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Bill· HRH.R. 1905 (96th)referred
United States · United States Congress · 8 February 1979
Amends the Internal Revenue Code to prohibit the Internal Revenue Service from terminating the tax-exempt status of an educational institution for reasons of racial discrimination unless such organization has been adjudicated as racially discriminatory by a State or Federal court.
Bill· HRH.R. 1897 (96th)referred
United States · United States Congress · 8 February 1979
Tax Averaging Equity Act - Amends the Internal Revenue Code to exempt certain individuals utilizing income averaging from the minimum income attribution rules for former spouses.
Bill· HRH.R. 1914 (96th)referred
United States · United States Congress · 8 February 1979
Motor Vehicle Tax Repeal Act of 1979 - Amends the Internal Revenue Code to repeal the excise tax on the sale of trucks, tractors, and parts and accessories for such vehicles. Permits the refund or crediting of taxes paid by the manufacturer, producer, or importer on items sold after January 1, 1979.
Bill· SJRESS.J.Res. 36 (96th)referred
United States · United States Congress · 7 February 1979
Constitutional Amendment - Prohibits the Congress from making any appropriation which would result in a level of total appropriations for any fiscal year exceeding the total estimated receipts of the United States for such year. Authorizes suspension of such prohibition in the case of a national emergency, including a state of war formally declared by Congress, by either a concurrent resolution recommended by the President or a joint resolution introduced in either House of Congress.
Bill· SS. 336 (96th)referred
United States · United States Congress · 5 February 1979
Amends the Internal Revenue Code to allow certain married individuals, who do not file a single joint return with their spouses, to elect the same tax rates currently applicable to unmarried individuals (other than surviving spouses and heads of households), without regard to any community property laws. Entitles any married individual making such an election to claim the income tax credit for dependent care services paid for under specified circumstances, even though such individual did not contribute over half of the support of the dependent concerned.
Bill· HRH.R. 1841 (96th)referred
United States · United States Congress · 5 February 1979
Amends the Internal Revenue Code to allow renters of their principal residence an income tax credit for 30 percent of their proportionate share of the State and local real property taxes imposed upon the property on which their residence is located. Stipulates that the amount of the allowable credit may not exceed the amount of rent paid by the taxpayer during the taxable year.
Bill· HRH.R. 1848 (96th)referred
United States · United States Congress · 5 February 1979
Prohibits the Secretary of the Treasury from implementing a proposed revenue procedure entitled, "Proposed Revenue Procedure on Private Tax-Exempt Schools," or any other guidelines for determining whether private schools have forfeited their tax-exempt status through the adoption of racially discriminatory policies, during the period beginning with the enactment of this Act and ending on December 31, 1980.
Bill· HRH.R. 1847 (96th)referred
United States · United States Congress · 5 February 1979
Amends the Internal Revenue Code to allow an income tax deduction for the current fair market value of charitable contributions of literary, musical, or artistic compositions created by the taxpayer, without any reduction for appreciation.
Bill· HRH.R. 1842 (96th)referred
United States · United States Congress · 5 February 1979
Individual Housing Act of 1979 - Amends the Internal Revenue Code to allow individuals an income tax deduction of up to $3,000 annually and $15,000 in a lifetime for cash contributions to an individual housing account (IHA) established to finance the purchase of a principal residence for the taxpayer. Exempts IHA's from income taxation. Excludes from gross income distributions to a taxpayer from an individual housing account used to purchase a principal residence. Allows an income tax deduction for sales taxes on items used in the construction of new homes. Allows a refundable income tax credit for the amount of interest income which a taxpayer loses on amounts paid as real property tax prepayments. Limits the amount of such credit to $200 for the taxable year.
Bill· HRH.R. 1843 (96th)referred
United States · United States Congress · 5 February 1979
Amends the Internal Revenue Code to increase the excise tax on small cigarettes to $8 per thousand, and the tax on large cigarettes to $16.80 per thousand.
Bill· SS. 315 (96th)referred
United States · United States Congress · 1 February 1979
Amends the Internal Revenue Code to reduce the general excise tax rate on air transportation of persons in the United States, during the period from October 2, 1979, through June 30, 1980, from eight percent to six percent. Reduces the general excise tax rate on air transportation of property, during such period from five percent to three percent.
Bill· SS. 326 (96th)referred
United States · United States Congress · 1 February 1979
Taxpayers' Bill of Rights Act - Requires the Secretary of the Treasury to prepare, for distribution to taxpayers, brief but comprehensive pamphlets which set forth in nontechnical terms: (1) the rights and obligations of taxpayers during an audit; (2) the procedures which the Internal Revenue Service 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 pamphlet to accompany the first communication from the Service to any taxpayer regarding tax liability. Establishes within the Internal Revenue Service an Office of Taxpayer Services, directed by an Assistant Commissioner of Internal Revenue, whose primary responsibilities shall include: (1) assisting taxpayers with information about tax returns, audits corrections, appeals procedures, and payment or document location; and (2) receiving and evaluating complaints of improper, abusive, or inefficient service by Internal Revenue Service personnel. Authorizes the Assistant Commissioner for Taxpayer Services to issue a Taxpayer Assistance Order prohibiting the Secretary, for up to 60 days after such issuance, from taking any assessment, collection, or other action adverse to a taxpayer if, the Assistant Commissioner determines that such taxpayer is suffering from an unusual, unnecessary, or irreparable loss as a result of such action. 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 which are not directly related to such tax laws; 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. Requires the Internal Revenue Service, upon a taxpayer's request, to conduct any interview regarding a deficiency assessment in the taxpayer's residence or place of business, at a reasonable time convenient to the taxpayer.
Bill· HRH.R. 1817 (96th)referred
United States · United States Congress · 1 February 1979
Intergovernmental Antirecession and Supplementary Fiscal Assistance Amendments of 1979 - Amends the Public Works Employment Act of 1976 to add to the congressional findings under such Act that both an antirecession fiscal assistance program and a supplementary fiscal assistance program which aid governments requiring fiscal relief are essential elements of a sound Federal fiscal policy. Extends the authorization of appropriations for antirecession fiscal assistance through September 30, 1980. Provides for the suspension of such assistance in certain circumstances if the unemployment rate does not exceed six percent. Amends such Act to require the Secretary of Labor to calculate the unemployment rate for specified units of local governments, within or encompassing standard metropolitan statistical areas, using the population survey methodology used prior to January 1, 1978, if such rates are higher than under the current methodology. Requires the Secretary of Commerce to reallocate any undistributed excess amounts among the States and local governments proportionately. Repeals the requirement that States and local governments file statements with the Secretary containing certain reporting assurances. Authorizes the Secretary to make supplemental payments to local governments whose allocation would be reduced as a result of calculating unemployment rates by a new formula. Directs the Secretary of Labor to provide the Secretary of Commerce with necessary information and to determine unemployment rates for each State and local government. Authorizes the Secretary of Commerce to pay supplementary fiscal assistance to local governments with unemployment rates above six percent whenever the unemployment rate for the United States is five percent or more. Authorizes appropriations for such assistance through September 30, 1980. Provides for the suspension of such assistance if antirecession fiscal assistance is being paid or U.S. unemployment rates are less than five percent. Specifies the formula to be used in determining payments under this Act. Requires the Secretary of Commerce to combine certain supplementary payments with the general revenue sharing payment and make a single payment to the local governmental unit. Provides for the reallocation of any undistributed excess amounts among the local governmental units proportionately. Requires local governments receiving supplementary fiscal assistance to comply with those provisions applicable to antirecession fiscal assistance.
Bill· HRH.R. 1797 (96th)referred
United States · United States Congress · 1 February 1979
Amends the Internal Revenue Code and the Social Security Act to finance the hospital insurance program of title XVIII (Medicare) of the Social Security Act through general revenues rather than through employment and self-employment taxes. Repeals the 1980 and 1981 increases in the contribution and benefit base (which is used in determining wages and self-employment income).
Bill· HRH.R. 1798 (96th)passed
United States · United States Congress · 1 February 1979
Amends the Fishery Conservation and Management Act of 1976 to authorize appropriations of $30,000,000 for each of the fiscal years 1980, 1981, and 1982 to carry out the purposes of the Act.
Bill· HRH.R. 1785 (96th)referred
United States · United States Congress · 1 February 1979
Amends the Internal Revenue Code to permit taxpayers who do not itemize income tax deductions to claim a deduction from gross income for charitable contributions.
Bill· HRH.R. 1796 (96th)referred
United States · United States Congress · 1 February 1979
Tax Reduction Act of 1979 - Amends the Internal Revenue Code to lower individual income tax rates. Provides that the scheduled reductions in such rates shall not take effect if, after adoption of the second concurrent resolution on the Congressional budget, Federal expenditures exceed specified percentages of the gross national product during such years or if Congress declares that such reductions are not warranted due to the state of the economy or a national emergency.
Bill· HRH.R. 1799 (96th)referred
United States · United States Congress · 1 February 1979
Amends the Internal Revenue Code to increase the adjusted gross income limitation on the credit for the elderly and extend such limitation to public retirement system employees under age 65 who are eligible for the credit.
Bill· HRH.R. 1782 (96th)referred
United States · United States Congress · 1 February 1979
Amends the Internal Revenue Code to permit an accrual basis taxpayer who operates a life care community to include in gross income over a ten year period an amount paid by an individual incident to becoming a resident of such life care community. Defines "life care community" as a community owned or leased by the taxpayer which provides housing and health care services for permanent residents (age 60 or older) and which contains separate dwelling units available for rental for at least 100 residents.
Bill· HRH.R. 1771 (96th)referred
United States · United States Congress · 1 February 1979
Increases the amounts allocated to State and local governments under the State and Local Fiscal Assistance Act of 1972 by ten percent if such State and local governments fund public education from sources other than property taxes.
Bill· HJRESH.J.Res. 185 (96th)referred
United States · United States Congress · 1 February 1979
Constitutional Amendment - Prohibits total appropriations from exceeding estimated revenues in any fiscal year, except in time of war or national emergency. Prohibits any increase in the national debt as it exists on the date this Article is adopted.
Bill· SS. 292 (96th)referred
United States · United States Congress · 31 January 1979
Amends the Child Nutrition Act of 1966 to reduce from $800,000,000 to $750,000,000 the fiscal year 1980 authorization for the special supplemental food program for women, infants, and children (WIC program).
Bill· SS. 263 (96th)referred
United States · United States Congress · 31 January 1979
Amends the State and Local Fiscal Assistance Act of 1972 to terminate, beginning with fiscal year 1980, the State government share of revenue sharing funds without affecting the local government share.
Resolution· SRESS.Res. 47 (96th)referred
United States · United States Congress · 31 January 1979
Expresses the sense of the Senate that the first concurrent resolution on the budget for fiscal year 1980 reported by the Senate Committee on the Budget should decrease outlays by at least $10,000,000,000 under the amount recommended in the budget submitted by the President
Bill· HRH.R. 1729 (96th)referred
United States · United States Congress · 31 January 1979
Amends the Internal Revenue Code to allow individuals age 65 or over an income tax credit for the real property taxes, or 25 percent of the rent (exclusive of charges for utilities, furnishings, services, etc.), paid on their principal residence. Limits the credit to $300, or $150 for married individuals filing separately. Reduces the allowable credit by the amount that the taxpayer's adjusted gross income exceeds $6,500. Extends the credit to married individuals filing jointly where either spouse has attained age 65. Provides that the credit allowed by this Act shall not affect the taxpayer's allowable income tax deductions for real property taxes.
Bill· HRH.R. 1736 (96th)referred
United States · United States Congress · 31 January 1979
Prohibits the Secretary of the Treasury from implementing a proposed revenue procedure entitled, "Proposed Revenue Procedure on Private Tax-Exempt Schools," or any other guidelines for determining whether private schools have forfeited their tax-exempt status through the adoption of racially discriminatory policies.
Bill· HRH.R. 1721 (96th)referred
United States · United States Congress · 31 January 1979
Amends the Internal Revenue Code to allow individuals who have attained age 65 an income tax deduction for 50 percent of their qualified residential electricity expenses.
Bill· HRH.R. 1728 (96th)referred
United States · United States Congress · 31 January 1979
Amends the Internal Revenue Code to allow a taxpayer or his spouse who has attained age 65 or a taxpayer who has a father or mother who is his dependent and has attained age 65 an income tax deduction for all medical expenses without regard to the three percent income floor for medical and dental expenses and the one percent floor for prescription drugs.
Bill· HRH.R. 1724 (96th)referred
United States · United States Congress · 31 January 1979
United States - South African Fair Employment Act - Amends the Internal Revenue Code to reduce, according to a specified formula, the tax credit allowed to United States citizens and corporations who pay taxes to foreign governments if such citizens or corporations violate a fair employment principle governing the employment of employees in the Republic of South Africa. Specifies fair employment principles applicable to taxpayers doing business in South Africa. Requires the taxpayer to report on his compliance with such principles, and imposes criminal penalties for failure to report. Establishes a Commission on American Employment Practices in South Africa. Empowers the Commission to determine whether a taxpayer has violated a fair employment principle. Sets forth the membership and duties of such Commission.
Bill· HRH.R. 1720 (96th)referred
United States · United States Congress · 31 January 1979
Amends the Internal Revenue Code to permit the executor of an estate, in calculating the value of the gross estate, to disregard that portion of the value of any copyright, or literary, musical, or artistic work created by the decedent which would not have been capital gain if such work had been sold by the decedent at its fair market value.
Bill· HRH.R. 1705 (96th)referred
United States · United States Congress · 31 January 1979
Amends the Internal Revenue Code to permit the executor of an estate, in calculating the value of the gross estate, to disregard that portion of the value of any copyright, or literary, musical, or artistic work created by the decedent which would not have been capital gain if such work had been sold by the decedent at its fair market value.
Bill· HRH.R. 1738 (96th)referred
United States · United States Congress · 31 January 1979
Amends the Internal Revenue Code to allow a credit against the tax liability of an individual equal to 50 percent of the State and local income taxes paid by such individual in a taxable year. Limits the allowable credit to 20 percent of such individual's tax liability. Disallows tax deductions for State and local individual income taxes, State and local general sales taxes, and State and local gasoline taxes.
Bill· HRH.R. 1701 (96th)referred
United States · United States Congress · 31 January 1979
Title I: Credit for Tuition Paid for the Elementary or Secondary Education of Dependents - Amends the Internal Revenue Code to allow an income tax credit for the elementary or secondary school tuition of the dependents of a taxpayer at a private nonprofit school. Limits such credit to the lesser of 50 percent of tuition cost or $200. Reduces the amount of such credit by $1 for each full $20 by which the adjusted gross income of the taxpayer exceeds $18,000. Defines "tuition" as any amount required for the enrollment or attendance of a student at a private nonprofit elementary or secondary school. Excludes from such definition amounts paid for meals, lodging, transportation, supplies, equipment, clothing, or personal family expenses. Defines "private nonprofit elementary or secondary school" as an educational organization which is tax-exempt, offers education at the elementary or secondary level, and attendance at which satisfies the compulsory education laws of the State in which it is located. Forbids any construction of this Act as granting the Government additional authority to examine the books or activities of any church school except to the extent necessary to determine whether such school is an elementary or secondary school. Grants standing in the United States District Court for the District of Columbia to any taxpayer to petition for injunctive or declaratory relief with respect to the constitutionality of any provision of this Act. Requires the expedited consideration of any such case. Title II: Credit for Expenses Paid for the Higher Education of Individuals - Amends the Internal Revenue Code to allow an income tax credit for the higher education expenses of the taxpayer or any other individual. Limits such credit to 100 percent of expenses under $200, 25 percent of expenses between $200 and $500, and five percent of expenses between $500 and $1,500. Reduces the amount of such credit by one percent of the amount by which the adjusted gross income of the taxpayer exceeds $18,000. Defines "expenses of higher education" as tuition and fees required for the attendance of a student at an institution of higher education and fees, books, supplies, and equipment required for coursework. Excludes from such definition amounts paid for meals, lodging, or similar personal expenses. Defines "institution of higher education" as an educational organization which is tax-exempt and offers education above the twelfth-grade level, or which is an accredited business, trade, or vocational school. Title III: Deduction for Contributions to Qualified Higher Education Funds - Higher Education Funding Act of 1979 - Amends the Internal Revenue Code to allow an income tax deduction for contributions to a qualified higher education fund established by the taxpayer to fund the higher education of his dependents. Limits the amount of the deduction to the lesser of: (1) $500 times the number of qualified beneficiaries; (2) ten percent of the taxpayer's adjusted gross income; or (3) $2,500. Provides that a qualified education fund must be established by the taxpayer pursuant to a written plan: (1) which is designed to defray the cost of room, board, and tuition of one or more eligible beneficiaries of the fund at an institution of higher education; (2) which provides that no distribution shall be made by the fund (except upon termination) other than to, or on behalf of, eligible beneficiaries; (3) which provides that upon termination of the fund all assets of the fund shall be distributed to the taxpayer or his estate; (4) which prohibits contributions to the fund in excess of amounts deductible; and (5) under which the taxpayer includes in gross income certain amounts attributable to the fund upon termination of such fund.
Bill· HRH.R. 1704 (96th)referred
United States · United States Congress · 31 January 1979
Tuition Tax Credit Act of 1979 - Amends the Internal Revenue Code to allow individuals a refundable income tax credit for 50 percent of the tuition paid to elementary, secondary, vocational, or higher educational institutions for the education of such individuals, their spouses, or dependents. Limits the amount of such credit to $500 per individual for the taxable year.
Bill· HRH.R. 1726 (96th)referred
United States · United States Congress · 31 January 1979
Expresses congressional findings concerning the unavailability in the United States of adequate training facilities for athletes competing in the Thirteenth Olympic Winter Games. Amends the Internal Revenue Code to exclude from gross income prizes won in the New York State Olympic Lottery established pursuant to New York State tax laws to raise revenue for the maintenance of the sports facilities constructed at Lake Placid, New York.
Bill· HRH.R. 1723 (96th)referred
United States · United States Congress · 31 January 1979
Amends the Internal Revenue Code to deny the foreign tax credit or any income tax deduction for any income, war profits, or excess profits taxes paid or accrued to the Republic of South Africa.
Bill· HRH.R. 1719 (96th)referred
United States · United States Congress · 31 January 1979
Prohibits the Secretary of the Treasury from implementing a proposed revenue procedure entitled, "Proposed Revenue Procedure on Private Tax-Exempt Schools," or any other guidelines for determining whether private schools have forfeited their tax-exempt status through the adoption of racially discriminatory policies.
Bill· HRH.R. 1710 (96th)referred
United States · United States Congress · 31 January 1979
Amends the Internal Revenue Code to permit members of tax-exempt organizations to purchase goods and services related to the organization's exempt activities at prices more favorable than are available to nonmembers without jeopardizing the tax-exempt status of the organization. Limits the amount of advertising income of a tax-exempt organization which is subject to the unrelated business tax to the lesser of the amount of net income derived from advertising or the net amount derived from subscriptions to the organization's periodical and the advertising contained therein.
Bill· HRH.R. 1684 (96th)referred
United States · United States Congress · 31 January 1979
Amends the Internal Revenue Code to require the payment of five percent interest on amounts withheld from an individual's wages in excess of income tax liability.
Bill· HRH.R. 1703 (96th)referred
United States · United States Congress · 31 January 1979
Repeals the estate tax, the gift tax, and the tax on generation-skipping transfers under the Internal Revenue Code.
Bill· HRH.R. 1698 (96th)referred
United States · United States Congress · 31 January 1979
Amends the Internal Revenue Code to increase the individual income tax credit for the elderly and to eliminate the adjusted gross income limitation on such credit.
Bill· HRH.R. 1699 (96th)referred
United States · United States Congress · 31 January 1979
Amends the Internal Revenue Code to allow an income tax deduction for the payment of social security taxes.
Bill· HRH.R. 1678 (96th)referred
United States · United States Congress · 31 January 1979
Product Liability Partial Self-Insurance Act - Amends the Internal Revenue Code to allow a deduction to any business enterprise engaged in the manufacture, importation, distribution, lease, or sale of any product for contributions to its product liability trust account and for amounts paid to a captive insurer (wholly or partially-owned by the taxpayer) for product liability insurance. Specifies the amount a taxpayer may deduct, based upon the ability of such taxpayer to obtain insurance through conventional channels. Disallows any deductions for product liability losses which do not exceed the sum of the total trust funds in the taxpayer's account at the beginning of the taxable year plus the amount of deductible payments made by the taxpayer to the account during such year. Imposes penalties for the improper use of product liability reserve funds. Treats amounts accumulated in the taxpayer's product liability trust account as amounts accumulated for reasonably anticipated business needs, for purposes of avoiding the accumulated earnings tax.
Bill· HRH.R. 1670 (96th)referred
United States · United States Congress · 31 January 1979
Prohibits the Secretary of the Treasury from implementing a proposed revenue procedure entitled, "Proposed Revenue Procedure on Private Tax-Exempt Schools," or any other guidelines for determining whether private schools have forfeited their tax-exempt status through the adoption of racially discriminatory policies, during the period beginning with the enactment of this Act and ending on December 31, 1980.
Bill· HRH.R. 1659 (96th)referred
United States · United States Congress · 31 January 1979
Amends title II (Old Age, Survivors, and Disability Insurance) of the Social Security Act and the Internal Revenue Code to reduce tax rates below the level established by the Social Security Amendments of 1977 on employment income for both employers and employees and on self-employment income. 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 gradually increasing such contributions by 50 percent by 1984. Increases the ceiling on the amount of income that is subject to social security taxation to $100,000 in 1980.
Bill· HJRESH.J.Res. 177 (96th)referred
United States · United States Congress · 31 January 1979
Constitutional Amendment - Directs the Congress to establish an index to measure the monthly increases in consumer prices. Prohibits any annual increase in the amount of money expended by the United States in any fiscal year greater than 80 percent of the increase in consumer prices during the previous year measured by such index. Limits the annual increase in Federal expenditures in any fiscal year following two consecutive fiscal years in which the budget of the United States was balanced or carried a surplus to the percentage increase in the designated consumer price index during the previous year. Authorizes the Congress to suspend the requirements of this Article during a time of war or national emergency.
Bill· HJRESH.J.Res. 178 (96th)referred
United States · United States Congress · 31 January 1979
Constitutional Amendment - Provides that total expenditures in any fiscal year shall not exceed the net amount of revenue received by the Government in that year. Authorizes the suspension of such prohibition in time of war declared by Congress or by a concurrent resolution passed by a two-thirds vote of both Houses of Congress. Stipulates that any unanticipated deficit in any fiscal year shall be considered an expenditure for the succeeding fiscal year. Directs the Congress to provide an appropriate increase in the level of total receipts if the amount of such deficit exceeds two percent of the total expenditures for the succeeding fiscal year. Authorizes the Congress to apportion any deficit over the four following fiscal years or, by a two-thirds vote of both Houses, to include such deficit in the debts of the United States.
Bill· SS. 246 (96th)referred
United States · United States Congress · 29 January 1979
Amends the Internal Revenue Code to exclude from gross income up to $500 of interest income earned from a savings account.
Bill· HRH.R. 1605 (96th)referred
United States · United States Congress · 29 January 1979
Amends the Internal Revenue Code to extend to permanently and totally disabled individuals the one time $100,000 exclusion of gain from the sale of a principal residence.
Bill· HRH.R. 1589 (96th)referred
United States · United States Congress · 29 January 1979
Expanded Employee Stock Ownership Act of 1979 - Amends the Internal Revenue Code to allow an investment tax credit equal to the greater of two percent of the cost of qualified depreciable investment property or one percent of the total compensation paid to employees who participate in a special employee stock ownership plan for corporations which establish such a stock ownership plan. Limits the credit to $50,000 of the taxpayer's tax liability plus 95 percent of the excess of $50,000 with a carryback of three years and a carryover of seven years. Sets forth requirements for the establishment of a special employee stock ownership plan, including requirements that: (1) employer securities transferred to a plan be equal in amount to the credit claimed; (2) at least one-half of such employer securities qualify as newly issued employer securities; (3) the plan provide for the allocation of employer securities to employee-participants on the basis of income; and (4) the plan provides each participant with a nonforfeitable right to stock allocated to his account. Excludes employee stock ownership plan annuities and certain other pension plan annuities (that are currently includible) from inclusion in the gross estate for purposes of the estate tax. Qualifies employee stock ownership plan participants for the retirement savings income tax deduction. Exempts plan participants from providing a put option contract for the sale of supposed stock on a future day for any securities distributed from a plan which permits such participants to receive cash instead of a distribution of securities. Grants an income tax deduction to employers for the payment of dividends with respect to employer securities and permits a deduction for certain bequests and charitable contributions to an employee stock ownership plan. Eliminates contributions made to an employee stock ownership plan as an item of tax preference for purposes of the minimum tax.
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