Rate Reduction Act of 1983 - Amends the Internal Revenue Code to exclude from the gross income of qualified lenders 25 percent of the interest received on certain mortgage loans. Requires that the effective rate of interest on such financing not exceed 90 percent of the prevailing conventional mortgage rate. Specifies that such exclusion is not limited to the lender who originated the loan. Provides that, for purposes of the bad debt deduction for commercial banks, qualified mortgage loans shall be included in computing the percentage of outstanding loans.

Bill· HRH.R. 817 (98th)referred

A bill to amend the Internal Revenue Code of 1954 to increase to $900 the minimum amount a parent not having custody of a child must provide for the support of the child in certain cases in order to claim a personal exemption for the child.

United States · United States Congress · 25 January 1983

Amends the Internal Revenue Code to increase from $600 to $900 per calendar year the minimum amount a parent not having custody of a child must provide for the support of such child in order to claim a personal tax exemption for the child.

Bill· HRH.R. 818 (98th)referred

A bill to amend the Internal Revenue Code of 1954 to provide that income received by handicapped individuals from activities at certain sheltered workshops shall not be taken into account in determining the allowance for a personal exemption with respect to such individual.

United States · United States Congress · 25 January 1983

Amends the Internal Revenue Code to provide that income attributable to services performed by a handicapped dependent at a sheltered workshop shall not be taken into account for purposes of determining allowable personal tax exemptions.

Bill· HRH.R. 836 (98th)referred

Math and Science Education Act

United States · United States Congress · 25 January 1983

Math and Science Education Act - Amends the Internal Revenue Code to allow employers an income tax credit for compensation paid to: (1) precollege mathematics and science teachers hired for the summer months for employment which provides experience in the applied use of high technology; and (2) permanent employees who teach precollege mathematics or science at a public school without compensation from such school. Sets the amount of such credit at the sum of: (1) 50 percent of the aggregate compensation paid to teachers employed for the summer months; plus (2) 100 percent of the aggregate compensation paid to permanent employees who teach at public schools. Limits the amount of compensation paid to a permanent employee which may be taken into account to $1,000 multiplied by the number of months such employee teaches in a public school. Requires that teachers hired for the summer months must be paid an aggregate salary greater than 25 percent of their annual teaching salary. Requires that permanent employees who teach at public schools must teach at an elementary or secondary school for at least ten hours per week (at least five of which must be actual instruction in the classroom) at the request of the school district administrators.

Bill· HRH.R. 815 (98th)referred

A bill to amend the Revenue Act of 1978 to provide that, with respect to the amendments allowing the investment tax credit for single purpose agricultural or horticultural structures, credit or refund shall be allowed without regard to the statute of limitations for certain taxable years to which such amendments apply.

United States · United States Congress · 25 January 1983

Amends the Revenue Act of 1978 to provide that any credit or refund resulting from the qualification of single purpose agricultural or horticultural structures for the investment tax credit shall be allowed without regard to the statute of limitations or any rule of law (including res judicata) which may apply to taxable years to which the credit applies.

Bill· HRH.R. 790 (98th)referred

Educational Opportunity and Equity Act of 1982

United States · United States Congress · 25 January 1983

Educational Opportunity and Equity Act of 1982 - Amends the Internal Revenue Code to allow individual taxpayers an income tax credit for 50 percent of the tuition paid to an elementary or secondary educational institution for any dependents who have not attained the age of 20. Limits such credit to: (1) $100 in 1984; (2) $300 in 1985; and (3) $500 in 1986 and thereafter. Reduces such credit by specified percentages of the amount by which the adjusted gross income of the taxpayer exceeds $50,000. Reduces such credit by any amounts paid to the taxpayer or his dependents as scholarships or other financial assistance. Disallows such credit for tuition paid to schools found to maintain racially discriminatory policies. Requires all educational institutions which receive tuition payments for which such credit is taken to file with the Secretary of Treasury a statement, subject to the penalties for perjury, declaring that the institution does not follow a racially discriminatory policy. Requires a taxpayer claiming such credit to attach a copy of such statement to the income tax return. Authorizes the Attorney General, upon the filing of a petition alleging racial discrimination, to bring an action for declaratory judgment against an educational institution to determine whether the institution has followed a racially discriminatory policy.

Bill· HRH.R. 820 (98th)referred

A bill to amend the Internal Revenue Code of 1954 to clarify the tax-exempt status of agricultural and horticultural organizations operated for the purpose of bargaining collectively for the sale of members' products.

United States · United States Congress · 25 January 1983

Amends the Internal Revenue Code to confer tax-exempt status upon agricultural and horticultural organizations operated as collective bargaining agents for the sale of members' unprocessed products.

Bill· HRH.R. 816 (98th)referred

A bill to amend the Internal Revenue Code of 1954 to provide for the taxation of crude oil purchasing cooperatives.

United States · United States Congress · 25 January 1983

Amends the Internal Revenue Code to grant tax-exempt status to crude oil purchasing cooperatives . Defines "crude oil purchasing cooperative" as a cooperative purchasing association all of whose members are independent refiners or cooperatives described in specified Internal Revenue Code provisions and which is organized and operated for purposes of: (1) purchase of crude oil and resale to members, nonmember independent refiners, and certain other nonmember cooperatives, and return of proceeds of such resales, less necessary expenses; (2) purchase of supplies and equipment for such parties at cost, plus necessary expenses; (3) trading and storage of crude oil; and (4) insurance of risks associated with the organization's activities.

Bill· HRH.R. 765 (98th)referred

A bill to amend the Internal Revenue Code of 1954 to increase to $2,500 the maximum deduction for contributions to retirement savings and to allow individuals to compute the amount of the deduction for payments into retirement savings on the basis of the compensation of their spouses.

United States · United States Congress · 25 January 1983

Amends the Internal Revenue Code to increase to $2,500 the maximum deduction for contributions to retirement savings plans. Allows certain individuals to compute the amount of the income tax deduction for retirement savings on the basis of the earned income of their spouses, without regard to any community property laws.

Bill· HRH.R. 767 (98th)referred

Small Savers Act of 1981

United States · United States Congress · 25 January 1983

Small Savers' Act of 1981 - Amends the Internal Revenue Code to exclude from gross income up to $2,000 of interest income earned on savings accounts.

Bill· HRH.R. 700 (98th)open

A bill to define the circumstances under which construction workers may deduct travel and transportation expenses in computing their taxable incomes for purposes of the Federal income tax.

United States · United States Congress · 6 January 1983

Amends the Internal Revenue Code with respect to deductions for ordinary and necessary business expenses to provide a special rule for construction workers' travel and transportation expenses. Provides that a job at a site located more than 30 miles from a worker's residence: (1) shall be considered temporary for the first two years of employment at that site; and (2) shall be considered temporary or not temporary after the first two years based on an examination of all the facts and circumstances. Provides that no deduction shall be disallowed solely because a construction worker's employment at a job site is of indefinite duration. Prohibits the application of the "one-year" rule set forth in Revenue Ruling 59-371, which specifies the length of time which automatically or presumptively classifies the job as other than temporary. Defines "construction worker," for purposes of this Act, as any individual employed as a skilled, semiskilled, or unskilled laborer in the building or construction industry.

Bill· HRH.R. 697 (98th)open

A bill to amend the Internal Revenue Code of 1954 to expand the circumstances where relief from liability for income tax (and penalties and interest with respect thereto) is provided to a spouse for a deficiency with respect to a joint return, and to provide similar relief with respect to certain separate returns of married individuals.

United States · United States Congress · 6 January 1983

Amends the Internal Revenue Code to revise rules relating to an innocent spouse who files a joint return in which there is a substantial understatement of tax attributable to grossly erroneous items of the other spouse. Relieves from tax liability for items of community income a taxpayer who is living apart from a spouse and who files a seperate return which does not include an item of community income attributable to the taxpayer's spouse.

Bill· HRH.R. 676 (98th)open

A bill to amend the Internal Revenue Code of 1954 to provide that certain indebtedness incurred by educational organizations in acquiring or improving real property shall not be treated as acquisition indebtedness for purposes of the tax on unrelated business taxable income.

United States · United States Congress · 6 January 1983

Amends the Internal Revenue Code to provide that indebtedness incurred by certain educational organizations or deferred compensation plans in acquiring or improving real property shall not be treated as acquisition indebtedness for purposes of the tax on unrelated business taxable income.

Bill· HRH.R. 677 (98th)open

A bill to provide that subtitles A and C of the Internal Revenue Code of 1954 shall be applied without regard to the value of lodging located in the proximity of an educational institution and furnished by such institution to its employees for taxable years or periods beginning before January 1, 1984.

United States · United States Congress · 6 January 1983

Excludes from the gross income of employees of educational institutions, for income and social security tax purposes, the value of lodging provided to such employees which is located near their place of employment.

Bill· HRH.R. 701 (98th)open

Computer Contribution Act of 1983

United States · United States Congress · 6 January 1983

Computer Contribution Act of 1983 - Amends the Internal Revenue Code to increase for one year the maximum allowable charitable contribution income tax deduction for corporations which donate computers during 1984 to primary and secondary schools. Requires that contributions be nondiscriminatory as to geographic areas or economic status of the donees, and be used directly in the education of students.

Bill· HRH.R. 699 (98th)reported

A bill to amend the Internal Revenue Code of 1954 with respect to the tax treatment of certain conversions of residential rental property into condominium units.

United States · United States Congress · 6 January 1983

Amends the Internal Revenue Code to permit the owner of residential rental property to elect to treat gain from the conversion of such property into condominium units as capital gain. Treats any gain from the sale of such units as ordinary income to the extent that such gain exceeds the fair market value of the property. Provides that the fair market value of the rental property shall be determined immediately before conversion and without regard to improvements made in anticipation of such conversion.

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