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151 records in US in 1976
United States · United States Congress · 22 July 1976
Amends the Internal Revenue Code to allow a tax deduction in an amount not to exceed $1,000 for amounts paid by the taxpayer to an eligible educational institution for tuition for the attendance of the taxpayer or any eligible dependent.
United States · United States Congress · 22 July 1976
Amends the Internal Revenue Code to allow as a credit against the income tax an amount equal to the qualified land conservation expenditures paid or incurred by the taxpayer. Defines "qualified land conservation expenditures" as any amount paid or incurred by the taxpayer to establish a wind erosion control and wildlife habitat area on land which was previously used for the production of agricultural products or for the sustenance of livestock. Limits the amount of such credit to the tax due minus the amount of other specified credits.
United States · United States Congress · 21 July 1976
Requires Members of Congress who but for an exemption conferred by Federal law would be required to pay State income tax to the State in which they reside for purposes of attending sessions of Congress to submit to such State a statement in lieu of a State income tax return indicating the amount of tax such Member would have been required to pay. Authorizes the Secretary of the Treasury to pay to such State an amount equal to the amount of such unpaid tax indicated on such Member's statement and certified to the Secretary by the Governor or head of such State.
United States · United States Congress · 21 July 1976
Amends the Internal Revenue Code to extend from one 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 · 21 July 1976
Provides that the first 60,000 barrels of beer brewed by a brewery in the United States producing less than 2,000,000 barrels annually for consumption shall be taxable under the Internal Revenue Code at a rate of $7 per barrel (as opposed to the flat rate of $9 per barrel presently imposed).
United States · United States Congress · 21 July 1976
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. Changes the holding period for capital assets from six months to one year. Establishes a new alternative tax on capital gains. Increases the estate tax exemption from $60,000 to $180,000. Establishes a new rate schedule for the estate tax. Increases the gift tax exclusion from $3,000 to $9,000, and the gift tax exemption from $30,000 to $90,000. Replaces the present gift tax schedule with a flat rate of 75 percent of whatever the estate tax on such a sum would be. 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 (generally, 35 percent), of the value of the gross estate of such decedent, or (2) more than 40 percent (generally, 50 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 (presently, ten) 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 · 20 July 1976
Solar Energy Incentive Act - Allows an individual to take a tax credit, under the Internal Revenue Code, in an amount equal to 25 percent of the qualified solar heating and cooling equipment expenditures incurred by the taxpayer with respect to his principal residence to the extent such expenditures do not exceed $8,000, plus that portion of the qualified State or local real property taxes paid or accrued for the taxable year or accrued for the taxable year attributable to such solar heating and cooling expenditures. Authorizes an individual to take a tax deduction for a part of the acquisition costs of any qualified solar heating and cooling equipment for any residence. Limits such deduction to the lesser of ten percent of the acquisition costs or $800 or $400 for the third year of such acquisition.
United States · United States Congress · 20 July 1976
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 · 20 July 1976
Small Business Growth Act - Title I: Small Business Independence and Continuation - Amends the Internal Revenue Code to establish graduated corporate income tax rates. Changes the holding period for capital assets from six months to one year. Establishes a new alternative tax on capital gains. Increases the gift tax exclusion from $3,000 to $9,000, and the gift tax exemption from $30,000 to $90,000. Replaces the present gift tax schedule with a flat rate of 75 percent of whatever the estate tax on such a sum would be. 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 (generally, 35 percent), of the value of the gross estate of such decedent, or (2) more than 40 percent (generally, 50 percent) of the taxable estate of such decedent. 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 - Establishes a graduated investment tax credit. Amends the definition of a small business corporation to allow domestic corporations with up to 20 shareholders (presently, ten) to qualify for subchapter S treatment. Allows a small business to make a subchapter S election at any time during the 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 from $25,000 to $50,000.
United States · United States Congress · 20 July 1976
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 · 19 July 1976
Welfare Reform and Tax Reduction Act - Title I: Family Allowance Deduction, Standard Allowance, Family Allowance, Family Allowance Credit, and Other Tax Provisions - Amends the Internal Revenue Code to authorize a family allowance deduction in lieu of personal exemptions in computing an individual's taxable income. Stipulates that such family allowance deduction shall be a specific multiple of the authorized personal exemption in taxable years 1977 through 1981. States that after 1981, such exemption shall be two times the amount of the following exemptions: (1) $1,000 for the taxpayer; (2) $1,000 for the taxpayer's spouse; (3) $1,000 for any one dependent; (4) $400 for other dependents if such an individual's gross income for the taxable year is less than $1,000; (5) an additional $600 for a taxpayer, his spouse or dependent if such an individual is 65 years of age or older; (6) an additional $600 for a taxpayer, his spouse or dependent who is blind; and (7) an additional $600 for a taxpayer, his spouse or a dependent who is permanently and totally disabled as defined in this Act. Sets forth special rules for the taxable years 1977 through 1981. Establishes a standard deduction allowance in the amount of specified multiples of $200 in taxable years 1971 through 1981. States that such allowance shall be two times $200 after 1981. Stipulates that the standard allowance shall be for specified exemptions allowed an individual. States that if an individual elects to treat such standard allowance as a family allowance credit as provided for by this Act, the standard deduction shall not be allowed to such individual. Allows individuals to take a family allowance credit equal to the sum of the family allowance credits enumerated in this Act reduced (but not below zero) by 50 percent of the amount of the "total income" as determined under this Act. States that for the taxable year 1977 such reduction shall be by 55 percent of "total income"; for 1978, 54 percent; for 1979, 53 percent; for 1980, 52 percent; and for 1981, 51 percent. Lists the family allowance credits as follows: (1) $1,000 for the taxpayer; (2) $1,000 for a spouse or any one dependent; (3) $600 for other dependents; and (4) $600 for each individual who qualifies as an exemption because such individual is age 65 or over, blind, or disabled. Defines "total income", for purposes of computing the family allowance credit, as the sum of adjusted gross income plus enumerated items which are not otherwise included in adjusted gross income including: (1) the proceeds of life insurance over $1,500; (2) the fair market value of inherited property over $1,000; (3) interest on tax-exempt government obligations; (4) personal injury damages which do not constitute reimbursement for medical expenses paid; (5) the entire gain from the sale of any capital asset; and (6) imputed income based on the total value of capital owned or controlled by one individual. Sets forth a method for the determination of such imputed income. Disallows such family allowance credit with respect to any taxpayer for any period for which the taxpayer is unemployed and is not registered with the public employment offices in the State in which he resides, with specified exceptions. Authorizes individuals entitled to a family allowance credit to receive such credit as an allowance for basic living expenses for each calendar month in an amount equal to one-twelfth of the amount of the personal credits the individual reasonably anticipates. Allows an individual, upon election, to receive such payment on a semi-monthly basis based on one-twenty fourth of the anticipated credits. States that any determination of whether an individual is a dependent, for purposes of such credit, shall be on the basis of the allowance period (each calendar month). Sets forth criteria for considering an individual as being married or unmarried for purposes of such credit. Sets forth procedures and information to be included in applications for the family allowance credit. Directs the Secretary of the Treasury to establish administrative procedures to carry out the provisions of this Act. Provides for an adjustment in the amount of future credits in the event of overpayment or underpayment of an allowance paid under this Act. Requires hearing and review procedures for individuals who disagree with any determination of the amount of, or eligibility for, such an allowance. Directs the Secretary to enter into an agreement with States which provides that the State administer the allowance program under this Act and that the Federal Government reimburse the State for administrative costs if the State has met specified requirements. Denies payments to States pursuant to title XX of the Social Security Act (Grants to States for Services) unless the State has entered into such an agreement with the Secretary. Requires the Secretary to prepare and submit an annual report to Congress on the operation and administration of this title. Authorizes appropriations in such sums as are necessary to make payments under this title. Authorizes appropriations of one-tenth of one percent of the amount paid as allowances under this title to be used for research into improved administration and program evaluation. Includes as part of the definition of adjusted gross income, gross income minus the child care expenses deduction authorized under the Internal Revenue Code. Directs the Joint Economic Committee to conduct annually a study respecting the amount of any reduction of administrative costs resulting from the provisions of this title and to make a report of such findings to Congress in order that Congress may implement a reduction in taxes equal to the amount of such reduction. Repeals the present tax credit for the expenses of work incentive programs. Title II: Miscellaneous, General, and Conforming Provisions - Directs the Secretary of Health, Education, and Welfare, the Secretary of Agriculture, and the Secretary of Labor to submit to the appropriate standing committees of the Senate and the House a draft of any changes in any Act over which the Secretary has administrative responsibility, which may be necessary to reflect the changes in substantive provisions of law made by this title. Repeals the Food Stamp Act of 1964 effective with the close of December 31, 1976. Prohibits the use of Federal funds, after January 1, 1977, to defray the costs of any commodities or food distribution program where eligibility is based on family or individual income. Repeals the following parts of title IV of the Social Security Act (Grants to States for Aid and Services to Needy Families with Children and For Child-Welfare Services): (1) Aid to Families with Dependent Children; (2) Child-Welfare Services; and (3) Work Incentive Programs for families with dependent children. States that such repealer for Aid to Families with Dependent Children shall not be applicable to Puerto Rico, Guam, and the Virgin Islands. Repeals title XVI of the Social Security Act (Supplemental Security Income for the Aged, Blind, and Disabled). Adds title XXI "Emergency Assistance for Needy Families with Children" to the Social Security Act. Authorizes appropriations of a sum sufficient to make payments to States which have submitted plans for emergency assistance to needy families with children. Sets forth the requiremens which must be included in each such plan. Directs the Secretary of HEW to disapprove any plan which imposes a residency requirement as a condition of eligibility for emergency assistance. Directs the Secretary to pay to each State which has a plan approved under this title an amount equal to 50 percent of the total amount expended as emergency assistance and 50 percent of the administrative costs of such plan. Directs the Secretary to withhold payments to a State agency if the approved plan has been changed so as to impose a residency requirement or if there has been a failure to comply with any of the requirements enumerated in this title. Defines terms for purposes of this Act including "emergency assistance to needy families with children. Directs the Secretary of Health, Education, and Welfare to institute a food stamp program in Puerto Rico, Guam, and the Virgin Islands patterned after the eligibility for, and extent of, the Food Stamp Act of 1964. Authorizes appropriations in such sums as may be necessary to carry out such program. Adds title XXII "Madatory State Supplementation for Certain Families with Dependent Children and Certain Aged, Blind, or Disabled Individuals" to the Social Security Act. Requires States, in order to receive payments to title X of the Social Security Act (Grants to States for Aid to the Blind) to have in effect an agreement with the Secretary of the Treasury whereby the State will provide to families with dependent children under title XXI of this Act and to aged, blind, or disabled individuals receiving benefits under title XVI of this Act, supplemental payments in amounts needed to maintain their total family income at a specified percentage level for various years of what the level would have been if the programs repealed by this Act had continued in effect. Terminates specified housing subsidy programs under the United States Housing Act of 1937 and the National Housing Act. Extends unemployment compensation coverage to specified agricultural and domestic workers.
United States · United States Congress · 19 July 1976
Taxpayer Audit Disclosure Act - Requires the establishment of formal procedures and criteria for the selection of individual income tax returns for audit. Directs the Secretary of the Treasury or his delegate to provide any individual selected for auditing with a written notice which clearly specifies the reasons for and manner in which the return of such individual was selected for audit. Provides that the Secretary or his delegate shall furnish to such individual a written explanation which describes the audit procedure, the rights which a taxpayer may exercise during such procedure, the right of the taxpayer to make an administrative or judicial appeal from an adverse decision at the end of such procedure, and the right of the taxpayer to claim a refund. Requires the Secretary of the Treasury or his delegate to submit to the Joint Committee on Internal Revenue Taxation before September 30 of each year a report setting forth: (1) the number of individuals whose returns were selected for audit during the previous 12-month period; (2) a classification of individuals whose returns were audited during the previous 12-month period by, among other factors, income levels, geographic distribution, and profession; (3) the number of individuals audited during the previous 12-month period who were found to have made underpayments or overpayments of tax, together with summary statistics reflecting the percentage of such number, by income category, who made underpayments or overpayments of certain ranges of amounts (to be determined by the Secretary or his delegate); and (4) such other information as may be requested by the joint committee in accordance with the purposes of this Act.
United States · United States Congress · 19 July 1976
Directs the Secretary of Health, Education, and Welfare, under title XX (Grants to States for Services) of the Social Security Act, to allot funds not used by some of the States to States which have a need for additional funds for social services. Stipulates that such excess funds will be apportioned according to the same ratio which governs the original apportionment of such funds each year.
United States · United States Congress · 19 July 1976
Amends the Third Supplemental Appropriations Act of 1957 to provide that unexpended funds subject to disbursement by the Clerk of the House of Representatives shall be returned to the Treasury of the United States four months after the close of the fiscal year for which such funds are appropriated.
United States · United States Congress · 1 July 1976
Amends the Internal Revenue Code to allow an additional personal exemption and withholding exemption for a taxpayer, a spouse, or a dependent who is disabled. Allows as a deduction all necessary expenses paid or incurred by a disabled taxpayer during the taxable year for personal care services related to the taxpayer's disability which the taxpayer could render to himself were it not for the disability, if that taxpayer is not receiving free services provided by the State plan under title XX (Grants to States for Services) of the Social Security Act.
United States · United States Congress · 1 July 1976
Amends the Internal Revenue Code to allow a tax deduction in an amount not to exceed $1,250 for amounts paid by the taxpayer to an eligible educational institution for tuition for the attendance of the taxpayer or any eligible dependent.
United States · United States Congress · 1 July 1976
Amends the Internal Revenue Code to increase from $1,500 to $5,000 the deduction allowed for contributions to individual retirement accounts. Eliminates the present prohibition of such deductions by taxpayers who are participants in other retirement plans.
United States · United States Congress · 1 July 1976
Authorizes regulated investment companies, under the Internal Revenue Code, to pay exempt-interest dividends in an amount up to 90 percent of the excess of its tax-exempt interest without affecting its tax-exempt status. Allows shareholders to treat such exempt-interest dividends as excludable from gross income. Disallows that portion of the deduction for expenses and interest relating to tax-exempt income which the amount of such company's exempt-income bears to its gross income.
United States · United States Congress · 1 July 1976
Repeals that section of the Internal Revenue Code which authorizes the payment of money to individuals who assist the Internal Revenue Service in detecting tax fraud.
United States · United States Congress · 1 July 1976
Amends the Internal Revenue Code to allow as a deduction an amount equal to 25 percent of the gross income from geothermal steam and geothermal resources property. Limits such deduction to a maximum of 50 percent of the taxpayer's taxable income from the geothermal steam and geothermal resources property for the taxable year.
United States · United States Congress · 1 July 1976
Authorizes any amount received from appropriated funds as a scholarship by a member of a uniformed service who is receiving training under the Armed Forces Health Professions Scholarship Program from an educational institution to be continued to be treated as a scholarship, excludable from gross income under the Internal Revenue Code for calendar years 1976, 1977, and 1978.
United States · United States Congress · 1 July 1976
Amends the Budget and Accounting Act of 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 · 1 July 1976
Amends the Internal Revenue Code to allow as a credit against the income tax an amount equal to the qualified land conservation expenditures paid or incurred by the taxpayer. Defines "qualified land conservation expenditures" as any amount paid or incurred by the taxpayer to establish a wind erosion control and wildlife habitat area on land which was previously used for the production of agricultural products or for the sustenance of livestock. Limits the amount of such credit to the tax due minus the amount of other specified credits.
United States · United States Congress · 1 July 1976
Amends the Internal Revenue Code to allow a tax deduction in an amount not to exceed $1,000 for amounts paid by the taxpayer to an eligible educational institution for tuition for the attendance of the taxpayer or any eligible dependent.
United States · United States Congress · 30 June 1976
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. Changes the holding period for capital assets from six months to one year. Establishes a new alternative tax on capital gains. Increases the estate tax exemption from $60,000 to $180,000. Establishes a new rate schedule for the estate tax. Increases the gift tax exclusion from $3,000 to $9,000, and the gift tax exemption from $30,000 to $90,000. Replaces the present gift tax schedule with a flat rate of 75 percent of whatever the estate tax on such a sum would be. 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 (generally, 35 percent), of the value of the gross estate of such decedent, or (2) more than 40 percent (generally, 50 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. Allows individuals with self-employment income to elect to pay part or all of their income tax in two or more (but not exceeding ten) equal installments. Establishes a graduated investment tax credit. Amends the definition of a small business corporation to allow domestic corporations with up to 20 shareholders (presently, ten) 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 · 30 June 1976
Amends the District of Columbia Income and Franchise Tax Act of 1947 to impose an income tax on the gross income of nonresidents of the District of Columbia which is derived from sources within the District, including the Federal Government. Stipulates that such tax shall be at one-third of the rate applicable in the case of a District of Columbia resident. Prohibits the Council of the District of Columbia from imposing any additional or greater tax on nonresidents than imposed by this Act, unless the same proportion of additional or greater tax is imposed on residents. Repeals the tax on unincorporated businesses. Requires every employer making payment of wages to a nonresident to deduct and withhold a tax upon such wages in accordance with regulations to be promulgated by the Council of the District of Columbia. Makes technical and conforming amendments.
United States · United States Congress · 30 June 1976
Amends the Internal Revenue Code to tax married and unmarried individuals at the same rate.
United States · United States Congress · 30 June 1976
Amends the Internal Revenue Code to provide that the current withholding tables as set forth in the Revenue Adjustment Act of 1975 shall remain in effect through August 31, 1976, rather than June 30, 1976.
United States · United States Congress · 29 June 1976
Authorizes to be appropriated under the Motor Vehicle Information and Cost Savings Act, for fiscal year 1978 $394,000 for the establishment and enforcement of automobile transfer standards, $3,375,000 for an automobile consumer information study, $3,400,000 for diagnostic inspection demonstration projects, and $562,000 for the enforcement of provisions of the Act dealing with tampering with automobile odometers.
United States · United States Congress · 29 June 1976
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. Changes the holding period for capital assets from six months to one year. Establishes a new alternative tax on capital gains. Increases the estate tax exemption from $60,000 to $180,000. Establishes a new rate schedule for the estate tax. Increases the gift tax exclusion from $3,000 to $9,000, and the gift tax exemption from $30,000 to $90,000. Replaces the present gift tax schedule with a flat rate of 75 percent of whatever the estate tax on such a sum would be. 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 (generally, 35 percent), of the value of the gross estate of such decedent, or (2) more than 40 percent (generally, 50 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 (presently, ten) 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 · 29 June 1976
Provides that immediately upon the adoption of this resolution it shall be in order to consider the conference report on the bill (H.R. 12438) to authorize appropriations during the fiscal year 1977 for procurement of aircraft, missiles, naval vessels, tracked combat vehicles, torpedoes, and other weapons, and research, development, test, and evaluation for the Armed Forces, and to prescribe the authorized personnel strength for each active duty component and of the Selected Reserve of each Reserve component of the Armed Forces and of civilian personnel of the Department of Defense, and to authorize the military training student loads and for other purposes, and all points of order against said conference report are hereby waived.
United States · United States Congress · 28 June 1976
Exempts an individual from State income taxes with respect to income received during any period by such individual from transactions occurring, or services performed, in a Federal area located within any State if during such period such individual is not a resident or domiciliary of such State or of any other State which imposes a tax on the income of individuals.
United States · United States Congress · 28 June 1976
Estate and Gift Tax Reform Act - Amends the Internal Revenue Code to provide a single unified rate schedule for estate and gift taxes. Establishes progressive rates based on cumulative lifetime transfers and transfers at death. Determines the amount of estate tax by applying the unified rates to such cumulative transfers and then subtracting the taxes payable on lifetime transfers. (Provides that for purposes of determining the amount of the gross estate, the amount of gift tax paid with respect to transfers made within three years of death shall be included in the decedent's gross estate.) Provides, as a transitional rule, that the lifetime transfers taken into account in determining cumulative transfers at death, for purposes of imposing the estate tax under the unified schedule, shall only include taxable gifts made after December 31, 1976. Repeals the estate and gift tax exemptions. Substitutes for such exemptions a credit against estate and gift taxes in the amount of $29,800. Provides for an additional credit against the estate tax for specified farms and closely held businesses passing to a qualified heir. Defines "qualified heir" as a member of the decedent's family, including his spouse, lineal desendents, parents, and aunts and uncles of the decedent and their desendants. Makes such credit available where the value of a farm or closely held business included in a decedent's gross estate equals or exceeds 65 percent of the value of the gross estate. Stipulates that such credit shall be available only if the farm or closely held business has been owned by the decedent or his family for at least five out of the preceding eight years. Provides that the amount of such credit shall be $25,000. Phases out such credit after the value of the gross estate exceeds $1,000,000. Provides for the recapture of the estate tax benefit of such credit where there is a disposition of the business by the qualified heir to nonfamily members prior to the qualified heir's death or within 25 years of the death of the decedent. Provides for a lien on the qualified interest in a farm or closely held business with respect to which an election of such credit has been made. Increases the estate tax marital deduction to $250,000 or one-half of the decedent's gross estate, whichever is greater. Increases the gift tax marital deduction in the case of lifetime gifts to a spouse. Allows an unlimited marital deduction for the first $100,000 of lifetime gifts made to a spouse and, thereafter, a deduction for one-half of the aggregate lifetime gifts made to a spouse in excess of $200,000. Allows the executor of an estate which includes real property being put to a qualified use to value such property at such use, rather than its fair market value determined on the basis of its highest and best use. Defines qualified use as: (1) use as a farm; (2) use in a trade or business; (3) use as a forest; or (4) use as an open space. Imposes special conditions for such valuation, including: (1) the value of the qualified real property and related personal property must be at least 50 percent of the decedent's gross estate; (2) at least 25 percent of the adjusted value of the gross estate must be qualified real property; (3) the real property must pass to a qualified heir; (4) the real property must have been used or held for qualified use for five of the last eight years prior to the decedent's death; and (5) there must have been material participation in the operation or management of the real property by the decedent or a member of his family in five out of the eight years immediately preceding the decedent's death. Provides for recapture of any tax benefits obtained by use of the reduced valuation if, prior to the death of the qualified heir or within 25 years of the death of the decedent, the property is disposed of to nonfamily members or ceases to be used for qualified purposes. Provides for a lien on all such real property with respect to which the special valuation is elected. Provides for a 15-year period for the payment of the estate tax attributable to the decedent's interest in a farm or closely held business, with a deferral of the tax for five years and installment payments over the next ten years. Requires, as a qualification for such deferral and installment treatment, the value of the closely held business or farm in the decedent's estate to be at least 65 percent of the gross estate. Allows discretionary extensions of up to ten years to pay the estate tax for reasonable cause (rather than for "undue hardship" as under present law). Provides for a lien for payment of the deferred taxes attributable to a closely held business or farm. Imposes a tax, in the case of generation skipping transfers under a trust, upon a distribution of the trust assets to a generation skipping heir, or upon the termination of an intervening interest in the trust. Determines the tax by adding the value of the distributed property, or terminated interest, to the heir's taxable transfers and applying the heir's marginal transfer tax rate to the value of such interest. Requires gift tax returns to be filed for any quarter only when the total cumulative gifts made during the taxable year exceed $25,000, or during the last quarter if the total does not reach $25,000. Provides that if the Internal Revenue Service proposes a deficiency in the estate tax because of a higher valuation of the assets included in the decedent's gross estate, it must disclose to the executor during the settlement process the basis on which the higher valuation was determined.
United States · United States Congress · 25 June 1976
Authorizes appropriations to carry out the functions, powers, and duties of the Federal Trade Commission of $47,091,000 for fiscal year 1976, $52,833,000 for fiscal year 1977, and $61,000,000 for fiscal year 1978.
United States · United States Congress · 25 June 1976
Amends the Internal Revenue Code to provide that the current withholding tables as set forth in the Revenue Adjustment Act of 1975 shall remain in effect through August 31, 1976, rather than June 30, 1976.
United States · United States Congress · 25 June 1976
Amends the Internal Revenue Code to allow a tax deduction in an amount not to exceed $1,000 for amounts paid by the taxpayer to an eligible educational institution for tuition for the attendance of the taxpayer or of another individual or individuals at such institution.
United States · United States Congress · 25 June 1976
Amends the Internal Revenue Code to allow a charitable deduction against the income, estate, and gift tax for contributions by an individual to a domestic fraternal society operating under the lodge system for the purpose of constructing or maintaining a building the principal purpose of which is to house such organization.
United States · United States Congress · 24 June 1976
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 accomodations was necessitated by the circumstances of the taxpayer's business activities or by a disability or handicap or because coach tickets were unavailable.
United States · United States Congress · 24 June 1976
Amends the Internal Revenue Code to provide that for purposes of the Federal income tax the basis of property acquired from a decedent shall be the adjusted basis of the property immediately before the death of the decedent, with such further adjustments as provided for in this Act. Provides that the basis of such property shall be increased by its proportionate share of the Federal and State estate taxes attributable to the net appreciation in value of all the property. Stipulates that such increase shall not exceed the increase necessary to produce a basis equal to the fair market value of such property.
United States · United States Congress · 24 June 1976
Amends the Housing Act of 1949 to provide that States, territories, and district and local political subdivisions may tax property subject to liens held by the Federal Government and specified property held by the Secretary of Agriculture pursuant to the farm housing program in the same manner and to the same extent that other property is taxed.
United States · United States Congress · 23 June 1976
Amends the Internal Revenue Code to allow a taxpayer to exclude from gross income any amounts paid by his employer to cover moving expenses which would ordinarily be deductible. Stipulates that no deduction shall be allowed for any item related to moving expenses to the extent that the taxpayer receives reimbursement for such item from his employer and excludes such reimbursement from gross income. Removes the dollar limitations on the moving expenses deduction.
United States · United States Congress · 23 June 1976
Amends the Internal Revenue Code to allow a tax deduction in an amount not to exceed $1,000 for amounts paid by the taxpayer to an eligible educational institution for tuition for the attendance of the taxpayer or any eligible dependent.
United States · United States Congress · 22 June 1976
Jobs Creation Act - Allows as a tax credit under the Internal Revenue Code an amount equal to ten percent of the increase in the total amount of qualified savings deposits and investments of an individual. Stipulates that such credit shall not exceed $1,000. Increases the maximum tax deduction for retirement savings to $2,000. Excludes from gross income amounts received by an individual as dividends from domestic corporations. Allows a taxpayer to exclude from gross income up to $1,000 of gain from the sale or exchange of securities. Allows the nonrecognition of gain from the sale or exchange of qualified small business property, at the election of the taxpayer, to the extent that the amount realized on such sale or exchange is reinvested in qualified small business property by the taxpayer during the reinvestment period beginning one year before the date of the sale or exchange and ending one year after such date. Allows the executor of an estate which includes an interest in a qualified closely held business which exceeds either 35 percent of the value of the gross estate or 50 percent of the value of the taxable estate, but is less than $300,000 to elect: (1) to pay the estate tax in up to 20 equal annual installments (presently ten); and (2) to defer the payment of the first installment until five years after the filing of the return. Reduces the corporate normal tax rate to 20 percent. Reduces the corporate surtax rate to 22 percent. Increases the corporate surtax exemption to $100,000. Revises the procedure for the determination of the investment credit to provide graduated rates of 25 percent of the qualified investment to the extent that the qualified investment does not exceed $25,000; 20 percent of the qualified investment to the extent that the qualified investment exceeds $25,000 and does not exceed $50,000; plus 15 percent of the qualified investment to the extent that qualified investment exceeds $50,000. Increases the allowable percentage variation from any class life prescribed by the Secretary of the Treasury to 40 percent. Allows a taxpayer to elect to take a tax deduction for a capital recovery allowance on qualified tangible property in lieu of the depreciation allowance. Allows a taxpayer to elect a 12-month amortization period for pollution control facilities. Increases the exemption for specified small issues of industrial revenue bonds which allows the exclusion from gross income of investment received on such bonds to the extent that the bond issue does not exceed $10,000,000.
United States · United States Congress · 21 June 1976
Amends the Internal Revenue Code to provide that with respect to the grantor of an option to buy or sell securities, commodities, or commodity futures, any gain or loss from a termination of the option other than through its exercise or lapse, and gain through its lapse, shall be treated as a gain or loss from the sale or exchange of a capital asset held not more than six months. Stipulates that this Act shall not apply to any option granted in the ordinary course of the taxpayer's trade or business of granting options.
United States · United States Congress · 21 June 1976
Amends the Third Supplemental Appropriations Act of 1957 to provide that unexpended funds subject to disbursement by the Clerk of the House of Representatives shall be returned to the Treasury of the United States four months after the close of the fiscal year for which such funds are appropriated.
United States · United States Congress · 21 June 1976
Amends the Internal Revenue Code to eliminate in the case of taxpayers over age 65 the one percent floor on the deduction for medicine and drugs, and the three percent floor on the deduction for medical expenses.
United States · United States Congress · 21 June 1976
Amends the Internal Revenue Code to increase the rate of tax imposed on tax preferences from 10 to 14 percent. Reduces the amount of tax preferences exempt from such tax.
United States · United States Congress · 17 June 1976
Tax Expenditure Review Act - States that for purposes of this Act the term "tax expenditures" means those revenue losses attributable to provisions of the Federal tax laws which allow a special exclusion, exemption, or deduction from gross income or which provide a special credit, a preferential rate of tax, or a deferral of tax liability. Terminates the following tax expenditure provisions of the Internal Revenue Code with respect to taxable years beginning after December 31, 1978: (1) group-term life insurance for employees; (2) exclusion of specified dividends; (3) exclusion of meals and lodgings provided for employees, (4) class life system for depreciation, (5) capital gain treatment for timber, coal, and domestic iron ore, and (6) maximum rate of tax on earned income. Directs the House Committee on Ways and Means and the Senate Committee on Finance to conduct a comprehensive review of the tax expenditure provisions listed and to report such review to the respective Houses by June 30, 1978. Requires such a procedure for any future tax expenditure provision. States that it shall not be in order in either House to consider any new tax expenditure provision if it will be in effect for more than four taxable years and it has not been reviewed by the Committee on Finance or the Ways and Means Committee.
United States · United States Congress · 17 June 1976
Amends the Internal Revenue Code to allow a tax deduction in an amount not to exceed $1,000 for amounts paid by the taxpayer to an eligible educational institution for tuition for the attendance of the taxpayer or any eligible dependent.
United States · United States Congress · 16 June 1976
Amends the Internal Revenue Code to allow members of volunteer firefighting organizations to deduct the cost of firefighting-related clothing expenses.