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1,301 records in US in 1977
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to provide an additional $750 tax exemption for certain volunteer firefighters.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to exclude from the income tax, pensions paid to retired policemen and firefighters, or to their survivors to the extent that such benefits are based on full-time service for a governmental entity.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to exclude certain payments to volunteer firemen and rescue workers from their gross income.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to allow a deduction for donations of blood to charitable organizations in an amount equal to $25 for each pint donated. Limits the aggregate amount of donations which shall be deductible to $125 in any taxable year.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to prohibit the taking of a business deduction for expenses paid or incurred to advertise alcoholic beverages.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to allow persons aged 65 or over a refundable credit against the income tax for the real property taxes, or 25 percent of the rent (exclusive of charges for utilities, furnishings, services, etc.) paid on their principal residences. Limits the credit to $500 or $250 in the case of a married individual filing a separate return. Reduces the allowable credit by an amount equal to 10 percent of the amount by which the taxpayer's adjusted gross income exceeds $9,000. Extends the credit to married individuals filing jointly where either spouse has attained the age of 65. Provides that the credit and limitations shall be applied collectively to unmarried joint owners. Limits the credit to those expenditures attributable to that part of property which is actually used as the principal residence, where the property is used for other purposes also. Provides that election of this credit shall prevent taking the allowable deductions for real property taxes.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to allow an income tax deduction for 25 percent of the rent paid for the taxpayer's principal residence. Applies to rent paid for mobile home sites, for individuals whose principal residence is a mobile home.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to allow the taxpayer a deduction for up to $500 of the expenses paid or incurred during any taxable year commencing before 1980 for improvements and repairs to his principal residence. Allows the taxpayer to amortize up to $5,000 of the expenses incurred between 1976 and 1980 for an addition to his principal residence. Provides for the inclusion of such deductions in the taxpayer's gross income where the taxpayer ceases to use the structure as his principal residence before residing there two years.
United States · United States Congress · 4 January 1977
Surplus School Conversion Act - Entitles taxpayers, under the Internal Revenue Code, to elect to take a deduction with respect to the amortization of any qualified school or hospital property based on a period of 180 months. Defines qualified school or hospital property to mean any buildings or other structure which is acquired by the taxpayer from a tax-exempt organization which used such structure to provide facilities for an educational institution or an institution which provided medical or custodial care.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to exclude $7,500 from the gross income of any individual who has attained the age of 65 at the end of the taxable year.
United States · United States Congress · 4 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, and for all persons receiving retirement benefits under a public retirement system.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to provide that in the case of an individual whose income tax prepayments exceed such individual's liability for the income tax with respect to any taxable year, interest shall be allowed and paid at a rate of five percent upon the excess portion of each such tax prepayment.
United States · United States Congress · 4 January 1977
Amends the Budget and Accounting Act, 1921, to require that all departmental budget requests made to the Office of Management and Budget with respect to any fiscal year along with any figures developed by subordinate officers of such departments be submitted to the Congress along with the President's budget for such year. Requires that officials of the Office of Management and Budget, when requested to do so by the appropriate committees of the Congress, testify before such committees on the President's budget and on such departmental budget requests.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to exempt corporations organized solely to provide reserves and deposit insurance for credit unions from the income tax.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to provide that the charitable deduction allowed for expenses incurred in the operation of a motor vehicle shall include the depreciation, operation and maintenance costs allocable to such operation and shall be determined in the same manner as for a business related deduction.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to allow an amortization deduction for qualified solar heating and cooling equipment placed in service for nonresidential structures. Specifies that the period of amortization shall be 60 months. Provides that the amount of the monthly deduction shall be equal to the adjusted basis of the equipment at the end of the month, divided by the number of months remaining in the period. States that this deduction shall be in lieu of the depreciation deduction for such equipment. Makes solar heating and cooling equipment eligible for the investment credit allowed under the Internal Revenue Code. Limits both these provisions to installations of equipment within five years of the enactment of this Act.
United States · United States Congress · 4 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.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to exempt from the excise tax, buses purchased by tax exempt organizations or by other persons for exclusive use in furnishing transportation for a State or local government or a tax exempt organization (currently, transportation must be limited to students and employees of schools).
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to allow a medical deduction, without regard to the three percent floor, for those expenses paid for the medical care of the taxpayer, his spouse, or any dependent of the taxpayer, if that individual is mentally retarded or handicapped.
United States · United States Congress · 4 January 1977
Amends Title XX (Grants to States for Services) of the Social Security Act to reallot unused social services funds to States which will use such funds during the succeeding year in preventing or reducing inappropriate institutional care by providing for community-based care, home-based care, or other forms of less intensive care. Allocates additional Federal matching for multipurpose senior center programs. Directs the Secretary of Health, Education, and Welfare to clarify and standardize the eligibility requirements applicable to the provision of assistance to multipurpose senior centers.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to allow a nonrefundable income tax credit for a portion of the wages paid previously unemployed Vietnam veterans. Allows the credit for ten percent of the wages paid to the individual during his first year of employment and five percent of the wages paid in succeeding years. Raises the allowable percentages for wages paid former POW's and MIA's to 35 and 17.5 percent respectively. Restricts the credit to wages paid employees who were: (1) employed by the taxpayer not less than six months during the two years previous to the last date of the taxpayer's taxable year; and (2) unemployed since discharge, or for four months prior to employment by the taxpayer. Limits the credit to wages paid for work in jobs certified by the Secretary of Labor as either reflecting the employee's prior experience or education or providing training which leads to self-improvement or job advancement. Limits the employees who may be taken into account for this credit to 30 percent of the taxpayer's labor force. Provides for the carryover (to seven years) or carryback (to three years) of the allowable credit which exceeds the taxpayer's current tax liability.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to allow a nonrefundable income tax credit for a portion of the wages paid previously unemployed handicapped Vietnam veterans. Allows the credit for ten percent of the wages paid qualified individuals during the first year of employment, and five percent of the wages paid in succeeding years. Applies the credit to wages paid individuals who were: (1) employed by the taxpayer not less than six months during the two years previous to the last date of the taxpayer's taxable year; and (2) unemployed since discharge, or for four months prior to employment by the taxpayer. Limits the credit to wages paid for work in jobs certified by the Secretary of Labor as either reflecting the employee's prior experience or education or providing training which leads to self-improvement or job advancement. Limits the employees who may be taken into account for this credit to 30 percent of the taxpayer's labor force. Provides for the carryover (to seven years) or carryback (to three years) of the allowable credit which exceeds the taxpayer's current tax liability.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to allow handicapped individuals a deduction for their employment-related expenses. Provides that if a handicapped taxpayer's adjusted gross income exceeds $35,000, such deduction shall be reduced by one-half of the excess of the taxpayer's adjusted gross income.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to allow a deduction for a percentage of the amounts paid by the taxpayer in acquiring recycled solid waste materials for manufacture by the taxpayer into raw materials or salable products. Permits the Administrator of the Environmental Protection Agency to suspend the deduction with respect to any specific recycled material. Provides an amortization deduction with respect to the amortizable basis of any solid waste recycling facility based on a 60 month period.
United States · United States Congress · 4 January 1977
Authorizes a tax deduction, under the Internal Revenue Code, for any taxpayer who contributes the right to use any real property owned by the taxpayer to a tax-exempt organization for use by a multipurpose senior citizen center or outpatient geriatric clinic. Limits such deduction to 50 percent of the lesser of (1) the fair market rental value of such property or (2) the amount of State or local property taxes which are paid or incurred by the taxpayer and which are allocable to such property.
United States · United States Congress · 4 January 1977
Allows a credit against the income tax for amounts paid during the year to any nonprofit elementary or secondary school for the education of a dependent. Limits the allowable tax credits per dependent, to $200, or 50 percent of the tuition paid for such education during the year, whichever is less, with a progressive decrease of this limitation for individuals who have an adjusted gross income that is greater than $18,000. Grants standing to taxpayers to commence suits in the District Court for the District of Columbia challenging the constitutionality of this Act.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to deny a tax exclusion to interest on industrial development bonds, the proceeds of which are used to provide facilities for the furnishing of electricity, unless those facilities utilize domestic fuel or no fuel.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to allow persons aged 65 or over a refundable credit against the income tax for the real property taxes, or 25 percent of the rent (exclusive of charges for utilities, furnishings, services, etc.) paid on their principal residences. Limits the credit to $300, or $150 in the case of a married individual filing a separate return. Reduces the allowable credit by an amount equal to the amount by which the taxpayer's adjusted gross income exceeds $6,500. Extends the credit to married individuals filing jointly where either spouse has attained the age of 65. Provides that the credit and limitations shall be applied collectively to unmarried joint owners. Limits the credit to those expenditures attributable to that part of property which is actually used as the principal residence, where the property is used for other purposes also. Provides that credit allowed by this Act shall not affect the taxpayers' allowable deductions for real property taxes.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to allow a nonrefundable income tax credit for a portion of the wages paid previously unemployed Vietnam veterans. Allows the credit for 15 percent of the wages paid individuals who were: (1) employed by the taxpayer not less than six months during the two years previous to the last date of the taxpayer's taxable year; and (2) unemployed since discharge, or for four months prior to employment by the taxpayer. Limits the credit to wages paid for work in jobs certified by the Secretary of Labor as either reflecting the employee's prior experience or education or providing training which leads to self-improvement or job advancement. Limits the employees who may be taken into account for this credit to 30 percent of the taxpayer's labor force. Provides for the carryover (to seven years) or carryback (to three years) of the allowable credit which exceeds the taxpayer's current tax liability.
United States · United States Congress · 4 January 1977
United States Olympic Fund Act - Establishes on the books of the Treasury a Fund to be known as the "United States Olympic Fund." Allows an individual taxpayer to designate that one dollar of any overpayment of his tax, or one dollar of any contribution which he makes with his return be available to such fund. Authorizes to be appropriated to the fund an amount equal to twice the amounts designated by taxpayers pursuant to this Act. Provides that amounts in the fund shall be available as stated in appropriation Acts, to the United States Olympic Committee, for specified purposes.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to exclude from gross income interest paid or accrued by the taxpayer on savings deposits. Limits such exclusion to $500 per individual.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to allow a tax deduction for amounts paid by the taxpayer to a tax exempt educational institution for the tuition of the taxpayer, his spouse, or a dependent. Limits such deduction for tuition and fees paid with respect to an individual to $2,500.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to allow a nonrefundable income tax credit for a portion of the wages paid previously unemployed Vietnam veterans who were missing in action or prisoners of war. Allows the credit for 35 percent of the wages paid to an individual during the first year of his employment and 17.5 percent during succeeding years who were: (1) employed by the taxpayer not less than six months during the two years previous to the last date of the taxpayer's taxable year; and (2) unemployed since discharge, or for four months prior to employment by the taxpayer. Limits the credit to wages paid for work in jobs certified by the Secretary of Labor as either reflecting the employee's prior experience or education or providing training which leads to self-improvement or job advancement. Limits the employees who may be taken into account for this credit to 30 percent of the taxpayer's labor force. Provides for the carryover (to seven years) or carryback (to three years) of the allowable credit which exceeds the taxpayer's current tax liability.
United States · United States Congress · 4 January 1977
Tax Equity Act - Title I: Capital Gains and Losses - Repeals the alternative tax presently allowed to corporations, individuals and life insurance companies on long-term capital gains. Provides, in lieu of the present 50 percent deduction for net long-term capital gain, an exclusion of so much of the gain as does not exceed one-half of one percent of adjusted basis of the property times the number of months the property was held over 12 months. Limits capital losses to capital gains and gains from the exchange of business property in the case of corporations, and, in the case of other taxpayers, to capital gains and gains from the exchange of business property plus the taxable income of the taxpayer or $3,000, whichever is smaller. Allows the executor of a decedent's estate to include in gross income any unrealized capital gains on descendent's property to the extent that the decedent had a net capital loss for the taxable year. Provides that 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 1977. Allows the deduction of expenditures (including intangible drilling costs) incurred in the exploration and development of mineral property, but only to the extent of taxable income derived from such properties. 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 - Provides that the maximum rate of income tax for individuals shall be 50 percent of taxable income. Allows a credit of 24 percent of the amount of deductions which would be allowable, but for this credit, for the following: (1) personal exemptions; (2) interest on non-business obligations; (3) non-business State and local taxes; (4) non-business losses of property; (5) charitable contributions; (6) medical care; and (7) taxes and interest paid by a cooperative housing association. Authorizes the President to increase or decrease the 24 percent credit rate authorized by this Act subject to the disapproval by either House of Congress. States that the income received by a child from a trust created by his parent, and dividends, interest, and royalties from property given the child by his parent shall be included in the gross income of the parent if the parent claims the above credit for the exemption allowable for such child as a dependent. Provides that shareholder-employees of closely held corporations must include in gross income 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 (1) the lesser of 15 percent of his compensation; or (2) $7500, and the amount of any forfeitures allocated to the employee's account under a stock bonus or profit-sharing plan. Repeals the $100 exclusion from gross income for dividends and trust income. Restricts the business and income-producing expense deduction for business or trade-related conventions held outside of the United States to the cases where it is more reasonable for the meeting to be held outside of the United States than within it. Disallows business expense deductions for the use of a dwelling unit which is used by the taxpayer during the taxable year as a residence. Limits such deductions for vacation homes. Limits the allowable deductions attributable to farming by individuals whose nonfarm adjusted gross income exceeds $20,000 to gross income derived from farming for the taxable year, plus, in the case of an individual, the higher of $10,000 or the amount of certain allowable deductions. Provides for the computation of earnings and profits on a consolidated basis with respect to distributions by the common parent corporation of a controlled group of corporations. Provides for the recognition of gains incurred upon transfers to corporations controlled by the transferor where the gain qualifies as a dividend. Specifies that stock options granted to an employee by an employer corporation shall be treated as an option without a readily ascertainable value unless the option is traded on a stock exchange. Taxes trust income payable to the children of a grantor with a reversionary interest to the grantor if the child is under 21 years of age or a student. Applies the limitation on partnership losses to real estate partnerships. Repeals the exemption for earned income from foreign sources. Provides that a partnership shall be treated as a corporation for purposes of income taxation upon filing of a registration statement for the offering of units of interest in a partnership with the Securities Exchange Commission. Title IV: Reform Measures Affecting Primarily Corporations - Repeals the investment credit for business property placed in service after 1977. Repeals the Asset Depreciation Range System. States that, in the case of a corporation, the depreciation allowance shall not exceed the depreciation recorded on the corporation's books. Provides that the deduction for repair expenses shall be limited to the amount recorded on the corporation's books. Provides that if a deduction is allowable to a corporation during the taxable year for interest on purchases of stock of an unaffiliated corporation, the dividends received from such corporation shall be eligible for the dividends received deduction only to a limited extent. Repeals the provision allowing nonrecognition of gain on the sale of inventory in certain liquidations. Disqualifies as reorganization certain transactions which result in the shareholders of a merging corporation owning less than 20 percent of the total combined voting power of all classes of stock of the surviving corporation. Repeals the special treatment of bad debt reserves of financial institutions. Taxes the undistributed profits of foreign corporations to such corporations' American shareholders based on each shareholder's pro rata share of such undistributed profits. Repeals the tax exemption presently permitted to Domestic International Sales Corporations. Provides that where property acquired through involuntary conversion is stock of a corporation owning property similar or related in service or use to the converted property, the basis of such property owned by the corporation shall also be reduced by the amount of gain which is not recognized on account of the purchase of such stock. Repeals an exception to the penalty provisions for underpayment of estimated income tax insofar as they pertain to corporations whose tax for any of the preceding three tax years exceeded $300,000. Title V: Reforms Affecting Individuals and Corporations - Provides that amounts which otherwise would be allowable as a deduction and are attributable to the development of any fruit or nut grove or any vineyard shall be charged to capital account, with exceptions for specific types of development and for replanting of groves and vineyards damaged by weather, disease, or casualty. Repeals the tax exemptions for ships under foreign flags. Provides that the Commissioner of Internal Revenue shall have the authority to conduct any civil litigation in any court concerning tax liability, taxpayer suits, or the collection of internal revenue taxes in the name of the United States. Provides that the 15 percent minimum tax will apply to all tax preferences which exceeds $10,000. Subjects interest on governmental obligations and foreign tax credits to the minimum tax on preferences. Provides that the difference between the cost to a shareholder of the use of corporate property and the fair market value of such use shall be includible in the gross income of the shareholder. Limits the allowable depreciation deduction for rental real estate to an amount which will not reduce the adjusted basis to an amount below any mortgage indebtedness on such property. Reduces the deduction for charitable gifts of appreciated property to the amount of the property's basis at the time of the gift. Title VI: Reforms Affecting Private Foundations and Estate and Gift Taxes - Provides that a trust or other organization which is controlled by non-tax exempt organizations may still be considered a private foundation if its trustees or directors may distribute 50 percent or more of its income to qualified persons. Extends the disqualification of controlled foundations to include those which are only supervised or controlled in connection with unqualified organizations. Provides that organizations qualifying for tax exempt status because of their substantial support from Federal, State or local governments or from the general public may not receive more than one-half of one percent of their total support from any one individual or group related individuals. Excludes transfers with a reversionary interest in the decedent from the value of the decedent's gross estate. Requires the inclusion in the gross estate of the full value of an annuity provided by an employer. Includes in the value of a decedent's gross estate, life insurance proceeds on policies owned by the decedent's surviving spouse and on any policies not owned by the decedent to the extent that they are attributable to premiums paid by the decedent or his spouse. Limits the aggregate amount of charitable deductions allowed under the estate tax to 50 percent of the amount by which the value of the gross estate exceeds the aggregate amount of deductions for expenses, indebtedness, taxes, and casualty losses incurred during the settlement of the estate, or $1,000,000, whichever is greater. Allows a deduction from the gift tax of charitable gifts where the donor retained some interest in the transferred property which was later extinguished. Title VII: State and Local Obligations - Repeals the income tax for interest on State and local obligations issued after 1977. Directs the United States to pay 35 percent of the interest yield on State and local obligations. Title VIII: Withholding of Income Tax on Dividends and Interest - Directs every person who pays interest or dividends to deduct and withhold on such interest or dividends a tax equal to ten percent of the amount thereof. Directs every person required to deduct and withhold any tax to make quarterly returns of such tax to the appropriate Government officer.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to allow a nonrefundable income tax credit for a portion of the wages paid previously unemployed handicapped Vietnam veterans. Allows the credit for 25 percent of the wages paid individuals who were: (1) employed by the taxpayer not less than six months during the two years previous to the last date of the taxpayer's taxable year; and (2) unemployed since discharge, or for four months prior to employment by the taxpayer. Limits the credit to wages paid for work in jobs certified by the Secretary of Labor as either reflecting the employee's prior experience or education or providing training which leads to self-improvement or job advancement. Limits the employees who may be taken into account for this credit to 30 percent of the taxpayer's labor force. Provides for the carryover (to seven years) or carryback (to three years) of the allowable credit which exceeds the taxpayer's current tax liability.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to provide an additional income tax exemption for each taxpayer, spouse, or dependent who has a serious mental or physical disability which can be expected to result in death or be of long-continued or indefinite duration, or who had a physical or mental disability which caused his death during the taxable year. Makes such provision applicable only for individuals who do not qualify for an exemption for blindness.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to allow an income tax deduction for the amounts paid for the education of a dependent in any primary or secondary educational institution. Limits the deduction taken for food or lodging to the minimum amount charged for such service at the institution the student is attending. Allows a $400 deduction (not more than $200 per semester) for food and lodging not provided by the student's school.
United States · United States Congress · 4 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 child dependents. Limits the amount of the deduction to the lesser of: (1) $500 times the number of qualified beneficiaries; (2) ten percent of the taxpayer's adjusted gross income; or (3) $2,500. Provides that a qualified education fund must be established by the taxpayer pursuant to a written plan: (1) 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 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 specified income tax treatment upon termination of the fund. Defines "institution of higher education" as an educational institution: (1) which regularly offers education at a level above the twelfth grade; (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.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to allow a deduction for donations of blood to charitable organizations in an amount equal to $25 for each pint donated.
United States · United States Congress · 4 January 1977
Provides that the first $5,000 of compensation paid to full-time law enforcement officers shall not be subject to the income tax.
United States · United States Congress · 4 January 1977
Tax Equity Act - Title I: Capital Gains and Losses - Repeals the alternative tax presently allowed to corporations, individuals and life insurance companies on long-term capital gains. Provides, in lieu of the present 50 percent deduction for net long-term capital gain, an exclusion of so much of the gain as does not exceed one-half of one percent of adjusted basis of the property times the number of months the property was held over 12 months. Limits capital losses to capital gains and gains from the exchange of business property in the case of corporations, and, in the case of other taxpayers, to capital gains and gains from the exchange of business property plus the taxable income of the taxpayer or $3,000, whichever is smaller. Allows the executor of a decedent's estate to include in gross income any unrealized capital gains on descendent's property to the extent that the decedent had a net capital loss for the taxable year. Provides that 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 1977. Allows the deduction of expenditures (including intangible drilling costs) incurred in the exploration and development of mineral property, but only to the extent of taxable income derived from such properties. 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 - Provides that the maximum rate of income tax for individuals shall be 50 percent of taxable income. Allows a credit of 24 percent of the amount of deductions which would be allowable, but for this credit, for the following: (1) personal exemptions; (2) interest on non-business obligations; (3) non-business State and local taxes; (4) non-business losses of property; (5) charitable contributions; (6) medical care; and (7) taxes and interest paid by a cooperative housing association. Authorizes the President to increase or decrease the 24 percent credit rate authorized by this Act subject to the disapproval by either House of Congress. States that the income received by a child from a trust created by his parent, and dividends, interest, and royalties from property given the child by his parent shall be included in the gross income of the parent if the parent claims the above credit for the exemption allowable for such child as a dependent. Provides that shareholder-employees of closely held corporations must include in gross income 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 (1) the lesser of 15 percent of his compensation; or (2) $7500, and the amount of any forfeitures allocated to the employee's account under a stock bonus or profit-sharing plan. Repeals the $100 exclusion from gross income for dividends and trust income. Restricts the business and income-producing expense deduction for business or trade-related conventions held outside of the United States to the cases where it is more reasonable for the meeting to be held outside of the United States than within it. Disallows business expense deductions for the use of a dwelling unit which is used by the taxpayer during the taxable year as a residence. Limits such deductions for vacation homes. Limits the allowable deductions attributable to farming by individuals whose nonfarm adjusted gross income exceeds $20,000 to gross income derived from farming for the taxable year, plus, in the case of an individual, the higher of $10,000 or the amount of certain allowable deductions. Provides for the computation of earnings and profits on a consolidated basis with respect to distributions by the common parent corporation of a controlled group of corporations. Provides for the recognition of gains incurred upon transfers to corporations controlled by the transferor where the gain qualifies as a dividend. Specifies that stock options granted to an employee by an employer corporation shall be treated as an option without a readily ascertainable value unless the option is traded on a stock exchange. Taxes trust income payable to the children of a grantor with a reversionary interest to the grantor if the child is under 21 years of age or a student. Applies the limitation on partnership losses to real estate partnerships. Repeals the exemption for earned income from foreign sources. Provides that a partnership shall be treated as a corporation for purposes of income taxation upon filing of a registration statement for the offering of units of interest in a partnership with the Securities Exchange Commission. Title IV: Reform Measures Affecting Primarily Corporations - Repeals the investment credit for business property placed in service after 1977. Repeals the Asset Depreciation Range System. States that, in the case of a corporation, the depreciation allowance shall not exceed the depreciation recorded on the corporation's books. Provides that the deduction for repair expenses shall be limited to the amount recorded on the corporation's books. Provides that if a deduction is allowable to a corporation during the taxable year for interest on purchases of stock of an unaffiliated corporation, the dividends received from such corporation shall be eligible for the dividends received deduction only to a limited extent. Repeals the provision allowing nonrecognition of gain on the sale of inventory in certain liquidations. Disqualifies as reorganization certain transactions which result in the shareholders of a merging corporation owning less than 20 percent of the total combined voting power of all classes of stock of the surviving corporation. Repeals the special treatment of bad debt reserves of financial institutions. Taxes the undistributed profits of foreign corporations to such corporations' American shareholders based on each shareholder's pro rata share of such undistributed profits. Repeals the tax exemption presently permitted to Domestic International Sales Corporations. Provides that where property acquired through involuntary conversion is stock of a corporation owning property similar or related in service or use to the converted property, the basis of such property owned by the corporation shall also be reduced by the amount of gain which is not recognized on account of the purchase of such stock. Repeals an exception to the penalty provisions for underpayment of estimated income tax insofar as they pertain to corporations whose tax for any of the preceding three tax years exceeded $300,000. Title V: Reforms Affecting Individuals and Corporations - Provides that amounts which otherwise would be allowable as a deduction and are attributable to the development of any fruit or nut grove or any vineyard shall be charged to capital account, with exceptions for specific types of development and for replanting of groves and vineyards damaged by weather, disease, or casualty. Repeals the tax exemptions for ships under foreign flags. Provides that the Commissioner of Internal Revenue shall have the authority to conduct any civil litigation in any court concerning tax liability, taxpayer suits, or the collection of internal revenue taxes in the name of the United States. Provides that the 15 percent minimum tax will apply to all tax preferences which exceeds $10,000. Subjects interest on governmental obligations and foreign tax credits to the minimum tax on preferences. Provides that the difference between the cost to a shareholder of the use of corporate property and the fair market value of such use shall be includible in the gross income of the shareholder. Limits the allowable depreciation deduction for rental real estate to an amount which will not reduce the adjusted basis to an amount below any mortgage indebtedness on such property. Reduces the deduction for charitable gifts of appreciated property to the amount of the property's basis at the time of the gift. Title VI: Reforms Affecting Private Foundations and Estate and Gift Taxes - Provides that a trust or other organization which is controlled by non-tax exempt organizations may still be considered a private foundation if its trustees or directors may distribute 50 percent or more of its income to qualified persons. Extends the disqualification of controlled foundations to include those which are only supervised or controlled in connection with unqualified organizations. Provides that organizations qualifying for tax exempt status because of their substantial support from Federal, State or local governments or from the general public may not receive more than one-half of one percent of their total support from any one individual or group related individuals. Excludes transfers with a reversionary interest in the decedent from the value of the decedent's gross estate. Requires the inclusion in the gross estate of the full value of an annuity provided by an employer. Includes in the value of a decedent's gross estate, life insurance proceeds on policies owned by the decedent's surviving spouse and on any policies not owned by the decedent to the extent that they are attributable to premiums paid by the decedent or his spouse. Limits the aggregate amount of charitable deductions allowed under the estate tax to 50 percent of the amount by which the value of the gross estate exceeds the aggregate amount of deductions for expenses, indebtedness, taxes, and casualty losses incurred during the settlement of the estate, or $1,000,000, whichever is greater. Allows a deduction from the gift tax of charitable gifts where the donor retained some interest in the transferred property which was later extinguished. Title VII: State and Local Obligations - Repeals the income tax for interest on State and local obligations issued after 1977. Directs the United States to pay 35 percent of the interest yield on State and local obligations. Title VIII: Withholding of Income Tax on Dividends and Interest - Directs every person who pays interest or dividends to deduct and withhold on such interest or dividends a tax equal to ten percent of the amount thereof. Directs every person required to deduct and withhold any tax to make quarterly returns of such tax to the appropriate Government officer.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to authorize any taxpayer to elect to have any portion of any overpayment of tax or any contribution in money which the taxpayer forwards with the return for such taxable year be available, as the taxpayer may designate on such return, for the National Endowment for the Arts or the National Endowment for the Humanities.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to increase the excise tax on cigarettes. Amends the Public Health Service Act to establish a National Cancer Research Fund in the Treasury to be partially funded from the additional excise taxes collected under this Act.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to allow an income tax deduction for agency fees, court costs, attorneys' fees and other necessary costs and fees incurred in the adoption of a child. Limits this deduction to $1,250.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to allow taxpayers to credit against the income tax specified higher education expenses, including tuition, fees, books, and supplies, incurred by the taxpayer for himself or any dependent. Limits the credit to 100 percent of the first $200 for any individual, 25 percent of the next $300, and 5 percent of the next $1,000. Limits the credit to expenses incurred by full time students at institutions of vocational and higher education, minus scholarships and veterans' benefits. Limits the total credit allowed the taxpayer to his income tax liability minus the sum of all other credits applied thereto. Disallows any deduction of educational expenses used to determine the amount of the credit allowed by this Act.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to allow a deduction for donations of blood to charitable organizations in an amount equal to $25 for each pint donated. Limits the aggregate amount of donations which shall be deductible to $125 in any taxable year.
United States · United States Congress · 4 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.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to increase the excise tax on cigarettes. Amends the Public Health Service Act to establish a National Cancer Research Fund in the Treasury to be partially funded from the additional excise taxes collected under this Act.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to allow employers to take the credit for expenses of work incentive programs for wages paid new, full-time handicapped employees over the first cumulative 12 months of their employment.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to exempt corporations organized solely to provide reserves and deposit insurance for credit unions from the income tax.