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151 records in US in 1980
United States · United States Congress · 18 September 1980
Permits a taxpayer who is required to change his method of accounting pursuant to Revenue Ruling 80-60 (inventory valuation) and Revenue Procedure 80-5 to effect such a change only for taxable years beginning after December 31, 1979.
United States · United States Congress · 18 September 1980
Amends the Internal Revenue Code to exempt from the excise tax on motor fuels used in noncommercial aviation any fuel used in aircraft in connection with: (1) the planting, cultivating, caring for, or cutting of trees (including preventing and fighting forest fires); or (2) transportation of logs from where cut.
United States · United States Congress · 17 September 1980
Amends the Internal Revenue Code to increase the charitable contribution deduction of a film corporation which donates to a charitable organization historical motion picture film and library materials directly related to such film to 30 percent of such corporation's taxable income.
United States · United States Congress · 17 September 1980
Amends the Internal Revenue Code to increase the rate of the investment tax credit for the rehabilitation of existing structures from 10 to 25 percent.
United States · United States Congress · 17 September 1980
Waives certain points of order against H.J. Res. 610 (Continuing appropriations).
United States · United States Congress · 17 September 1980
Sets forth the rule for the consideration of H.R. 7112 (revenue sharing).
United States · United States Congress · 16 September 1980
Tax Exempt Bonds for Housing Act - Amends the Internal Revenue Code to limit the eligibility of mortgage bond interest for exclusion from gross income to issues: (1) all the proceeds of which (excluding issuance costs, administrative expenses, and a reasonably required reserve) are reasonably expected to be used to finance owner-occupied residences; and (2) whose proceeds are used to acquire a residence whose cost does not exceed 300 percent of the median family income for the statistical area in which it is located (400 percent in the case of certain target areas). Limits eligible mortgagors for whom such owner-financing is provided to those whose family income is 120 percent or less of the median family income for the statistical area involved (150 percent in the case of certain target areas). Limits the aggregate amount of qualified mortgage bonds issued during the calendar year to ten percent of the average annual aggregate principal amount of mortgages executed during the preceding three calendar years plus: (1) for State-issued bonds, an additional percentage determined according to a specified formula; or (2) in the case of local-issue bonds, an optional limit determined according to a specified formula. Defines the kind of qualified census tract, chronic economic distress area, or blighted area which would constitute a target area for purposes of this Act. Allows exclusion from gross income of interest on industrial development bonds which provide for projects for residential rental property if: (1) at least 20 percent of the units in each project are to be occupied by low or moderate income individuals; and (2) at least 55 percent of such units are to be occupied by individuals earning not more than 150 percent of low and moderate income individuals.
United States · United States Congress · 16 September 1980
Small Business Tax Reduction Act of 1980 - Amends the Internal Revenue Code to reduce corporate income taxes on small business income beginning in 1981.
United States · United States Congress · 16 September 1980
Small Business Investment Act of 1980 - Amends the Internal Revenue Code to increase from 15 to 25 the maximum number of shareholders a subchapter S corporation may have. Ends the requirement that an employer furnish a W-2 wage report upon termination to any employee whose employment is terminated before the close of the calendar year. Requires issuance of such interim report only upon timely request by such employee, and then within 30 days after receipt of such request. Applies long-term capital gains treatment to amounts actually paid to a taxpayer in respect of a small business participating debenture, which constitute the distribution of a share of the earnings of the issuer. Defines "small business participating debenture" (SBPD) as a written debt instrument issued by a qualified small business which: (1) is a general obligation of the business; (2) bears interest at not less than the rate prescribed by the Secretary of the Treasury; (3) has a fixed maturity; (4) grants no voting or conversion rights in the business to the purchaser; and (5) provides for the payment of a share of the issuer's earnings. Limits "qualified small business" to one (whether or not incorporated): (1) whose equity capital does not exceed $25,000,000; (2) the face value of all of whose outstanding SBPDs does not exceed $1,000,000; and (3) which has no outstanding securities subject to regulation by the Securities and Exchange Commission. Treats members of a controlled group of companies as a single taxpayer. Denies capital gains treatment where the taxpayer is "related" to the SBPD-issuing company, having at least a ten percent interest in it. Treats losses on such debentures as ordinary losses. Allows an interest expense deduction for interest and share-of-earnings payments made on such a debenture. Creates a category of incentive stock options for employees, who would not be required to pay tax at the time such an option is exercised and would receive capital gains treatment on the proceeds of any subsequent sale of such stock. Denies the employer any deduction with respect to such stock either at the time of option exercise or at the time of subsequent sale. Requires the issuance of any such option, with shareholder approval, at 100 percent of fair market value. Accepts any stock later determined to be undervalued if issued with a good faith effort to make such issue at not less than fair market value. Allows exercise of such option up to ten years after issuance, and in any sequence. Limits long-term capital gain treatment to the sale of incentive stock held by the employee at least two years after the grant of the option and one year after exercise. Subjects any such stock sold within two years after option grant to ordinary income treatment. Requires an employee to remain an employee continuously from grant to exercise. Prohibits the employee from owning more than ten percent of the voting power or value of the stock of the company unless the option price is at least 110 percent of fair market value. Increases from $150,000 to $250,000 ($200,000 for 1981) the minimum credit against the accumulated earnings tax for corporations. Increases the cost of used equipment eligible for the investment tax credit: (1) in general, from $100,000 to $200,000 ($150,000 for 1981); and (2) for a married individual filing a separate return, from $50,000 to $100,000 ($75,000 for 1981). Permits a taxpayer who is required to change his or her method of accounting pursuant to Revenue Ruling 80-60 (inventory valuation) and Revenue Procedure 80-5 to effect such change only for taxable years beginning after December 31, 1979. Exempts from the excise taxes on gasoline, diesel, and special motor fuels any such fuels used in connection with intercity, local, and school buses. Allows a taxpayer to elect not to recognize a certain amount of gain from the sale of small business stock, if the proceeds of such sale are used to purchase other small business stock within 18 months. Limits recognition to that portion of any gain in excess of the cost of such other stock. Requires the reduction of the basis of any such subsequently purchased stock by the amount of gain not recognized. Limits small business stock to stock in businesses whose equity capital does not exceed $15,000,000. Reduces corporate tax rates to the following structure: (1) 15 percent of taxable income not exceeding $50,000; (2) 30 percent of such income between $50,000 and $100,000; (3) 45 percent of income over $100,000. Prescribes transitional rates for the period December 31, 1980, through December 31, 1981.
United States · United States Congress · 16 September 1980
Amends the Internal Revenue Code to exempt from the excise taxes on gasoline, diesel and special motor fuels any such fuels used in connection with intercity, local and school buses.
United States · United States Congress · 16 September 1980
Amends the Internal Revenue Code to allow an income tax deduction for certain expenses incurred in the rental of a dwelling unit as a residence to a member of the taxpayer's family.
United States · United States Congress · 16 September 1980
Appropriates fiscal year 1981 funds for necessary activities contained in the following appropriation Acts: (1) Agriculture, Rural Development, and Related Agencies Appropriation Act, 1981; (2) Department of Defense Appropriation Act, 1981; (3) District of Columbia Appropriation Act, 1981; (4) Department of Housing and Urban Development-Independent Agencies Appropriation Act, 1981; (5) Department of the Interior and Related Agencies Appropriation Act, 1981; (6) Departments of Labor, Health and Human Services, and Education, and Related Agencies Appropriation Act, 1981; (7) Military Construction Appropriation Act, 1981; (8) Departments of State, Justice, and Commerce, the Judiciary, and Related Agencies Appropriation Act, 1981; (9) Department of Transportation and Related Agencies Appropriation Act, 1981; and (10) Treasury, Postal Service, and General Government Appropriation Act, 1981. Stipulates that such funds shall be available: (1) in the lesser amount as passed by the House of Representatives or the Senate as of October 1, 1980; (2) at rates no higher than the current rates for items included in only one version of an Act passed by both Houses; and (3) at fiscal year 1980 rates for activities included in an Act passed only by the House of Representatives as of October 1, 1980. Requires provisions to be identical in bills passed by both Houses in order to be applicable, if such provisions were not included in the fiscal year 1980 appropriation Acts and are applicable to more than one appropriation. Appropriates continuing funds for projects conducted during fiscal year 1980 and provided for by the Foreign Assistance and Related Programs Appropriation Act, 1981, under the more restrictive authority and the lower of the current rate or estimated rate. Appropriates continuing funds to the extent provided by the House of Representatives' passed version of the Legislative Branch Appropriation Act, 1981. Appropriates continuing funds, at the current rate, for: (1) the Council on Wage and Price Stability; (2) the Economic Development Administration; (3) Regional Action Planning Commissions; (4) Pretrial Services Agencies; (5) the Energy and Water Development Appropriation Act, 1981; (6) HUD for contributions to assisted housing; (7) the National Aeronautics and Space Administration for research and development; (8) the Senate; (9) the Water Resources Council; (10) the National Health Service Corps; (11) nursing research; (12) health professions education and nurse training; (13) Community Mental Health Centers; and (14) youth community conservation, youth employment and training, and private sector employment opportunities. Appropriates funds for necessary payments as provided by fiscal year 1980 appropriation Acts for: (1) black lung benefits; (2) Social Security benefits; (3) retirement pay and medical benefits for Public Health Service officers; (4) student loan programs; (5) unemployment benefits; (6) Department of Labor special benefits; and (7) veterans' benefits. Appropriates the necessary funds to: (1) carry out the authorized breeder reactor demonstration project at the current rate of operations; (2) process Cuban and Haitian entrants, but not to exceed estimated amounts; and (3) continue the low-income energy assistance program as approved by the House of Representatives. Makes such appropriations available until the earlier of enactment of the applicable appropriation Act or December 15, 1980. Exempts such appropriations from specified limitations for submission and approval of apportionments. Charges expenditures made pursuant to this joint resolution to the applicable appropriation Act when enacted. Declares that any fiscal year 1981 appropriation requiring additional authorizing legislation shall not become effective before December 31, 1980. Prohibits the use of appropriated funds to: (1) prevent the implementation of voluntary prayer and meditation programs in the public schools; (2) perform abortions; or (3) enforce a court order which would compel the expenditure of funds for a purpose specifically prohibited by the Departments of Labor, Health and Human Services, and Education, and Related Agencies Appropriation Act, 1981.
United States · United States Congress · 15 September 1980
Dependent Care Amendments Act of 1981 - Amends the Internal Revenue Code to increase the tax credit for household and dependent care services necessary for gainful employment from 20 to 35 percent of the costs of such services. Makes such credit refundable. Permits such credit for the costs of day care services performed outside the taxpayer's household for a handicapped dependent or spouse who returns to the household each day. Establishes a minimum income for individuals engaged in business on an substantially full-time basis to be utilized in the computation of the earned income limitation on the amount of such credit. Includes as a tax-exempt organization any organization which provides nonresidential dependent care services to the general public for purposes of enabling individuals to be gainfully employed. Treats the value of any such services provided by an employer and included in the income of an employee as having been paid by the employee.
United States · United States Congress · 15 September 1980
Amends the Internal Revenue Code to exempt incremental tertiary oil from the windfall profit tax.
United States · United States Congress · 15 September 1980
Amends the Internal Revenue Code to exclude from the definition of foreign personal holding company income dividends received from controlled foreign corporations which derive at least 80 percent of their income from transactions in agricultural commodities not grown in the United States in commercially marketable quantities. Includes within the definition of foreign base company sales income all U.S. source income which is not effectively connected to the operation of a trade or business in the United States. Excludes from the definition of "United States property", for purposes of computing the gross income of foreign controlled corporations, amounts invested in U.S. plants and equipment by a controlled foreign corporation. Treats any foreign controlled corporation which is paired to a U.S. corporation as owned directly by such U.S. corporation for purposes of the rules relating to the taxation of foreign controlled company income.
United States · United States Congress · 15 September 1980
Appropriates fiscal year 1981 funds for continuing fiscal year 1980 activities contained in the following appropriation Acts: (1) Agriculture, Rural Development, and Related Agencies Appropriation Act, 1981; (2) Department of Defense Appropriation Act, 1981; (3) District of Columbia Appropriation Act, 1981; (4) Department of Housing and Urban Development-Independent Agencies Appropriation Act, 1981; (5) Department of the Interior and Related Agencies Appropriations Act, 1981; (6) Departments of Labor, Health and Human Services, and Education, and Related Agencies Appropriation Act, 1981; (7) Military Construction Appropriation Act, 1981; (8) Departments of State, Justice, and Commerce, the Judiciary, and Related Agencies Appropriation Act, 1981; (9) Department of Transportation and Related Agencies Appropriation Act, 1981; and (10) Treasury, Postal Service, and General Government Appropriation Act, 1981. Funds domestic food programs at rates provided in the House of Representatives' passed version of the Agriculture, Rural Development and Related Agencies Appropriation Act, 1981. Limits appropriations for the aircraft carrier service life extension program to estimated amounts. Stipulates that such funds shall be available: (1) in the lesser amount as passed by the House of Representatives or the Senate as of October 1, 1980; and (2) at rates no higher than the current rates for items included in only one version of an Act passed by both Houses or, as of October 1, 1980, passed by only one House. Requires provisions to be identical in bills passed by both Houses in order to be applicable, if such provisions were not included in the fiscal year 1980 appropriation Acts and are applicable to more than one appropriation. Appropriates continuing funds for projects conducted during fiscal year 1980 and provided for by the Foreign Assistance and Related Programs Appropriation Act, 1981, under the more restrictive authority and the lower of the current rate or estimated rate. Appropriates continuing funds to the extent provided by the House of Representatives' passed version of the Legislative Branch Appropriation Act, 1981. Appropriates continuing funds, at the current rate, for the: (1) Council on Wage and Price Stability; (2) Economic Development Administration; (3) Regional Action Planning Commission; (4) Pretrial Services Agencies; (5) Energy and Water Development Appropriation Act, 1981; (6) HUD contributions to assisted housing; (7) National Aeronautics and Space Administration for research and development; (8) Senate; (9) Water Resources Council; (10) National Health Service Corps; (11) nursing research; (12) health professions education and nurse training; (13) Community Mental Health Centers; and (14) youth community conservation, youth employment and training, and private sector employment opportunities. Appropriates funds for necessary payments as provided by fiscal year 1980 appropriation Acts for: (1) black lung benefits; (2) Social Security benefits; (3) Public Health Service officers; (4) student loan programs; (5) unemployment benefits; (6) Department of Labor special benefits; and (7) Veterans' benefits. Appropriates the necessary funds to: (1) carry out the authorized breeder reactor demonstration project at the current rate of operations; (2) process Cuban and Haitian entrants, but not to exceed estimated amounts; (3) the low income energy assistance program as passed by the House of Representatives, but not in excess of the current rate; (4) continue services for refugees in amounts as passed by the House of Representatives; (5) continue payments to the State and Local Government Fiscal Assistance Trust Fund in amounts as passed by the House of Representatives; and (6) pay estimated presidential tranition expenses. Makes such appropriations available until the earlier of enactment of the applicable appropriation Act or December 15, 1980. Exempts such appropriations from specified limitations for submission and approval of apportionments. Charges expenditures made pursuant to this joint resolution to the applicable appropriation Act when enacted. Declares that any fiscal year 1981 appropriation requiring additional authorizing legislation shall not become effective before December 31, 1980. Prohibits the use of appropriated funds to: (1) prevent the implementation of voluntary prayer and meditation programs in the public schools; and (2) perform abortions.
United States · United States Congress · 11 September 1980
Amends the Internal Revenue Code to require the owner of a nonqualified deferred annuity contract to include in gross income for each taxable year prior to an annuity starting date: (1) the excess of the contract's value as of the end of such year (plus any amount received under it that was not includible in income); over (2) the contract's value as of the end of the preceding taxable year (plus the aggregate amount of any premiums or other consideration paid for the contract during such year). Exempts from such requirement: (1) any annuity contract which permits no surrender, redemption, or withdrawal, and which provides for distributions only in the event of death or in a predetermined schedule of payments involving life contingencies or installments extending over a period of at least 60 months; and (2) any qualified employee benefit plan annuity contract.
United States · United States Congress · 10 September 1980
Inflation Adjustment Act of 1980 - Amends the Internal Revenue Code to require annual cost-of-living adjustments of individual tax rates, zero bracket amounts, related withholding and return requirements, and the personal exemption amounts for 1982 and all years following. Limits the adjustment of individual tax rates to a maximum ten percent. Sets forth a formula for determination of the proper annual adjustment, keyed to the Consumer Price Index. Directs the Secretary of the Treasury to prescribe adjusted tables by December 15 of each calendar year, starting in 1982. Directs the Council on Wage and Price Stability to study the impact of this Act and to report its conclusions and recommendations to the President and the Congress not later than July 1, 1984. Authorizes the President to submit to Congress a plan for suspending all such adjustments for a calendar year if he determines that such adjustments will have a significant adverse effect on the United States economy. States that such suspension plan shall go into effect if neither House of Congress has passed a resolution of disapproval within 60 days following delivery to Congress. Prescribes procedures for consideration of such a resolution.
United States · United States Congress · 10 September 1980
Handicapped Financial Security Tax Act of 1980 - Amends the Internal Revenue Code to allow individual taxpayers an income tax deduction for cash contributions to a handicapped dependent support fund. Limits the dollar amount of such deduction to $3,000 in calendar year 1980 with inflation adjustments to such amount in succeeding taxable years. Defines "handicapped dependent support fund" as an irrevocable trust created for the exclusive benefit of a dependent of a taxpayer who is a handicapped individual. Sets forth requirements for the establishment and operation of the trust fund. Exempts handicapped dependent support trusts from income taxation.
United States · United States Congress · 10 September 1980
Amends the Internal Revenue Code to repeal the occupational tax on manufacturers of stills and condensers.
United States · United States Congress · 10 September 1980
Requires the Internal Revenue Service, in any determination of whether employment is temporary or indefinite for purposes of deducting traveling expenses, to consider the decision in Frederick v. United States , 603 F. 2d 1292 (8th Cir. 1979), which directed that the taxpayer's prospects for continued employment away from home, and not merely the duration of such employment, be examined.
United States · United States Congress · 10 September 1980
Excludes from gross income, for Internal Revenue Code purposes, all amounts realized by the trust (currently, only gain resulting) from the condemnation of certain forest lands held in trust for the Klamath Indian Tribe in Oregon.
United States · United States Congress · 9 September 1980
Amends the Internal Revenue Code to allow an income tax deduction for expenses incurred in the rental of a dwelling unit as a residence to a member of the taxpayer's family. Provides that this Act shall apply to taxable years beginning after December 31, 1975.
United States · United States Congress · 9 September 1980
Makes supplemental appropriations for the Veterans' Administration for readjustment benefits for fiscal year 1980.
United States · United States Congress · 8 September 1980
Amends the Internal Revenue Code to allow the investment tax credit for certain rehabilitated buildings leased to tax-exempt organizations or to governmental units.
United States · United States Congress · 8 September 1980
Amends the Internal Revenue Code to provide an additional $1,000 personal tax exemption for a taxpayer, his spouse, or a dependent who is disabled. Defines "disability" as an inability to engage in any substantial gainful activity due to a physical impairment which has lasted or will last continuously for at least 12 months and which requires a wheelchair for mobility. Disallows the additional exemption if the taxpayer or his spouse already receives an extra exemption due to blindness.
United States · United States Congress · 8 September 1980
Amends the Internal Revenue Code to provide an additional $1,000 personal tax exemption for a taxpayer, his or her spouse, or a dependent who is disabled. Defines "disability" as an inability to engage in any substantial gainful activity due to a physical impairment which has lasted or will last continuously for at least 12 months and which requires a wheelchair for mobility. Disallows the additional exemption if the taxpayer or his or her spouse already receives an extra exemption due to blindness.
United States · United States Congress · 8 September 1980
IRA Work and Savings Incentive Act of 1980 - Amends the Internal Revenue Code to allow individual taxpayers an income tax credit equal to 50 percent of their qualified contributions to individual retirement accounts for a taxable year. Limits the amount of such credit to the lesser of $3,000 or the compensation includible in the taxpayer's gross income for the taxable year. Specifies that no credit may be allowed for such contributions made to the account of any individual who has reached age 59 1/2. Permits certain limited amounts of employer contributions to a simplified employee pension plan to qualify for the credit. Limits the amount of such credit for an individual who has paid any designated voluntary employee contributions to the lesser of $3,000 or the compensation includible in the taxpayer's gross income for the taxable year reduced by the amount of such designated voluntary employee contributions. Increases the dollar limitation on the income tax deduction for contributions to pension plans for the self-employed from $7,500 to $10,000. Increases the amount of the income tax deduction for contributions to an individual retirement account to the lesser of $3,000 or the taxpayer's compensation which is includible in his gross income. Requires an individual to be between the ages of 59 1/2 and 70 1/2 in order for contributions made to such individual taxpayer's retirement account to qualify for the retirement savings tax deduction.
United States · United States Congress · 5 September 1980
Welfare and Medicaid Fiscal Assistance Program Act of 1980 - Amends Title IV (Aid to Families with Dependent Children) (AFDC) and Title XIX (Medicaid) of the Social Security Act to increase the Federal medical assistance percentage payable to a State with a medical assistance plan approved by the Secretary of Health and Human Services under such Act. Directs a State to pay on a pro rata basis any Federal funds received in excess of the old Federal medical assistance percentage to any political subdivision of such State which contributed under the State medical assistance plan for such quarter. Limits such payment to 100 percent of of such political subdivision's contribution.
United States · United States Congress · 5 September 1980
Amends the Internal Revenue Code, with respect to the special farm valuation for estate tax purposes, to deem the material participation requirement met if, before the decedent's death, there was material participation by the decedent or any spouse in the operation of the farm or other business during periods aggregating 20 years or more. Requires treatment of the activities of any agency or fiduciary as the activities of a qualified heir if performed for him or her, in order to satisfy the material participation requirement for purposes of determining that real property has not ceased to be used for the qualified use. Limits such special rule for activities of agents to the case of a qualified heir who is: (1) under 21; (2) a student; (3) under a physical or mental disability which prevents him or her from participating materially in the operation of the farm or other business; or (4) a spouse of the decedent aged 62 or more.
United States · United States Congress · 4 September 1980
Welfare and Medicaid Fiscal Assistance Program Act of 1980 - Amends Title IV (Aid to Families with Dependent Children) (AFDC) and Title XIX (Medicaid) of the Social Security Act to increase the Federal medical assistance percentage payable to a State with a medical assistance plan approved by the Secretary of Health and Human Services under such Act. Directs a State to pay on a pro rata basis any Federal funds received in excess of the old Federal medical assistance percentage to any political subdivision of such State which contributed under the State medical assistance plan for such quarter. Limits such payment to 100 percent of of such political subdivision's contribution.
United States · United States Congress · 4 September 1980
State and Local Government Fiscal Note Act of 1980 - Amends the Congressional Budget Act of 1974 to require the Director of the Congressional Budget Office to estimate the costs which would be incurred by State or local governments in complying with any significant bill or resolution (likely to result in annual costs greater than $200,000,000 or have exceptional fiscal consequences) and compare such estimates with any made by congressional committees or Federal agencies. Authorizes appropriations through fiscal year 1984 for such purpose.
United States · United States Congress · 4 September 1980
Amends the Internal Revenue Code to allow individual taxpayers a refundable income tax credit for the purchase of new passenger automobiles after May 14, 1980, and before January 1, 1981, which were manufactured by companies whose average fuel economy rating for passenger automobiles in model year 1979 equals or exceeds 120 percent of their rating for model year 1974. Establishes the amount of such credit at $500.
United States · United States Congress · 4 September 1980
Amends the Internal Revenue Code to exempt from liability for income tax on investments in the United States any foreign pension plan maintained, under the laws of such foreign country, primarily for the benefit of employees who are nonresident alien individuals.
United States · United States Congress · 4 September 1980
Provides that annuity contracts with reserves based on a segregated asset account shall be treated, for tax purposes, in accordance with rules in effect before the issuance of Revenue Ruling 77-85.
United States · United States Congress · 4 September 1980
Amends the Internal Revenue Code to extend for one year provisions providing for refunds of Federal excise taxes on motor fuels used in certain limited passenger capacity, fuel-efficient taxicabs.
United States · United States Congress · 4 September 1980
Amends the Internal Revenue Code to exclude research and experimental expenditures connected with a taxpayer's trade or business from the computation of expenditures which determines whether a bond issue qualifies for the alternative $10,000,000 small issue exemption from the industrial development bond interest inclusion rules.
United States · United States Congress · 4 September 1980
Provides that annuity contracts with reserves based on a segregated asset account shall be treated, for tax purposes, in accordance with rules in effect before the issuance of Revenue Ruling 77-85.
United States · United States Congress · 4 September 1980
Amends the Internal Revenue Code to extend the nonconventional source fuel production income tax credit to any solid fuel in pellet form produced from biomass (other than wood or wood products) which has a Btu content per unit of volume or weight, determined without regard to any nonbiomass elements, which is at least 40 percent greater per unit of volume or weight than the Btu content of the biomass from which it is produced. Requires the taxpayer to elect whether to determine Btu content by volume or by weight. Limits application of such credit to pellets: (1) produced in a facility placed in service between January 1, 1980, and September 31, 1983, or for the construction of which the taxpayer was obligated under a binding contract on September 30, 1983; and (2) sold before January 1, 1990.
United States · United States Congress · 4 September 1980
Requires the determination of whether certain transactions involving automobiles or trucks are sales or leases, for purposes of the Internal Revenue Code, without regard to any rental adjustment clause in the transaction documents. Limits such rule to transactions entered into before January 1, 1981, under which one person acquires from another person the right to use an automobile or truck for a specified period. Defines "rental adjustment clause" as a provision under which: (1) at or before the close of the specified period, the automobile or truck is to be sold by the lessor (with no option by the lessee to purchase such vehicle); and (2) the lessee is required to pay the lessor any excess of an agreed to "lease" amount over the proceeds from such sale (or, where such proceeds exceed such "lease" amount, the lessor is required to pay such excess to the lessee).
United States · United States Congress · 4 September 1980
Authorizes appropriations for fiscal year 1981 for the Navy for research, development, testing, and evaluation of a shallow underwater missile (SUM) submarine system.
United States · United States Congress · 3 September 1980
Amends the Internal Revenue Code to require determination of gift tax liability on a calendar year, rather than quarterly, basis. Applies the return requirement on a calendar year, rather than quarterly, basis.
United States · United States Congress · 3 September 1980
Amends the Internal Revenue Code to exempt from the manufacturers' excise tax: (1) chassis primarily designed as feed, seed, or fertilizer equipment; and (2) chassis, and parts and accessories for such, sold in connection with the first retail sale of trucks and trailers with feed, seed, or fertilizer bodies.
United States · United States Congress · 3 September 1980
Amends the Internal Revenue Code to increase from $150,000 to $1,000,000 the minimum amount of retained earnings which a corporation may accumulate without being subject to the tax on accumulated earnings.
United States · United States Congress · 3 September 1980
Sets forth the rule for the consideration of H.J. Res. 601 (International Monetary Fund).
United States · United States Congress · 28 August 1980
Amends the Internal Revenue Code to increase from $500,000 to $1,000,000, by specified annual increments from 1980 through 1984, adjusted for inflation, the aggregate decrease in the value of qualified real property taken into account for purposes of the special valuation of certain farms and other property for application of the estate tax. Requires annual adjustments for inflation in such maximum after 1984, according to a specified formula.
United States · United States Congress · 28 August 1980
Individual Income Tax Rate Reduction Act of 1980 - Amends the Internal Revenue Code to reduce individual income tax rates for taxable years beginning after 1982. Sets the highest marginal income tax rate at 50 percent of taxable income. Phases in such tax reductions for 1981 and 1982. Increases the zero bracket amount (formerly the standard deduction) for each category of taxpayer. Increases the income levels at which a tax return is required to be filed. Reduces the rate of the alternative minimum tax.
United States · United States Congress · 28 August 1980
Amends the Internal Revenue Code to permit accrual basis taxpayers to exempt themselves from the application of tax rules limiting the acceleration of accrual of taxes by a taxing jurisdiction if they so elect or if such taxpayers were not liable for any tax prior to the effective period of acceleration. Sets forth rules for the accounting of accruals in the case of taxpayers who make such an election.
United States · United States Congress · 28 August 1980
Amends the Revenue Act of 1978 to extend until January 1, 1983, the period during which individuals who have not been treated as employees by their employers shall not be treated as such for purposes of the employment tax.
United States · United States Congress · 28 August 1980
Sets forth the rule for the consideration of H.R. 7765 (1981 budget).