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Bill· HRH.R. 1862 (97th)referred

Pollution Control Facilities Tax Incentives Act of 1981

United States · United States Congress · 17 February 1981

Pollution Control Facilities Tax Incentives Act of 1981 - Amends the Internal Revenue Code to permit a taxpayer to elect a 12-month amortization period or an additional ten percent investment tax credit for pollution control facilities used in connection with a plant or other property in operation before January 1, 1971. Removes the requirement, for purposes of certification of pollution control facilities for the amortization deduction, that such facilities not increase output, extend the useful life, reduce total operating costs, or alter the production process of the plants in connection with which they are used.

Bill· HRH.R. 1850 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to provide tax relief to residential users of refined petroleum products.

United States · United States Congress · 17 February 1981

Amends the Internal Revenue Code to allow individuals a refundable income tax credit equal to one-third of the total cost during the taxable year of heating oil purchased by such individuals for use in a residence. Limits the dollar amount of such credit to $400 for the taxable year. Reduces the amount of such credit by one percent of the amount by which the taxpayer's adjusted gross income exceeds $20,000. Provides for the termination of the credit for taxable years ending after December 31, 1983.

Bill· SS. 473 (97th)open

A bill to amend the Internal Revenue Code of 1954 to provide that the amount of the charitable deduction allowable for expenses incurred in the operation of a motor vehicle will be determined in the same manner Government employees determine reimbursement for the use of their vehicles on Government business.

United States · United States Congress · 16 February 1981

Amends the Internal Revenue Code to provide that the amount of the charitable deduction allowable for motor vehicle expenses will be determined in the same manner Federal employees determine reimbursement for business use of their vehicles.

Bill· SS. 474 (97th)open

A bill to amend the Internal Revenue Code of 1954 to provide that the amount of the medical expense deduction allowable for expenses incurred in the operation of motor vehicle will be determined in the same manner Government employees determine reimbursement for use of their vehicles on Government business.

United States · United States Congress · 16 February 1981

Amends the Internal Revenue Code to provide that the amount of the medical expense deduction for motor vehicle expenses will be determined in the same manner Federal employees determine reimbursement for business use of their vehicles.

Bill· SS. 476 (97th)open

A bill to amend the Internal Revenue Code of 1954 with respect to the valuation of bank holding company assets for the purpose of determining the amount certain private foundations are required to distribute.

United States · United States Congress · 16 February 1981

Amends the Internal Revenue Code with respect to the valuation of assets for the purpose of determining the amount that a private foundation which is a bank holding company is required to distribute to avoid the tax on undistributed income. Grants such a private foundation, where a substantial portion of its assets consists of securities in banks and bank related companies, the option of valuing such banks and companies by capitalizing the dividends paid at a capitalization rate of six percent.

Bill· SS. 436 (97th)open

A bill to amend the Internal Revenue Code of 1954 to increase the competitiveness of American Firms operating abroad and to help increase markets for United States exports.

United States · United States Congress · 6 February 1981

Amends the Internal Revenue Code to increase from $20,000 to $75,000 in 1981 (with annual adjustments up to $95,000 in 1985 and thereafter) the earned income exclusion for U.S. citizens working abroad who are bona fide residents of a foreign country. Repeals the requirement that such U.S. citizens work in hardship areas to be eligible for the tax exclusion. Reduces the length of the residency requirement for the tax exclusion. Provides for an income tax exclusion for the value of employer-provided lodging in a camp in cases where satisfactory housing is not generally available. Reduces the length of the foreign residency requirement with respect to the deduction for certain housing expenses of living abroad.

Bill· SS. 464 (97th)open

A bill to amend the Internal Revenue Code of 1954 to adjust provisions governing private foundations.

United States · United States Congress · 6 February 1981

Amends the Internal Revenue Code to remove from the formula for determination of the distributable amount of a private foundation, for purposes of assessing the tax on undistributed income, the adjusted net income of such foundation. Redefines requirements for a private operating foundation, for purposes of the exemption of such foundation from the tax on undistributed income, to eliminate the "assets test" which requires a private operating foundation to use a substantial percentage of its assets for the active conduct of its exempt purpose. Exempts private foundations from the taxes on taxable expenditures in cases where such foundations make grants to organizations not exceeding $10,000 in a taxable year. Redefines "members of family" for purposes of identifying persons who are disqualified from entering into specified transactions with a private foundation under provisions of the Internal Revenue Code. Establishes standards for reliance by private foundations upon determinations by the Secretary of the Treasury regarding the status of organizations (exempt from expenditure responsibility requirements) to which such foundations have made grants.

Bill· SS. 446 (97th)open

A bill relating to the treatment of certain annuity contracts.

United States · United States Congress · 6 February 1981

Prohibits the application of Revenue Ruling 80-274, which deals with the tax treatment of group single-premium retirement annuity contracts held by federally insured savings and loan associations.

Bill· SS. 457 (97th)referred

Capital Gains Rollover Account Act of 1981

United States · United States Congress · 6 February 1981

Capital Gains Rollover Account Act of 1981 - Amends the Internal Revenue Code to exclude from the gross income of an individual amounts contributed to a rollover account meeting the requirements of this Act. Defines such rollover account as a trust created or organized in the United States for the exclusive benefit of an individual or his beneficiaries which: (1) accepts only cash or stock or securities of a domestic corporation contributed by such individual; (2) has as its trustee a bank or a person approved by the Secretary of the Treasury; (3) invests trust funds in stock or securities of a domestic corporation or holds them in interest-bearing bank deposits; (4) makes the interest of the individual nonforfeitable in the balance of such rollover account; and (5) permits the individual to elect, no more often than each taxable year, whether the account shall be discretionary (with investment determined by the trustee) or self-directed (with investment directed by the individual). Requires the trustee of a rollover fund to establish on its books, without segregation of assets, a capital gain fund and a capital fund. Specifies the contents of each fund. Includes in gross income for the taxable year in which received: (1) distributions to the recipient from the capital gain fund; and (2) ordinary income (interest and dividends received, plus net short-term capital gain) distributed to the trustor and received by the trust. Treats distributions from the capital gain fund as long-term capital gain. Sets forth rules for the treatment of losses, security pledges, and transfers of interest in a rollover account incident to divorce. Limits to one the number of accounts which may be maintained at one time. Requires the trustee to keep appropriate records and to file annual information returns.

Bill· SS. 450 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to provide that the investment tax credit shall apply to the acquisition of work and breeding horses to the extent that the cost of such horses does not exceed $100,000 for the taxable year.

United States · United States Congress · 6 February 1981

Amends the Internal Revenue Code to qualify the acquisition of work and breeding horses for investment tax credit treatment to the extent that the cost of such horses does not exceed $100,000 for the taxable year.

Bill· SS. 444 (97th)referred

Real Estate Construction and Rehabilitation Tax Incentives Act of 1981

United States · United States Congress · 6 February 1981

Real Estate Construction and Rehabilitation Tax Incentives Act of 1981 - Title I: Capital Cost Recovery Treatment of New Section 1250 Property - Amends the Internal Revenue Code to require a 20- year straight line depreciation of depreciable real property placed into service after the effective date of this Act. Provides transitional rules for property already in service. Requires a 12-year straight line depreciation of low-income housing and a 16-year straight line depreciation of rehabilitated residential rental property. Title II: Increase in Investment Tax Credit for Rehabilitated Structures - Increases from ten to 25 percent the investment tax credit for qualified rehabilitated buildings. Title III: Deduction of Construction Period Interest and Taxes - Repeals current provisions requiring the amortization of construction period interest and taxes. Allows the taxpayer to elect: (1) to treat the unamortized balance of such interest and taxes as chargeable to capital account; or (2) to deduct such unamortized balance for taxable year 1981. Title IV: Extension and Expansion of Existing Incentives - Repeals the expiration dates for Code provisions which: (1) permit rapid amortization of rehabilitation expenses for low-income rental housing; (2) prohibit accelerated depreciation for new structures built on historic sites; (3) provide for favorable depreciation of rehabilitated historic property; (4) encourage the removal of architectural barriers; and (5) prohibit deductions for the demolition of historic structures. Provides for rapid amortization of rehabilitation expenses for all residential rental housing (currently such rapid amortization is limited to low-income rental housing). Increases: (1) from $3,000 to $5,000 the minimum depreciable per unit expenditure; and (2) from $20,000 to $30,000 the maximum depreciable per unit expenditure. Requires that the amount of such rapid amortization treated as a tax preference shall not exceed the amount which would have been a tax preference item if computed under the double declining balance method. Title V: Removal of Impediments to New Real Property Development - Exempts depreciable real property from the limitation on the deduction of investment indebtedness interest for individuals. States that for purposes of the amortization of startup expenditures the business beginning of real estate development activities is the date on which construction activity commences. Permits the exclusion from gross income of interest on certain industrial development refunding bonds if the proceeds of the refunded issue are used to provide residential real property for family units or to remove existing first liens on rehabilitation property. Allows income tax deductions for business expenses related to the rental of a residence to a family member of the taxpayer if such family member pays a fair rental and uses such residence as the principal place of residence. Specifies that the energy investment credit shall be available for low-income rental housing and residential rental property. Title VI: Effective Dates - States that the amendments made by this Act shall be effective upon enactment.

Bill· HRH.R. 1808 (97th)open

A bill to amend the Internal Revenue Code of 1954 to allow certain transfers of imported beer from customs custody to a domestic brewery without payment of tax.

United States · United States Congress · 6 February 1981

Amends the Internal Revenue Code to allow the withdrawal from customs custody of beer imported in bulk containers and transferred in such containers or by pipeline to a brewery without payment of the excise tax by the importer. Makes the brewer liable for the payment of such tax upon release of the beer from customs custody.

Bill· HRH.R. 1821 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to provide that sales of nonproductive assets will not be eligible for capital gains treatment.

United States · United States Congress · 6 February 1981

Amends the Internal Revenue Code to provide that for purposes of the alternative tax on corporations and the capital gains deduction for individuals, the sale of nonproductive assets will not qualify for capital gains tax treatment. Defines "productive asset" for purposes of this Act. Specifies that farm real property will not be considered a productive asset unless the taxpayer materially participated in the operation of the business and the taxpayer or a renter engaged in substantial farming activities on such property. Excludes from the definition of productive asset stock held by certain holding corporations.

Bill· HRH.R. 1809 (97th)referred

Social Security Payroll Credit Act of 1981

United States · United States Congress · 6 February 1981

Social Security Payroll Credit Act of 1981 - Amends the Internal Revenue Code to allow employers, employees, and self-employed individuals a refundable income tax credit equal to ten percent of the amount of social security taxes paid by such individuals in 1981 or 1982.

Bill· HRH.R. 1819 (97th)referred

Family Farm Estate Tax Relief Act of 1981

United States · United States Congress · 6 February 1981

Family Farm Estate Tax Relief Act of 1981 - Amends the Internal Revenue Code to permit the executor of an estate to exclude the value of real property used in farming from a decedent's gross estate for purposes of the estate tax. Excludes up to the first $750,000 of the value of the farm property and certain percentages of the value in excess of $750,000. Requires a percentage reduction of the amount of the exclusion for farm property in excess of $1,350,000.

Bill· HRH.R. 1798 (97th)referred

Asset Indexing Act of 1981

United States · United States Congress · 6 February 1981

Asset Indexing Act of 1981 - Amends the Internal Revenue Code to require an inflation adjustment, based on the gross national product deflator, to the adjusted basis of certain assets (corporate stock and real property held for more than one year which is a capital asset or property used in a trade or business) at the time of sale or exchange, solely for the purpose of determining gain or loss on such assets. Excludes from such treatment: (1) creditors' interests; (2) options; (3) net lease property in the case of a lessor; (4) preferred stock with fixed dividends; and (5) stock in small business corporations, personal holding companies, and certain foreign corporations.

Bill· SS. 399 (97th)open

A bill to amend the Congressional Budget Act of 1974 to require the Congress to establish, for each fiscal year, a regulatory budget for each Federal agency which sets the maximum costs of compliance with all rules and regulations promulgated by that agency, and for other purposes.

United States · United States Congress · 5 February 1981

Amends the Congressional Budget Act of 1974 to add a new title (Title XI: Regulatory Budget Procedure) to require Congress, on or before September 15 of each year, to complete action on a concurrent resolution establishing a regulatory budget for each Federal agency that sets the maximum costs of compliance with all rules and regulations declared by the agency. Directs the President to establish a Business Advisory Council to include representatives of each major industrial and commercial sector, and each geographic region, to provide such information, advice and consultation as he may require to develop and carry out regulatory costs analysis procedures. Directs the President, in consultation with the Council, to formulate the criteria for determining the costs of compliance with Federal rules and regulations. Requires the head of each agency, using such criteria, to conduct a study of the costs of compliance with rules and regulations set forth by the agency and to submit such reports to the President, Congress, and the Comptroller General. Directs the Comptroller General to review such agency reports and to submit findings to Congress. Requires the President to include regulatory budget recommendations in the Budget to Congress. Directs Congress to utilize such findings and recommendations in developing the regulatory budget for each agency. Requires Congressional committee reports on bills or resolutions to contain a statement of the estimate of the costs of compliance with agency rules or regulations to carry out the provisions of such bill or resolution. Sets forth the rules for consideration of any bill, resolution, or amendment that would cause the level of costs of compliance for any agency to exceed the maximum costs of compliance as established in the regulatory budget for the agency.

Bill· SS. 395 (97th)open

Family Enterprise Estate and Gift Tax Equity Act

United States · United States Congress · 5 February 1981

Family Enterprise Estate and Gift Tax Equity Act - Amends the Internal Revenue Code to reduce the estate and gift tax rates beginning in 1981. Increases the unified credit against the estate and gift taxes from $47,000 to $124,750 by specified annual increments through 1985. Increases from $175,000 to $600,000, by specified annual increments through 1985, the minimum gross estate requirement for filing of a return. Repeals the existing limitations on the marital deduction for gift and estate taxes. Increases from $3,000 to $10,000 the annual gift tax exclusion. Qualifies estates of decedents who were disabled or retired for the special valuation of certain farms based on use if such decedents materially participated in the operation of the farm for five out of eight years preceding the year in which they became disabled or eligible for disability benefits. Permits the spouse of a decedent to use such valuation if the spouse has managed the farm or business for ten years preceding the decedent's death or takes over active management upon the decedent's death. Qualifies woodlands for the special use valuation if the decedent or a member of the decedent's family owned and farmed the property for ten years prior to the decedent's death. Reduces from 15 to ten years the length of time a qualified property must be held and put to a qualified use following the decedent's death before it can be disposed of without incurring a recapture of estate tax benefits. Permits active management rather than material participation as a test for qualification of the estate for spouses, children under 21, students, and disabled individuals who receive property from a decedent who qualified for special use valuation. Repeals the $500,000 limitation on the reduction of the value of qualified real property permitted by the special use valuation. Allows the like kind exchange of property without loss of special use valuation eligibility. Revises the method of valuing farms by providing that the basis of such valuation shall be the average annual gross rental value. Authorizes the step-up in basis of such assets. Repeals the requirement that an heir elect special treatment for involuntary conversions of qualified real property, thus making such treatment automatic upon such conversion. States that gifts made within three years of a decedent's death shall be valued as of the time of transfer rather than as of the date of death. Authorizes an individual to elect to pay a gift tax rather than use the unified tax credit. Modifies the alternate extension of time for payment of the estate tax where the estate consists largely of an interest in a closely held business to: (1) allow an installment payment election if the value of the interest in the closely held business is either 35 percent of the value of the gross estate or 50 percent of the taxable estate; (2) increase to 50 percent the value of an interest disposed of which will accelerate the payment of tax; and (3) permit payment, but with a penalty, of an installment within six months after the due date. Allows a disclaimer of an interest in property for estate tax purposes in specified circumstances where such disclaimer does not result in the passing of the interest concerned under the applicable State law.

Bill· SS. 408 (97th)open

A bill to amend the Internal Revenue Code of 1954 with respect to the income tax treatment of earned income of citizens or residents of the United States earned abroad, and for other purposes.

United States · United States Congress · 5 February 1981

Amends the Internal Revenue Code to increase the amount of the earned income exclusion for U.S. citizens working abroad who are bona fide residents of a foreign country. Sets the amount of such exclusion at $50,000, plus 50 percent of the lesser of compensation exceeding $50,000 or $50,000. Repeals the requirement that such U.S. citizens work in hardship areas to be eligible for the tax exclusion. Reduces the length of the residency requirement for the tax exclusion. Provides for an income tax exclusion for the value of employer-provided lodging in a camp in cases where satisfactory housing is not generally available. Repeals the income tax deduction for certain living expenses of U.S. citizens abroad.

Bill· SS. 394 (97th)referred

Tax Reduction Act of 1981

United States · United States Congress · 5 February 1981

Tax Reduction Act of 1981 - Title I: Individual Income Taxes - Amends the Internal Revenue Code to reduce income tax rates for individuals and for estates and trusts beginning in 1981. Reduces the lowest marginal rate from 14 to 12 percent and the highest rate from 70 to 67 percent in each category. Increases the amount of the zero bracket amount for each category of individual taxpayer. Increases the income levels at which a taxpayer is required to file an income tax return. Increases the amount of the personal income tax exemption from $1,000 to $1,100. Increases the rate of the earned income tax credit from ten to 11 percent of earned income of $5,000 and below. Increases the allowable amount of such credit. Increases the dollar limitation on such credit. Allows married individuals filing a joint return an income tax deduction from gross income of ten percent of the lesser of $30,000 or the earned income of the lower income spouse. Specifies that the rate of such deduction will be five percent, instead of ten, in taxable year 1981. Increases the percentage of the net capital gain deduction from gross income from 60 to 70 percent for individual taxpayers. Reduces the rate of the alternative minimum tax for such taxpayers. Revises requirements for the tax exclusion for earned income of Americans working abroad. Increases the amount of such exclusion from $20,000 to $50,000 ($65,000 for individuals residing abroad for more than two years) for individuals working in specified developing countries and in other foreign countries if such individuals perform charitable, export-related, or natural resource-related services. Reduces from 17 to 11 months the residency requirement in a foreign country for such tax exclusion. Waives such requirement if the Secretary of the Treasury determines that the taxpayer would otherwise have met the residency requirement but for the occurrence of civil unrest, war, or other adverse conditions precluding the normal conduct of business. Increases the amount of the tax exclusion for income earned abroad by the amount by which the taxpayer's housing costs exceed 16 percent of a GS-14, step 1 salary level for a Federal employee. Reduces from 17 to 11 months the residency requirement with respect to the tax treatment of such housing costs. Permits taxpayers who do not itemize income tax deductions to claim a deduction from gross income for charitable contributions. Includes such deduction as a tax preference item for purposes of the minimum tax. Title II: Corporate Income Taxes - Amends the Internal Revenue Code to reduce corporate income tax rates for taxable years 1981 and 1982 and for subsequent taxable years. Reduces the capital gains tax rate for corporations from 28 to 20 percent. Provides for a system of simplified cost recovery as an alternative method of computing depreciation on all tangible personal property, with specified exceptions. Assigns the depreciable basis of all such property to one of four recovery periods, representing either two, four, seven or ten years. Specifies that such property shall be placed in a recovery period which is at least 40 percent shorter than its comparable useful life under the Asset Depreciation Range system (ADR) presently utilized under current Treasury Regulations, except that no recovery period shall be shorter than two years. Permits a taxpayer, under the simplified cost recovery system, to elect one of three declining balance methods (200 percent, 150 percent, or 100 percent) in computing allowable depreciation deductions. Excludes from eligibility for recovery cost depreciation treatment the following types of property: (1) livestock; (2) amortization property; (3) property depreciable under certain alternative methods of depreciation; (4) public utility property; (5) oil or gas fired boilers; and (6) property used predominantly outside the United States. Provides for the deferral of gain or loss realized on the disposition of cost recovery property. Increases the permissible variance for assigned useful lives of public utility property under the Asset Depreciation Range system (ADR) from 20 to 30 percent for utility property. Increases the rate of investment tax credit for depreciable property having a useful life of between two and seven years. Establishes definite useful lives for certain types of real property, (e.g., buildings, low-income housing, owner occupied industrial and commercial buildings) which are not subject to change by the Internal Revenue Service upon audit. Permits a taxpayer to elect to expense (i.e. currently deduct) up to $25,000 of the costs of new or used tangible personal property used in the taxpayer's business during a taxable year in lieu of current provisions permitting additional first year depreciation. Revises the treatment of progress expenditure property with respect to the investment tax credit and the allowance for depreciation. Increases from 10 to 25 percent the rate of the investment tax credit for rehabilitation property. Increases from $150,000 to $250,000 the amount which corporations may accumulate for reasonable needs of the business without being subject to the tax on accumulated earnings. Increases the basis of used depreciable business property which is eligible for the investment tax credit from $100,000 to $150,000. Increases the allowable number of shareholders in a Subchapter S corporation from 15 to 25. Establishes incentive stock options as a class of qualified stock options under the Internal Revenue Code. Provides that the exercise of an incentive stock option by an employee shall not result in current income until the time that the stock transferred to the employee pursuant to the stock option is sold or exchanged. Provides that the gain from such stock shall be eligible for capital gains tax treatment. Eliminates the requirement that an employer furnish a W-2 withholding statement to an employee upon the termination of his employment before the close of the calendar year. Permits an employee to request an immediate wage withholding statement and requires the employer to furnish such statement within 30 days of the request. Allows a corporation (other than a Subchapter S corporation) which is engaged in marketmaking activities with respect to certain small business equity securities to deduct from gross income the lesser of the net gains for the current taxable year from the sale of such securities or the amount of the current yearly addition to a reserve for gains from marketmaking activities. Disallows such deduction to the extent that the reserve exceeds $1,000,000 or the addition to the reserve exceeds 30 percent of the fair market value of the taxpayer's average monthly inventory positions in over the counter equity securities carried for marketmaking activities for the year. Prohibits the amount of such deduction from exceeding the taxable income of the taxpayer. Defines "gain from marketmaking activities" as net gain from the sale or exchange of over the counter equity securities of any corporation having $25,000,000 or less of stock or securities outstanding on the last day of the taxable year preceding the year of sale or exchange and which are held by the taxpayer for sale to customers in the ordinary course of business. Permits a taxpayer who is required to change his method of accounting pursuant to Revenue Ruling 80-60 (inventory valuation) and Revenue Procedure 80-5 to effect such a change only for taxable years beginning after December 31, 1979. Provides that a taxpayer who is entitled to a refund of excise taxes on gasoline or other motor fuels which were used to provide intercity, local, and school bus transportation may obtain such refund on a quarterly basis with respect to fuel used during any of the first three quarters of the taxable year if the refund in any such quarter is at least $50. Allows a nonrefundable income tax credit of 25 percent of the qualified research and experimental expenditures paid or incurred by a taxpayer in connection with a trade or business. Defines "qualified research and experimental expenditures" as those business-related expenditures which are currently deductible under provisions of the Internal Revenue Code, but limits the scope of such expenditures, for purposes of both the income tax deduction and credit, to technological research designed to develop or improve products or services. Excludes expenditures for research or experimentation in the social sciences or humanities, or research funded by Federal or State Government. Title III: Retirement and Employee Stock Ownership Plans - Amends the Internal Revenue Code to increase the amount of the income tax deduction for contributions to an individual retirement account of taxpayers who are not participants in a tax-qualified retirement plan, a tax-sheltered annuity, or a governmental plan from $1500 to $1750 (from $1750 to $2000 for spousal accounts). Permits an income tax deduction for contributions to an individual retirement account by individuals who are active participants in a tax-qualified retirement plan, a tax-sheltered annuity, or a governmental plan. Limits the amount of such deduction to the lesser of 15 percent of a taxpayer's compensation includible in gross income or $1,000. Permits a corporate employer an income tax credit equal to a specified percentage in 1981, 1982, and 1983 of compensation paid to employees who purchase employer stock pursuant to a qualified employee stock ownership plan. Specifies that such credit shall terminate after 1983.

Bill· SS. 392 (97th)referred

Family Enterprise Estate and Gift Tax Equity Act

United States · United States Congress · 5 February 1981

Family Enterprise Estate and Gift Tax Equity Act - Amends the Internal Revenue Code to increase the unified credit against the estate and gift taxes from $47,000 to $267,800 by specified annual increments through 1985. Increases from $175,000 to $800,000, by specified annual increments through 1985, the minimum gross estate requirement for filing of a return. Repeals the existing limitations on the marital deduction for gift and estate taxes. Increases from $3,000 to $6,000 the annual gift tax exclusion. Qualifies estates of decedents who were disabled or retired for the special valuation of certain farms based on use if they materially participated in the operation of the farm for five out of eight years preceding the year in which they became disabled or eligible for disability benefits. Permits the spouse of a decedent to use such valuation if the spouse has managed the farm or business for ten years preceding the decedent's death or takes over active management upon the decedent's death. Qualifies the owner of a woodland for the special use valuation if the owner or a member of the owner's family actively managed the property for ten years prior to the owner's death. Reduces from 15 to ten years the length of time a qualified property must be held and put to a qualified use following the decedent's death before it can be disposed of without incurring a recapture of estate tax benefits. Permits active management rather than material participation as a test for qualification of the estate for spouses, children under 21, students, and disabled individuals who receive property from a decedent who qualified for special use valuation. Repeals the $500,000 limitation on the reduction of the value of qualified real property permitted by the special use valuation. Allows the like kind exchange of property without loss of special use valuation eligibility. Allows valuation based on net crop share rentals as an alternative method of valuing farms. Authorizes the step-up in basis of such assets. Repeals the requirement that an heir elect special treatment for involuntary conversions of qualified real property, thus making such treatment automatic upon such conversion. States that gifts made within three years of a decedent's death shall be valued as of the time of transfer rather than as of the date of death. Authorizes an individual to elect to pay a gift tax rather than use the unified tax credit. Eliminates the alternative extension of time for payment of the estate tax where the estate consists largely of an interest in a closely held business. Allows an installment payment election if the value of the interest in the closely held business is either 35 percent of the value of the gross estate or 50 percent of the taxable estate. Allows payment of an installment within six months after the due date without penalty. Allows a disclaimer of an interest in property for estate tax purposes in specified circumstances where such disclaimer does not result in the passing of the interest concerned under the applicable State law.

Bill· HRH.R. 1724 (97th)open

A bill to amend the Internal Revenue Code of 1954 to provide for the partial exclusion of interest from gross income.

United States · United States Congress · 5 February 1981

Amends the Internal Revenue Code to exclude from gross income interest earned on certain savings deposits. Permits such exclusion only to the extent that the interest income received by the taxpayer exceeds the amount of such income received in the previous year, up to $500. Sets the limit for such exclusion for individuals age 65 or over at $500.

Bill· HRH.R. 1725 (97th)open

A bill to amend the Internal Revenue Code of 1954 to increase to $500 the amount of dividends and interest each individual may exclude from gross income, and to make such exclusion permanent.

United States · United States Congress · 5 February 1981

Amends the Internal Revenue Code to increase to $500 ($1,000 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. 1719 (97th)open

A bill to amend the Internal Revenue Code of 1954 to increase to $500 for an individual and $1,000 for a joint return the amount of dividends and interest which may be excluded from gross income, and to make such exclusion permanent.

United States · United States Congress · 5 February 1981

Amends the Internal Revenue Code to increase to $500 ($1,000 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. 1753 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to provide that the special expenses incurred in maintaining a retarded or handicapped individual shall be allowable as a medical deduction without regard to the 3-percent floor.

United States · United States Congress · 5 February 1981

Amends the Internal Revenue Code to provide that expenses incurred for the care of a retarded or handicapped individual shall be deductible as a medical expense without regard to the three percent floor presently required for the medical care deduction. Requires submission of medical proof of substantial impairment to the Internal Revenue Service to establish the handicap or retardation of the individual.

Bill· HRH.R. 1728 (97th)referred

Young Families Homeownership Act of 1979

United States · United States Congress · 5 February 1981

Young Families Homeownership Act of 1979 - Amends the Internal Revenue Code to allow individuals who are saving for their first home an income tax credit for 20 percent of the cash contributions made during the taxable year to an individual housing account. Limits the amount of such credit to $500 for any taxable year and $2,000 during a lifetime. Sets forth requirements for the establishment of an individual housing account. Imposes penalties for distributions made from an individual housing account which are not used in connection with the purchase of a principal residence. Exempts interest earned on an individual housing account from income taxation. Requires the trustee of an individual housing account to make such reports regarding the maintenance of an individual housing account as the Secretary of the Treasury may require. Prohibits contributions to an individual housing account in excess of prescribed limits and imposes a tax on such excess contributions equal to the tax on excess contributions to an individual retirement account.

Bill· HRH.R. 1699 (97th)referred

First Home Financing Act of 1981

United States · United States Congress · 5 February 1981

First Home Financing Act of 1981 - Amends the Internal Revenue Code to allow individual taxpayers an income tax deduction for cash contributions to a savings account established for the exclusive purpose of purchasing the taxpayers' or taxpayers' child's first principal residence. Limits the aggregate amount deductible by a taxpayer to 15 percent of his adjusted gross income. Limits the dollar amount of such deduction to $2,000 per year, with a maximum lifetime deduction of $15,000. Exempts such individual housing account from income taxation. Excludes distributions from such account from the taxpayer's gross income as long as such distributions are used for the purchase of a first principal residence. Prescribes penalties for the use of housing account distributions which are used for purposes other than the purchase of a first principal residence. Directs the trustee of an individual housing account to make reports regarding such account to the Secretary of the Treasury as required. Extends the income tax deduction for contributions to an individual housing account to taxpayers who do not itemize deductions.

Bill· HRH.R. 1706 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to provide individuals a credit against income tax for amounts paid or incurred by the taxpayer for alterations to his principal residence in order to make such residence more suitable for handicapped family members.

United States · United States Congress · 5 February 1981

Amends the Internal Revenue Code to allow individuals a nonrefundable income tax credit for 50 percent of the expenses paid or incurred to make alterations to their residences for the purpose of making such residences more accessible to, and usable by, a handicapped individual who is either the taxpayer, his spouse, or a dependent of the taxpayer. Limits the amount of such credit, for each such handicapped individual, to the lesser of $1,000 or an amount which, when added to previous year's credits, does not exceed $5,000. Reduces the amount of such credit by one-half of the amount by which the adjusted gross income of the taxpayer exceeds $20,000 ($35,000 in the case of married individuals filing jointly). Defines "handicapped individual" as any individual who has a medically identifiable mental or physical impairment which can be expected to result in death or which can be expected to last for a continuous period of at least 12 months, and which severely limits one or more of the major life activities of such individual. Requires the handicapped individual to live in the principal residence for which the alterations are made for not less than a nine month period during the taxable year.

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