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Bill· HRH.R. 1983 (97th)referred
United States · United States Congress · 23 February 1981
Amends the Internal Revenue Code to prohibit any State, or political subdivision thereof, which imposes an income tax on a corporation from taking into account any amount of income of, or attributable to, any foreign corporation which is also a member of an affiliated group to which the domestic corporation belongs, unless such amount is subject to Federal income tax. Prohibits any State, or political subdivision thereof, from taxing or otherwise taking into account: (1) the amount of the deduction for dividends paid by a corporation which has elected the Puerto Rico and possession tax credit for the taxable year; or (2) a certain percentage (determined according to specified formulae) of any dividend received from a domestic corporation which is not treated as income from sources within the United States (or a dividend received by a corporation from a foreign corporation).
Resolution· HCONRESH.Con.Res. 73 (97th)referred
United States · United States Congress · 23 February 1981
Expresses the sense of the Congress that legislation providing for withholding of Federal income tax from dividends and interest should not be enacted.
Bill· SS. 526 (97th)open
United States · United States Congress · 20 February 1981
Fiscal Responsibilities Act of 1980 - Title I: To Discourage Taxflation by Requiring an Affirmative Vote of Congress before Tax Receipts Increase as a Percentage of Gross National Product - Amends the Congressional Budget Act of 1974 to require a separate vote of approval in both the House of Representatives and the Senate if any concurrent resolution on the budget sets forth a level of tax receipts which, expressed as a percentage of the gross national product, exceeds the previous fiscal year's tax level. Title II: To Require Approval by Three-Fifths of the Members of the House of Representatives and the Senate of any Budget which Provides for a Deficit - Amends the Congressional Budget Act of 1974 to require the completion of action on the total budgetary figures contained in a concurrent resolution on the budget before any amendment to the amounts listed under the functional categories may be considered. Requires a three-fifths vote in both the House and Senate to adopt any budget resolution which recommends a deficit. Title III: To Require the President to Submit a Balanced Budget in which Neither Expenditures nor Revenues Exceed 21 Percent of the Gross National Product - Amends the Budget and Accounting Act, 1921, to limit the estimates of Federal expenditures and receipts contained in the President's budget to 21 percent of the gross national product. Requires the President, in the event that he submits a budget exceeding these limits, to submit at the same time an alternate budget which does not exceed them.
Bill· SS. 518 (97th)open
United States · United States Congress · 20 February 1981
Personal Savings and Retirement Enhancement Act - Amends the Internal Revenue Code to increase to $5,000 ($10,000 in the case of a joint return) the amount of interest and dividend income which may be excluded from gross income. Allows a tax credit equal to seven percent of the amounts paid by an individual during the taxable year (not to exceed $126, or $252 for a married individual filing a joint return) for the purchase of special emergency savings certificates. Limits such credit to the purchase of certificates of deposit issued by a savings bank with a face value of $50 or $100, bearing interest at either five percent (for a $50 certificate) or six percent (for a $100 certificate), for a term of one year. Requires purchase of such certificate within 180 days after enactment of this Act. Increases the deductible amount of contributions by or on behalf of an individual to an individual retirement savings account from 15 percent to 20 percent, with an increased maximum amount of $2,000 for single individuals, $2,400 for married individuals. Repeals the current prohibition on participation in other retirement programs. Allows the transfer of funds from special emergency savings certificates to individual retirement accounts within the first 360 days after enactment of this Act.
Bill· SS. 523 (97th)open
United States · United States Congress · 20 February 1981
Amends the Internal Revenue Code to repeal provisions allowing the foreign tax credit. Requires the immediate inclusion in gross income of U.S. taxpayers' pro rata shares of controlled foreign corporations' net profits which can legally be distributed. Allows domestic corporations an exclusion from gross income of previously taxed earnings and profits of a foreign corporation of which they own, directly or indirectly, specified portions of the voting stock. Allows individuals an election to be taxed at corporate rates under these provisions.
Bill· SS. 519 (97th)open
United States · United States Congress · 20 February 1981
Family Enterprise Protection Act of 1981 - Amends the Internal Revenue Code to increase the unified credit against the estate and gift tax from $47,000 to $155,800. Provides for a phase-in amount of such credit in 1981 of $121,800. Increases from $175,000 to $500,000 the minimum gross estate for which the filing of a tax return is required. Increases the amount of the annual gift tax exclusion from $3,000 to $10,000.
Bill· SS. 527 (97th)open
United States · United States Congress · 20 February 1981
Family Farm Preservation Act - Amends the Internal Revenue Code to include in the unrelated business taxable income of a qualified pension, profit-sharing, or stock bonus trust or a supplemental unemployment compensation benefit trust any gain from the sale or exchange of, and rents from, open pasture land and farmland.
Bill· SS. 498 (97th)open
United States · United States Congress · 19 February 1981
Amends the Internal Revenue Code to provide homebuilders with an income tax credit for the construction of residences which incorporate a passive solar energy system. Directs the Secretary of the Treasury, after consultation with the Secretaries of Energy and Housing and Urban Development, to prescribe regulations setting forth a solar construction credit table for purposes of determining the amount of the credit for which the incorporator of the solar energy system is eligible. Limits the dollar amount of such credit to $2,000. Defines "passive solar energy system" as a system which contains a solar collection area, an absorber, a storage mass, a heat distribution method, and heat regulation devices. Requires such system to be installed in a new residence after September 30, 1981 and before January 1, 1987.
Bill· SS. 501 (97th)open
United States · United States Congress · 19 February 1981
Amends the Internal Revenue Code to eliminate adjusted net income as a standard for determining the amount which a private foundation is required to distribute to avoid the tax on undistributed income.
Bill· SS. 499 (97th)open
United States · United States Congress · 19 February 1981
Amends the Internal Revenue Code to permit the reinvestment of proceeds from the sale or exchange of a radio or television broadcasting station required to effectuate policies of the Federal Communications Commission (FCC) in a newspaper without the loss of preferential tax treatment (i.e. nonrecognition of the gain from such sale or exchange as an involuntary conversion).
Bill· SS. 500 (97th)open
United States · United States Congress · 19 February 1981
Amends the Internal Revenue Code to provide an annual inflation adjustment of the net income amount used in determining the amount which a private foundation is required to distribute to avoid the tax on undistributed income.
Bill· SS. 502 (97th)open
United States · United States Congress · 19 February 1981
Amends the Internal Revenue Code to grant tax-exempt status to a trust, corporation, or fund formed by a foreign segregated asset pension plan maintained primarily for the benefit of nonresident alien employees. Requires, as a condition for such tax-exemption, that the pension plan be eligible for preferential tax treatment in the foreign country in which it is maintained.
Law· HRH.R. 1952 (97th)enacted
United States · United States Congress · 19 February 1981
Extends through FY 1984 the authorizations of appropriations to the Secretaries of Defense and Interior (under the "Sikes Act") for specified conservation programs on military reservations and public lands, including programs for fish and wildlife habitat enhancement, public recreation, and data collection, research, planning, and rehabilitation.
Bill· HRH.R. 1953 (97th)passed
United States · United States Congress · 19 February 1981
Amends the Environmental Quality Improvement Act of 1970 to extend, through fiscal year 1984, the authorization of appropriations for the Office of Environmental Quality and the Council on Environmental Quality.
Bill· HRH.R. 1964 (97th)open
United States · United States Congress · 19 February 1981
Allows motor carriers an income tax deduction for the value of motor carrier operating authorities rendered worthless by deregulation or $50,000, whichever is greater. Requires the deduction of such amount over a 36 month period.
Bill· HRH.R. 1961 (97th)open
United States · United States Congress · 19 February 1981
Amends the Internal Revenue Code to increase to $1,000 ($2,000 in the case of a joint return) the amount of interest and dividend income which may be excluded from gross income. Amends the Crude Oil Windfall Profit Tax Act of 1980 to repeal the termination date for such exclusion.
Bill· HRH.R. 1967 (97th)referred
United States · United States Congress · 19 February 1981
Title I: Statement of Antitrust Policy - Amends the Clayton Antitrust Act to set forth Congressional findings that private antitrust suits are a vital part of the effort to enforce the antitrust laws and that allowing a tax deduction for punitive damage payments weakens the deterrent effect of antitrust laws. Title II: Amendments to the Internal Revenue Code of 1954 - Amends the Internal Revenue Code to disallow tax deductions for antitrust punitive damages paid or incurred by a taxpayer.
Bill· HRH.R. 1955 (97th)referred
United States · United States Congress · 19 February 1981
Authorizes appropriations for fiscal year 1982 for the Navy to research, develop, test, and evaluate a shallow underwater missile (SUM) submarine system capable of launching intercontinental ballistic missiles (ICBM's), including MX missiles.
Bill· HRH.R. 1960 (97th)referred
United States · United States Congress · 19 February 1981
Amends the Internal Revenue Code to provide homebuilders with an income tax credit for the construction of residences which incorporate a passive solar energy system. Directs the Secretary of the Treasury, after consultation with the Secretaries of Energy and Housing and Urban Development, to prescribe regulations setting forth a solar construction credit table for purposes of determining the amount of the credit for which the incorporator of the solar energy system is eligible. Limits the dollar amount of such credit to $2,000 for calendar years prior to 1987 and phases out the amount of the credit by $500 decrements until 1990 when such credit terminates. Defines a "passive solar energy system" as a system which contains a solar collection area, an absorber, a storage mass, a heat distribution method, and heat regulation devices. Requires such system to be installed in a new residence after September 30, 1981, and before January 1, 1990.
Bill· HRH.R. 1974 (97th)referred
United States · United States Congress · 19 February 1981
Amends the Internal Revenue Code to exempt from the windfall profit tax an amount of crude oil equal to the amount of residual fuel oil used in the production of otherwise taxable crude oil. Defines "residual fuel oil."
Bill· HRH.R. 1963 (97th)referred
United States · United States Congress · 19 February 1981
Amends the Internal Revenue Code to provide homebuilders with an income tax credit for the construction of residences which incorporate a passive solar energy system. Directs the Secretary of the Treasury, after consultation with the Secretaries of Energy and Housing and Urban Development, to prescribe regulations setting forth a solar construction credit table for purposes of determining the amount of the credit for which the incorporator of the solar energy system is eligible. Limits the dollar amount of such credit to $2,000 for calendar years prior to 1987 and phases out the amount of the credit by $500 decrements until 1990 when such credit terminates. Defines a "passive solar energy system" as a system which contains a solar collection area, an absorber, a storage mass, a heat distribution method, and heat regulation devices. Requires such system to be installed in a new residence after September 30, 1981, and before January 1, 1990.
Bill· HRH.R. 1958 (97th)referred
United States · United States Congress · 19 February 1981
Amends the Internal Revenue Code to qualify fire prevention property for the investment tax credit. Defines "fire prevention property" as depreciable property with a useful life of three years or more which is: (1) an automatic sprinkler system; (2) an early fire detection system; (3) a fire extinguisher; (4) a fire-rated door or wall; or (5) an item which, pursuant to regulations, the Secretary of the Treasury specifies as increasing a building's fire safety.
Bill· HRH.R. 1951 (97th)referred
United States · United States Congress · 19 February 1981
Amends the Internal Revenue Code to allow pensioners under a public retirement system and other retirees aged 65 or over a $5,000 exclusion from gross income for any amount received as an annuity, pension, or other retirement benefit.
Bill· HJRESH.J.Res. 180 (97th)open
United States · United States Congress · 19 February 1981
Constitutional Amendment - Requires the Congress to adopt for the United States a budget for each fiscal year. Requires such budget to provide that the expenditures of the United States do not exceed the receipts and do not exceed 20 percent of the average gross national product of the United States for the three calendar years immediately preceding the beginning of such fiscal year. Deems the receipts in excess of expenditures during a fiscal year to be receipts of the United States for the succeeding fiscal year or funds for the purpose of providing tax relief for taxpayers. Permits the suspension of such prohibition by a declaration of war made by Congress or the physical inability of Congress to meet and consider such a declaration as a result of armed attack. Makes such suspension effective so long as the hostilities continue. Permits suspension of such prohibition during a state of national emergency declared by a concurrent resolution approved by a two-thirds vote of the Members of Congress. Requires any public debt incurred as a result of the adoption of such a concurrent resolution to be extinguished by the end of the fifth consecutive fiscal year.
Bill· HJRESH.J.Res. 181 (97th)open
United States · United States Congress · 19 February 1981
Constitutional Amendment - Prohibits the total expenditure of Government funds during any fiscal year from exceeding the total revenue of the Government as projected by the Congress for that fiscal year. Permits a suspension of such prohibition with respect to any fiscal year during any part of which the United States is in a state of war declared by Congress or any fiscal year that a national emergency exists and the Congress, by a two-thirds vote of each House, adopts a joint resolution stating that such national emergency requires a suspension. Requires such joint resolution to be approved by the President. Permits the total expenditures during any such fiscal year to exceed the total revenue as projected by Congress by two percent. Requires any deficit to be extinguished by the end of the fifth fiscal year after the fiscal year in which such deficit occurred. Declares that any surplus shall be deemed revenue of the Government for the following fiscal year.
Bill· HRH.R. 1912 (97th)open
United States · United States Congress · 18 February 1981
Amends the Internal Revenue Code to increase to $2,000 ($4,000 in the case of a joint return) the amount of interest and dividend income which may be excluded from gross income. Amends the Crude Oil Windfall Profit Tax Act of 1980 to repeal the termination date for such exclusion.
Bill· HRH.R. 1901 (97th)open
United States · United States Congress · 18 February 1981
Amends the Internal Revenue Code to allow the income tax deduction for contributions to individual retirement savings even though the taxpayer is an active participant in a tax-qualified employer pension plan. Increases the maximum deduction allowed for such contributions and requires the Secretary of the Treasury to provide a simple-language explanation for the requirements and benefits of such deduction.
Bill· HRH.R. 1907 (97th)open
United States · United States Congress · 18 February 1981
Amends the Internal Revenue Code to increase to $2,500 ($1,250 for a married individual filing a separate return) the amount of interest which may be excluded from gross income. Amends the Crude Oil Windfall Profit Tax Act of 1980 to repeal the termination date for the tax exclusion of interest and dividend income.
Bill· HRH.R. 1894 (97th)open
United States · United States Congress · 18 February 1981
Dependent Care Amendments Act of 1981 - Amends the Internal Revenue Code to increase the rate of the income tax credit for household and dependent care expenses, based upon family income. Makes such credit refundable. Increases the amount of allowable dependent care expenses eligible for the credit. Permits the dependent care credit for the care of dependents over the age of 14 or handicapped dependents outside of the home, if such dependents return to the taxpayer's household each day. Imputes a minimum level of earned income to individuals engaged in business on a substantially full-time basis (35 hours a week) for purposes of insuring eligibility for the household and dependent care credit in cases where the taxpayer has little or no income for the taxable year. Grants tax-exempt status to organizations providing dependent care services to the general public. Allows an employee to claim a dependent care credit for the value of employer-provided dependent care services if the value of such services are included in the gross income of the employee.
Bill· HRH.R. 1917 (97th)open
United States · United States Congress · 18 February 1981
Amends the Federal Civil Defense Act of 1950 to authorize appropriations for the purposes of such Act for fiscal years 1982 through 1988.
Bill· HRH.R. 1891 (97th)open
United States · United States Congress · 18 February 1981
Authorizes appropriations for the National Telecommunications and Information Administration for fiscal years 1982, 1983, and 1984.
Bill· HRH.R. 1936 (97th)referred
United States · United States Congress · 18 February 1981
Amends the Internal Revenue Code to allow taxpayers to value any excess inventory of books, maps, sheet music, periodicals, or similar printed material at the net realizable value of such inventory.
Bill· HRH.R. 1932 (97th)referred
United States · United States Congress · 18 February 1981
Emergency Home Purchase and Inventory Reduction Act of 1981 - Amends the Internal Revenue Code to allow individual taxpayers a refundable income tax credit for five percent of the purchase of a new principal residence. Limits the dollar amount of such credit to $5,000. Specifies that such credit is available with respect to only one residence of the taxpayer. Requires the recapture of credit amounts for the purchase of a new principal residence if such residence is sold within 36 months after the date of acquisition.
Bill· HRH.R. 1924 (97th)referred
United States · United States Congress · 18 February 1981
Amends the Internal Revenue Code to exempt from taxation income earned from sources outside the United States for all individuals who are bona fide residents of foreign countries or who are present in a foreign country for a specified time (current law excludes such income of such individuals only if they reside in camps located in hardship areas). Eliminates restrictions on such tax exclusion with respect to: (1) the dollar amount of such exclusion; (2) the taxable year to which the income earned abroad is attributed; (3) community income earned abroad; and (4) meals and lodgings provided by the employer. Repeals provisions added by the Tax Reform Act of 1976 which allow income tax deductions for various expenses related to living abroad.
Bill· HRH.R. 1921 (97th)referred
United States · United States Congress · 18 February 1981
Amends the Internal Revenue Code to allow individuals who are renters of their principal residences an income tax credit for 25 percent of their proportionate share of the State and local real property taxes imposed upon the property on which the residence is located. Limits the amount of the credit to the amount of rent paid by the taxpayer during the taxable year.
Bill· HRH.R. 1935 (97th)referred
United States · United States Congress · 18 February 1981
Tax Reform Act of 1981 - Amends the Internal Revenue Code to repeal the percentage depletion allowable for independent oil and gas producers and royalty owners. Repeals the tax treatment of intangible drilling and development costs for oil and gas wells (except nonproductive wells) as currently deductible expenses. Requires such costs to be capitalized and amortized over a 168-month period. Denies the foreign tax credit for foreign oil and gas extraction taxes. Treats income from the extraction of foreign oil and gas, for purposes of the limitation on such credit, as income from sources within the United States. Allows a deduction for such taxes. Repeals the exemption from taxation of a domestic international sales corporation (DISC). Terminates DISC status for any corporation for taxable years beginning after December 31, 1980. Includes in the gross income of a U.S. shareholder of a controlled foreign corporation, with specified exceptions, the taxpayer's pro rata share of the corporation's undistributed profits for the taxable year. Terminates the inclusion of certain amounts in the gross income of such a shareholder with respect to taxable years beginning after December 31, 1980. Disallows the deduction for entertainment, amusement, or recreation expenses related to the active conduct of the taxpayer's trade or business. Reduces to one-half of the expenses the amount allowable as a deduction for business meals.
Bill· HRH.R. 1913 (97th)referred
United States · United States Congress · 18 February 1981
Amends the Internal Revenue Code to allow a refundable income tax credit for amounts paid or incurred for television subtitle equipment for use by hearing-impaired individuals.
Bill· HRH.R. 1900 (97th)referred
United States · United States Congress · 18 February 1981
Amends the Internal Revenue Code to provide that the $2,000 credit for the purchase of a new residence will not be recaptured where the taxpayer replaces such residence with another principal residence.
Bill· HRH.R. 1915 (97th)referred
United States · United States Congress · 18 February 1981
Family Business, Ranch, and Farm Protection Act of 1980 - Amends the Internal Revenue Code to reduce the value of any jointly held interest in a decedent's gross estate by up to 50 percent (not to exceed $500,000) of any real or tangible property devoted to use as a farm or to use in any other trade or business where the decedent's spouse and/or children materially participated in the operation of such farm, trade, or business. Specifies a formula for the computation of the special value of any such interest. Imposes an additional tax to recapture any such tax benefits should the spouse and/or child dispose of any interest in such property within five years following the decedent's death.
Bill· SS. 483 (97th)open
United States · United States Congress · 17 February 1981
Amends the Internal Revenue Code to exempt from the excise tax on wagers and the occupational tax on persons engaged in the business of accepting wagers any wager or any such person authorized under State law (or in the case of the occupational tax, under local law as well) to accept wagers.
Bill· SS. 487 (97th)open
United States · United States Congress · 17 February 1981
Research Promotion Act - Amends the Internal Revenue Code to allow a nonrefundable income tax credit for ten percent of the business-related research and experimental expenditures incurred during the taxable year. Prohibits such a credit if the taxpayer's gross receipts exceed $250,000,000 for the preceding taxable year. Provides for a three year carryback and seven year carryover of unused credits.
Bill· SS. 486 (97th)open
United States · United States Congress · 17 February 1981
Retirement Savings Act of 1981 - Amends the Internal Revenue Code to allow an individual income tax deduction for amounts paid in cash by or on behalf of an individual to a qualified retirement plan (currently excluded from such deduction) in which such individual was an active participant for any part of the taxable year. Defines a qualified retirement plan to include: (1) a private tax-exempt pension, profit-sharing, or stock bonus plan; (2) an employee annuity plan; (3) a qualified bond purchase plan; or (4) a specified type of pension plan provided for employees of life insurance companies.
Bill· SS. 492 (97th)open
United States · United States Congress · 17 February 1981
Amends the Internal Revenue Code to increase to $1,000 ($2,000 in the case of a joint return) the amount of dividend and interest income which may be excluded from gross income.
Bill· SS. 488 (97th)open
United States · United States Congress · 17 February 1981
Research Tax Incentive Act - Amends the Internal Revenue Code to allow an additional ten percent investment tax credit for investment in research and experimental property for use in a trade or business. Denies such credit to taxpayers whose gross receipts were in excess of $250,000,000 for a taxable year or whose research and experimental expenditures did not exceed 2.5 percent of their gross receipts for a taxable year. Extends the investment tax credit to buildings and structural components used in research and experimentation. Requires the recapture of credit amounts if investment property ceases to be used for research and experimental purposes. Allows the amortization of research and experimental property, in lieu of the additional investment tax credit, based on a period of not less than 60 months.
Bill· HRH.R. 1864 (97th)open
United States · United States Congress · 17 February 1981
Research Revitalization Act of 1981 - Amends the Internal Revenue Code to permit business an income tax credit of 25 percent of the cash contributions made to a reserve fund established to finance business-related research or experimentation. Limits the total amount of such credit to five percent of taxable business income. Exempts such reserve fund from income taxation. Allows an income tax deduction for research expenses paid out of the reserve fund during the taxable year. Specifies that research financed pursuant to this Act shall be performed by an institution of higher education. Prescribes tax penalties for the use of funds from the research reserve for purposes other than research and experimentation.
Bill· HRH.R. 1873 (97th)open
United States · United States Congress · 17 February 1981
Amends the Internal Revenue Code to increase the amount of interest and dividend income which may be excluded from gross income to $1,000 for individuals under age 62 and to $4,000 for individuals over age 62. Amends the Crude Oil Windfall Profit Tax Act of 1980 to repeal the termination date for such exclusion.
Bill· HRH.R. 1848 (97th)open
United States · United States Congress · 17 February 1981
Amends the Internal Revenue Code and title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to reduce the tax rates applicable to employers, employees, and self-employment income for old age, survivors and disability insurance. Increases Federal contributions to the Federal Old-Age and Survivors Insurance Trust Fund, the Federal Disability Insurance Trust Fund, and the Federal Hospital Insurance Trust Fund established under title XVIII (Medicare) of the Social Security Act by 50 percent. Increases the ceiling on the amount of income subject to taxation under the OASDI program to $100,000 in 1982.
Bill· HRH.R. 1860 (97th)referred
United States · United States Congress · 17 February 1981
Amends the Internal Revenue Code to repeal the requirement that the operating capacity of intercity buses must increase for such property to qualify for the investment tax credit. Treats a lessee of such property, in the case of an election with respect to applying the energy percentage, as having acquired the property for purposes of applying the energy percentage only.
Bill· HRH.R. 1861 (97th)referred
United States · United States Congress · 17 February 1981
Oil Industry Tax Reform Act of 1981 - Amends the Internal Revenue Code to disallow an income tax credit for foreign taxes paid by domestic corporations on foreign oil-related income. Treats such taxes as royalties for which a deduction or exclusion from foreign source income would be allowed. Requires the payment of income taxes at the corporate level on the foreign oil-related income of domestic corporations.
Bill· HRH.R. 1863 (97th)referred
United States · United States Congress · 17 February 1981
Refundable Investment Tax Credit Act of 1981 - Amends the Internal Revenue Code to provide for the refunding of investment tax credit amounts which exceed tax liability.
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