Taxation

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1,251 records in US in 1977

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Bill· SJRESS.J.Res. 2 (95th)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 · 10 January 1977

Constitutional Amendment - Provides that total appropriations shall not exceed estimated revenues. 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 emergency requires such suspension.

Bill· HRH.R. 1585 (95th)referred

Higher Education Funding Act

United States · United States Congress · 10 January 1977

Higher Education Funding Act - Authorizes an income deduction for contributions to a qualified higher education fund established by the taxpayer for the purposes of funding the higher education of his dependents. Limits the amount of the deduction to the lesser of: (1) $750 times the number of qualified beneficiaries; (2) 15 percent of the taxpayer's adjusted gross income; or (3) $7,500. Provides that a qualified education fund must be established by the taxpayer pursuant to a written plan; (1) solely for the purpose of defraying the cost of room, board, and tuition at an institution of higher education of one or more eligible beneficiaries: (2) which provides that no distribution shall be made by the Fund (except upon termination thereof) other than to, or on behalf of, eligible beneficiaries; (3) which provides that upon termination of the fund of all assets of the funds shall be distributed to the taxpayer or to his estate; (4) which prohibits contributions to the fund in excess of amounts deductible: and (5) under which the taxpayer consents to the income tax treatment upon termination of the fund. Defines "institution of higher education" as an educational institution: (1) which provides an educational program leading to a bachelor's or higher degree, or training students for gainful employment; (2) contributions to or for the use of which constitute charitable contributions; (3) which is legally authorized to provide and does provide a program of postsecondary education; and (4) which is accredited by a nationally recognized accrediting agency or association listed by the United States Commissioner of Education.

Bill· HRH.R. 1581 (95th)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 · 10 January 1977

Amends the Internal Revenue Code to provide a $5,000 tax exclusion for persons aged 65 or over for amounts received as an annuity, pension, or other retirement benefit.

Bill· HRH.R. 1592 (95th)referred

A bill to amend the Internal Revenue Code of 1954 to exempt from taxation the pay received by members of the National Guard or of Reserve components of the Armed Forces to the extent that such pay does not exceed $5,000.

United States · United States Congress · 10 January 1977

Amends the Internal Revenue Code to exclude from gross income the first $5,000 received by an individual for service during less-than-30 day periods as a member of the National Guard or a reserve component of the Armed Forces.

Bill· HRH.R. 1563 (95th)referred

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

United States · United States Congress · 10 January 1977

Amends the Internal Revenue Code to repeal the carryover basis provisions enacted by the Tax Reform Act 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· HRH.R. 1545 (95th)referred

A bill to amend the Internal Revenue Code of 1954 to increase the amount of the credit for the elderly.

United States · United States Congress · 6 January 1977

Amends the Internal Revenue Code to increase the income tax credit for the elderly.

Bill· HRH.R. 1544 (95th)referred

A bill to amend the Internal Revenue Code of 1954 to exempt farmers from the highway use tax on heavy trucks used for farm purposes.

United States · United States Congress · 6 January 1977

Amends the Internal Revenue Code to exempt farming vehicles owned by individuals from the highway motor vehicle excise tax, except vehicles registered in the name of a corporation with gross annual receipts exceeding $950,000, or which derives more than 50 percent of its gross receipts from non-farming activities.

Bill· HRH.R. 1524 (95th)referred

Economic Development Revenue Bond Act

United States · United States Congress · 6 January 1977

Economic Development Revenue Bond Act - Amends the Internal Revenue Code to restrict the tax exclusion of interest on industrial development bonds to issues having an aggregate face amount of $50,000,000 or less, the proceeds of which are to be used for the acquisition, construction or improvement of land or depreciable property in certified economic development areas, or for the redemption of such issues. Provides for the annual certification by the Secretary of Commerce of qualified areas which meet the criteria and purpose of the Public Works and Economic Development Act. Allows the continued exclusion of industrial development bonds excludable before this Act where the bonds were issued or authorized before enactment, or where a governmental unit or other person has made specified types of financial commitments relating to such issues before enactment. Allows national banks to deal in and underwrite industrial development bonds for economic development areas.

Bill· HRH.R. 1489 (95th)referred

A bill to encourage the establishment of wind erosion control and wildlife habitat areas which meet standards prescribed by the Secretary of Agriculture.

United States · United States Congress · 6 January 1977

Amends the Internal Revenue Code to provide an income tax credit for the amounts paid or incurred by the taxpayer to convert land held in the United States and formerly used for agriculture or raising livestock into an area used exclusively for providing vegetative cover for wind erosion control or wildlife habitat. Provides that such wind erosion control and wildlife habitat areas must: (1) meet such requirements as are established by the Secretary of Agriculture; (2) be no less than 20 feet, nor more than 60 feet in width; and (3) comprise no more than 15 percent of the area of any farm. Provides for the recapture of such credits to the extent that credit is taken for land which ceases to be a wind erosion control or wildlife habitat area, or is transferred by the taxpayer (except by reason of death, or in certain tax-free corporate acquisitions) within three years after the credit is taken. Provides for the carryover of allowable credit to the extent it exceeds the taxpayer's liability. Reduces the taxpayer's basis, and disallows any deduction of expenditures properly charged to capital account for which this credit is taken.

Bill· HRH.R. 1485 (95th)referred

A bill to establish a task force to study and evaluate the taxation of real property by State and local governments, the effects of such taxation on certain taxpayers, and the feasibility of Federal taxation and other policies designed to reduce the dependence of State and local governments on such taxation.

United States · United States Congress · 6 January 1977

Establishes a Task Force on the Taxation of Real Property by State and Local Governments to study and evaluate such taxation, its effects on middle and fixed income taxpayers, and the feasibility of using Federal taxation and other methods to reduce the dependence of State and local governments on such taxation. Provides that the Task Force shall include: (1) four officials of the executive branch, to be appointed by the President; (2) four Senators, no more than two from the same political party, to be appointed by the majority leader; (3) four Representatives, no more than two from the same political party, to be appointed by the Speaker; and (4) 12 individuals not Federal employees or officers representing State and local governments, the academic community and citizens groups, to be appointed by the President, Speaker and majority leader in concert. Empowers the Task Force to hold hearings, administer oaths, issue subpenas, hire a staff, contract out research projects and obtain assistance upon request from all other Government agencies and departments. Directs the Task Force to submit its final report to the President and the Congress within one year after all of its members have been appointed. Provides for the termination of the Task Force on the ninetieth day after submission of its final report.

Bill· HRH.R. 1527 (95th)referred

A bill to amend the Internal Revenue Code of 1954 to provide a tax credit for investments in certain economically lagging regions.

United States · United States Congress · 6 January 1977

Amends the Internal Revenue Code to allow a limited income tax credit for new business property placed in economically depressed areas and used for certain types of business if certified by the Secretary of Commerce as economically feasible, and in compliance with this Act and other laws. Limits the allowable credit for each taxable year to 20 percent of the qualified property's basis, or $5,000,000, whichever is less. Limits the credit taken in any year to 50 percent of the difference between the taxpayer's liability and other, specified business-related credits, with a three year carryback, seven year carryover provision for any excess. Restricts application of the credit to property which: (1) is a plant or structure, or machinery related to a plant or structure; (2) is originally used by the taxpayer; (3) has a useful life of three or more years; (4) qualifies for depreciation; (5) is placed in service between 1972 and 1978; and (6) is located outside of any metropolitan area with a population exceeding 300,000 but inside an economically depressed area meeting certain criteria of the Appalachian Regional Development Act or the Public Works and Economic Development Act. Directs the Secretary of Commerce to report to Congress two years after enactment on the credits taken under this Act and their economic impact.

Bill· HRH.R. 1522 (95th)referred

A bill to amend title I of the Housing and Community Development Act of 1974 for the purpose of providing that units of general local government receiving grants, under the hold-harmless provisions of such title shall be entitled, after fiscal year 1977, to continue to receive at least the amount to which they are presently entitled under such provisions.

United States · United States Congress · 6 January 1977

Amends the Housing and Community Development Act to provide that units of general local government receiving grants, under the hold-harmless provisions of such Act, shall be entitled, after fiscal year 1977, to continue to receive the amount to which they are presently entitled.

Bill· HRH.R. 1504 (95th)referred

A bill to amend the Internal Revenue Code of 1954 to allow a deduction for certain expenses paid or incurred by a taxpayer in providing an education for himself or his spouse at an institution of higher education.

United States · United States Congress · 6 January 1977

Amends the Internal Revenue Code to allow an income tax deduction for the amounts paid or incurred to meet the higher education expenses of the taxpayer or the taxpayer's spouse. Limits the deduction for books, meals and lodging to $500 per student. Provides a three year carryback, and a five year carryover of the allowable deduction to the extent that it exceeds the taxpayer's gross income minus other itemized deductions.

Bill· HRH.R. 1515 (95th)referred

A bill to amend the Internal Revenue Code of 1954 to increase from $1 million to $10 million the exemption from industrial development bond treatment for certain small issues.

United States · United States Congress · 6 January 1977

Amends the Internal Revenue Code to increase from $1,000,000 to $10,000,000 the maximum size of small issues of industrial development bonds on which the interest qualifies for a tax exclusion.

Bill· HRH.R. 1494 (95th)referred

A bill to amend the Internal Revenue Code of 1954 to exempt farmers from the highway use tax on heavy trucks used for farm purposes.

United States · United States Congress · 6 January 1977

Amends the Internal Revenue Code to exempt farming vehicles owned by individuals from the highway motor vehicle excise tax.

Bill· HRH.R. 1471 (95th)referred

A bill to provide that the changes made by the Tax Reform Act of 1976 to the exclusion for sick pay shall only apply to taxable years beginning after December 31, 1976.

United States · United States Congress · 6 January 1977

Amends the Internal Revenue Code to limit the application of the Tax Reform Act's elimination of the sick pay exclusion for persons who have not retired on total disability, to taxable years beginning after December 31, 1976.

Bill· HRH.R. 1463 (95th)referred

A bill to delay for one year the effective date of the changes made by the Tax Reform Act of 1976 in the minimum tax on individuals.

United States · United States Congress · 6 January 1977

Amends the Internal Revenue Code to delay, for one year, the implementation of the Tax Reform Act's increased minimum tax on tax preferences for non-corporate individuals.

Bill· HRH.R. 1466 (95th)referred

A bill to amend the Internal Revenue Code of 1954 to encourage greater conservation of energy in home heating and cooling by allowing individuals a credit of 25 percent of amounts paid or incurred for the installation of more effective insulation and heating equipment in existing residential structures.

United States · United States Congress · 6 January 1977

Amends the Internal Revenue Code to allow an individual income tax credit for 25 percent of the amounts paid or incurred for the purchase and installation of qualified insulative materials or heating equipment in the taxpayer's principal residence. Limits the credit to $375, or $750 in the case of a joint return. Stipulates that to be considered qualified such improvements must meet heat loss reduction or heating efficiency criteria to be established by the Secretary of the Treasury in accordance with standards developed and prescribed by the National Bureau of Standards.

Bill· HJRESH.J.Res. 113 (95th)referred