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Bill· SS. 3430 (95th)referred
United States · United States Congress · 18 August 1978
Amends the Internal Revenue Code to exclude from gross income a corporate stock distribution to a stockholder based upon the reinvestment of stock dividends in the corporation by such stockholder pursuant to his election to participate in a qualified reinvestment plan, as defined in this Act. Limits the amount of any stock distribution to $1,500. Establishes a rebuttable presumption that a distribution made by a corporation which purchases its common stock within one year of such distribution shall not be deemed a distribution pursuant to a qualified dividend reinvestment.
Resolution· SCONRESS.Con.Res. 104 (95th)passed
United States · United States Congress · 18 August 1978
Sets forth the congressional budget for the United States Government for fiscal year 1979. States that the recommended level of of Federal revenues is $447,200,000,000 and the appropriate level of total budget outlays is $489,500,000,000. States that the amount by which the aggregate level of Federal revenues should be decreased is $23,400,000,000, and the appropriate level of total new budget authority is $557,700,000,000. Establishes the appropriate level of public debt at $839,500,000,000. Sets forth the appropriate level of new budget authority and the estimated budget outlays for each major functional category.
Bill· HRH.R. 13962 (95th)referred
United States · United States Congress · 17 August 1978
Amends the Internal Revenue Code to increase the income tax deduction for contributions to retirement savings accounts to $2,300 ($2,700 for certain married individuals) for taxable years beginning in 1978 with yearly cost-of-living increases for taxable years beginning after 1978.
Bill· HRH.R. 13913 (95th)referred
United States · United States Congress · 17 August 1978
Amends the Internal Revenue Code to exempt from the 100 percent tax on prohibited transactions by a real estate investment trust the sale of real property if the trust has held such property for at least four years, has not made expenditures for improvement of such property during the four year holding period in excess of 20 percent of the selling price, has not made more than five sales of property in any taxable year, and has held the property for the production of rental income for at least four years. Extends the period during which a real estate investment trust must dispose of its foreclosure property to six years.
Bill· HRH.R. 13951 (95th)referred
United States · United States Congress · 17 August 1978
Amends the Internal Revenue Code to treat a library established by State or Federal law as a charitable institution for purposes of the charitable income tax deduction.
Bill· HRH.R. 13947 (95th)referred
United States · United States Congress · 17 August 1978
Amends the Internal Revenue Code to increase the income tax deduction for contributions to retirement savings accounts to $5,000 for taxable years beginning in 1979 with yearly cost-of-living increases for succeeding taxable years. Permits participants in tax-exempt retirement plans, qualified annuity and bond purchase plans, and government retirement plans to claim the same deduction for contributions to retirement savings accounts as non-participants subject to a reduction in the amount of such deduction for any contributions made to such plans in a taxable year.
Bill· HRH.R. 13930 (95th)referred
United States · United States Congress · 17 August 1978
Amends the Federal Civil Defense Act of 1950 to authorize appropriations for fiscal years 1979 through 1985 to carry out the provisions of such Act.
Bill· HRH.R. 13940 (95th)referred
United States · United States Congress · 17 August 1978
Amends the Internal Revenue Code to allow a tax credit for owners of farmland who agree in a covenant which is binding upon them and all future owners not to use such farmland for any purpose other than farming. Limits such credit to five percent of the fair market value of the farmland on the date the covenant is recorded.
Bill· HRH.R. 13914 (95th)referred
United States · United States Congress · 17 August 1978
Amends the Internal Revenue Code to allow a deduction from the gross income of an employee for cash contributions made for his benefit to: (1) a qualified pension, profit sharing, or stock bonus plan; (2) a qualified annuity plan; (3) a qualified bond purchase plan; or (4) an individual retirement account. Limits such deduction to ten percent of the employee's compensation for the taxable year or $1,000, whichever is less.
Resolution· HRESH.Res. 1332 (95th)referred
United States · United States Congress · 17 August 1978
Amends rule XXVII of the Rules of the House of Representatives to provide that a motion to suspend the rules and pass a bill or resolution shall not be in order with respect to any bill or resolution which makes or authorizes appropriations which may be in excess of $100,000,000 for any fiscal year.
Bill· SS. 3419 (95th)referred
United States · United States Congress · 16 August 1978
Amends the Internal Revenue Code to exclude from gross income payments made to landowners under: (1) the water bank program of the Water Bank Act; (2) the emergency conservation measures program of the Agricultural Credit Act of 1978; (3) the Great Plains conservation program of the Soil Conservation and Domestic Policy Act; (4) the agricultural Conservation program of the Soil Conservation and Domestic Allotment Act; (5) the resource conservation and development program of the Bankhead-Jones Farm Tenant Act and the Soil Conservation and Domestic Allotment Act; (6) the rural clean water program of the Federal Water Pollution Control Act; (7) the forestry incentives program of the Cooperative Forestry Assistance Act of 1978; (8) the rural abandoned mine program of the Surface Mining Control and Reclamation Act of 1977; and (9) any similar State program established for the purposes of conserving soil and water resources and protecting the environment.
Bill· SS. 3420 (95th)referred
United States · United States Congress · 16 August 1978
Revenue Act - Title I: Short Title, Etc. - Entitles this Act the "Revenue Act of 1978" and provides that amendments made by this Act shall apply to taxable years beginning after December 31, 1978. Title II: Tax Treatment of Individuals - Amends the Internal Revenue Code to reduce income taxes for individuals and trusts and estates. Increases the minimum income levels at which individuals are required to file tax returns. Eliminates deductions for personal exemptions and the general tax credit. Establishes a $275 personal tax credit for a taxpayer, spouse and dependents, and additional credits if the taxpayer or spouse is blind or has attained age 65. Revises requirements for the withholding of income tax to reflect the substitution of the personal tax credit for personal exemptions. Lowers from 65 to 55 the age requirement for the exclusion of gain on the sale or exchange of the taxpayer's principal residence. Eliminates the $35,000 ceiling on the adjusted sales price of a principal residence for purposes of computing the amount of gain excludable. Exempts gain from the sale or exchange of a principal residence from the minimum tax. Allows a tax credit equal to 50 percent of the State and local real property taxes paid by a taxpayer on his principal residence in a taxable year. Limits the credit to $1,000 for a taxable year. Increases the allowable amount of the earned income credit. Eliminates the requirement that an individual maintain a household in the United States to be eligible for the earned income credit. Requires employers to make advance payments of the earned income credit to employees certified as qualifying for the credit during the current year. Treats payment of this advance credit as payment of the employer's FICA and withholding amounts, and treats failure to make advance payments as a failure to deduct and withhold FICA amounts when they would otherwise be due. Provides that any amount refunded to an individual as an earned income credit shall not be treated as income for purposes of State taxation and shall be disregarded in determining eligibility for a federally funded public assistance program. Makes the earned income credit permanent. Allows a ten percent tax credit for purchase of stock in a corporation with an equity capital of less than $25,000,000. Limits the amount of such credit to $750 for a taxable year. Extends to 24 months the time period during which a personal residence must be held to qualify for nonrecognition of the gain from its sale or exchange when the gain is reinvested in a personal residence. Title III: Tax Treatment of Business - Revises the normal tax on corporate income to provide a 20 percent tax on income less than $150,000. Increases the surtax exemption to $150,000. Makes permanent the ten percent investment tax credit and the $100,000 limitation on used property eligible for the credit. Provides that the first $25,000 of an investment tax credit shall be refundable. Limits the allowable credit to the greater of $25,000 or 90 percent of the tax liability for the taxable year. Repeals the provisions permitting a taxpayer to carryback excess credit to the three preceeding taxable years. Extends the investment tax credit to the rehabilitation of certain buildings and their structural components. Increases the investment tax credit for pollution control facilities and expenditures for research and experimentation in connection with a trade or business. Increases from 10 to 15 the number of shareholders a small business may have without losing Subchapter S corporate status. Treats a husband and wife owning stock in a Subchapter S corporation as one stockholder for purposes of determining the number of stockholders in such a corporation. Permits the grantor of a trust and current income trusts to qualify as shareholders in a Subchapter S corporation. Sets forth new rules for making a Subchapter S election and for terminating or revoking such an election. Increases the amount of allowable first year additional depreciation for small business property to 25 percent of the first $20,000 of such property ($40,000 for married individuals filing joint tax returns). Limits eligibility for such depreciation allowance to those taxpayers whose depreciable property has an aggregate adjusted basis of less than $1,000,000. Increases to $50,000 ($100,000 for married individuals filing joint tax returns) the amount of loss on small business corporation stock which may be treated as ordinary, rather than capital loss. Extends for three years provisions authorizing depreciation of expenditures to rehabilitate low-income rental housing. Title IV: Tax Impact Study - Authorizes the Secretary of the Treasury and the Council of Economic Advisers to study the impact of Federal, State, and local government taxation on the American economy and to submit their findings to Congress by January 31, 1980.
Bill· HRH.R. 13897 (95th)referred
United States · United States Congress · 16 August 1978
Amends the Internal Revenue Code to include antique, experimental, and home-built aircraft within the exemption from fuel excise taxes granted to government chartered air museums operated exclusively for the procurement, care, and exhibition of World War II combat or transport aircraft.
Bill· HRH.R. 13902 (95th)referred
United States · United States Congress · 16 August 1978
Amends the Internal Revenue Code to qualify buildings used in connection with, or in the trade or business of, farming for the investment tax credit.
Resolution· HRESH.Res. 1321 (95th)passed
United States · United States Congress · 16 August 1978
Sets forth the rule for the consideration of H.R. 10898 (United States Railway Association authorization for fiscal year 1979).
Bill· SS. 3410 (95th)referred
United States · United States Congress · 15 August 1978
Amends the Internal Revenue Code to exclude from gross income the first $1,500 of net capital gain, other than gain attributable to the sale or exchange of a principal residence.
Bill· HRH.R. 13886 (95th)referred
United States · United States Congress · 15 August 1978
Amends the Internal Revenue Code to exempt taxpayers from the payment of interest or a penalty on tax deficiencies attributable to erroneous advice obtained in writing from an Internal Revenue Service Officer or employee acting in an official capacity.
Bill· HRH.R. 13882 (95th)referred
United States · United States Congress · 15 August 1978
Expanded Employee Stock Ownership Act - Amends the Internal Revenue Code to allow an investment tax credit equal to the greater of two percent of the cost of qualified depreciable investment property or one percent of the total compensation paid to employees who participate in a special employee stock ownership plan for corporations which establish such a stock ownership plan. Limits the credit to $50,000 of the taxpayer's tax liability plus 95 percent of the excess of $50,000 with a carryback of three years and a carryover of seven years. Sets forth requirements for the establishment of a special employee stock ownership plan, including requirements that: (1) employer securities transferred to a plan be equal in amount to the credit claimed; (2) at least one-half of such employer securities qualify as newly issued employer securities; (3) the plan provide for the allocation of employer securities to employee-participants on the basis of income; and (4) the plan provide each participant with a nonforfeitable right to stock allocated to his account. Excludes employee stock ownership plan annuities and certain other pension plan annuities (that are currently includible) from inclusion in the gross estate for purposes of the estate tax. Qualifies employee stock ownership plan participants for the retirement savings income tax deduction. Exempts plan participants from providing a put option contract for the sale of supposed stock on a future day for any securities distributed from a plan which permits such participants to receive cash instead of a distribution of securities. Grants an income tax deduction to employers for the payment of dividends with respect to employer securities and permits a deduction for certain bequests and charitable contributions to an employee stock ownership plan. Eliminates contributions made to an employee stock ownership plan as an item of tax preference for purposes of the minimum tax.
Bill· HRH.R. 13883 (95th)referred
United States · United States Congress · 15 August 1978
IRA-Employer Plan Coordination Act - Amends the Internal Revenue Code to extend to participants in tax-exempt employer pension plans the income tax deduction for cash contributions to a retirement savings account. Limits such deduction to the excess of the lesser of $1,500 ($1,750 for spousal plans) or an amount equal to 15 percent of an individual's employment compensation for a taxable year, over the total amount of contributions to a tax-exempt private employer plan to which such individual has a nonforfeitable right to 100 percent of his accrued benefits. Reduces, by five percent, the allowable deduction for participants in a multiemployer defined benefit plan or a church plan. Disallows deductions for employees covered by government plans, owner-employees, officers of corporations maintaining a plan, ten percent shareholders, and individuals who have attained age 70 1/2. Disallows deductions for individuals who are otherwise qualified but who do not conform to methods prescribed by the Secretary of the Treasury for computing the total amount of plan contributions for a taxable year. Sets forth rules for the mandatory distribution of certain amounts from an individual retirement plan when an individual acquires a nonforfeitable right to 100 percent of his accrued benefits under a tax-exempt private employer plan. Requires an individual retirement account to contain a method for determining the taxable year in which specific contributions are made to it and the amount of income and loss which is attributable to a specific contribution for each taxable year.
Bill· HRH.R. 13884 (95th)referred
United States · United States Congress · 15 August 1978
Amends the Internal Revenue Code to provide for an alternative 12-month period to the existing 60-month period of amortization for a new, identifiable certified pollution control facility acquired, or whose construction began, after December 31, 1976.
Resolution· HCONRESH.Con.Res. 695 (95th)referred
United States · United States Congress · 15 August 1978
Sets forth the congressional budget for the United States Government for fiscal year 1979. States that the recommended level of Federal revenues is $464,148,000,000 and the appropriate level of total budget outlays is $464,148,000,000. States that the amount by which the aggregate level of Federal revenues should be decreased is $29,500,000,000. States that the appropriate level of total new budget authority is $519,046,000. Establishes the appropriate level of the public debt at $798,300,000,000. Sets forth the appropriate level of new budget authority and the estimated budget outlays for each major functional category.
Bill· SS. 3409 (95th)referred
United States · United States Congress · 14 August 1978
Real Property Tax Reduction Act - Makes findings regarding the real property tax system and its impact on the elderly and low or moderate income homeowner or renter. Declares the purpose of this Act to be the encouragement of State and local governments, with Federal financial assistance, to establish a program of property tax relief for the elderly, poor, and renters who pay such tax as part of their rent. Authorizes the Secretary of the Treasury to make payments to States or local governments which establish programs which provide levels of property tax relief based upon the income of an individual homeowner or renter. Places limitations on the amount of payments which a State or locality may receive. Establishes procedures for review of an application for Federal payments under this Act by the Secretary and provides for an appeal to a United States court of appeals of an unfavorable determination by the Secretary.
Bill· SS. 3404 (95th)referred
United States · United States Congress · 14 August 1978
Amends the Internal Revenue Code to allow the accelerated depreciation (three year useful life with no salvage value) of equipment required to meet mandatory occupational health and safety standards.
Bill· HRH.R. 13846 (95th)referred
United States · United States Congress · 11 August 1978
Makes findings concerning the unavailability in the United States of adequate training facilities for athletes competing in the XII Olympic Winter Games. Amends the Internal Revenue Code to exclude from gross income prizes won in the New York State olympic lottery established pursuant to the New York State Tax Laws to raise revenue for the maintenance of the sports facilities constructed at Lake Placid.
Bill· HRH.R. 13842 (95th)referred
United States · United States Congress · 11 August 1978
Amends the Internal Revenue Code to permit the Secretary of the Treasury, upon the written request of the Secretary of Health, Education, and Welfare, to disclose the tax return information of any individual taxpayer who has applied for a student loan under the Higher Education Act of 1965 solely for the use of the Secretary in verifying information on such taxpayer's application. Permits the Commissioner of Education to release such information to educational institutions participating in the student loan program. Permits the Secretary of the Treasury to disclose the Commissioner the address of any individual taxpayer who has defaulted on a student loan. Permits the Commissioner to release addresses to participating educational institutions solely for use in locating defaulters. Amends Title XI (General Provisions) of the Social Security Act to authorize the Secretary of Health, Education, and Welfare to disclose to the Commissioner of Education, upon his written request, the mailing address of any social security benefit recipient who has defaulted on a student loan. Permits the Commissioner to release addresses to educational institutions participating in the student loan program.
Bill· HRH.R. 13829 (95th)referred
United States · United States Congress · 10 August 1978
Amends the Internal Revenue Code to allow taxpayers to deduct all current expenditures for plants and facilities which are otherwise chargeable to capital account and which are certified as required by Federal law and as not significantly increasing the plant's or facility's value or productivity. Permits a taxpayer to compute depreciation deductions on the basis of a depreciation period of his own choosing rather than on the basis of the useful life of the property.
Bill· HRH.R. 13826 (95th)referred
United States · United States Congress · 10 August 1978
Amends the Internal Revenue Code to qualify buildings used in connection with, or in the trade or business of, farming for the investment tax credit.
Bill· HJRESH.J.Res. 1116 (95th)referred
United States · United States Congress · 10 August 1978
Constitutional Amendment - Provides that total expenditures shall not exceed total revenues for any fiscal year. Authorizes the suspension of such prohibition in time of war or by a vote of two-thirds of the members of the Senate and the House. Directs the amount of any annual deficit be considered an expenditure of the United States in the following fiscal year. Permits the Congress to apportion any annual deficit over the four following fiscal years, or to include such deficit in the gross Federal debt. Directs the Board of Governors of the Federal Reserve System to reduce the public debt of the United States through open-market operations.
Bill· SS. 3388 (95th)referred
United States · United States Congress · 9 August 1978
Amends the Internal Revenue Code to exclude from gross income payments under the rural clean water program of the Federal Water Pollution Control Act and the rural abandoned mine program of the Surface Mining Control and Reclamation Act.
Bill· HRH.R. 13805 (95th)referred
United States · United States Congress · 9 August 1978
Amends the Internal Revenue Code to repeal the withholding tax requirements with respect to gambling winnings.
Bill· HRH.R. 13810 (95th)referred
United States · United States Congress · 9 August 1978
Requires the reimbursement of any State or local government expenditure made at the request of the Secret Service for the protection of any person whom the Secret Service is authorized by law to protect.
Bill· HRH.R. 13815 (95th)referred
United States · United States Congress · 9 August 1978
Taxpayers' Bill of Rights Act - Requires the Secretary of the Treasury to prepare, for distribution to taxpayers, brief but comprehensive pamphlets which set forth in nontechnical terms: (1) the rights and obligations of taxpayers during an audit; (2) the procedures which the Internal Revenue Service may use in enforcing revenue laws; and (3) the procedures by which a taxpayer may appeal adverse decisions, prosecute refund claims, and file taxpayer complaints. Requires a copy of such pamphlet to accompany the first communication from the Service to any taxpayer regarding tax liability. Establishes within the Internal Revenue Service an Office of Taxpayer Services, directed by an Assistant Commissioner of Internal Revenue, whose primary responsibilities shall include: (1) assisting taxpayers with information about tax returns, audits corrections, appeals procedures, and payment or document location; and (2) receiving and evaluating complaints of improper, abusive, or inefficient service by Internal Revenue Service personnel. Authorizes the Assistant Commissioner for Taxpayer Services to issue a Taxpayer Assistance Order prohibiting the Secretary, for up to 60 days after such issuance, from taking any assessment, collection, or other action adverse to a taxpayer if the Assistant Commissioner determines that such taxpayer is suffering from an unusual, unnecessary, or irreparable loss as a result of such action. Prescribes criminal penalties for: (1) any investigation by employees of the United States in connection with Federal tax laws which inquires into the beliefs, associations, or activities of any individual which are not directly related to such tax laws; or (2) the maintenance of any records containing information derived from such an investigation. Creates a civil cause of action for any taxpayer aggrieved by a prohibited investigation, or by the deprivation of any civil rights. Permits the award of a judgment of costs, including reasonable attorney's fees, to a prevailing taxpayer in any proceeding before the Tax Court. Requires the Internal Revenue Service, upon a taxpayer's request, to conduct any interview regarding a deficiency assessment in the taxpayer's residence or place of business, at a reasonable time convenient to the taxpayer. Requires the officer or employee conducting such interview to warn the taxpayer that: (1) he has a right to remain silent; (2) any statement he makes may be used against him; and (3) he has the right to the presence of an attorney. Exempts certain income producing property from levy for nonpayment of taxes. Directs the Comptroller General of the United States to establish, and to report annually to Congress on, a program to provide for a continuing audit and investigation of the efficiency, uniformity, and equity of the administration of the internal revenue laws of the United States.
Bill· SS. 3385 (95th)referred
United States · United States Congress · 8 August 1978
Amends the Internal Revenue Code to allow a one-time tax exclusion of up to $100,000 of the gain from the sale or exchange of a property used by a taxpayer as his principal residence for at least two years during the three year period prior to the date of the sale or exchange.
Bill· HRH.R. 13785 (95th)referred
United States · United States Congress · 8 August 1978
Capital Gains Full Indexation Act - Amends the Internal Revenue Code to repeal the alternate 25 percent tax rate on the first $50,000 of long term capital gain of individual taxpayers and the 50 percent capital gains deduction. Increases the basis of a capital asset by an amount equal to the increase in the consumer price index between the year of acquisition and the year of sale. Increases the amount of long term capital loss which may be deducted from ordinary income. Eliminates capital gains of individuals as an item of tax preference for purposes of computing the minimum or maximum tax. Directs the Secretary of the Treasury to provide appropriate forms to taxpayers for the computations required by this Act and to make such computations for any taxpayer who provides the Secretary with the required information.
Bill· HRH.R. 13782 (95th)referred
United States · United States Congress · 8 August 1978
Amends the Internal Revenue Code to provide that all wines which are made exclusively from berries or fruit other than grapes and which contain not less than 12.5 grams of acid for each liter of juice shall be allowed a volume of ameliorating material of up to 60 percent (presently limited to wines made from loganberries, currants, or gooseberries).
Resolution· HRESH.Res. 1300 (95th)open
United States · United States Congress · 8 August 1978
Sets forth the rule for the consideration of H.R. 12303 (Nurse Training assistance extension).
Resolution· HRESH.Res. 1303 (95th)passed
United States · United States Congress · 8 August 1978
Orders the printing of 1,000 additional copies (at a cost not to exceed $1,200) of the House Report entitled "Second Concurrent Resolution on the Budget - Fiscal Year 1979," for use by the House Committee on the Budget.
Resolution· HCONRESH.Con.Res. 683 (95th)passed
United States · United States Congress · 8 August 1978
Sets forth the congressional budget for the United States Government for fiscal year 1979. States that the recommended level of Federal revenues is $446,800,000,000 and the appropriate level of total budget outlays is $490,487,000,000. States that the amount by which the aggregate level of Federal revenues should be decreased is $23,900,000,000, and that the appropriate level of total new budget authority is $561,506,000,000. Establishes the appropriate level of the public debt at $842,000,000,000. Sets forth the appropriate level of new budget authority and the estimated budget outlays for each major functional category.
Bill· SS. 3381 (95th)referred
United States · United States Congress · 7 August 1978
Amends the Internal Revenue Code to permit the executor of an estate to use the alternate valuation date for estate assets (six months after decedent's death) even if the estate tax return is filed late.
Bill· HRH.R. 13763 (95th)referred
United States · United States Congress · 7 August 1978
Amends the Internal Revenue Code by providing graduated corporate income tax rates ranging, over seven brackets, from a 16 percent rate on a corporation's first $25,000 income to a 45 percent rate on income over $150,000.
Bill· HRH.R. 13742 (95th)referred
United States · United States Congress · 4 August 1978
Prohibits any State or political subdivision thereof, including the District of Columbia, from treating as taxable income any compensation paid by any employer to any individual who is not a resident or domiciliary of such State or political subdivision.
Bill· HRH.R. 13740 (95th)referred
United States · United States Congress · 4 August 1978
Tax Reform Act for Nonprofit Organizations - Amends the Internal Revenue Code to allow taxpayers who do not itemize income tax deductions a deduction from gross income for charitable contributions. Expands the income tax deduction for appearances with respect to legislation to include expenses for communications between an organization and the officers, directors, or employees of a taxpayer. Exempts certain business and professional organizations from restrictions on income tax deductions for expenses relating to the supply of goods and services to members of tax-exempt organizations which partake in educational activities sponsored by the organization or which purchase goods and services related to the organization's exempt activities at prices more favorable than are available to nonmembers without jeopardizing the tax- exempt status of the organization. Extends to nonprofit business leagues, chambers of commerce, real estate boards, and professional football leagues eligibility for participation in tax-exempt annuity plans. Exempts certain incorporated fraternal organizations and lodges from the special tax rules applicable to private foundations. Limits the amount of advertising income of a tax-exempt organization which is subject to the tax on unrelated business income to the lesser of the amount of net income derived from advertising or the net amount derived from subscriptions to the organization's periodical and the advertising contained therein. Excludes from unrelated business activity income certain amounts derived from insurance activity conducted by a tax-exempt organization on behalf of its members. Permits tax-exempt organizations to conduct conventions and trade show activities designed to educate individuals regarding new developments or products and services relating to the exempt activities of an organization without subjecting such exempt organization to the unrelated business tax. Exempts from the definition of expenditure, for purposes of the tax on political organizations, expenses incurred by an organization in communicating with its members on any subject. Extends the availability of the declaratory judgment to all tax-exempt organizations. Requires the Secretary of the Treasury to make a determination, upon request, of the tax-exempt status of any organization within 90 days of such request.
Bill· HRH.R. 13729 (95th)referred
United States · United States Congress · 3 August 1978
Amends the Internal Revenue Code to reduce by two percent the existing excise taxes on transportation of persons and property by air.
Bill· HRH.R. 13738 (95th)referred
United States · United States Congress · 3 August 1978
Amends the Internal Revenue Code to exempt taxpayers from the payment of interest or a penalty on tax deficiencies attributable to erroneous advice obtained in writing from an Internal Revenue Service Officer or employee acting in an official capacity.
Bill· SS. 3367 (95th)referred
United States · United States Congress · 2 August 1978
Amends the Internal Revenue Code to provide that no gain shall be recognized from the involuntary conversion of real property by condemnation through eminent domain if the taxpayer held such property for the five years prior to the date of conversion.
Bill· HRH.R. 13713 (95th)referred
United States · United States Congress · 2 August 1978
Amends the Internal Revenue Code to permit members of tax-exempt organizations to purchase goods and services related to the organization's exempt activities at prices more favorable than are available to nonmembers without jeopardizing the tax-exempt status of the organization. Limits the amount of advertising income of a tax-exempt organization which is subject to the unrelated business tax to the lesser of the amount of net income derived from advertising or the net amount derived from subscriptions to the organization's periodical and the advertising contained therein.
Bill· HRH.R. 13697 (95th)referred
United States · United States Congress · 2 August 1978
Amends the Internal Revenue Code to exclude from the gross income of teachers and employees of tax-exempt organizations amounts distributed from tax-exempt annuity plans pursuant to a transfer of accumulated retirement benefits to a newly established annuity or an individual retirement account (IRA).
Bill· HRH.R. 13695 (95th)referred
United States · United States Congress · 2 August 1978
TEST Funds Relief Act - Amends the Internal Revenue Code to allow an income tax deduction (from gross income) for contributions to a tax-exempt school trust fund established to pay the educational expenses of an eligible beneficiary of such fund at a postsecondary educational institution. Limits the amount of such deduction for any taxable year to $1,000 times the number of beneficiaries of the fund under age 32 for whom the taxpayer is entitled to a personal tax exemption. Requires the termination of a school trust fund and the forfeiture of its tax-exempt status if contributions in excess of the amount allowed as a deduction under this Act are made to the fund, if trust funds are used for purposes other than the payment of educational expenses, or if there is no eligible beneficiary of the fund at the beginning of the taxable year.
Bill· HRH.R. 13700 (95th)referred
United States · United States Congress · 2 August 1978
Amends the Internal Revenue Code to exempt taxpayers from the payment of interest or a penalty on tax deficiencies attributable to erroneous advice obtained in writing from an Internal Revenue Service Officer or employee acting in an official capacity.
Bill· HRH.R. 13681 (95th)referred
United States · United States Congress · 1 August 1978
Amends the Internal Revenue Code to exempt taxpayers from the payment of interest or a penalty on tax deficiencies attributable to erroneous advice obtained in writing from an Internal Revenue Service Officer or employee acting in an official capacity.