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Taxation

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1,201 records in US in 1979

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Records

Bill· SS. 206 (96th)referred

A Bill to amend the Internal Revenue Code of 1954 to provide for a credit of up to $200 against income tax liability for post-1978 increases in social security tax liability.

United States · United States Congress · 23 January 1979

Amends the Internal Revenue Code to allow as a credit against the individual income tax an amount, not to exceed $200, equal to the excess social security tax liability of the individual (or of the employer, as the case may be). Applies such credit only to scheduled increases in such liability after 1978. Requires the reflection of such credit in withholding.

Bill· SS. 112 (96th)referred

A Bill to repeal the carryover basis provisions added by the Tax Reform Act of 1976.

United States · United States Congress · 23 January 1979

Amends the Internal Revenue Code to repeal the carryover basis provisions enacted by the Tax Reform Act of 1976 which provide that beneficiaries receiving property from a decedent's estate will retain the decedent's basis in the property. Restores prior law which "stepped up" or "stepped down" the property's basis to its market value at the time of death without imposing tax consequences on the appreciation or depreciation the property underwent while held by the decedent.

Bill· SS. 110 (96th)referred

Small Business Depreciation Reform Act of 1979

United States · United States Congress · 23 January 1979

Small Business Depreciation Reform Act of 1979 - Amends the Internal Revenue Code to allow the straight line depreciation based on a period of 36 months of business property with a useful life of three years or more and a basis not in excess of $25,000.

Bill· HRH.R. 1309 (96th)referred

A bill to provide that individuals who retired on disability before October 1, 1976, shall be entitled to the exclusion for disability payments under section 105(d) of the Internal Revenue Code of 1954 without regard to the income limitation in such section, and for other purposes.

United States · United States Congress · 23 January 1979

Amends the Internal Revenue Code to entitle individuals who retired on disability before October 1, 1976, to the exclusion from gross income for amounts received under accident and health plans without regard to the applicable income restrictions.

Bill· HRH.R. 1310 (96th)referred

A bill to amend the Internal Revenue Code of 1954 to provide a basic $5,000 exemption from income tax, in the case of an individual or a married couple, for amounts received as annuities, pensions, or other retirement benefits.

United States · United States Congress · 23 January 1979

Amends the Internal Revenue Code to exclude from the gross income of individuals age 65 or over up to $5,000 of the amount received as an annuity, pension, or other retirement benefit.

Bill· HRH.R. 1304 (96th)referred

Tuition Relief Act of 1979

United States · United States Congress · 23 January 1979

Tuition Relief 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 $300 per individual for the taxable year.

Bill· HRH.R. 1295 (96th)referred

Marital Status Tax Equity Act of 1979

United States · United States Congress · 23 January 1979

Marital Status Tax Equity Act of 1979 - Amends the Internal Revenue Code to provide identical income tax rates for single persons, heads of households, and married couples filing jointly or separately. Establishes the zero bracket amount at $3,400 for all individual taxpayers. Sets forth rules for the eligibility of surviving spouses for income averaging.

Bill· HJRESH.J.Res. 146 (96th)referred

A joint resolution proposing an amendment to the Constitution to provide that except in time of war or economic emergency declared by the Congress, expenditures of the Government may not exceed the revenues of the Government during any fiscal year.

United States · United States Congress · 23 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 or by a concurrent resolution passed by the Senate and the House stating that a national economic emergency requires such suspension.

Bill· HRH.R. 1248 (96th)referred

A bill to amend the Internal Revenue Code of 1954 to include surviving spouses without dependents within the definition of surviving spouse for purposes of determining the income tax imposed.

United States · United States Congress · 22 January 1979

Amends the Internal Revenue Code to eliminate the requirement that married individuals who survive their spouses maintain a household for a dependent child in order to qualify as a surviving spouse for purposes of the income tax rates allowed for such individuals.

Bill· HRH.R. 1246 (96th)referred

Intergovernmental Antirecession and Supplementary Fiscal Assistance Amendments of 1979

United States · United States Congress · 22 January 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. 1244 (96th)referred

A bill to amend the Internal Revenue Code of 1954 to permit an exemption of the first $5,000 of retirement income received by a taxpayer under a public retirement system or any other system if the taxpayer is at least 65 years of age.

United States · United States Congress · 22 January 1979

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· HRH.R. 1231 (96th)referred

Jobs Creation Act of 1979

United States · United States Congress · 22 January 1979

Jobs Creation Act of 1979 - Title I: Individual Income Taxes - Amends the Internal Revenue Code to allow an income tax credit for ten percent of the amounts: (1) deposited in a savings account at an insured bank, savings and loan association, or credit union; or (2) used to purchase stock or bonds in a domestic corporation. Limits such credit to a maximum $1,000 for the taxable year. Excludes from gross income all amounts received by an individual as dividends from domestic corporations. Excludes from gross income up to $1,000 of the gain from the sale or exchange of securities by an individual other than a corporation. Allows an estate tax deduction of the lesser of $200,000 or the value of the decedent's interest in a family farming operation continually owned by the decedent or spouse during the five-year period prior to the decedent's death and which passes to a relative through inheritance. Requires, as a condition of eligibility for the deduction, that for a period of five years after the decedent's death: (1) the interest in the farm be retained by the individual to whom it passed; (2) those individuals reside on that farm; and (3) the farm continue to qualify as a family farm. Title II: Corporation Taxes - Lowers the corporate income tax rates. Requires that the taxable income of each member of a controlled group of corporations be attributed to all members. Increases the amount of the investment tax credit to 15 percent of the qualified investment, except for property constructed or acquired before July 1, 1975, in which case the credit is set at 12 percent of that investment. Increases the corporate surtax exemption from $25,000 to $100,000. Provides for cost of living adjustments to the basis of property sold or exchanged as capital assets, for purposes of determining the amount of gain or loss on such transactions. Increases from 20 to 40 percent the percentage by which class lives assigned by a taxpayer for his depreciable property may vary from class lives prescribed by the Internal Revenue Service. Permits an accelerated 12-month period for the amortization of pollution control facilities. Title III: Employee Stock Ownership Plan Financing - Allows an additional income tax deduction to employers who pay dividends under an employee stock ownership plan for the amount of such dividends, provided: (1) the securities with respect to which such dividends are paid were held on the record date by the employee stock ownership plan; (2) dividends are either distributed to participating employees within 60 days after the plan year in which they are received, or applied to the payment of costs incurred for the purchase of qualifying employer securities. Allows an income tax deduction for charitable deductions to an employer who transfers securities to an employee stock ownership plan if: (1) the property is allocated to the participating employees; (2) no part of the property is allocated for the benefit of the taxpayer, his relatives, or anyone else owning 25 percent of such securities; and (3) the contribution is made with the approval of the plan. Sets forth rules for the tax treatment of participants in an employee stock ownership plan. Directs the Secretary of the Treasury to issue a binding advance opinion, in response to any application by an employee stock ownership plan, as to whether the plan satisfies the requirements of this Act.

Bill· HRH.R. 1189 (96th)referred

Tuition Tax Relief Act of 1979

United States · United States Congress · 22 January 1979

Tuition Tax Relief Act of 1979 - Amends the Internal Revenue Code to allow a taxpayer an income tax credit or deduction for tuition paid to an elementary, secondary, vocational, or higher educational institution for the education of the taxpayer, his spouse, or dependents. Lists the amount of the credit to 50 percent of the amount of tuition paid up to a maximum of $500. Limits the amount of the deduction to $1,000 for the taxable year.

Bill· HRH.R. 1188 (96th)referred

Tuition Tax Relief Act of 1979

United States · United States Congress · 22 January 1979

Tuition Tax Relief Act of 1979 - Amends the Internal Revenue Code to allow a taxpayer an income tax credit or deduction for tuition paid to an elementary, secondary, vocational, or higher educational institution for the education of the taxpayer, his spouse, or dependents. Lists the amount of the credit to 50 percent of the amount of tuition paid up to a maximum of $500. Limits the amount of the deduction to $1,000 for the taxable year.

Bill· HRH.R. 1165 (96th)referred

A bill to amend the Social Security Act and the Internal Revenue Code of 1954 to provide for Federal participation in the costs of the old-age, survivors, and disability insurance program and the medicare program, with appropriate reductions in social security taxes to reflect such participation, and with a substantial increase in the amount of an individual's annual earnings which may be counted for benefit and tax purposes.

United States · United States Congress · 22 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 50 percent. Increases the ceiling on the amount of income that is subject to social security taxation to $100,000 in 1980.

Bill· HRH.R. 1191 (96th)referred

A bill to amend the Internal Revenue Code of 1954 to allow an income tax credit for tuition expenses of the taxpayer or his spouse or a dependent at an institution of higher education, and an additional credit for gifts or contributions made to any institution of higher education.

United States · United States Congress · 22 January 1979

Amends the Internal Revenue Code to allow a taxpayer an income tax credit for tuition paid to an institution of higher education for the education of the taxpayer, his spouse, or dependents. Limits such credit to $300 per student for each taxable year. Allows an income tax credit for charitable contributions to institutions of higher education. Limits such credit to 20 percent of the taxpayer's total tax liability or $500, whichever is less (five percent or $5,000 in the case of corporations, whichever is less). Stipulates that amounts taken into account in computing the credit may not also be taken as a charitable deduction.

Bill· HRH.R. 1187 (96th)referred

A bill to amend the Internal Revenue Code of 1954 to provide a basic $5,000 exemption from income tax, in the case of an individual or a married couple, for amounts received as annuities, pensions, or other retirement benefits.

United States · United States Congress · 22 January 1979

Amends the Internal Revenue Code to allow individuals or married couples a $5,000 exclusion from gross income for any amount received as an annuity, pension, or other retirement benefit.

Bill· HJRESH.J.Res. 126 (96th)referred

A joint resolution proposing an amendment to the Constitution of the United States to provide that total taxation by the Federal Government of the people of the United States shall not exceed 15 per centum of the gross national product, and to provide that appropriations made by the United States shall not exceed its revenues, except in time of war or national emergency.

United States · United States Congress · 22 January 1979

Constitutional Amendment - Prohibits Congress from enacting legislation which will cause Federal taxation to exceed 15 percent of the gross national product. Prohibits the making of appropriations in excess of the total estimated revenues of the United States in any fiscal year except in time of war or national emergency.

Bill· SS. 100 (96th)referred

A Bill to amend the Internal Revenue Code of 1954 to provide for a deduction for expenses incurred for reforestation, and for other purposes.

United States · United States Congress · 18 January 1979

Amends the Internal Revenue Code to allow individual and corporate taxpayers to elect to treat certain reforestation expenditures as not chargeable to capital account in order to qualify them as an income tax deduction, limited to $10,000 annually. Denies such deduction for any amount reimbursed under specified Federal reforestation and timber stand improvement cost sharing programs. Establishes in the United States Treasury a Reforestation Trust Fund, whose moneys shall be paid to the Secretary of Agriculture in order to meet obligations incurred in eliminating and preventing a backlog in the reforestation of the National Forest System, but only to the extent such obligations exceed amounts appropriated under any other provision of law. Authorizes the annual appropriation of not to exceed $30,000,000 for such Fund.

Bill· SS. 103 (96th)referred

Save Our Schools Act of 1979

United States · United States Congress · 18 January 1979

Save Our Schools Act of 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· SS. 75 (96th)referred

A Bill to amend the Internal Revenue Code of 1954 to allow a retirement savings deduction for persons covered by certain pension plans.

United States · United States Congress · 18 January 1979

Amends the Internal Revenue Code to allow an income tax deduction equal to ten percent of an employee's gross compensation (or $1,000, whichever is less) for cash contributions made by an individual employee to certain retirement savings and pension plans. Denies such deduction to certain highly compensated participants in such plans who earn the equivalent of a least a GS-14 salary (and such compensation is higher than the wages and salaries of two-thirds of the other plan participants), unless the employer certifies that the plan complies with specified anti-discrimination standards.

Bill· SS. 98 (96th)referred

Young Families Homeownership Act of 1979

United States · United States Congress · 18 January 1979

Young Families Homeownership Act of 1979 - Amends the Internal Revenue Code to replace the current income tax credit for the purchase by an individual of a new principal residence with a credit equal to 20 percent of the sum of annual cash contributions to an individual housing account. Defines an "individual housing account" as a trust created for the exclusive benefit of an individual, or of a married couple, and exclusively for the purchase of a principal residence, for which annual contributions may not exceed $2,500, or $10,000 over the course of 120 months, by which time the entire interest of the individual or couple in such account must be distributed for the residential purchase. Limits: (1) the annual credit to $500 per individual ($1,000 per married couple); (2) the total lifetime credit to $2,000 per individual ($2,000 per couple, also); and (3) eligibility for such credit to individuals and married couples who do not own and have never owned a principal residence. Assesses penalties for excess contributions or for distributions of account funds for purposes other than the purchase of a principal residence.

Resolution· SRESS.Res. 19 (96th)referred

A Resolution to require reductions in total budget outlays and total new budget authority in concurrent resolutions on the budget for fiscal years 1980, 1981, and 1982.

United States · United States Congress · 18 January 1979

Requires that total budget outlays and total new budget authority in concurrent resolutions on the budget reported by the Senate Committee on the Budget, pursuant to the Congressional Budget Act of 1974, for fiscal years 1980, 1981, 1982 not exceed 98 percent of the adjusted amount of the appropriate level of total budget outlays or total budget authority set forth in the final concurrent resolution on the budget for fiscal year 1979.

Bill· HRH.R. 1101 (96th)referred

A bill to amend the Internal Revenue Code of 1954 to exempt nonprofit volunteer firefighting or rescue organizations from the Federal excise taxes on gasoline, diesel fuel, and certain other articles and services.

United States · United States Congress · 18 January 1979

Amends the Internal Revenue Code to exempt nonprofit volunteer firefighting or rescue organizations from the excise tax on sales of special fuels, automotive parts, petroleum products, and communication services.

Bill· HRH.R. 1116 (96th)referred

A bill to amend the Internal Revenue Code of 1954 to permit an exemption of the first $10,000 of retirement income received by a taxpayer under a public retirement system or any other system if the taxpayer is at least 65 years of age.

United States · United States Congress · 18 January 1979

Amends the Internal Revenue Code to allow pensioners under a public retirement system and other retirees aged 65 or over a $10,000 exclusion from gross income for any amount received as an annuity, pension, or other retirement benefit.

Bill· HRH.R. 1097 (96th)referred

A bill to amend the Internal Revenue Code of 1954 to provide to individuals who have attained the age of 62 a refundable credit against income tax for increases in real property taxes and utility bills.

United States · United States Congress · 18 January 1979

Amends the Internal Revenue Code to allow individuals who have attained age 62 an income tax credit for the amount by which their property taxes and utility bills for their principal residences have increased since such individuals reached age 62 or purchased their home, whichever occurred later.

Bill· HRH.R. 1098 (96th)referred

A bill to amend the Internal Revenue Code of 1954 to allow a deduction for amounts paid by an individual for dependent care services to enable him to perform volunteer services for certain organizations.

United States · United States Congress · 18 January 1979

Amends the Internal Revenue Code to allow an income tax deduction for expenses incurred for dependent care services while the taxpayer performs volunteer work for civic and charitable organizations. Limits such deduction to $400 per month. Reduces the allowable amount of such deduction by one-fourth of the amount by which the taxpayer's adjusted gross income exceeds $20,000. Prohibits a deduction for any amounts paid to a relative of the taxpayer for dependent care services.

Bill· HRH.R. 1065 (96th)referred

Tuition Tax Credit Act of 1979

United States · United States Congress · 18 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 $250 per individual for the taxable year.

Bill· HRH.R. 1064 (96th)referred

Taxpayers Bill of Rights Act

United States · United States Congress · 18 January 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. Requires the officer or employee conducting such interview to warn the taxpayer that: (1) he has a right to remain silent; (2) any statement he makes may be used against him; and (3) he has the right to the presence of an attorney. Exempts certain income producing property from levy for nonpayment of taxes. Directs the Comptroller General of the United States to establish, and to report annually to Congress on, a program to provide for a continuing audit and investigation of the efficiency, uniformity, and equity of the administration of the internal revenue laws of the United States.

Bill· HRH.R. 1075 (96th)referred

A bill to amend the Internal Revenue Code of 1954 to provide for the refund of the gasoline tax to the agricultural aircraft operator, and for other purposes.

United States · United States Congress · 18 January 1979

Amends the Internal Revenue Code to treat, for excise tax purposes, aerial applicators who are the ultimate purchasers of gasoline as having used such gasoline on a farm for farming purposes. Requires the refund of the excise tax on gasoline to any aerial applicator who is the ultimate purchaser thereof.

Bill· HRH.R. 1052 (96th)referred

Individual Housing Account Act

United States · United States Congress · 18 January 1979

Individual Housing Account Act - Amends the Internal Revenue Code to allow individuals an income tax deduction of up to $2,500 annually and $10,000 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.

Bill· HRH.R. 1029 (96th)referred

A bill to amend the Internal Revenue Code of 1954 to exempt nonprofit volunteer firefighting or rescue organizations from the Federal excise taxes on gasoline, diesel fuel, and certain other articles and services.

United States · United States Congress · 18 January 1979

Amends the Internal Revenue Code to exempt nonprofit volunteer firefighting or rescue organizations from the excise tax on sales of special fuels, automotive parts, petroleum products, and communication services.

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