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1,351 records in US in 1977
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to disallow the deduction of oil company advertising expenses incurred for purposes other than the sale of products or services.
United States · United States Congress · 4 January 1977
Internal Revenue Administration Act - Establishes the Internal Revenue Administration in the executive branch of the Federal Government for the purpose of administering and enforcing the Internal Revenue Code. Prescribes the terms and conditions of office for the Administrator of the Internal Revenue Administration. Transfers all present functions, instructions, rules, or regulations which were promulgated or administered by the Secretary of the Treasury or his delegate with respect to the enforcement of the Internal Revenue Code, to the Internal Revenue Administration.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to provide a limited exclusion from the excise tax on self-dealing by private foundations in order to allow the reimbursement of government officials for certain foreign travel expenses.
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 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 allow a deduction to individuals who rent their principal residences for a portion of the real property taxes paid or accrued by their landlord.
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 exclude from gross income interest paid or accrued by the taxpayer on savings deposits. Limits this exclusion to $500 per individual.
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.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to provide that cancelled checks shall be treated as prima facie evidence of any expenditure allowed as a deduction against the income tax. Allows the Secretary of the Treasury, or his delegate, to require, upon reasonable grounds, additional evidence to verify such expenditures.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to provide a deduction for State and local taxes imposed on the furnishing or sale of electrical energy, water, sewage disposal services, gas, or telephone services.
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 an individual an investment tax credit for farm and ranch equipment purchased from an ancestor or a closely held business of which an ancestor owns more than half.
United States · United States Congress · 4 January 1977
Anti-Architectural Barriers Act - Authorizes a taxpayer, under the Internal Revenue Code, to elect to treat qualified architectural and transportational barrier removal expenses which are paid or incurred during the taxable year as expenses which are not chargeable to capital account. Deems such expenses so treated as allowable tax deductible expenditures.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to exclude from the estate tax, life insurance benefits to the extent that the beneficiary paid the premiums on the policy. Treats premiums paid by the decedent as paid by the beneficiary where the beneficiary is the surviving spouse.
United States · United States Congress · 4 January 1977
Allows a credit against the income tax for amounts paid during the year to any private, nonprofit elementary or secondary school for the education of a dependent. Limits the allowable credit, per dependent, to $400, or 50 percent of the tuition paid for such education during the year, whichever is less, with a progressive decrease of such limitation for individuals who have an adjusted gross income that is greater than $25,000.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to increase the limitation on corporate deductions for charitable contributions to the lesser of ten percent of the corporation's taxable income, or five percent of its taxable income plus $100,000.
United States · United States Congress · 4 January 1977
Prohibits the State income taxation of any nonresident commuters who work in Federal areas but do not reside in the area or in the State, unless the State provides the individual material and proportionate benefits and protection.
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, 75 percent of the next $300, and 25 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. 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
Interstate Taxation Act - Title I: Jurisdiction to Tax - Establishes a uniform standard for determining the circumstances under which a company may be held subject to taxes covered by this Act. Provides that a State or political subdivision can not impose a corporate net income tax, capital stock tax, or gross receipts tax with respect to a sale of tangible personal property on any person unless that person has a business location in the State, and can not require a person to collect a sales or use tax with respect to a sale of tangible personal property on any person unless that person has a business location in the State or regularly makes household deliveries in the State. Permits the States to impose corporate net income taxes, capital stock taxes or gross receipt taxes with respect to a sale of tangible personal property, or to require collection of a sales or use tax if not otherwise denied the power to do so by this title. Title II: Maximum Percentage of Income or Capital Attributable to Taxing Jurisdiction - Provides that those interstate companies covered by this Act are protected by a supplement to the jurisdictional standard in the form of a maximum limit on the percentage of income or capital which can be taxed. Directs that such a company with a business location in more than one State cannot be required to pay a greater tax to any State or political subdivision than that calculated under a two-factor property, payroll apportionment formula. Provides that in determining the maximum amount of income or capital attributable to any State, the two-factor apportionment fraction is applied to the corporation's entire taxable income or capital before State attribution rules are applied. Provides that the definition of taxable income or capital is determined under State law. Describes the property factor as a fraction, the numerator of which is the average value of the property in a State and the denominator being the average value of all of the corporation's property located in any State. Values owned property at its original cost. Values leased property at eight times the gross rents payable by the corporation. Describes the payroll factor as a fraction, the numerator being wages paid in the State, and the denominator being the wages paid to all employees in any State. Permits a State in which a corporation is incorporated to impose a capital account tax without division of capital, notwithstanding the jurisdictional standard and limit on attribution otherwise imposed by this Act. Applies the same standards of attribution to local governments as are applied to States. Title III: Sales and Use Taxes - Provides that an interstate sale must have its destination in a State in order for that State or any political subdivision thereof to impose a sales or use tax with respect to the sale. Asserts that a State other than the State of destination may require a seller to collect a sales or use tax for the State of destination even though the seller does not have a business location or regularly make household deliveries in the State of destination. Provides that a use tax may not be imposed on a person without a business location in the State or an individual without a dwelling place in the State. Declares that where under these rules the same person is still subject in more than one State to sales or use tax on the same property a credit is required to be given by a taxing jurisdiction for prior taxes paid (or a refund in case a sales tax is paid to the seller after a use tax is paid in another State). Directs that these provisions do not apply to sales and use taxes with respect to motor fuels consumed in the State or, except for the credit provision, to sales or use taxes with respect to motor vehicles registered in the State. Eliminates the requirement that new residents of a State account for their household goods (including motor vehicles) brought into the State for use tax purposes if purchased at least 30 days before residence is established. Establishes the rule that freight charges on interstate sales which are separately stated are excluded from the sales price in the measure of a sales or use tax. Eliminates the requirement on the seller of ascertaining whether or not his interstate sales into other States are taxable sales by providing that certificates or other written evidence from the buyer indicating the basis of nontaxability conclusively relieves the seller from collecting or paying the tax. Provides that in interstate sales to business buyers who are registered with the State for sales tax collection purposes, the seller is relieved of collection responsibilities if he receives evidence from the buyer that he is registered with the State. Eliminates the bookkeeping by sellers of collecting or reporting sales or use taxes on interstate sales in a State according to geographic areas, whether the requirement is by the State or any of its political subdivisions. Provides that where a seller has a business location or regularly makes household deliveries in a political subdivision, he may be required to account for interstate sales with destinations in that political subdivision. Directs that these limitations do not affect locally imposed sales and use taxes which are State administered and uniformly applied so that interstate sales need not be classified according to geographic areas of the State. Title IV: Evaluation of State Progress - Provides for the continuing evaluation of State progress in resolving remaining difficulties from State taxation of interstate commerce by the Committee on the Judiciary of the House of Representatives and the Committee on Finance of the Senate, acting separately or jointly, or both. Declares that if after four years of enactment substantial progress is not made in resolving such problems, remedial measures are to be proposed. Title V: Taxation of Individuals - Permits States to tax income earned within the State by persons living outside the State. Allows the taxing of residents' income earned outside the State only to the extent the tax exceeds any income tax paid in such earned income to the State where it was earned. Title VI: Definitions and Miscellaneous Provisions - Prohibits out-of-State audit charges for all covered taxes, and for all taxpayers. Eliminates the distinction between franchise or privilege taxes measured by net income and direct taxes on net income for non-excluded corporations insofar as it affects the jurisdictional powers of the States. Provides a remedy for geographical discrimination in sales taxation and gross receipts taxation where the amount of harm can be demonstrated by declaring that any State law which imposes a higher sales or use or gross receipts tax on a taxpayer by virtue of the location of any occurrence outside the State is prohibited. Provides for the transition to a uniform jurisdictional standard by preventing assessments for back liability in situations which would not give rise to liability after the effective date of the jurisdictional standards under the Act by declaring that for periods ending on or before the enactment date of the Act no assessments could be made for corporate net income taxes, capital stock taxes, or gross receipts taxes if during that period no business location was maintained by the person in the State, or for a sales or use tax if during that period the seller did not maintain a business location in the State and did not regularly make household deliveries in the State, and in addition, was not registered in the State for purposes of collecting a sales or use tax, or for an income tax on income of nonresidents unless earned in that State or income of a resident earned in another State except to the extent that the tax exceeds that of the State in which the income was earned.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to provide a deduction for State and local taxes imposed on the furnishing or sale of electrical energy, water, sewage disposal services, gas, or telephone services.
United States · United States Congress · 4 January 1977
Repeals the Internal Revenue Code requirement that the allowable charitable deduction for donated capital assets be reduced by that portion of the asset's value which would qualify as short term capital gains in a sale transaction. Applies only to contributions of property other than tangible personal property.
United States · United States Congress · 4 January 1977
Prohibits a State from imposing a tax on income earned by a non-domiciliary State unless the income was earned in that State. Permits the State taxation of income earned by domiciliaries outside the State to the extent that such taxation exceeds the tax imposed by the State in which the income was earned.
United States · United States Congress · 4 January 1977
Small Savers' Act - Amends the Internal Revenue Code to exclude from gross income interest paid or accrued by the taxpayer on savings deposits. Limits such exclusion to $1,000 per individual.
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
Fiscal Integrity Act - Title I: Revenue and Budget Outlays Control - Revises the Congressional Budget and Impoundment Control Act to define the term "Federal revenue and budget outlay limit" to be the amount derived through a specified series of mathematical formulas. Prohibits the concurrent resolution on the budget from including any provision which exceeds the Federal revenue and budget outlay limit. Requires that each House include in its report to its House a comparison of estimated budget authority as set forth by the President and by the concurrent resolution. Prohibits amendment of the concurrent resolution during consideration by the Senate or the House of Representatives which exceeds the Federal revenue and budget outlay limit. Requires that the impact of new budget authority and budget outlays, and a projection for the next five fiscal years of the impact of new tax expenditures on the Federal revenue and outlay limit, be included in a statement accompanying a bill or resolution reported by a committee of either House. Requires the Director of the Congressional Budget Office to include in his five-year projection report, the concomitant predicted Federal revenue and budget outlay limits for each fiscal year. Prohibits a concurrent resolution from being reported at any time which increases total revenues or the budget outlay limit unless such limit has been suspended pursuant to this Act. Prohibits Congress from making any appropriation for any fiscal year in excess of the Federal revenue and budget outlay limit. Provides for the reduction of the public debt by any revenue which exceeds such limit during any fiscal year. Permits the suspension of the revenue and budget outlay limit by the declaration of a fiscal emergency through the passage of a concurrent resolution approved by two-thirds of the Members present in each House. Requires that all bills of a public or private character introduced in either House of Congress have printed at the bottom of the first page a fiscal note which states the amounts likely to be the costs and savings achieved in the implementation of a bill.
United States · United States Congress · 4 January 1977
Jobs Creation Act - Title I: Individual Income Taxes - Amends the Internal Revenue Code to allow a credit for ten percent of the amounts (1) deposited in a savings account at an insured bank, savings and loan association or credit union or (2) used to purchase stock or bonds in a domestic corporation. Limits such credit to a maximum of $1,000. Excludes from income the amounts received by an individual as dividends from domestic corporations. Excludes from income the gain resulting from the sale or exchange of securities, up to $1,000. Lowers the value of the gross estate by the value of the decedent's interest in a farm (1) actively engaged in raising crops or livestock for profit over which the decedent or his spouse exercised supervision during the five years prior to his death, and (2) which passes to an individual related to the decedent or his spouse. Requires that for a period of five years after the decedent's death (1) the interest in the farm be retained by the individual to whom it passed, (2) those individuals reside on that farm, and (3) the farm continue to qualify as a family farm. States that a deviation from any of the preceding qualifications will result in a deficiency in the amount of the difference between the tax actually paid, and the tax that would have been paid absent the family farm deduction outlined above. Limits the family farm deduction to $200,000. Title II: Corporation Taxes - Provides a graduated normal tax rate for corporate taxes. States that a corporation which is a component member of a controlled group of corporations must take into account the taxable income of the other members. Increases the amount of the investment credit to 15 percent of the qualified investment, except for property constructed or acquired before July 1, 1975, in which case the credit is set at 12 percent of that investment. Provides that in the case of transitional property the part of the property's basis attributable to construction before July 1, 1975, shall receive the 12 percent credit, and the part attributable to construction after June 30, 1975, shall receive the 15 percent credit. Increases the corporate surtax exemption from $25,000 to $100,000. Requires that the basis of property be adjusted to reflect the rate of inflation between the year of acquisition and the year of sale before further adjustments in the basis are made. Increases the permissible variance from a prescribed class life from 20 percent to 40 percent. Allows amortization of pollution control facilities to take place over a period of 12 months. Title III: Employee Stock Ownership Plan Financing - Specifies the tax treatment for stock bonus plans of an employer set up for the benefit of his employees with common stock issued by the employer corporation. Allows a deduction to the employer for the amount of any dividend paid under such a plan provided: (1) the securities were held on the record date by an employee stock ownership plan; and (2) the dividend received by the plan is either distributed to the participating employees within 60 days after the plan year in which it is received, or applied to the payment of acquisition expenses within 60 days after the taxable year. Permits a deduction to the employer for contributions made on account of being on the accrual basis, provided that such contributions are applied to the payment of acquisition indebtedness. Exempts such contributions from treatment as an annual addition. States that an employer who transfers employer securities or other property to an employee stock ownership plan shall be entitled to a charitable contribution deduction if: (1) the property is allocated to the participating employees; (2) no part of the property is allocated for the benefit of the taxpayer, his relatives, or anyone else owning 25 percent of employer securities; and (3) the contribution is made with the approval of the employee stock ownership plan. Exempts such contributions from treatment as annual additions. Specifies that the acquisition indebtedness of the employer securities acquired by an employee stock ownership plan must be proportionally allocated to the accounts of the participating employees. States that upon separation from service, a participating employee is entitled to a distribution of his nonforfeitable interest in accordance with the provisions of the plan. Allows such a plan to provide for the required repurchase of qualified employer securities from an individual receiving a distribution thereof, only if all other such outstanding employer securities, whether acquired through the plan or not, are subject to repurchase from nonemployee shareholders. Provides that an individual receiving a lump sum distribution from an employee stock ownership plan may exclude from gross income that part of the distribution consisting of income producing employer securities or assets which are held, or reinvested within 60 days in assets of equivalent value, for the purpose of providing that individual with dividends. States that the proceeds of any sale or disposition of such securities or assets not reinvested within 60 days in income producing property shall be treated as ordinary income. Stipulates that any dividend received by a participating employee under an employee stock ownership plan is taxable to that employee. Forbids any contribution from being allocated for the benefit of any participating employee if the total accumulation of all investments for the benefit of that participant under the employee stock ownership plan and all other such plans equals or exceeds $500,000. Provides that the acquisition or holding of qualifying employer securities and the incurring of indebtedness by an employee stock ownership plan shall satisfy the specifications of the Employee Retirement Income Security Act, provided that it meets the requirements of an individual retirement annuity under that Act. Requires that the same standards of prudence and fiduciary responsibility exercised with respect to shareholders are satisfied for such a plan. Directs the Secretary of the Treasury to issue a binding advance opinion, in response to any application by an employee stock ownership plan, as to whether the plan satisfies the requirements of this Act. States that payments by an employer to an employee stock ownership plan for the purpose of enabling that plan to pay acquisition indebtedness for the purchase of qualifying employer securities shall not be treated as compensation, fringe benefits, or deferred compensation payments, but treated as debt service payments.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to allow a deduction from gross income for social or adoption agency fees, court costs, attorney fees and other necessary expenses of adopting a child. Limits the deduction to $1,250 for any taxable year.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to exempt farming vehicles from the highway motor vehicle excise tax, excepting vehicles owned by corporations with gross annual receipts exceeding $950,000, or which derive more than 50 percent of their gross receipts from non-farming activities.
United States · United States Congress · 4 January 1977
Small Business Growth and Job Creation Act - Title I: Small Business Independence and Continuation - Amends the Internal Revenue Code to establish graduated corporate income tax rates. Establishes a new alternative tax on capital gains. Establishes an estate tax exemption of $180,000. Establishes a new rate schedule for the estate tax. Provides a gift tax exclusion of $9,000, and a gift tax exemption of $90,000. Provides that a distribution of property by a corporation in redemption of stock to pay death taxes shall be treated as a distribution in full payment in exchange for the stock if all of the stock of such corporation which is included in determining the value of the decedent's gross estate is either, (1) more than 20 percent of the value of the gross estate of such decedent, or (2) more than 40 percent of the taxable estate of such decedent. Provides that if stock in a corporation is sold by a shareholder owning stock representing more than 30 percent of the fair market value of all outstanding stock of the corporation whose stock is being sold, the gain from such sale shall be recognized only to the extent that the taxpayer's sale price exceeds the cost of replacement property purchased by the taxpayer within two years. Defines "replacement property" as property which is held for the production of income or which is held for investment. Allows the executor of an estate involving an interest in a closely held business to elect to include in the value of the gross estate the decedent's basis in such business rather than the fair market value of such interest. States that the basis of property acquired from a decedent as to which such an election was made shall be the decedent's basis in such property rather than the fair market value of such interest. Allows the marital deduction of the estate tax to exceed 50 percent of the value of the adjusted gross estate when an interest in a specially defined small business is included in the estate. Title II: Small Business Growth Incentives - Allows a taxpayer to choose the cash method of accounting in any case where inventory is an income determining factor and the ending inventory for the taxable year does not exceed $200,000. Provides a deferred tax credit against taxable income for unincorporated businesses. Establishes a graduated investment tax credit. Amends the definition of a small business corporation to allow domestic corporations with up to 20 shareholders to qualify for subchapter S treatment. Allows a small business to make a subchapter S election at any time during the taxable year. Allows to a business a credit equal to 50 percent of the wages paid during the taxable year to new employees, up to two employees and $20,000 for the taxable year. Allows a similar credit for new disadvantaged employees up to a maximum of $60,000 per taxable year. Allows the practical cost recovery method to be used in computing depreciation. Title III: Small Business Tax Simplification - Allows a corporation to file an application for refund of overpayment of estimated income tax at any time during the taxable year. Provides a special rule for treatment of net operating loss adjustments in the case of new corporations. Increases the minimum credit on accumulated earnings from $150,000 to $500,000. Redefines "section 1244 stock" to mean common stock in a corporation if: (1) such corporation during its preceding taxable year derived more than 50 percent of its aggregate gross receipts from sources other than royalties, rents, dividends, interest, annuities, and sales or exchanges of stock or securities; and (2) the equity capital of such corporation does not exceed $1,000,000. Increases the losses on section 1244 stock which may be treated as ordinary losses (rather than capital losses) from $25,000 to $50,000.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to exempt nonprofit volunteer firefighting or rescue organizations from the excise tax on sales of special fuels, automotive parts, petroleum products, and communication services.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to allow an income tax deduction for expenses incurred for dependent care services while the taxpayer performs volunteer work for civic and charitable organizations. Allows the deduction only of expenses that do not exceed $400 a month. Requires a specified reduction in the deduction if the adjusted gross income of the taxpayer exceeds $20,000.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to increase each of the standard personal exemptions to $1,200.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to allow an income tax deduction for the expenses paid for the higher education of the taxpayer, or a dependent, not exceeding $1,000 for each student.
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 $2,000. 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
Allows a tax deduction up to $750 for ordinary and necessary expenses incurred by a taxpayer under the Internal Revenue Code in making repairs and improvements to his residence during the taxable year. Allows the owner of rental housing to amortize at an accelerated rate (over a 60-month period) the cost of rehabilitating or restoring such housing. Authorizes the taxpayer to switch from such accelerated amortization to the regular depreciation deduction allowable under the Internal Revenue Code for property used in a trade or business or held for the production of income.
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 meals and lodging expenses while away from home primarily for receiving medical care. Limits the deduction to the per diem traveling allowance for Federal employees and to expenses incurred during 21 days or less for each individual during the taxable year.
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 $250 for any individual, 25 percent of the next $250, and five 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
Allows a tax deduction up to $750 for ordinary and necessary expenses incurred by a taxpayer under the Internal Revenue Code in making repairs and improvements to his residence during the taxable year. Allows the owner of rental housing to amortize at an accelerated rate (over a 60-month period) the cost of rehabilitating or restoring such housing. Authorizes the taxpayer to switch from such accelerated amortization to the regular depreciation deduction allowable under the Internal Revenue Code for property used in a trade or business or held for the production of income.
United States · United States Congress · 4 January 1977
States that all returns made with respect to the taxes imposed by the Internal Revenue Code are confidential records. Provides that: (1) no such return shall be open to inspection; and (2) no information contained in any such return shall be disclosed. Authorizes inspections by the following persons: (1) the taxpayer or his authorized representative; (2) officers and employees of the Internal Revenue Service, Department of the Treasury, Department of Justice, and State and local government employees solely for purposes of enforcement and administration of the tax laws; and (3) the President of the United States in the necessary performance of his official duties. Increases the criminal penalties for unauthorized disclosure of information under the provisions of the Internal Revenue Code. States that any person who knowingly receives any information or material which is disclosed or furnished in violation of the provisions of this Act shall be guilty of a felony and subject to a fine of up to $10,000, imprisoned for up to five years, or both.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to provide for the reimbursement of litigation expenses, including attorney's fees, incurred by an individual substantially prevailing in any civil proceeding brought in any United States Court for a declaratory judgment regarding the qualification of a pension plan, or for the redetermination, collection, or recovery of a tax payment. Requires the return of all records subpoenaed in connection with an investigation into a possible tax deficiency or violation of tax laws within 15 days of: (1) any final administrative decision that there is no tax deficiency or violation, or that no action will be brought to prosecute any claim: (2) any final judicial decision with respect to the violation or underpayment in which the taxpayer substantially prevails; or (3) the expiration of the period in which the underpayment may be assessed, or the violation prosecuted, whichever of the three occurs first.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to increase each of the standard personal exemptions to $1,000.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to extend to two years the maximum period which may elapse between the sale of a residence and the purchase of another in order that gain from such sale will not be recognized for Federal income tax purposes.
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.
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
Truth in Contributions Act - Provides that where a public charity fails to expend 50 percent of its gross revenue during the taxable year for charitable purposes, or to other public charities, it shall be subject to an initial excise tax equal to 15 percent of the difference between half of its gross income and its charitable expenditures. Provides for an additional excise tax for 100 percent of the portion of the difference remaining 90 days following the mailing of a deficiency notice by the Secretary of the Treasury notifying the charity that it has failed to distribute the required portion of its income. Provides that qualified expenditures for charitable purposes shall include expenditures for the active conduct of the charity's purpose, and property directly devoted to such conduct, as well as financial obligations for charitable purposes which do not exceed five years and which are for charitable purposes best accomplished through such obligations rather than immediate expenditures. Exempts public charities from this tax during the first four years of their existence. Defines public charities as tax exempt organizations and private foundations (not including church, school, medical care and research, government bodies and college fund raising agencies) which derive more than $25,000 in annual gross revenue. Provides for the termination of a public charity upon its notification to the Secretary of the Treasury of its intent to terminate, or where the Secretary determines, after consultation with the Attorney General, that repeated failures by the charity to comply with this Act, or to distribute the required portion of its income, make termination appropriate. Requires each public charity to file with its tax return certain information prepared by a certified public accountant including a statement of its gross revenue on a fund accounting basis, its total expenses on a functional basis, and an analysis of the expense categories involved with each reported functional expense, plus such other information the Secretary deems necessary to present fairly the charity's financial status. Provides that public charities shall file, and make available to the public, annual reports which include their tax returns, the names and compensation of their officers, the identity of each employee or consultant receiving more than $20,000 in annual income, and such additional information the Secretary requires. Directs public charities to file such reports with the appropriate officials in each State where they solicit contributions. Directs public charities to provide an annual disclosure statement to each person they solicit and to any person who requests one. Provides a $1,000 penalty for each failure by a person to comply with the notice and filing requirements for annual reports and disclosure statements. Provides that the filing periods for commencing taxpayer suits in the Tax Courts with respect to the Act's excise tax on public charities shall not commence until the end of the period preceding the time when the second excise tax may be assessed on undistributed contributions. Directs the Secretary to encourage State officials to accept the reports, returns and statements required under the Act for the purposes of similar reporting requirements under State laws. Directs the Attorney General to take whatever steps necessary to preserve the assets of a public charity which were solicited from the public when the charity is to be terminated for failure to comply with this Act or preserve its tax exempt status. Provides that the district courts of the United States shall provide whatever equitable relief is necessary, without bond, upon a showing that such assets will be dissipated or diverted to non-charitable purposes. Provides that any employee or officer of a public charity who knowingly commits any act resulting in the termination of the status as a public charity shall be fined not more than $5,000, and/or imprisoned not more than one year. Subjects organizations registered with the Advisory Committee on Voluntary Foreign Aid which are affiliated with such Committee in soliciting contributions, to a fine of up to $1,000. Applies such fine, and a prison term of up to one year, to the employee or employees responsible for the organizations violation.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to allow an income tax credit for 25 percent of the amount of rent rent paid by the taxpayer which is equal to the taxpayer's proportionate share of the local and State property taxes imposed on the land and building in which his dwelling unit is located.
United States · United States Congress · 4 January 1977
Amends the Internal Revenue Code to allow persons aged 65 or over to take a 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 residence. 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 the credit allowed by this Act shall not affect the taxpayers' allowable deductions for real property taxes.
United States · United States Congress · 4 January 1977
Prohibits any business deduction, under the Internal Revenue Code, relating to expenses paid or incurred for the transportation of any person by commercial airplane or railroad in excess of an amount which is equal to the retail price of a coach class fare ticket on such airline or railroad, unless the use of first class accommodations was necessitated by the circumstances of the taxpayer's business activities, or by a disability or handicap, or because coach tickets were unavailable.