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Bill· HRH.R. 1040 (96th)referred
United States · United States Congress · 18 January 1979
Tax Equity Act of 1979 - Provides that the Secretary of the Treasury shall, within 90 days after the date of the enactment of this Act, submit to the Committee on Ways and Means a draft of any technical and conforming changes in the Internal Revenue Code which should be made to reflect the substantive amendments made by this Act. Provides that every amendment made by this Act shall apply notwithstanding that its application may be contrary to the provisions of some treaty in effect on the date of the enactment of this Act. Title I: Capital Gains and Losses - Repeals the alternative tax on long term capital gains for individuals, corporations, and life insurance companies. Provides, in lieu of the present 60 percent tax deduction for net long term capital gains, an exclusion from gross income of so much of the gain as does not exceed one half of one percent of the adjusted basis of property (capital assets or property used in a trade or business) at the time of its sale or exchange times the number of months such property is held over 12 months. Repeals provisions of the Internal Revenue Code related to the preferential tax treatment of long term capital gains. Allows the deduction of capital losses for corporations only to the extent of the gains which such corporations realize from the sale or exchange of capital assets and property used in its trade or business. Allows the deduction of capital losses for other taxpayers only to the extent of gains realized by such taxpayers plus the taxable income of the taxpayer or $3,000, whichever is smaller. Permits a one year carryover of net capital losses which exceed the limitations on deductibility in the current or preceding taxable years. Permits a three year carryback of such losses which are in excess of $10,000. Limits the deduction for net capital losses to the amount of the net capital gain in the year in which the loss is carried back. Allows a carryback of net capital losses without regard to the $10,000 limit for a decedent who sustains a capital loss in the year of his death. Allows the executor of a decedent's estate to include in the gross income of a decedent for his last taxable year any unrealized capital gains on a capital asset held by the decedent at the time of his death, if the decedent had a net capital loss during such year. Requires the amount of gain included in the decedent's gross income to be added to the adjusted basis of the property for purposes of computing the basis of property passing to the heirs. Provides that periodic income from the sale or exchange of patent rights shall be treated as royalties (ordinary income) rather than as gain from the sale or exchange of a capital asset. Title II: Income Derived from Extraction of Minerals - Repeals the percentage depletion allowance for taxable years beginning after 1979. Allows an income tax deduction for expenditures (including intangible drilling costs) incurred in the exploration and development of mineral properties (including geothermal deposits), but only to the extent of taxable income derived from such properties. Terminates the income tax deductions for expenditures for the development of mines or other natural deposits (other than an oil or gas well) and for expenditures for mining exploration after 1979. Provides an exclusion from gross income of amounts derived from foreign mineral properties, provided that such income is not derived from: (1) a nonoperating mineral interest; (2) distributions received with respect to the stock of a corporation; and (3) amounts includible in gross income as undistributed profits of controlled foreign corporations. Limits the losses allowable from the disposition of mineral property to the extent of the gains from the sale or exchange of such properties during the taxable year. Title III: Reform Measures Affecting Primarily Individuals - Revises the income tax rates for individuals to limit the maximum rate to 50 percent. Provides, in lieu of certain itemized personal income tax deductions, an income tax credit equal to 30 percent of the itemized deductions which the taxpayer would normally take for the taxable year. Specifies those deductions which qualify as personal deductions. Limits to $10,000 the amount of interest and taxes paid on a personal residence which may qualify for the 30 percent credit. Allows a standard credit allowance (in lieu of the zero bracket amount) for taxpayers who do not itemize income tax deductions. Authorizes the President to increase or decrease by not more than two percent the amount of the credit if he determines that such action is in the public interest. Provides that either House of Congress may disapprove Presidential action to increase or decrease the credit. Requires a taxpayer who is claiming a child for purposes of the 30 percent income tax credit, to include in his gross income any income received by the child during the taxable year from a trust created by the taxpayer, and also any dividends, interest, or royalties received by the child from any property given to him by the taxpayer. Provides that shareholder-employees of closely held corporations must include in gross income: (1) that part of contributions paid by an employer-corporation (and deductible by it) to trusts, annuities, or bond purchase plans for the benefit of the shareholder-employee in excess of (a) the lesser of 15 percent of his compensation; or (b) $7,500, unless 75 percent of the contributions made during the year by the corporation under the plans are for the benefit of employees who are not shareholder-employees; (2) payments to an accident or health plan for the benefit of a shareholder- employee unless employees who are not shareholder-employees received 75 percent or more of all such payments made by the employer-corporation during the taxable year; and (3) the value of lodging and meals furnished by the employer-corporation. Repeals the $100 exclusion from gross income for dividend income. Requires a taxpayer who claims a business expense deduction for attendance at a foreign convention that such convention was: (1) directly related to the active conduct of his trade or business; and (2) more properly held outside the United States than within it, considering all the circumstances. Disallows any deduction for the expenses of attending a convention held on a cruise ship. Revises the formula for computing the income tax deduction for the maintenance of a vacation home to lower the amount of the allowable deduction. Limits the amount of the allowable income tax deduction attributable to farming to the gross income derived from the business of farming for a taxable year plus, in the case of an individual, the greater of $10,000 or the amount of the special deductions (taxes, interest, casualty or theft losses, drought losses, and capital losses) attributable to farming, or in the case of other taxpayers, the amount of the special deductions for the taxable year. Provides that the earnings and profits of a parent corporation, for the purpose of paying taxable dividends, shall not be less than the earnings and profits of the consolidated group for the taxable year. Provides for the recognition of gain from the transfer of appreciated property to a controlled corporation by a related corporation to the extent that such transfer qualifies as the payment of a dividend. Provides that stock options granted to officers and employees of a corporation will not have an ascertainable fair market value at the time they are granted unless such options are traded on a stock exchange or over the counter. Provides that an individual who establishes a trust for his minor children and retains an interest in such trust which will revert to him after ten years will be taxed on the interest which is distributed to his children during the ten year period. Extends to business enterprises formed to invest in real estate the rule which limits income tax deductions for business losses to amounts which such enterprises actually have at risk. Prohibits an individual from basing his estimated tax payments on the prior year's tax (or at the current year's rates applied to the prior year's facts) if in any one of the three preceding taxable years the tax shown on his return was in excess of $100,000. Treats a partnership which is required to file a registration statement with the Securities and Exchange Commission or a comparable State agency after July 1, 1979, as a corporation for taxable years ending after the date of the filing of the registration statement. Title IV: Reform Measures Affecting Primarily Corporations - Repeals the investment tax credit with respect to property placed in service on or after January 1, 1980. Repeals the asset depreciation range system of computing the allowance for depreciation. Reinstates the reserve ratio test for determining the useful life of property subject to the allowance for depreciation. Prohibits a corporation from claiming an income tax deduction for depreciation which is greater than the amount of depreciation carried on its books for purposes of reporting earnings to shareholders. Limits the business expense deduction for repairs to the amount which a corporation reports on its books as current expenses. Limits the amount of the income tax deduction for dividends received by corporations to 85 percent of its taxable income computed without regard to the operating loss deduction or any capital loss carryback. Permits a carryover of any amount disallowed due to such limitation to the following taxable year. Provides that any dividend received by a corporation from an unaffiliated corporation shall be reduced, for purposes of the dividends received deduction, by the amount of any interest costs incurred to purchase or carry the stock of the unaffiliated corporation. Disallows the dividends received deduction for dividends received from an unaffiliated corporation to the extent that such dividends exceed the amount of dividends paid by the receiving corporation during the taxable year. Permits the nonrecognition of gain in the case of a corporation which distributes appreciated property in redemption of its stock pursuant to a court proceeding under the antitrust laws, if such stock was acquired before January 1, 1970. Repeals provisions permitting the nonrecognition of gain from the bulk sale of inventory in a 12 month corporate liquidation. Imposes a tax at the corporate level on a portion of the gain from the distribution of property by a corporation to tax-exempt shareholders pursuant to a 12 month liquidation. Permits the nonrecognition of gain from a distribution of corporate property pursuant to a plan of complete liquidation, if , at the time of the adoption of the plan, the corporation has more than 15 shareholders. Disqualifies as a tax free reorganization a transaction in which share-holders of a merging corporation own, as a result of such transaction, less than 20 percent of the total combined voting power of all classes of stock of the surviving corporation. Terminates the special treatment of bad debt reserves of financial institutions after December 31, 1979. Taxes, on a current basis, the undistributed profits of a controlled foreign corporation to its domestic shareholders based upon each shareholder's pro rata share of such undistributed profits. Terminates the tax exemption for a domestic international sales corporation (DISC) after December 31, 1979. Reduces the basis of property owned by a corporation which is similar or related in service or use to property which has been involuntarily converted by the amount of gain which is not recognized as a result of the purchase of stock in such corporation. Prohibits a corporation from basing its estimated tax payments on the prior year's tax (or on the basis of the prior year's facts and the current year's rates) if in any one of the three preceding taxable years the tax shown on the corporation's return was in excess of $300,000. Disallows the income tax deduction for interest paid by banks and other financial institutions to depositors and other creditors to the extent that their investments in tax exempt bonds constitutes a percentage of their total assets. Title V: Reforms Affecting Individuals and Corporations - Repeals provision which permits the deduction of an individual's or corporation's income tax liability from the sum of the items of tax preference for purposes of the minimum tax. Repeals provisions designating reserves for bad debts of financial institutions, percentage depletion, and capital gains as items of tax preference. Designates tax exempt interest on State and local bonds and the foreign tax credit as items of tax preference. Requires the inclusion in the gross income of a corporation the difference between the value on the open market of the use of the corporation's property or money and the amount charged to a shareholder for the use of such property or money. Treats such amount as a dividend to the shareholder. Disallows an income tax deduction for depreciation of a rental building to the extent that such depreciation would reduce the adjusted basis of the building below the unpaid balance of the mortgage on the land and building. Reduces the allowable amount of the charitable deduction for the contribution of appreciated property to a charitable organization by the amount of gain which would have been realized if the property contributed had been sold by the taxpayer at its fair market value. Requires the capitalization of expenditures attributable to the planting, cultivation, maintenance, or development of any fruit or nut grove, or any vineyard, and which is incurred before the time when the productive stage is reached. Repeals the tax exemption of foreign individuals or corporations which operate ships documented under the laws of a foreign country which grant an equivalent tax exemption to United States citizens or corporations. Empowers the Internal Revenue Service to conduct all civil proceedings involving the enforcement of the internal revenue laws in any court (including the United States Supreme Court). Title VI: Reforms Affecting Private Foundations and Estate and Gift Taxes - Provides that a trust shall not be treated as a public charity if the trustees have discretion to distribute as they see fit more than 50 percent of the trust income between two or more organizations named in the trust instrument as permissible beneficiaries. Treats an individual's contribution to a private foundation as public support only to the extent that such contribution does not exceed one-half of one percent of the foundation's support. Eliminates the five percent reversionary interest test for determining whether the value of trust property passing to its beneficiaries upon the death of the grantor will be included in the estate of the grantor. Requires the inclusion in the gross estate of a decedent the value of an annuity or other plan of compensation receivable by a beneficiary under an agreement of the decedent's employer which arose out of services rendered by the decedent, whether or not the beneficiary has an enforceable right to receive the compensation. Provides that the exclusion from the gross estate of a decedent of annuity payments attributable to employer contributions shall apply only if such payments go to the decedent's surviving spouse. Requires the inclusion of life insurance proceeds in the gross estate of a decedent in the proportion that the premiums paid by the decedent or his spouse bears to all premiums paid for the insurance. Limits the charitable estate tax deduction to the greater of $1,000,000 or 50 percent of the gross estate minus expenses for administration and payment of the decedent's debts. Excludes from the gross estate any transfer made by the decedent during his lifetime for which an estate tax charitable deduction is permitted. Permits the donor of property to a charitable organization a gift tax deduction for the value of such property even if he retains an interest in the property donated. Title VII: State and Local Obligations - Repeals the income tax exclusion for interest on State and local bonds issued after December 31, 1979. Provides that the Federal Government will pay 35 percent of the interest yield on State and local bonds, other than industrial development bonds, issued after December 31, 1979. Title VIII: Withholding of Income Tax on Dividends and Interest - Requires the withholding of income tax on interest and dividends equal to ten percent of such interest or dividends. Defines "interest" and "dividends" for purposes of this Title.
Bill· HRH.R. 1009 (96th)referred
United States · United States Congress · 18 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. 1012 (96th)referred
United States · United States Congress · 18 January 1979
Amends the Internal Revenue Code to tax income of married individuals filing tax returns separate from their spouses at the same rates applicable to unmarried individuals.
Bill· HRH.R. 1004 (96th)referred
United States · United States Congress · 18 January 1979
Department of Energy Civilian Programs Authorization Act for Fiscal Year 1979 - Title I: Energy Use, Application, Conservation, and Regulation - Authorizes specific appropriations to the Department of Energy to carry out the functions assigned to: (1) the Federal Energy Regulatory Commission; (2) the Economic Regulatory Administration; (3) the Energy Information Administration, (4) the Assistant Secretary for Conservation and Solar Applications; (5) the Assistant Secretary for Resources Applications; (6) the Office of Consumer Affairs and Competition established by title II of this Act; (7) the Office of the Secretary for the purposes of the Task Force on Regulatory Reform; and (8) the Assistant Secretary for Energy Technology. Imposes vanpool vehicle purchase restrictions on the use of funds. Prohibits appropriated funds being used for purposes other than those specified in this Act. Enumerates certain limitations on the use of funds. Title II: Amendments to Energy Conservation and Production Act and Certain Other Energy-Related Acts - Creates an Office of Competition and Consumer Affairs within the Department of Energy. Transfers to such office the functions of advising and making recommendations to the Secretary of Energy relating to promotion of competition in the energy industry and the protection of energy consumers. Amends the Department of Energy Organization Act: (1) to make specific provisions for acquisition, collection and disclosure of information by the Administrator; (2) to lift the limitation on the jurisdiction of the Commission with respect to exports and imports which relate to rates and charges for the sale of electric energy, or the transportation and sale of natural gas; and (3) to authorize procedures by which a producer can apply for an advisory opinion as to whether or not crude oil to be produced is stripper-well crude oil or otherwise within a specified classification of crude oil. Amends the Interstate Commerce Act to allow 60 days notice for rate filings in cases of rates and charges for pipeline transportation of oil. Title III: Power Marketing Administrations; Resource Development - Authorizes appropriations for the Alaska Power Administration, the Western Area Power Administration, the Southwestern Power Administration, and the Southeastern Power Administration. Authorizes appropriations for policy and management and for the Energy Information Administration. Sets limitations on the reprogramming of funds. Title IV: Uranium Management and Use of Nuclear Energy - Authorizes appropriations for construction, operation, and capital equipment for loss-of-fluid test facility functions and for remedial activity functions at inactive uranium mill tailings sites. Directs the Secretary of Energy to conduct a study regarding the storage of spent nuclear fuels withdrawn from the care of thermal nuclear reactors to select sites for such storage, and to construct storage facilities. Authorizes appropriations for purposes of such study and site selection. Sets forth in detail the factors, determinations, and considerations, to be included in such study. Makes provision for public and Congressional notice and hearings. Title V: Charge for Uranium Enrichment Services - Amends the Atomic Energy Act of 1954 to direct the Secretary of Energy to conduct a study of the prices established for uranium enrichment services and the need for increasing such prices to recover the amounts attributable to providing such services as ordinary and necessary business expenses, taxes, and return on equity, which would normally be included in a commercial organization's charge for such services. Requires the Secretary to report to Congress on such study. Title VI: Amendments to Title V of the National Energy Extension Service Act - Eliminates the deadline of October 1, 1978, for the submission of State plans for the conduct of energy extension service activities. Makes additional amendments to title V of the National Energy Extension Service Act. Title VII: Program Direction - Authorizes appropriations for the administration, management, support, program activities, and commercialization functions of the Department of Energy. Authorizes specific appropriations to carry out assigned functions to: (1) the Secretary; (2) the Assistant Secretary for Intergovernmental and Institutional Relations; (3) the Assistant Secretary for Policy and Evaluation; (4) the Assistant Secretary for International Affairs; (5) the Assistant Secretary for Conservation and Solar Applications; (6) the Assistant Secretary for Environment; (7) the Assistant Secretary for Resource Application; (8) Assistant Secretary for Energy Technology; (9) the Administrator; (10) the Office of Controller; (11) the Office of General Counsel; (12) the Office of Inspector General; (13) the Office of Equal Employment Opportunity; (14) Offices of Procurement and Contracts Management and Board of Appeals; and (15) the Office of Secretary for Field Offices. Authorizes appropriations for alternate fuel commercialization projects. Directs the Department of Energy to make a report on any such proposed projects. Details the scope of such report and sets forth notice requirements. Directs the recipients of financial assistance to keep complete financial records and authorizes the Comptroller General to have access to such records for the purposes of audit and evaluation. Directs the Comptroller General to make annual audits of recipients of such financial assistance. Title VIII: General Provisions - Amends the Department of Energy Organization Act to establish an Office of Administration to be headed by an Administrator. Authorizes appropriations for increases in salary, pay, retirement or other benefits for Federal employees as may be necessary for increases authorized by law. Authorizes funds for official entertainment expenses.
Bill· HRH.R. 1002 (96th)referred
United States · United States Congress · 18 January 1979
Amends the Internal Revenue Code to provide that the tax exemption of certain charitable organizations and the allowance of an income tax deduction for contributions to such organizations shall not be construed as the provision of Federal assistance.
Bill· HRH.R. 1000 (96th)referred
United States · United States Congress · 18 January 1979
American Tax Reduction Act of 1979 - States as the purposes of this Act: (1) the reduction of the public debt; (2) the imposition of limits on Federal spending; (3) the inducement of Members of Congress to eliminate unneeded Federal programs; (4) the reduction of individual income taxes; (5) tax relief for homeowners; and (6) the indexation of tax rates to reflect inflation of income. Title I: Individual Income Tax Rate Reductions - Amends the Internal Revenue Code to reduce individual and estate and trust income tax rates for 1979, 1980, and 1981, and to make a permanent reduction in such rates for years after 1981. Title II: Provisions Relating to Capital Gains - Reduces the alternative tax on capital gains to 15 percent of the net capital gain. Eliminates capital gains as an item of tax preference for purposes of the minimum and maximum tax. Repeals the alternative minimum tax schedule for capital gains of individual taxpayers which was enacted by the Revenue Act of 1978. Permits a taxpayer to elect to offset against taxable income all capital losses not in excess of taxable income. Permits a one-year carryover of losses in excess of taxable income. Eliminates the age requirement (55) for eligibility for the one-time $100,000 exclusion of gain from the sale of a principal residence. Title III: Provisions Relating to Indexing for Inflation - Requires cost-of-living adjustments to income brackets for purposes of the individual income tax and the normal tax on corporate income. Requires a similar adjustment to capital assets for purposes of determining gain or loss and to estates and gifts in determining the tax at the time of transfer. Replaces the corporate income tax rates with a graduated, five-tier schedule, imposing the uppermost (46 percent) marginal rate upon income in excess of $100,000. Title IV: Reduction in Federal Spending - Amends the Congressional Budget Act of 1974 to limit Federal spending to 18 percent of the gross national product by fiscal year 1983. Prohibits the consideration of any bill in Congress which would cause the spending limit to be exceeded. Title V: Reduction of the Public Debt - Amends such Act further to the application of two percent of the annual Federal budget to the retirement of the Federal deficit.
Bill· HRH.R. 994 (96th)referred
United States · United States Congress · 18 January 1979
Prohibits the State income taxation of nonresident commuters who work in Federal areas but do not reside in the area or in the State.
Bill· HRH.R. 990 (96th)referred
United States · United States Congress · 18 January 1979
Tax Reform Act for Nonprofit Organizations - Amends the Internal Revenue Code to allow taxpayers who do not itemize income tax deductions a deduction from gross income for charitable contributions. Expands the income tax deduction for appearances with respect to legislation to include expenses for communications between an organization and the officers, directors, or employees of a taxpayer. Exempts certain business and professional organizations from restrictions on income tax deductions for expenses relating to the supply of goods and services to members. Permits members of tax-exempt organizations to participate in educational activities sponsored by the organization or 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. Extends to nonprofit business leagues, chambers of commerce, real estate boards, and professional football leagues eligibility for participation in tax-exempt annuity plans. Exempts certain incorporated fraternal organizations and lodges from the special tax rules applicable to private foundations. Limits the amount of advertising income of a tax-exempt organization which is subject to the tax on unrelated business income 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. Excludes from unrelated business activity income certain amounts derived from insurance activity conducted by a tax-exempt organization on behalf of its members. Permits tax-exempt organizations to conduct conventions and trade show activities designed to educate individuals regarding new developments or products and services relating to the exempt activities of an organization without subjecting such exempt organization to the unrelated business tax. Exempts from the definition of expenditure, for purposes of the tax on political organizations, expenses incurred by an organization in communicating with its members on any subject. Extends the availability of the declaratory judgment to all tax-exempt organizations. Requires the Secretary of the Treasury to make a determination, upon request, of the tax-exempt status of any organization within 90 days of such request.
Bill· HRH.R. 988 (96th)referred
United States · United States Congress · 18 January 1979
Amends the Internal Revenue Code to permit certain Government officials to accept payment from private foundations of limited traveling expenses between a point in the United States and a point outside the United States without being subject to the tax on self-dealing.
Bill· HRH.R. 984 (96th)referred
United States · United States Congress · 18 January 1979
Amends the Internal Revenue Code to provide a $750 personal tax exemption for a taxpayer between age 60 and 65 ($500 for a taxpayer over age 65), and for a taxpayer whose spouse has died since the taxpayer reached age 55, and the taxpayer has not since remarried.
Bill· HRH.R. 961 (96th)referred
United States · United States Congress · 18 January 1979
Investment Tax Credit Act of 1977 - Amends the Internal Revenue Code to allow a double investment tax credit for machinery and equipment placed in service in existing manufacturing plants located in high unemployment areas, or in nearby areas.
Bill· HRH.R. 995 (96th)referred
United States · United States Congress · 18 January 1979
Prohibits a State from imposing an income tax on any individual who is not a resident or domiciliary of such State.
Bill· HRH.R. 968 (96th)referred
United States · United States Congress · 18 January 1979
Social Security Refinancing Act - Amends titles II (Old-Age, Survivors and Disability Insurance) and XVIII (Medicare) of the Social Security Act, and the Internal Revenue Code to finance the payment of disability insurance benefits and hospital insurance benefits through general tax revenues, rather than through employment and self-employment tax revenues. Reduces employment and self-employment tax rates below the rates established by the Social Security Financing Amendments of 1977.
Bill· HRH.R. 960 (96th)referred
United States · United States Congress · 18 January 1979
Amends the Internal Revenue Code to permit the voluntary withholding of income taxes from sick pay under employer wage continuation plans.
Bill· HRH.R. 959 (96th)referred
United States · United States Congress · 18 January 1979
Motor Vehicle Tax Repeal Act of 1979 - Amends the Internal Revenue Code to repeal the excise tax on the sale of trucks, buses, 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, 1977.
Bill· SS. 1900 (96th)referred
United States · United States Congress · 17 January 1979
Amends the Internal Revenue Code to allow an income tax deduction for casualty loss of depreciable fruit or nut trees. Sets a minimum deduction of the fair market value on the date such loss occurs, with a further allowance for an up to ten-year carryback and an up to four-year carryover.
Bill· SS. 33 (96th)referred
United States · United States Congress · 15 January 1979
Tax Reduction Act of 1979 - Title I: Individual Tax Rates - Amends the Internal Revenue Code to reduce the income tax rates for individuals for the taxable years 1980 through 1982. Title II: Inflation Adjustment - Requires the Secretary of the Treasury, not later than December 15 of each calendar year beginning in 1982, to prescribe individual income tax rate tables: (1) by increasing the maximum dollar amount on which no tax is imposed under each table, and the minimum and maximum dollar amounts for each rate bracket for which a tax is imposed, by the cost-of-living adjustment for such year; (2) by not changing the rate applicable to any rate bracket as adjusted; and (3) by adjusting the amounts setting forth the tax to the extent necessary to reflect the adjustments in the rate brackets. Declares the cost-of-living adjustment for any calendar year as the percentage by which the Department of Labor's Consumer Price Index for all urban consumers for the preceding calendar year exceeds the Consumer Price Index for calendar 1981. Requires cost-of-living adjustments in zero bracket amounts, exemptions and withholding taxes. Sets the minimum gross income for which an income tax return is required from certain individuals at an amount less than the sum of the exemption plus the applicable zero bracket amount.
Bill· SS. 51 (96th)referred
United States · United States Congress · 15 January 1979
Adds to the Congressional Budget Act of 1974 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 which establishes 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 its 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. 47 (96th)referred
United States · United States Congress · 15 January 1979
Simpliform Tax Act - Amends the Internal Revenue Code to impose a uniform ten percent income tax on every individual, plus a surtax graduated according to specified brackets. Repeals, among other provisions of the Code: (1) tax credits for the elderly and for political contributions; (2) the minimum tax for tax preferences; (3) exclusions from gross income of interest on certain government obligations, bad debt recovery, scholarships and fellowship grants, and meals or lodging furnished for the convenience of the employer; (4) tax deductions for interest, State and local and foreign taxes, medical and dental expenses, moving expenses, business meals and entertainment, and retirement savings; and (5) provisions relating to deferred compensation, earned income from sources without the United States, joint returns by married couples, and the zero bracket amount. Replaces the tax deduction: (1) for personal exemptions with a tax credit amounting to $250 per exemption; and (2) for charitable contributions with a tax credit equal to 20 percent of the deduction currently allowable. Requires the inclusion in a decedent's taxable income for the taxable period in which he died of a certain percentage of the gains and losses which would have been realized and accounted for if all his property at the time of death had been sold immediately prior to it at the estate tax fair market value. Lists a schedule of such percentages from 20 percent for taxable years beginning a year after enactment, up to 100 percent for years beginning five years or more after enactment. Excludes from the reckoning of such property bequests to the surviving spouse, transfers for public, charitable and religious uses, items of gross income in respect of a decedent, and other estate property acquired from a decedent for which basis is not provided. Limits application of such requirement to occasions when the aggregate amount of the estate tax fair market value exceeds $60,000. Requires the inclusion in taxable income for the taxable period in which an individual has transferred property by an inter vivos gift, the gain or loss which would have been realized and accounted for if the taxpayer had sold the property at its fair market value. Applies such requirement only to transfers occurring when the aggregate fair market value of the taxpayer's property (including any and all property transferred after enactment of this Act) exceeds $60,000. Includes in an individual's gross income all Social Security and welfare payments, and all prizes and awards without exception. Requires withholding of a ten percent tax from the payment of interest and dividends, as well as from other payments subject to income tax.
Bill· SS. 31 (96th)referred
United States · United States Congress · 15 January 1979
Tax Reduction and Spending Limitation Act of 1979 - Amends the Internal Revenue Code to direct the Secretary of the Treasury, for every taxable year beginning after December 31, 1979, to: (1) determine the adjusted 1978 income tax level for individuals; (2) establish income tax brackets which are the same as those in effect for calendar year 1979; (3) establish rate tables that impose the same proportion of the tax burden borne by the same tax bracket in 1979, and that are estimated to result in the same amount of tax estimated as resulting in 1978; and (4) adjust the total tax on individuals for each year so that the total tax imposed for 1980 shall be 15 percent less than the adjusted 1978 income tax level, the total tax for 1981 shall be 22 percent less, and for 1982 and subsequent years, 29 percent less. Specifies: (1) Federal outlay and deficit limits for fiscal years 1980 through 1983; and (2) a formula for the increase of such limits keyed to Consumer Price Index increases. Requires the Secretary to suspend, for the succeeding calendar year, the application of such reduced income tax tables if the Second Budget Resolution adopted by Congress for any fiscal year authorizes outlays exceeding the limits established by this Act. Makes the preceding calendar year's tax rates apply for the year of such suspension, and postpones the application of the remainder of the tables by one year. Requires the Secretary to make appropriate adjustments in the zero bracket amount and other specified dollar amounts to conform to the adjustments called for.
Bill· SS. 12 (96th)referred
United States · United States Congress · 15 January 1979
Tax Equalization Act - Amends the Internal Revenue Code to require annual cost-of-living adjustments to personal income tax brackets and the personal exemption.
Bill· SS. 18 (96th)referred
United States · United States Congress · 15 January 1979
Amends the Internal Revenue Code to allow a tax credit equal to 50 percent of the excess of the eligible net savings (net savings in excess of certain types of debt) of a taxpayer for the taxable year over a specified percentage of the taxpayer's adjusted gross income. Specifies types of savings accounts which qualify for the credit. Increases taxpayer liability (except for individuals who attain age 65) if the taxpayer's eligible net saving is less than zero for a taxable year. Provides for an inflation adjustment to the taxpayer's adjusted gross income for purposes of determining the allowable amount of credit.
Bill· SJRESS.J.Res. 5 (96th)referred
United States · United States Congress · 15 January 1979
Constitutional Amendment - Prohibits total Government expenditures from exceeding total revenues during any fiscal year unless a concurrent resolution permitting such an excess be approved by a two-thirds vote of both Houses of Congress. States that any such concurrent resolution on the budget will be considered out of order if the budget was not balanced in more than three of the preceding eight fiscal years. Limits any annual increase in total expenditures and revenues to 18 percent of the estimated gross national product for that fiscal year. Makes an exception to such limitation upon approval of two-thirds of the Members of both Houses of Congress.
Bill· HRH.R. 881 (96th)referred
United States · United States Congress · 15 January 1979
Amends the Internal Revenue Code to permit taxpayers an election to treat expenditures for making buildings or public transportation vehicles accessible to the handicapped and elderly as current expenses and thus deductible from gross income in the current taxable year.
Bill· HRH.R. 873 (96th)referred
United States · United States Congress · 15 January 1979
Amends the Internal Revenue Code to allow an income tax credit for the expenses of traveling to and from work by means of public mass transportation.
Bill· HRH.R. 872 (96th)referred
United States · United States Congress · 15 January 1979
Amends the Internal Revenue Code to provide identical income tax rates for single persons and married couples filing joint returns.
Bill· HRH.R. 841 (96th)referred
United States · United States Congress · 15 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. 837 (96th)referred
United States · United States Congress · 15 January 1979
Amends the Internal Revenue Code to exempt taxpayers from the payment of interest or a penalty on tax deficiencies attributable to erroneous advice obtained in writing from an Internal Revenue Service Officer or employee acting in an official capacity.
Bill· HRH.R. 871 (96th)referred
United States · United States Congress · 15 January 1979
Amends the Internal Revenue Code to allow individuals who rent their principal residences an income tax deduction for their proportionate share of real property taxes paid by their landlords and for interest costs incurred by their landlords for the acquisition, construction, alteration, rehabilitation, or maintenance of rental property.
Bill· HRH.R. 842 (96th)referred
United States · United States Congress · 15 January 1979
Amends the Internal Revenue Code to exclude from gross income up to $400 of the interest income earned from savings accounts.
Bill· HRH.R. 833 (96th)referred
United States · United States Congress · 15 January 1979
Amends the Internal Revenue Code to allow individual taxpayers an income tax credit for a portion of the expenses such taxpayers pay to attend an institution of higher education. Limits the amount of such credit to 75 percent of expenses under $500, 25 percent of expenses over $500 but under $1,000, and ten percent of expenses over $1,000 but under $2,000. Reduces the amount of such credit by one percent of the amount by which the adjusted gross income of the taxpayer exceeds $25,000. Includes within the definition of "expenses of higher education" tuition and fees required for attendance at an institution of higher education, fees, books, supplies, and equipment required for coursework. Excludes expenses for meals, lodging, or similar living expenses. Defines "institution of higher education" as an educational institution which regularly offers education above the twelfth grade level and which qualifies as a charitable institution for purposes of the income tax deduction for charitable contributions, or which offers accredited business, technical, or vocational school education. Reduces the amount of expenses eligible for the credit by any amounts received by the taxpayer as tax exempt scholarships, fellowships, or educational assistance for veterans.
Bill· HRH.R. 844 (96th)referred
United States · United States Congress · 15 January 1979
Amends the Internal Revenue Code to allow an income tax deduction for taxicab fares paid by disabled individuals.
Bill· HRH.R. 840 (96th)referred
United States · United States Congress · 15 January 1979
Amends the Internal Revenue Code to exclude from gross income amounts received as a pension, annuity, or retirement benefit by retired policemen, firemen, or their dependents or survivors.
Bill· HRH.R. 834 (96th)referred
United States · United States Congress · 15 January 1979
Amends the Internal Revenue Code to allow an income tax deduction for 25 percent of the amount paid by a taxpayer to rent his principal residence.
Bill· HRH.R. 836 (96th)referred
United States · United States Congress · 15 January 1979
Amends the Internal Revenue Code to allow an income tax deduction for the payment of social security taxes.
Bill· HRH.R. 832 (96th)referred
United States · United States Congress · 15 January 1979
Amends the Internal Revenue Code to allow an income tax deduction for contributions to a qualified higher education fund established by a taxpayer for the purpose of funding the higher education of a dependent child under age 30. Limits the allowable deduction to $1,500 times the number of dependent children who are eligible beneficiaries of the fund. Requires that a qualified education fund must be established pursuant to a written plan which: (1) provides payment solely for tuition, fees, necessary textbooks, room and board, and other education-related expenses; (2) allows the creator of the fund no reversionary interest; and (3) limits the amount which is distributable in a calendar year to that needed to cover tuition costs plus $4,000, with cost- of-living adjustments, for living expenses. Defines "eligible postsecondary institution" as a college, university, or vocational school. Requires the termination of an education trust if yearly contributions to such trust exceed the amount of the deduction allowed each year, if funds are diverted from the trust for noneducational purposes, or if there are no eligible beneficiaries at the beginning of a taxable year. Requires that funds remaining in a terminated trust be included, over a period of ten years, in the gross income of the individuals contributing to such trust.
Bill· HRH.R. 813 (96th)referred
United States · United States Congress · 15 January 1979
Amends the Internal Revenue Code to allow an income tax deduction for State and local utility taxes.
Bill· HRH.R. 843 (96th)referred
United States · United States Congress · 15 January 1979
Amends the Internal Revenue Code to allow homeowners and renters who pay natural gas utility costs an income tax credit for the cost of converting pilot lights on gas cooking stoves to a system of manual ignition. Limits the amount of such credit to $25. Allows individuals or corporations (other than homeowners or renters) an income tax deduction for the cost of converting pilot lights on gas cooking stoves. Limits the amount of such deduction to $25 for each appliance converted.
Bill· HRH.R. 839 (96th)referred
United States · United States Congress · 15 January 1979
Amends the Internal Revenue Code to allow an income tax deduction for: (1) nonbusiness theft losses in excess of $100 which are not otherwise compensated; (2) up to $300 for anti-theft protection devices; (3) medical care expenses, not otherwise compensated, which are attributable to injuries arising from a crime committed by an individual other than the taxpayer or his dependents; and (4) funeral expenses of any individual whose death resulted from a crime not committed by the decedent, the taxpayer, or a spouse or dependent of the decedent.
Bill· HRH.R. 810 (96th)referred
United States · United States Congress · 15 January 1979
Individual Housing Act of 1979 - 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. 835 (96th)referred
United States · United States Congress · 15 January 1979
Amends the Internal Revenue Code to allow an income tax deduction for the expenses of traveling to and from work by means of public mass transportation.
Bill· HRH.R. 785 (96th)referred
United States · United States Congress · 15 January 1979
Amends the Internal Revenue Code to exclude from gross income up to $1,000 ($1,500 for joint returns, $750 for married individuals filing separately) of the interest earned from savings accounts. Reduces the amount of such exclusion, dollar for dollar, by the amount the taxpayer's adjusted gross income exceeds $10,000 ($15,000 for joint returns, $7,500 for married individuals filing separately).
Bill· HRH.R. 811 (96th)referred
United States · United States Congress · 15 January 1979
Methanol Fuel Act of 1979 - Amends the Internal Revenue Code to allow individuals to elect an income tax deduction with respect to the amortization of any qualified methanol producing facility based on a period of 60 months. Defines the term "qualified methanol producing facility" to mean any tangible property: (1) which is used in producing methanol from coal, wood, waste, or natural gas; and (2) which is of a character subject to the allowance for depreciation. Specifies the amount of such deduction. Provides that such deduction shall be in lieu of a depreciation deduction. Exempts gasoline and special fuels containing at least ten percent methanol from excise taxes otherwise imposed on gasoline and special fuels.
Bill· HRH.R. 799 (96th)referred
United States · United States Congress · 15 January 1979
Prohibits a State from imposing a tax on the income of a non-domiciliary who works or transacts business within a Federal area in which he does not reside and who commutes to such employment unless such State provides the taxpayer with material and proportionate benefits and protection.
Bill· HRH.R. 776 (96th)referred
United States · United States Congress · 15 January 1979
Amends the Internal Revenue Code to extend for two years the time by which a corporation, which has sustained substantial losses prior to January 1, 1976, and which has dismissed substantially all its employees before April 15, 1977, must liquidate in order to exempt a taxpayer who holds at least a ten percent interest in such corporation from the application of the foreign loss recapture rules enacted by the Tax Reform Act of 1976.
Bill· HRH.R. 756 (96th)referred
United States · United States Congress · 15 January 1979
Amends the Internal Revenue Code to require the Secretary of the Treasury to make an annual report to Congress on the effects of inflation or deflation on taxpayers' income tax liabilities.
Bill· HRH.R. 775 (96th)referred
United States · United States Congress · 15 January 1979
Amends the Internal Revenue Code to increase the farmers income tax deduction for clearing land from the lesser of $5,000 or 25 percent of clearing expenses to the lesser of $12,000 or 100 percent of clearing expenses.
Bill· HRH.R. 734 (96th)referred
United States · United States Congress · 15 January 1979
Small Savers' Act of 1979 - Amends the Internal Revenue Code to exclude from gross income up to $1,000 of interest income earned on savings accounts.
Bill· HRH.R. 751 (96th)referred
United States · United States Congress · 15 January 1979
Amends the Internal Revenue Code to prohibit a State from imposing a tax on the income of a non-domiciliary (except to the extent that such income was earned in such State) or upon the income of a domiciliary whose income was earned in another State (except to the extent that the tax imposed by the State of domicile exceeds the tax of the State in which the income was earned).
Bill· HRH.R. 716 (96th)referred
United States · United States Congress · 15 January 1979
Amends the Internal Revenue Code to allow an income tax deduction for expenses paid or incurred for the custodial care of a dependent suffering Down's syndrome.
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