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Bill· HRH.R. 1132 (97th)referred

A bill to allow a credit against Federal income taxes or a payment from the United States Treasury for State and local real property taxes or an equivalent portion of rent paid on their residences by individuals who have attained age 65.

United States · United States Congress · 22 January 1981

Amends the Internal Revenue Code to allow individuals age 65 or over an income tax credit for the real property taxes, or 25 percent of the rent (exclusive of charges for utilities, furnishing, services, etc.), paid on their principal residences. Limits the credit to $300 (or $150 for married individuals filing separately). Reduces the allowable credit by the amount that the taxpayer's adjusted gross income exceeds $10,000. Extends the credit to married individuals filing jointly where either spouse has attained age 65. Provides that the credit allowed by this Act shall not affect the taxpayer's allowable income tax deductions for real property taxes.

Bill· HRH.R. 1127 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to exclude from gross income amounts received from certain sales of land to the United States, any State, or certain tax-exempt organizations, if the primary use of such land after the sale is for purposes of fish and wildlife conservation or preservation as a natural area.

United States · United States Congress · 22 January 1981

Amends the Internal Revenue Code to exclude from gross income amounts received from certain sales of land to the United States, any State, or a tax-exempt conservation authority, if the primary use of such land after sale is for purposes of fish and wildlife conservation or preservation as a natural area.

Bill· HRH.R. 1123 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to provide a limited additional tax credit for political contributions to candidates for Congress.

United States · United States Congress · 22 January 1981

Amends the Internal Revenue Code to allow an additional income tax credit for political contributions to candidates for Congress in the district where the taxpayer lives. Limits the amount of such credit to $10 ($20 for joint returns) for each candidate to whom a contribution is made.

Bill· HRH.R. 1122 (97th)referred

Individual Housing Account Act

United States · United States Congress · 22 January 1981

Individual Housing Account Act - Amends the Internal Revenue Code to allow a income tax deduction from gross income for cash contributions to a tax-exempt savings account established for the benefit of the taxpayer (or the taxpayer and spouse if married) for the exclusive purpose of purchasing a principal residence. Limits the maximum annual deduction to $2,500, with a maximum lifetime deduction of $10,000. Excludes distributions from such account from gross income so long as they are used exclusively for the purpose of purchasing a principal residence.

Bill· HRH.R. 1103 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to allow individuals a refundable tax credit for a portion of the rent which they pay on their principal residences and which is attributable to real property taxes.

United States · United States Congress · 22 January 1981

Amends the Internal Revenue Code to allow individuals who are renters of their principal residences an income tax credit for 25 percent of their proportionate share of the State and local real property taxes imposed upon the property on which the residence is located. Limits the amount of the credit to the amount of rent paid by the taxpayer during the taxable year.

Bill· HRH.R. 1099 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to provide an exclusion for income earned abroad attributable to certain charitable services.

United States · United States Congress · 22 January 1981

Amends the Internal Revenue Code to provide a tax exclusion from personal income earned abroad by an individual performing qualified charitable services for a tax-exempt employer created or organized in the United States. Limits such exclusion to an amount not to exceed a figure computed on a daily basis at an annual rate of $20,000. Sets a formula for the maximum amount of exclusion for an individual who performs such charitable services and also performs other services while residing in a camp located in a hardship area.

Bill· HRH.R. 1096 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to prohibit the Internal Revenue Service from terminating for reasons of racial discrimination the tax exempt status of any organization established for the purposes of educational instruction without proper adjudication by a court of the United States or of any State.

United States · United States Congress · 22 January 1981

Amends the Internal Revenue Code to prohibit the Internal Revenue Service from terminating the tax-exempt status of an educational institution for reasons of racial discrimination unless such organization has been adjudicated as racially discriminatory by a State or Federal court.

Bill· HRH.R. 1091 (97th)referred

Handicapped Financial Security Tax Act of 1981

United States · United States Congress · 22 January 1981

Handicapped Financial Security Tax Act of 1981 - Amends the Internal Revenue Code to allow individual taxpayers an income tax deduction for cash contributions to a handicapped dependent support fund. Limits the dollar amount of such deduction to $3,000 in calendar year 1980 with inflation adjustments to such amount in succeeding taxable years. Sets forth requirements for the establishment and operation of the trust fund. Exempts handicapped dependent support trusts from income taxation.

Bill· HRH.R. 1087 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to allow individuals to compute the amount of the deduction for payments into retirement savings on the basis of the compensation of their spouses, and for other purposes.

United States · United States Congress · 22 January 1981

Amends the Internal Revenue Code to allow certain individuals to compute the amount of the income tax deduction for retirement savings on the basis of the earned income of their spouses, without regard to any community property laws.

Bill· HRH.R. 1084 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to subject foreign investors to the capital gains tax on gain from the sale or exchange of certain farmland and other rural land located in the United States.

United States · United States Congress · 22 January 1981

Amends the Internal Revenue Code to subject nonresident aliens and foreign corporations to a tax on the gain from the sale or exchange of farm or rural lands situated in the United States. Requires foreign corporations which hold United States farm lands comprising 20 percent of their assets to make reports on such holdings as the Secretary of the Treasury may require.

Bill· HRH.R. 1081 (97th)referred

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

United States · United States Congress · 22 January 1981

Amends the Internal Revenue Code to allow individuals a nonrefundable income tax credit for expenses paid or incurred to make alterations to their residences to make them more accessible to, and usable by, a handicapped individual who is either the taxpayer, spouse, or a dependent of the taxpayer. Limits the amount of such credit, for each such handicapped individual, to the lesser of $1,000 or an amount which, when added to previous year's credits, does not exceed $5,000. Reduces the amount of such credit by one-half of the amount by which the adjusted gross income of the taxpayer exceeds $20,000 ($35,000 in the case of married individuals filing jointly). Requires that the handicapped individual live in the principal residence for which the alterations are made for not less than a nine month period during the taxable year.

Bill· HRH.R. 1082 (97th)referred

Individual Investors Incentive Act

United States · United States Congress · 22 January 1981

Individual Investors' Incentive Act - Amends the Internal Revenue Code to allow individual taxpayers a nonrefundable income tax credit equal to ten percent of the cost of corporate securities purchased by such taxpayer during the taxable year. Limits the dollar amount of such credit to $1,000 ($2,000 for married individuals filing jointly). Requires the recapture of specified amounts of such credit if any securities for which the credit is allowed are disposed of by the taxpayer within one year of their purchase. Disqualifies estates, trusts, and nonresident aliens from eligibility for the credit.

Bill· HRH.R. 1057 (97th)referred

A bill to amend the Internal Revenue Code of 1954 dealing with privacy.

United States · United States Congress · 22 January 1981

Amends the Internal Revenue Code to repeal the authority of the Secretary of the Treasury to disclose to any party to a judicial or administrative tax proceeding whether a prospective juror has been the subject of a tax investigation or audit by the Internal Revenue Service. Restricts disclosure of tax return information to State and local tax officials by requiring that any disclosure directly relate to the administration or enforcement of State or local tax law. Permits the Secretary to refuse to make any disclosure which would identify a confidential informant or seriously impair any civil or criminal tax investigation. Prohibits disclosure of tax information to State or local tax officials unless their State or locality has adopted a law which restricts the disclosure of tax information to the same extent that this Act restricts disclosure. Requires the written consent of prospective presidential appointees and certain other prospective Federal Government appointees to disclosure of their tax returns. Limits the Secretary's authority to disclose the tax return information of individuals who owe child support payments to the disclosure of only that information which is required to locate such individuals. Repeals the authority of the Secretary to disclose nontax return information to another Federal agency for use in an administrative or judicial proceeding not relating to tax administration. Requires a Federal agency which seeks nontax return information to show in Federal district court that there is probable cause to believe that a specific Federal law has been violated, that such information is probative evidence of a fact in issue, that such disclosure is not otherwise prohibited by law, and that such information cannot reasonably be obtained from any other source.

Bill· HRH.R. 1000 (97th)open

American Tax Reduction Act of 1981

United States · United States Congress · 22 January 1981

American Tax Reduction Act of 1981 - Title I: Individual Income Tax Rate Reductions - Amends the Internal Revenue Code to reduce individual and estate and trust income tax rates for 1981, 1982 and 1983, and to make a permanent reduction in such rates for years after 1983. Title II: Provisions Relating to Capital Gains - Reduces the alternative tax on the capital gains of corporations and individuals 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 1985. 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 the Congressional Budget Act of 1974 to require the application of two percent of the annual Federal budget to the retirement of the Federal debt.

Bill· HRH.R. 1015 (97th)open

A bill to prohibit the implementation of Revenue Procedure 80-55.

United States · United States Congress · 22 January 1981

Provides that interest on indebtedness incurred to purchase obligations the interest on which is tax-exempt shall be treated, for tax purposes, in accordance with rules in effect before the issuance of Revenue Procedure 80-55.

Bill· HRH.R. 1009 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to provide a trade or business deduction to firemen for meals which they eat while at their post of duty overnight.

United States · United States Congress · 22 January 1981

Amends the Internal Revenue Code to allow firemen an income tax deduction for the cost of meals consumed at their place of duty during any period of overnight duty. Provides for a minimum deduction of $10 multiplied by the number of periods of overnight duty in the taxable year.

Bill· HJRESH.J.Res. 113 (97th)open

A joint resolution proposing an amendment to the Constitution of the United States which prohibits any deficit in the budget of the United States except in any fiscal year during which the United States is at war or during which a state of emergency has been declared by the Congress.

United States · United States Congress · 22 January 1981

Constitutional Amendment - Prohibits expenditures from exceeding revenues during any fiscal year and from exceeding an amount equal to 20 percent of the gross national product of the United States during the last calendar year which ends before the beginning of such fiscal year. Permits the suspension, during any fiscal year, of the prohibition relating to expenditures in excess of 20 percent of the gross national product, but only if the Congress requires that the total amount of expenditures does not exceed an amount determined pursuant to other appropriate criteria established by the Congress. Directs that, if in any fiscal year the total amount of revenues exceeds the total amount of expenditures, such expenditures shall be used for the purposes of reducing the public debt of the United States or providing tax relief for taxpayers. Declares that the prohibitions of this article shall not apply during a fiscal year during any part of which the United States is at war. Permits a suspension of this article during a state of national emergency as declared by a two-thirds vote of the Congress.

Bill· HJRESH.J.Res. 107 (97th)open

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

United States · United States Congress · 22 January 1981

Constitutional Amendment - Prohibits total Federal expenditures from exceeding net revenue. Authorizes suspension of such prohibition in time of war or national economic emergency upon the concurrence of both Houses of Congress. Requires the Congress, with respect to the suspension of such prohibition in the case of a national economic emergency, to take into consideration the extent and rate of industrial activity, unemployment, inflation, and other appropriate factors.

Bill· HJRESH.J.Res. 105 (97th)open

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

United States · United States Congress · 22 January 1981

Constitutional Amendment - Prohibits total Federal expenditures from exceeding net revenue. Authorizes suspension of such prohibition in time of war or national economic emergency upon the concurrence of two-thirds of the Members of each House of Congress. Requires the Congress, with respect to the suspension of such prohibition in the case of a national economic emergency, to take into consideration the extent and rate of industrial activity, unemployment, and inflation, and other appropriate factors.

Bill· SS. 165 (97th)referred

Take Home Pay Protection Act

United States · United States Congress · 20 January 1981

Take-Home Pay Protection Act - Amends the Internal Revenue Code to require annual inflation adjustments to the income tax tables, the zero bracket amount, the minimum income levels for which a tax return is required, the personal tax exemption, and the tax withholding schedules.

Bill· SS. 171 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to reduce the tax effect known as the marriage penalty by permitting the deduction, without regard to whether deductions are itemized, of 20 percent of the earned income of the spouse whose earned income is lower than that of the other spouse.

United States · United States Congress · 20 January 1981

Amends the Internal Revenue Code to allow married individuals filing jointly an income tax deduction from gross income equal to 20 percent of the earned income of the lower income spouse (or of one spouse if both incomes are the same). Limits the amount of such deduction to $4,000 for the taxable years.

Bill· SS. 166 (97th)referred

A bill to enhance the production of domestic crude oil by exempting qualified stripper well production and certain oil produced by independent producers from the windfall profit tax, and to provide permanent relief from the windfall profit tax for small royalty owners.

United States · United States Congress · 20 January 1981

Amends the Internal Revenue Code to: (1) exempt certain stripper well oil and independent producer oil from the windfall profit tax; (2) reduce the independent producer amount by the amount of exempt stripper well oil production; and (3) permit royalty owners to share in the independent producer oil exemption from such tax.

Bill· SS. 172 (97th)referred

Small Business Direct Expensing Act of 1981

United States · United States Congress · 20 January 1981

Small Business Direct Expensing Act of 1981 - Amends the Internal Revenue Code to allow a taxpayer to elect to treat expenditures paid or incurred by him during the taxable year (not to exceed an aggregate of $10,000, or $5,000 in the case of a married person filing a separate return) for depreciable tangible property as expenses not chargeable to capital account (thus deductible as current business expenses). Limits such treatment to property purchased after December 31, 1980, for use in a trade or business. Disqualifies property acquired from a related person or another component member of the same controlled group of companies.

Bill· HRH.R. 990 (97th)open

Tax Reform Act for Nonprofit Organizations

United States · United States Congress · 20 January 1981

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, boards of trade, 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 it 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. 968 (97th)open

A bill to amend section 44A of the Internal Revenue Code of 1954 to allow all qualifying individuals to take into account employment-related expenses incurred for services outside the taxpayer's household in determining the credit for expenses for certain household and dependent care services under such section.

United States · United States Congress · 20 January 1981

Amends the Internal Revenue Code to permit inclusion of employment-related expenses incurred for the care of the spouse and handicapped dependents of the taxpayer, as well as dependents under age 15, in determining the credit for expenses for household and dependent care services rendered outside the taxpayer's household.

Bill· HRH.R. 964 (97th)open

Family Business, Ranch, and Farm Protection Act of 1981

United States · United States Congress · 20 January 1981

Family Business, Ranch, and Farm Protection Act of 1981 - Amends the Internal Revenue Code to reduce the value of any jointly held interest in a decedent's gross estate by up to 50 percent (not to exceed $500,000) of any real or tangible property devoted to use as a farm or to use in any other trade or business, where the decedent's spouse and/or children materially participated in the operation of such farm, trade, or business. Specifies a formula for the computation of the special value of any such interest. Imposes an additional tax to recapture any such tax benefits should the spouse and/or child dispose of any interest in such property within five years following the decedent's death.

Bill· HRH.R. 969 (97th)open

Capital Cost Recovery Act of 1981

United States · United States Congress · 20 January 1981

Capital Cost Recovery Act of 1981 - Amends the Internal Revenue Code to revise the method for determining useful lives of business assets for purposes of computing allowable depreciation deductions. Replaces the asset depreciation range (ADR) method with a schedule of capital cost recovery periods for three classes of business property. Establishes capital cost recovery periods for the following classes of business property: (1) buildings and their structural components, ten years; (2) tangible property, five years; and (3) automobiles, taxis, and light-duty trucks (up to $100,000), three years. Permits calculation of the investment tax credit for such property without regard to the useful life of the property. Requires the recapture of depreciation amounts and investment tax credit amounts applicable to assets which are sold or otherwise disposed of prior to the expiration of the capital cost recovery period. Permits a taxpayer to deduct less than the full allowance for capital cost recovery in any taxable year. Permits a carryover to succeeding taxable years of any depreciation amounts. Disqualifies capital cost recovery property from the allowance for first year depreciation. Treats amounts claimed as the capital cost recovery of noncorporate lessors as an item of tax preference for purposes of the minimum tax. Adopts as an accounting practice the "half year convention" under which investments eligible for capital cost recovery treatment or the investment tax credit which are made at any time during the taxable year are deemed to be made in the middle of such year.

Bill· HRH.R. 961 (97th)open

A bill to amend the Internal Revenue Code of 1954 to increase the unified credit against estate and gift taxes to provide that $500,000 of property shall be exempt from such taxes, and to provide an inflation adjustment of such amount.

United States · United States Congress · 20 January 1981

Amends the Internal Revenue Code to increase the unified credit against the estate and gift tax from $47,000 to $155,800 by specified annual increments through 1986. Provides for a yearly inflation adjustment of the amount of such credit.

Bill· HRH.R. 984 (97th)referred

A bill to reduce expenditures by the Federal Government, except expenditures for national defense and national security, for the fiscal year 1981.

United States · United States Congress · 20 January 1981

Limits expenditures of the Government, other than those for national defense and security for fiscal year 1981, to an amount which is five percent less than the total of such expenditures for fiscal year 1980. Limits Government expenditures for fiscal year 1981, for compensation of officers and employees of the United States, other than those whose employment is directly related to national defense and security, to an amount which is ten percent less than such expenditures for fiscal year 1980.

Bill· HRH.R. 993 (97th)referred

A bill to provide that the Internal Revenue Service may not implement certain rules relating to the determination of whether private schools have discriminatory policies until Congress provides specific guidelines for such determination.

United States · United States Congress · 20 January 1981

Prohibits the Secretary of the Treasury from implementing the proposed revenue procedure published in the Federal Register on February 13, 1979, which sets forth guidelines for determining whether private schools have forfeited their tax-exempt status through the adoption of racially discriminatory policies until Congress enacts specific guidelines for making such determinations.

Bill· HRH.R. 994 (97th)referred

Individual Tax Return Equity Act of 1981

United States · United States Congress · 20 January 1981

Individual Tax Return Equity Act of 1981 - Amends the Internal Revenue Code to provide identical income tax rates for single persons, heads of households, and married couples filing jointly or separately. Establishes the zero bracket amount at $3,400 for all individual taxpayers.

Bill· HRH.R. 960 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to allow a deduction for amounts paid by speech-impaired or hearing-impaired individuals for use of toll telephone service by means of teletypewriters.

United States · United States Congress · 20 January 1981

Amends the Internal Revenue Code to allow an income tax deduction, not to exceed $250, for 50 percent of the expenses paid or incurred by a speech- or hearing-impaired individual for the use of toll telephone service by means of teletypewriters.

Bill· HRH.R. 963 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to allow a deduction for the purchase and installation of certain teletypewriters for use by individuals whose sight, hearing, or speech is impaired.

United States · United States Congress · 20 January 1981

Amends the Internal Revenue Code to allow an income tax deduction, not to exceed $200, for 50 percent of the cost of purchase and installation of teletypewriters for use by individuals whose sight, hearing, or speech is impaired.

Bill· HRH.R. 970 (97th)referred

Product and Professional Design Liability Insurance Tax Equity Act of 1981

United States · United States Congress · 20 January 1981

Product and Professional Design Liability Insurance Tax Equity Act of 1981 - Amends the Internal Revenue Code to qualify trusts established for the payment of product liability claims, professional design liability claims, and related expenses as tax-exempt organizations. Allows a tax deduction for contributions to such trusts only to the extent that such contributions exceed the reasonable cost, as determined under Treasury regulations, of design liability insurance.

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