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151 records in US in 1979
United States · United States Congress · 13 November 1979
Makes corrections in the enrollment of H.R. 4930 (Department of the Interior funding).
United States · United States Congress · 9 November 1979
Amends the Internal Revenue Code to treat as real property taxes, for purposes of the income tax deduction for such taxes, assessments on real property which are paid to and used by tax-exempt civic leagues to provide services and facilities which are usually provided by a municipal government.
United States · United States Congress · 9 November 1979
Appropriates such amounts as may be necessary in fiscal year 1980 to continue Federal activities provided for in the Foreign Assistance and Related Programs Appropriations Act, 1980, the Department of the Interior and Related Agencies Appropriation Act, 1980, and the Military Construction Appropriation Act, 1980. Funds such activities in the same manner and amounts provided in such Act. States that if the Senate and the House of Representatives have both passed appropriations for an activity but in differing amounts, the lesser amount or more restrictive authority shall apply in the continuing appropriations. Declares that if an appropriations Act has passed only one House or if an activity has been funded in only one version of an Act passed by both Houses, the continuing appropriations shall not exceed the rate provided by the one House or the current rate, whichever is lower. Provides continuing appropriations for activities conducted in fiscal year 1979 and provided for in the Department of Defense Appropriation Act, 1979, at the current rate or the rate of the budget estimate, whichever is lower. Appropriates such sums as may be necessary to continue specified activities which were conducted in fiscal year 1979 but have not been provided for in fiscal year 1980. Prohibits the Federal Trade Commission from using such sums to promulgate trade regulation rules pursuant to its authority under the Federal Trade Commission Act or to initiate any new activities. Specifies a funding rate for activities of the Department of State for Migration and Refugee Assistance. Appropriates funds to the Department of Transportation to continue activities conducted in fiscal year 1979 and provided for in the Department of Transportation and Related Agencies Appropriation Act, 1979, or the Supplemental Appropriations Act, 1979, at the current rate or the rate of the budget estimate, whichever is lower. Authorizes the Panama Canal Commission and the Interstate Commerce Commission to incur obligations at the rate provided in H.R. 4440 as passed by the House of Representatives on September 18, 1979. Provides continuing appropriations to the Federal Inspector for the Alaska Gas Pipeline at a rate not exceeding 35 percent of the budget estimate. Makes continuing appropriations for activities provided for in the Departments of Labor, and Health, Education, and Welfare and Related Agencies Appropriations Act, 1980, (H.R. 4389) at the rate adopted by the House of Representatives on August 2, 1979. Declares that the appropriations contained in this resolution, unless otherwise provided, shall remain available until the occurrence of one of the following: (1) enactment of an appropriation for any activity provided for in this resolution; (2) enactment of the applicable appropriations Act without any provision for such an activity; or (3) September 30, 1980. Authorizes the use of appropriations contained in this resolution without regard to the time limitations for submission and approval of apportionments required by law. States that appropriations and authority contained in this resolution shall cover all obligations and expenditures incurred during the period for which funds are made available. Charges any expenditures made pursuant to this resolution to the applicable appropriation, fund, or authorization when a bill providing such an appropriation, fund, or authorization is enacted into law. Prohibits the use of appropriations, unless otherwise provided, to initiate or resume any activity for which funds were not available in fiscal year 1979. Prohibits the use of appropriations to reorganize or consolidate the Alaska Railroad Office of Chief Counsel, the Office of Real Estate, or the Office of Financial Planning. Ratifies all obligations incurred in anticipation of appropriations and authority provided for in this resolution. Prohibits funds provided in this resolution from being used to perform abortions except where the life of the mother would be endangered if the fetus were carried to term.
United States · United States Congress · 8 November 1979
Amends the Internal Revenue Code to specify that the stock of a railroad which transferred property to Conrail pursuant to the Regional Rail Reorganization Act of 1973 shall not be treated as worthless, for purposes of the consolidated return regulations, prior to the date on which a final determination as to the value of such stock is made by the special court established by such Act.
United States · United States Congress · 8 November 1979
Amends the Internal Revenue Code to permit farmers to obtain the investment tax credit for certain types of business property acquired from a related party.
United States · United States Congress · 8 November 1979
Amends the Internal Revenue Code to permit the issuance of tax free industrial development bonds to finance the improvement of existing wharf facilities.
United States · United States Congress · 7 November 1979
Savings Encouragement Act of 1979 - Amends the Internal Revenue Code to exclude from gross income up to $100 ($200 for married couples filing jointly) of the interest earned on a savings account in a bank, savings and loan association, credit union, or similar savings institution.
United States · United States Congress · 7 November 1979
Amends the Internal Revenue Code to permit employees who are participants in tax qualified pension plans a limited income tax deduction for contributions to an individual retirement account.
United States · United States Congress · 7 November 1979
Amends the Internal Revenue Code to repeal the carryover basis provisions enacted by the Tax Reform Act of 1976 which provide that beneficiaries receiving property from a decedent's estate will retain the decedent's basis in the property. Restores prior law which "stepped up" or "stepped down" the property's basis to its market value at the time of death without imposing tax consequences on the appreciation or depreciation the property underwent while held by the decedent.
United States · United States Congress · 7 November 1979
Elderly and Disabled Heating Relief Act of 1979 - Amends the Internal Revenue Code to allow suppliers of home heating fuel a refundable income tax credit for fuel discounts granted by such suppliers to low-income elderly and disabled individuals. Establishes the allowable amount of the heating fuel discount at 25 percent of the going consumer price for like quantities of such fuel. Specifies that the tax benefits granted by this Act shall only be available in areas in which historic weather patterns and energy costs necessitate the extension of assistance to individuals who cannot afford increased energy expenses. Directs the Secretary of Health and Human Services (formerly the Secretary of Health, Education, and Welfare) to consult with various Federal and State officials in disseminating information with respect to eligibility for the tax benefits conferred by this Act.
United States · United States Congress · 7 November 1979
Amends the Internal Revenue Code to exclude from gross income dividend income received by an individual taxpayer from a domestic corporation which is not a tax-exempt organization, real estate investment trust, or a personal holding company. Excludes from an individual taxpayer's gross income, income earned on a savings account on deposit with a bank, savings association, or a credit union. Limits the amount of such exclusion to $400 for a taxable year.
United States · United States Congress · 7 November 1979
Amends the Internal Revenue Code to tax income of married individuals filing tax returns separate from their spouses at the same rates applicable to unmarried individuals.
United States · United States Congress · 6 November 1979
Estate and Gift Tax Amendments of 1979 - Amends the Internal Revenue Code to provide an unlimited marital deduction for estate and gift tax purposes. Increases from 50 percent to 65 percent the amount of the adjusted value of a gross estate which a qualified farm property must constitute before the special use valuation for farms and other closely held businesses is applicable to such estate. Eliminates the "material participation" requirements for the application of such special use valuation. Repeals the $500,000 limitation on the reduction of the value of qualified real property permitted for application of the special use valuation. Reduces from 15 to ten years the length of time a qualified property must be held following decedent's death before it can be sold or otherwise disposed of without incurring a recapture of estate tax benefits. Exempts from such recapture requirements any exchange of qualified real property, within the ten year period, for other qualified real property. Repeals the requirement that an heir elect special treatment for involuntary conversions of qualified real property, thus making such treatment automatic upon such a conversion. Provides for valuation of qualified real property for estate tax purposes on the basis of net share rentals (the excess of the value of the produce received by the lessor of the land over the cash operating expenses of growing such produce), whenever the average gross cash rental basis would be inappropriate. Increases from $3,000 to $6,000 the annual gift tax exclusion. Includes only the excess of such exclusion in the value of the gross estate of a decedent where the gift was made within three years before such decedent's death.
United States · United States Congress · 6 November 1979
Amends the Internal Revenue Code, with respect to the six-month deadline for exempting exports from the manufacturer's excise tax, to grant discretion to the Secretary of the Treasury to extend such deadline for an additional 12 months if it is determined, after consultation with the Secretary of State, that exports were delayed because of war, civil unrest, or similar adverse conditions in a foreign nation.
United States · United States Congress · 5 November 1979
Amends the Internal Revenue Code to extend from January 1, 1980, to January 1, 1981, the termination date of the period during which, for employment tax purposes, independent contractor treatment will be accorded to certain individuals which a taxpayer does not treat as employees, unless such taxpayer has had no reasonable basis for not treating such individuals as employees.
United States · United States Congress · 5 November 1979
Constitutional Amendment - Limits the increase of total budget outlays of the United States Government during any fiscal year to a percentage equal to the percentage increase in the gross national product during the previous calendar year. Stipulates that if the inflation rate exceeds three percent annually the increase in total outlays shall be reduced by one-fourth the difference between the inflation rate and three percent. Requires any surplus in total revenues received by the Government to be used to reduce the public debt. Allows the limit on total outlays to be changed by a three-quarters vote of both Houses of Congress, or to meet an emergency declared by the President. Continues Federal aid programs to States and local governments for a period of six years.
United States · United States Congress · 2 November 1979
Amends the Internal Revenue Code to extend to permanently and totally disabled persons the one-time exclusion from gross income of gain from the sale of a principal residence which is currently limited to persons who have attained age 55.
United States · United States Congress · 2 November 1979
Amends the Internal Revenue Code to exclude from the gross income of an employee any amounts contributed by an employer to or under any property or liability insurance plan provided for his employees.
United States · United States Congress · 2 November 1979
Title I: Amends the Internal Revenue Code to require an annual cost-of-living adjustment, based on the Consumer Price Index (CPI), to the individual income tax rates, the personal exemption amount, and the withholding tables. Title II: Requires annual inflation adjustments (based on gross national product deflator adjustments) to corporate income tax rates. Title III: Requires inflation adjustments (based on the CPI) to specified capital assets for purposes of determining gain or loss. Title IV: Eliminates the declining balance and sum-of-the-years digits methods of computing allowable depreciation expenses. Limits deductions for such depreciation to amounts determined by a replacement cost straight line method, as formulated by this Act, or by any other consistent method which does not yield an amount which exceeds the total amount allowed under the property's useful life. Revises the formula for the adjusted basis for determining property gain.
United States · United States Congress · 2 November 1979
Amends the Congressional Budget Act of 1974 to direct the Board of Governors of the Federal Reserve System to submit a report to the Congress eight months prior to the beginning of each fiscal year setting forth recommendations on Federal revenues, outlays, monetary and fiscal policy, and the need for a surplus or deficit in the upcoming fiscal year. Directs the Committees on the Budget of each House of Congress to report a concurrent resolution on fiscal policy for the upcoming fiscal year by February 15 of each year. Requires such resolution to include the appropriate amount of the budget surplus or deficit in light of economic and other factors with recommendations for the level of Federal revenues and outlays. Requires the accompanying report to set forth comparisons of the amounts in the resolution with those recommended by the President's budget and the Board of Governors' report along with other relevant economic data. Directs the Congress to complete action on such resolution by March 15 of each year. Sets forth procedures for revisions of the figures contained in such resolution. Requires the figures in each concurrent resolution on the budget for any fiscal year relating to the amount of the budget surplus or deficit, and the levels of Federal revenues and outlays to be identical to the corresponding figures in the most recently adopted concurrent resolution on fiscal policy. Suspends such requirement during any period which is publicly proclaimed a national emergency by the President. Amends the Budget and Accounting Act, 1921, to require the President's budget to specify the surplus or deficit which would result from the recommended levels of receipts and expenditures indicating the fiscal and monetary policy for such amounts and their probable impact upon the economy.
United States · United States Congress · 2 November 1979
Amends the Internal Revenue Code to exclude from gross income up to $4,000 ($8,000 in the case of married couples filing jointly) of the interest income earned on savings accounts in a bank, savings and loan association, or a credit union. Provides that the $4,000 limitation shall be phased-in between taxable years beginning in 1980 and taxable years beginning in 1983. Disqualifies interest earned by estates and trusts from the tax exclusion.
United States · United States Congress · 2 November 1979
Forestry Tax Incentive Act of 1979 - Amends the Internal Revenue Code to allow owners of ten or more acres of forest lands a nonrefundable income tax credit for any capital expenditures which create or enhance: (1) forest growth and quality; (2) fish and wildlife habitat; (3) soil stabilization; or (4) outdoor recreation. Limits the amount of such credit to 75 percent of expenditures up to $5,000, 50 percent of expenditures between $5,000 and $15,000, 25 percent of expenditures between $15,000 and $25,000, and ten percent of expenditures between $25,000 and $50,000. Disqualifies expenditures which are made from payments received under the Cooperative Forestry Assistance Act of 1978.
United States · United States Congress · 1 November 1979
Savings and Investment Act of 1979 - Amends the Internal Revenue Code to permit individual taxpayers to establish tax-free rollover bank accounts. Defines a "tax-free rollover account" as a trust established for the exclusive benefit of the taxpayer or his beneficiaries to which cash contributions or stock and securities of domestic corporations are made and reinvested at the discretion of the trustee or the individual taxpayer. Provides that interest or dividends accruing to the account shall not be taxed until distributed to the taxpayer. Exempts a rollover account trust from income taxation as an entity. Specifies that the character of income as capital gain or ordinary income in the hands of the individual taxpayer who receives a distribution from a rollover account shall be the same as the character of such income while accumulated in a rollover account trust. Requires the trustee of a rollover account trust to maintain separate accounts for amounts designated as contribution to capital, capital gain, and ordinary income (e.g. interest, dividend, net short-term capital gain). Specifies that distributions from a rollover account shall be treated as made from first, the ordinary income fund, second, the capital gain fund, and third, the capital fund. Treats any transfer or pledge of account funds as security for a loan as a deemed withdrawal from the account, but does not require such treatment if fund are transferred to a spouse pursuant to a divorce decree. Limits an individual taxpayer to the establishment of one rollover account trust at a time. Requires the trustee of a rollover account trust to file an annual informational return containing such information as the Secretary of the Treasury may require.
United States · United States Congress · 1 November 1979
Capital Formation Incentive Act of 1979 - Amends the Internal Revenue Code to allow a corporation engaged in certain market making activities a deduction from gross income for additions to a reserve for gains for such activities during the taxable year. Defines "market making activities" as the purchase and sale of over-the-counter equity securities by a dealer in securities, or any specialist permitted to act as a dealer, who holds himself out as being willing to buy and sell over-the-counter equity securities for his own account on a regular or continuing basis. Limits eligible securities to over-the-counter equity securities of corporations which, on the last day of the taxable year of the taxpayer preceding the taxable year of the sale or exchange, had $25,000,000 or less of equity securities in such corporation outstanding. Restricts the availability of such deduction to a reserve which has no more than $1,000,000 as of the close of the taxable year, after specified required adjustments. Prohibits any deduction if the amount of the additions to the reserve for the taxable year exceeds 30 percent of the fair market value of average monthly inventory positions carried for market making activities by the taxpayer during such year.
United States · United States Congress · 1 November 1979
Amends the Internal Revenue Code to allow individuals a refundable income tax credit equal to one-third of the total cost during the taxable year of heating oil purchased by such individuals for use in a residence for residential purposes. Limits the dollar amount of such credit to $400 for the taxable year. Reduces the amount of such credit by 1.5 percent of the amount by which the taxpayer's adjusted gross income exceeds $30,000. Provides for the termination of the credit for taxable years ending after December 31, 1983.
United States · United States Congress · 1 November 1979
Amends the Internal Revenue Code to permit an income tax deduction for expenses incurred in attending conventions outside the United States but within the North American area.
United States · United States Congress · 1 November 1979
Individual Savings and Investment Act of 1979 - Amends the Internal Revenue Code to exclude from the gross income of an individual amounts contributed to a rollover account meeting the requirements of this Act. Defines such rollover account as a trust created or organized in the United States for the exclusive benefit of an individual or his beneficiaries. Requires such a trust: (1) to accept only cash or stock or securities of a domestic corporation contributed by such individual only; (2) to be a bank or other person satisfactory to the Secretary of the Treasury; (3) to invest trust funds in stock or securities of a domestic corporation or hold them in interest-bearing bank deposits; (4) to make the interest of the individual nonforfeitable in the balance of such rollover account; (5) to permit the individual to elect, no more often than each taxable year, whether such rollover account shall be discretionary (with investment determined by the trustee) or self-directed (with investment directed by the individual). Requires the trustee of a rollover fund to establish on its books, without segregation of assets, an ordinary income fund, a capital gain fund, and a capital fund. Specifies the contents of each fund. Requires inclusion of any amount paid or distributed from the account in the individual's gross income for the taxable year in which such payment or distribution is made. Requires any such payment or distribution from the account to be treated as made: first, from the ordinary income fund; second, from the capital gain fund; and third, from the capital fund. Prohibits treatment of any payment or distribution as being made from a particular fund until the balance of any fund which precedes it in priority has been exhausted. Sets forth rules for the treatment of losses, security pledges, and transfers of account incident to divorce. Limits the number of rollover accounts which an individual may maintain to one at a time. Requires the trustee of such an account to keep appropriate records and to file annual returns with the Secretary.
United States · United States Congress · 1 November 1979
Amends the Internal Revenue Code to exclude from gross income any gain from the sale of land to the United States, a State, or a tax-exempt conservation authority to be used for fish and wildlife conservation or preservation as a natural area.
United States · United States Congress · 1 November 1979
Sets forth the rule for the consideration of H.R. 3994 (Solid waste disposal).
United States · United States Congress · 1 November 1979
Sets forth the rule for the consideration of H.R. 2603 (Department of Energy funding).
United States · United States Congress · 31 October 1979
Amends the Internal Revenue Code to allow an income tax deduction for casualty loss of depreciable fruit or nut trees. Sets a minimum deduction of the fair market value on the date such loss occurs, with a further allowance for an up to ten-year carryback and an up to four-year carryover.
United States · United States Congress · 31 October 1979
Amends the Internal Revenue Code to set the basis of the income tax deduction for casualty loss of timber at not less than the fair market value immediately before such casualty. Provides for a ten-year carryback and a four-year carryover of such deduction.
United States · United States Congress · 31 October 1979
Amends the Internal Revenue Code to permit an income tax deduction for contributions to retirement savings plans even if the taxpayer was a participant in a tax qualified pension plan, annuity, bond purchase plan, or government pension plan for any part of the taxable year. Increases the maximum deduction for contributions to retirement savings plans from $1,500 to $3,000.
United States · United States Congress · 30 October 1979
Amends the Internal Revenue Code to exclude from gross income interest received on a demand deposit with a commercial or mutual savings bank, a savings and loan association, or a credit union insured under Federal or State law. Allows the exclusion of up to $500 in interest by an individual ($1,000 in the case of a married couple filing jointly), but only to the extent that the aggregate sum of interest and dividends received by the taxpayer from all sources does not exceed $500 for an individual ($1,000 in the case of a married couple filing jointly).
United States · United States Congress · 30 October 1979
Mortgage Subsidy Bond and Interest Exclusion Tax Act of 1979 - Amends the Internal Revenue Code to deny a tax exclusion of the interest on State and local mortgage subsidy bonds (except those bonds issued to finance housing for veterans). Defines "mortgage subsidy bonds" as bonds which are issued to provide funding for mortgages on owner-occupied residences. Limits the issuance of industrial development bonds for housing purposes to low- or moderate-income rental housing. Excludes from gross income up to $100 ($200 for joint returns) of the interest earned on savings accounts in a bank, savings and loan association, or a credit union. Requires that such financial institutions be authorized to make residential mortgage loans, home rehabilitation or home improvement loans. States that the effective date for provisions of this Act relating to the exemption of interest on mortgage subsidy bonds shall be April 24, 1979. Exempts mortgage subsidy bonds which were issued after such effective date from the restrictions imposed by this Act, if such bonds fall into one of the following categories: (1) bonds issued prior to April 25, 1979 with respect to which the issuing authority evidenced an intent to issue; (2) bonds issued by a state housing finance agency not in excess of $100,000,000; (3) bonds issued by local governments subject to a specified per capita limit; (4) existing tax-exempt bonds issued to refinance indebtedness which was outstanding on April 24, 1979; and (5) bonds issued to finance housing projects under development on April 24, 1979.
United States · United States Congress · 30 October 1979
Health Cost Restraint Act of 1979 - Title I: Health Cost Restraint Tax Act - Health Cost Restraint Tax Act of 1979 - Amends the Internal Revenue Code to limit the tax exclusion for employer contributions to employee health plans. Requires employee health plans with options whose costs exceed certain specified levels (trigger points) to provide: (1) a low cost option or an option to enroll in a qualified health maintenance organization (HMO); (2) specified minimum coverage; and (3) approximately equal employer contributions to different options. Imposes a $2,000 limitation on deductibles and copayments. Includes in the gross income of employees any employer contributions to health plans which do not meet such requirements. Requires employers to rebate to employees the difference between contributions to health plans whose costs exceed permissible levels and the cost of a lower option plan selected by the employee. Title II: Health Maintenance Organizations - Amends title XIII of the Public Health Service Act (Health Maintenance Organizations) to modify the dual choice provision to require an employer to offer either two individual practice associations (IPA) or two closed plan HMOs if: (1) the current requirement that one of each type of HMO be offered is inapplicable; (2) at least two HMOs are providing services in the employees' area of residency, which have agreed to be included in the employer's health benefits plan; and (3) such HMOs are not controlled by the same legal entity. Redefines "qualified health maintenance organization" to include those: (1) offering the basic and supplemental health services currently required, except for the requirement that mental health services and alcohol and drug abuse treatment be provided; and (2) meeting the current organizational requirements, except for the requirement that at least one-third of the membership of the policymaking body of the plan be members of the HMO. Permits an HMO to differentiate between members on the basis of age and sex in determining its basic and supplemental health services payments. Title III: Payments to Health Maintenance Organizations Under the Medicare Program - Health Maintenance Organizations Medicare Reimbursement Amendments of 1979 - Amends title XVIII of the Social Security Act (Medicare) to revise the method of reimbursement to HMOs providing Medicare services. Defines an HMO for the purposes of this title as an entity which: (1) provides all covered Medicare benefits to Medicare enrollees; and (2) is organized in accordance with the provisions of title XIII of the Public Health Service Act. Provides that only the HMO shall be entitled to receive payments from the Secretary of Health and Human Services (formerly Health, Education, and Welfare) for services furnished to an individual who is enrolled with such HMO under this title. Directs the Secretary to determine annually for each class of individuals (based on factors such as age, sex, institutional status, disability status, and residency) who are enrolled with an HMO and who are: (1) entitled to benefits under part A and enrolled under part B; and (2) only enrolled under part B, a per capita rate of payment which is equal to 95 percent of the "adjusted average per capita cost" for that class (basically, prospective estimate of the average per capita amount that would be payable for services covered under parts A and B furnished by other than HMOs). Directs the Secretary to also estimate annually an "adjusted community rate" for covered services (basically, the rate of payment for a service which would apply to an individual enrolled with an HMO if such rate were determined under a "community rating system," adjusted for utilization characteristics). Requires the Secretary to make monthly payments to an HMO on the basis of the computed per capita rate for each individual enrolled, but stipulates that where the "adjusted community rate" is less than the average of the per capita rates of payment at the beginning of an annual period, the HMO must provide additional benefits at least equal in value to the difference between the two rates (unless the HMO elects to receive a lesser payment equal to such difference). Requires at least one-half of an HMO's enrolled membership to consist of individuals who are not entitled to Medicare or Medicaid benefits, but authorizes the Secretary to modify such requirement in special circumstances. Directs the Secretary to conduct a study evaluating the termination by Medicare beneficiaries of their membership in HMOs and submit to Congress an interim report within two years of enactment and a final report within five years of such date. Title IV: Medicaid Demonstration Projects - Directs the Secretary of Health and Human Services to conduct at selected locations in the United States demonstration projects to determine the effect of marketplace competition on the Medicaid program. Requires such projects to allow the Secretary to evaluate: (1) use of a central broker concept to assist beneficiaries in selecting among competitive health plans; (2) different methods of incentives to encourage alternative delivery systems; (3) the feasibility of equal dollar contributions from Medicaid to competing delivery systems; and (4) the effectiveness of incentives to Medicaid beneficiaries to enroll in alternative delivery systems. Requires the Secretary to report to Congress preliminary findings within 30 months of enactment and final findings within 63 months of such date.
United States · United States Congress · 30 October 1979
Social Security Refinancing Amendments of 1979 - Title I: Financing of Old Age, Survivors and Disability Insurance Program - Amends the Internal Revenue Code of 1954 to reduce the tax rates applicable to employers, employees, and self-employment income for old age, survivors and disability insurance. Amends title II (Old Age, Survivors, and Disability Insurance) of the Social Security Act to reduce the level of appropriations from general Federal revenues to the Federal Disability Insurance Trust Fund. Title II: Financing of Medicare Program - Eliminates taxation of employers, employees, and self-employed individuals for purposes of hospital insurance beginning in the 1980 calendar year. Amends title XVIII (Medicare) of the Social Security Act to provide financing for the Medicare program with appropriations from general revenues earmarked by the Secretary of the Treasury in consultation with the Secretary of Health, Education and Welfare. Bases such appropriations on the expected needs of the Federal Hospital Insurance Trust Fund in each fiscal year allocated among individual tax receipts according to a specified formula. Requires an equal amount to be allocated from corporate tax returns. Directs each Advisory Council on Social Security after 1979 to submit a separate report on the Medicare program and its financing. Title III: Miscellaneous Provisions - Directs the Secretary of the Treasury to print on each individual tax form notice of the amount of the individual's return which will be allocated to the Medicare program.
United States · United States Congress · 30 October 1979
Amends the Internal Revenue Code to remove dollar limitations on the allowable amount of the income tax deduction for moving expenses incurred in connection with the sale or purchase of a residence.
United States · United States Congress · 29 October 1979
Amends the Internal Revenue Code to permit a taxpayer election to amortize, on the basis of 60 months, business start-up expenditures incurred prior to the commencement of such business on an ongoing basis. Defines "start-up expenditures" as expenditures which are incurred in the investigation, formation, and creation of a trade or business, are chargeable to capital account, and are of a character which, if expended incident to the investigation, formation, and creation of a trade or business having a determinable life, would be amortized over such life.
United States · United States Congress · 29 October 1979
Amends the Internal Revenue Code to exclude from gross income, for purposes of the personal holding company tax, interest received in connection with a qualified matched repurchase arrangement by securities brokers and dealers. Defines "qualified matched repurchase arrangement" as an arrangement pursuant to which: (1) the customer sells an obligation to a broker and agrees to repurchase it on demand; (2) the broker sells such obligation to a bank and agrees to repurchase it; and (3) the interest paid by the broker to the bank is 90 percent or more of the interest paid by the customer to the broker.
United States · United States Congress · 29 October 1979
Amends the Internal Revenue Code to provide a tax exclusion from personal income earned abroad by an individual performing qualified charitable services for a tax-exempt employer created or organized in the United States. Limits such exclusion to an amount not to exceed a figure computed on a daily basis at an annual rate of $20,000. Sets a formula for the maximum amount of exclusion for an individual who performs such charitable services and also performs other services while residing in a camp located in a hardship area.
United States · United States Congress · 29 October 1979
Permits the retroactive change in accounting methods for life insurance companies which was authorized by a 1978 Internal Revenue Service Revenue Procedure to apply to taxable years prior to 1977 and to taxable years in which a life insurance company qualifies under certain provisions of the Internal Revenue Code. Provides that a retroactive change will be permitted for such taxable years if application is made within 90 days of the enactment of this Act. Provides that refunds, credits, or deficiencies which result from a retroactive change of accounting methods for life insurance companies may be allowed or assessed within one year of the enactment of this Act.
United States · United States Congress · 26 October 1979
Amends the Internal Revenue Code to restore the income tax deduction for State and local taxes on gasoline and other motor fuels and to make such deduction available to taxpayers who do not itemize deductions.
United States · United States Congress · 26 October 1979
Appropriates sums necessary to continue any Federal purpose or function which is not funded on the first day of any fiscal year if such purpose or function was funded during the previous fiscal year. Stipulates that the level of funding may not exceed that applicable on the last day of the previous fiscal year. Declares that such continuing appropriations shall remain available for one fiscal year or: (1) the enactment of an appropriation for such purpose or function; or (2) the enactment of a general appropriation for the applicable department or agency without providing for such purpose or function. Makes such continuing appropriations available without regard to certain time limitations for submission and approval of apportionments required by law. States that while such continuing appropriations are available they shall cover all expenditures related to such purpose or function. Charges expenditures made under this Act to the applicable fund or authorization once legislation is enacted providing such an account.
United States · United States Congress · 26 October 1979
Amends the Internal Revenue Code to specify that the stock of certain railroads which transferred property to Conrail pursuant to the Regional Rail Reorganization Act of 1973 shall not be treated as worthless, for purposes of the consolidated return regulations, prior to the date on which a final determination as to the value of such stock is made by the special court established by such Act.
United States · United States Congress · 26 October 1979
Amends the Internal Revenue Code to specify that the allowable amount of the income tax deduction for the business use of an automobile shall be based on the mileage allowance which is permitted to Federal employees. Revises criteria for determining allowable per diem and mileage expenses of Government employees.
United States · United States Congress · 26 October 1979
Amends the Internal Revenue Code to reduce the excise tax on: (1) liquid aviation fuel from 7 cents to 4 cents a gallon on any such fuel sold or used for noncommercial aviation; (2) air transportation from 8 percent to 4 percent of the amount paid for such transportation; (3) seating or sleeping accommodations in connection with taxable air transportation from 8 percent to 4 percent of the amount paid for such accommodations; and (4) air freight from 5 percent to 2 percent of the amount paid for air transportation of property. Amends the Airport and Airway Revenue Act of 1970 to prohibit the expenditure of any amounts in the Airport and Airway Trust Fund for any purpose except as authorized by such Act and as provided by appropriation Acts. Requires, as an additional condition precedent to approval of an airport development project, written assurances to the Secretary of Transportation that there shall be no exclusive right for the use of the airport by any person providing, or intending to provide, aeronautical services to the public. States that the meeting of the aeronautical needs of the public by a single provider of such services shall not be construed as an exclusive right if it is, or would be, reasonably costly, burdensome, or impractical for more than one such provider to provide such services. Amends the Federal Aviation Act of 1958 to place the same proviso on the construction of exclusive right for the use of any landing area or air navigation facility, which is prohibited for any such area or facility upon which Federal funds have been expended.
United States · United States Congress · 26 October 1979
Amends the Internal Revenue Code to allow an income tax medical deduction for paid for first-class postage in connection with the payment of medical expenses.
United States · United States Congress · 26 October 1979
Amends the Internal Revenue Code to provide that tax-exempt organizations which conduct bingo games in violation of any State or local law shall not be subject to the tax on unrelated business income for the proceeds of such games unless such law is generally enforced.
United States · United States Congress · 25 October 1979
Amends the Internal Revenue Code to exclude from gross income up to $500 ($1,000 in the case of a joint return) of interest income earned on a savings account in a financial institution. Specifies that such exclusion shall take effect in 1983 and provides for the exclusion of gradually increasing amounts of interest for taxable years beginning in 1980 through 1982. Excludes estates and trusts from eligibility for the tax exclusion. Increases the amount of the tax exclusion for dividends received by individuals to $150 in 1981, $200 in 1982, and $250 thereafter.