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Bill· SS. 1839 (97th)open
United States · United States Congress · 12 November 1981
Amends the Crude Oil Windfall Profit Tax Act of 1980 to delay until December 31, 1982 the effective date of the requirement that in cases of corporate liquidations a corporation inventorying goods under the last-in, first-out (LIFO) method of accounting treat the LIFO recapture amount with respect to distributed inventory assets as ordinary income.
Bill· SS. 1840 (97th)open
United States · United States Congress · 12 November 1981
Amends the Internal Revenue Code to increase the income tax deduction allowed for maintaining exchange students as members of the taxpayer's household to $100 per month up to a maximum of $1,000 per year.
Bill· HRH.R. 4948 (97th)open
United States · United States Congress · 12 November 1981
Amends the Internal Revenue Code to provide that a money purchase pension plan shall not lose its tax exemption because the plan includes a qualified salary reduction arrangement. Defines "qualified salary reduction arrangement" and "money purchase pension plan" for purposes of this Act. Provides that distributions from such a plan shall be taxable to the beneficiary in the same manner as an annuity.
Bill· HRH.R. 4939 (97th)open
United States · United States Congress · 12 November 1981
Amends the Internal Revenue Code to exclude permanently the labor performed by certain alien farmworkers from Federal unemployment tax.
Bill· HRH.R. 4951 (97th)referred
United States · United States Congress · 12 November 1981
Amends the Internal Revenue Code to qualify fire prevention property for the investment tax credit. Defines "fire prevention property" as depreciable property with a useful life of three years or more which is: (1) an automatic sprinkler system; (2) an early fire detection system; (3) a fire extinguisher; (4) a fire-rated door or wall; (5) a nonflammable sleep product; or (6) an item which, pursuant to regulations, the Secretary of the Treasury specifies as increasing a building's fire safety.
Bill· HRH.R. 4949 (97th)referred
United States · United States Congress · 12 November 1981
Amends the Internal Revenue Code to increase to $20,000,000 the amount of industrial development bonds for economically distressed areas which qualify as tax-exempt small issues. Provides for a $10,000,000 exemption for non-industrial property used in such an area and no increased exemption for property used outside an economically distressed area. Specifies requirements relating to poverty, unemployment, and per capita income growth for designation as a qualified distressed area. Terminates the existing exemption of small issues used to finance restaurant or retail store franchises or retail stores or restaurants which operate more than ten outlets under the same trade name.
Bill· HRH.R. 4944 (97th)referred
United States · United States Congress · 12 November 1981
Amends the Internal Revenue Code to provide an income tax exemption for mutual benevolent insurance associations which: (1) operate exclusively for the benefit of members of a particular church or religious denomination; (2) provide for the payment of life, sick, accident or other benefits to members of such association; (3) do not distribute earnings to the benefit of any private individual; and (4) do not have gross income in excess of $2,500,000 per year.
Bill· HRH.R. 4950 (97th)referred
United States · United States Congress · 12 November 1981
Amends the Internal Revenue Code to allow married couples to include income from pensions, annuities and amounts paid from individual retirement plans in the computation of the marriage penalty tax deduction.
Bill· SS. 1834 (97th)open
United States · United States Congress · 10 November 1981
Amends the Internal Revenue Code to treat dividends paid by a corporation directly to a charitable organization at the direction of a shareholder as a charitable contribution of the corporation. Sets forth a formula to determine the charitable contribution of the corporation with respect to such payment. Excludes such dividend from the income of the shareholder.
Bill· SS. 1832 (97th)open
United States · United States Congress · 10 November 1981
Amends the Internal Revenue Code to require the Secretary of the Treasury to issue a certificate of release of a lien imposed with respect to any tax where: (1) the liability has been fully satisfied or has become legally unenforceable; or (2) an appropriate bond conditioned on the payment of the amount assessed is furnished. (Current law allows issuance of such a certificate.) Requires the Secretary, upon the request of a taxpayer and where legally feasible, to issue a certificate of discharge of: (1) property subject to a lien to the extent that the fair market value of the property exceeds the amount of the tax liability plus any prior liens, interest, penalties, or costs; and (2) any part of such property to the extent that partial payment has been made. Prohibits the seizure and sale of property which has no value other than a value to the owner. Requires notice to the taxpayer in cases of levy upon property held by a person other than the taxpayer. Permits a taxpayer to bring a civil action against the United States in a U.S. district court on a claim that a lien was imposed or levy made in violation of provisions regarding: (1) releases of liens or discharges of property; or (2) levy and distraint procedures.
Bill· HRH.R. 4931 (97th)referred
United States · United States Congress · 10 November 1981
Taxpayer Protection Act - Amends the Internal Revenue Code to subject the Internal Revenue Service (IRS), in the collection of taxes, to provisions of the Fair Debt Collection Practices Act regarding communication and harassment in connection with debt collection. Prohibits the publication of any deficiency which has not been adjudged to be payable by a competent court. Permits individual taxpayers to bring a civil action in a U.S. district court for damages resulting from collection practices prohibited by this Act. Requires a Federal court order before property of a taxpayer may be levied upon for the collection of tax. Specifies that a showing of fraud or malfeasance or a misrepresentation, for purposes of modifying or reconsidering a closing agreement between an individual taxpayer and the Secretary of the Treasury, shall be taken into account only if such a showing or misrepresentation is determined by a competent court. Prohibits the Secretary from consenting to extend for more than one year the period for assessment of the income tax liability of any individual taxpayer. Requires the Secretary to prepare, for distribution to taxpayers, brief but comprehensive statements which set forth in nontechnical terms: (1) the rights and obligations of taxpayers during an audit; (2) the procedures which the IRS 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 statement to accompany any tax forms sent to taxpayers. 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 or organization; 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. Makes binding on the Secretary : (1) a tax return prepared for the taxpayer by an officer or employee of the IRS acting in his official capacity to provide such assistance; and (2) written information or advice given to the taxpayer by such an officer or employee acting in his official capacity. Places the burden of proof, in administrative and judicial proceedings involving the IRS and a taxpayer, upon the IRS. Directs that all property of taxpayers, for purposes of the estate and gift tax, be valued at historical cost (original cost to the taxpayer or the basis of the property if it was not purchased). Prohibits the use in IRS personnel evaluations of amounts collected pursuant to audits or investigations. Precludes the Secretary from exercising any enforcement authority over churches or certain other organizations. Prohibits the audit of any group of taxpayers unless the Secretary has first met certain notice requirements or permitted members of the group to file an amended return. Sets forth conditions which must be met by the IRS before any action is taken to interfere with the property rights of a taxpayer. Requires the IRS, before securing the records of, or personal data concerning, any taxpayer, to: (1) notify the taxpayer in writing of the demand, the material sought, and the need for the material; (2) have commenced an action in a competent court against the taxpayer; and (3) have justified its need before the court consistent with the discovery rules of the Federal Rules of Civil Procedure. States that the IRS shall have no authority, in enforcing the tax obligations of any person, which is in conflict with the rights and privileges granted under the Constitution.
Bill· HRH.R. 4938 (97th)referred
United States · United States Congress · 10 November 1981
Amends the Internal Revenue Code to repeal the provision which treats investments by individual retirement accounts and other retirement plans in collectibles as distributions equal to the cost of the collectible. Defines "collectibles" as items such as artworks, antiques, gems and coins.
Bill· SS. 1829 (97th)open
United States · United States Congress · 9 November 1981
Rural Enterprise Zone Act of 1981 - Title I: Designation of Rural Enterprise Zones - Provides for the designation of rural enterprise zones, for a period not to exceed 15 years and subject to the approval of the Secretary of Commerce, by local governments, State governments on behalf of local governments, or certain persons acting with the consent of the local governments, for purposes of extending the tax incentives and regulatory flexibility measures provided by titles II and III of this Act. Permits the Secretary to approve the designation of a zone only if the area: (1) is within the jurisdiction of the designating local government; (2) has a continuous boundary; (3) is located outside of a standard metropolitan statistical area or is otherwise determined to be rural by the Secretary: (4) has a population of at least 600, comprises an incorporated separate jurisdiction, or is an Indian reservation; (5) contains no prime agricultural lands; and (6) meets specified unemployment and poverty requirements used under the urban development action grant program. Requires persons seeking approval of an area designation to submit a plan which documents commitment, analyzes costs and benefits, and: (1) describes planned local efforts to increase employment and encourage area economic development; (2) guarantees the ability of any government with jurisdiction over the area to manage the zone; (3) describes existing areas development efforts; (4) demonstrates the geographic, population, and unemployment and income features set forth in this Act; and (5) describes the planned use of existing Federal resources for economic development. Terminates the authority of the Secretary to approve zone designations after a three-year period. Sets forth maximum numbers of such designations. Prescribes grounds for giving preference in decisions to designate rural enterprise zones. Directs the Secretary to contract with the person requesting approval of an area designation for the management of the area. Expresses the sense of the Congress that in the case of any application for designation of a foreign trade zone within a rural enterprise zone: (1) the Foreign-Trade Zone Board should expedite the application process; (2) the Board, in evaluating such application, should consider future development to be expected as a result of the incentives provided by this Act; and (3) the Board should provide technical assistance to the applicants. Title II: Tax Incentives - Subtitle A: Capital Gains Tax Rates - Amends the Internal Revenue Code to reduce the alternative tax on capital gains and increase the capital gains deduction. Permits enterprise zone property to remain qualified for purposes of the revised capital gains treatment after a designation of a rural enterprise zone has terminated. Exempts gains from the sale or exchange of property used in certain businesses conducted largely in rural enterprise zones (qualified businesses) from the computation of the minimum tax. Removes as an item of tax preference accelerated depreciation of real property used in such a business, even though such property may be characterized as recovery property. Allows a taxpayer to elect to have gain from the sale or exchange of a capital asset recognized only to the extent that the proceeds exceed the cost of property used in a rural enterprise zone which is purchased within one year of such sale. Prescribes a three-year statute of limitations for the assessment of any deficiency attributable to such gain. Subtitle B: Deduction for Investment in Certain Businesses - Allows an income tax deduction for investment in qualified businesses. Subtitle C: Targeted Jobs Credit Increased in Rural Enterprise Zones - Increases the amount of the income tax credit for employment of certain new employees (targeted jobs credit) in the case of members of targeted groups with respect to whom at least 50 percent of the services performed for the employer are performed in a rural enterprise zone or who are residents of such a zone. Subtitle D: Credit for Certain Contributions - Allows an income tax credit for five percent of a taxpayer's payment for the provision of certain community development services in a rural enterprise zone. Subtitle E: Miscellaneous - Permits any qualified business to elect to use the cash receipts and disbursements method of accounting without regard to any inventory requirements if its gross receipts do not exceed $1,500,000 in any prior taxable year. Prescribes a minimum bad debt reserve for taxpayers who finance the provision of goods and services to qualified businesses. Title III: Regulatory Flexibility - Revises the definition of "small entity," for purposes of the analysis of regulatory functions, to include qualified businesses (as defined in this Act), designating governments, and nonprofit enterprises operating within rural enterprise zones.
Bill· SS. 1824 (97th)open
United States · United States Congress · 9 November 1981
Amends the Internal Revenue Code to increase the amount of reforestation expenditures which may be amortized in any taxable year to $25,000 ($12,500 in the case of a separate return by a married individual) plus any carryover amount. Provides a formula for the application of a three year carryover. Amends the Recreational Boating Safety and Facilities Improvement Act to require the Secretary of the Treasury to transfer to the Reforestation Trust Fund 65 percent of the proceeds from the sale of trees, portions of trees, or forest products located on Federal lands up to $30,000,000.
Bill· SS. 1830 (97th)open
United States · United States Congress · 9 November 1981
Amends the Internal Revenue Code to exempt from the excise tax on gasoline, diesel fuel, and special motor fuels any such fuels sold for use in certain taxicabs. Imposes requirements of registration for such exemption.
Bill· SS. 1819 (97th)open
United States · United States Congress · 5 November 1981
Amends the Internal Revenue Code to grant tax-exempt status to crude oil purchasing cooperatives on the same basis as such status is applied to farmers' cooperatives. Defines "crude oil purchasing cooperative" as a cooperative purchasing association all of whose members are independent refiners or cooperatives described in specified Internal Revenue Code provisions and which is organized and operated for purposes of: (1) purchase of crude oil and resale to members, nonmember independent refiners, and certain other nonmember cooperatives and return of proceeds of such resales, less necessary expenses; (2) purchase of supplies and equipment for such parties at cost plus necessary expenses; (3) trading and storage of crude oil; and (4) insurance of risks associated with the organization's activities.
Bill· SS. 1816 (97th)open
United States · United States Congress · 5 November 1981
Energy Conservation Incentive Act of 1981 - Amends the Internal Revenue Code to extend through 1985 the period to which the investment tax credit for energy property applies. Defines "automatic energy control system" for purposes of such credit. Extends availability of the residential energy credit through 1986. Increases from $2,000 to $3,000 the allowable energy conservation expenditures and from $10,000 to $15,000 the allowable renewable energy source expenditures which qualify for such credit. Qualifies as an energy conservation expenditure an expenditure for a professionally conducted energy audit.
Bill· HRH.R. 4917 (97th)open
United States · United States Congress · 5 November 1981
Amends the Internal Revenue Code to specify that interest on certain industrial development bonds may be excluded from gross income if such bonds are used for the local furnishing of gas (previously just electric) energy.
Bill· HRH.R. 4908 (97th)open
United States · United States Congress · 5 November 1981
Amends the Internal Revenue Code to permit investors in residential rental property to claim business expense tax deductions with respect to dwelling units rented to any individual, including family members, if such units are rented at a fair market rental. Permits rentals pursuant to shared equity agreements. Defines "shared equity agreements" as agreements between two or more individuals in which such individuals acquire certain ownership interests in the property and one individual rents the property as his principal residence at a fair market rental. Extends until 1984 the application of the net operating loss rules added by the Tax Reform Act of 1976.
Bill· HRH.R. 4912 (97th)referred
United States · United States Congress · 5 November 1981
Commercial Business Energy Tax Credit Act of 1981 - Amends the Internal Revenue Code to include in the definition of "specially defined energy property," for purposes of the investment tax credit, specified additional equipment and devices installed in connection with any existing industrial, retail, or commercial facility for the purpose of reducing energy consumption. Revises the definition of "energy property" to include insulation property. Increases the energy percentage, for purposes of such credit, in the case of property which is qualified for the credit under this Act.
Bill· HRH.R. 4918 (97th)referred
United States · United States Congress · 5 November 1981
Amends the Internal Revenue Code to exempt trailers or semitrailers designed primarily for railroad use, other than piggy-back trailers, from the manufacturers excise tax on trucks.
Resolution· HRESH.Res. 262 (97th)referred
United States · United States Congress · 5 November 1981
States that the House of Representatives requests that the President submit to Congress his recommendations for reducing by 12 percent the estimated tax expenditures for fiscal year 1982.
Resolution· HCONRESH.Con.Res. 214 (97th)referred
United States · United States Congress · 5 November 1981
Expresses the sense of the Congress that no limitation should be placed on the Federal income tax deduction for interest paid on a residential mortgage.
Bill· SS. 1813 (97th)open
United States · United States Congress · 4 November 1981
Critical Industry Reindustrialization Tax Act of 1981 - Amends the Internal Revenue Code to allow a refundable income tax credit for the training of skilled labor in labor-shortage business or industry. Defines "labor-shortage business or industry" as any business or industry which either the Secretary of Defense or Labor has certified as having more available skilled jobs than available skilled workers and trainees. Provides for a credit of 50 percent of first year wages and 30 percent of second year wages paid to skilled labor workers.
Bill· HRH.R. 4881 (97th)open
United States · United States Congress · 4 November 1981
Amends the Internal Revenue Code to exempt compensation received under certain State retirement plans for the exclusive benefit of elected judges or their beneficiaries from the tax treatment of compensation received under ineligible State deferred compensation plans.
Bill· HRH.R. 4882 (97th)open
United States · United States Congress · 4 November 1981
Amends the Congressional Budget Act of 1974 to require that each congressional budget resolution fix the level of tax expenditures for the fiscal year involved as well as the recommended aggregate level of Federal revenues. Declares that such amendments shall apply with respect to fiscal years beginning after September 30, 1982.
Bill· HRH.R. 4896 (97th)referred
United States · United States Congress · 4 November 1981
Amends the Internal Revenue Code to allow businesses an income tax credit for 15 percent of the increase in contracts for personal property or services awarded by such businesses to certified minority firms over a specified time period. Defines "certified minority firm" as a firm certified by the Administrator of the Small Business Administration as being socially or economically disadvantaged.
Bill· HRH.R. 4892 (97th)referred
United States · United States Congress · 4 November 1981
Amends the Internal Revenue Code to allow an income tax deduction for contributions of cash or securities made to a savings account created or organized for the benefit of the taxpayer (or the taxpayer and spouse if married) for the exclusive purpose of purchasing the taxpayer's first principal residence. Limits the maximum annual deduction to $1,500 ($3,000 in the case of married individuals filing a joint return), with a maximum lifetime deduction of $15,000 ($30,000 in the case of married individuals filing a joint return). Provides for an annual inflation adjustment of such amounts. Sets forth the requirements for the establishment of an individual housing account. Excludes distributions from a housing account from gross income as long as they are used exclusively for the purchase of a first principal residence. Exempts interest earned on an individual housing account from income taxation. Imposes a ten percent surtax on distributions from an individual housing account which are not used for the purchase of a principal residence. Prohibits contributions to an individual housing account in excess of prescribed limits and imposes a tax on such excess contributions equal to the tax on excess contributions to an individual retirement account. Requires the trustee of an individual housing account to make such reports regarding the maintenance of the account as the Secretary of the Treasury may require. Requires the reduction of the basis of any residence acquired with funds withdrawn from an individual housing account in an amount equal to the funds withdrawn. Requires the reduction of the $125,000 one-time exclusion from gross income of the proceeds from the sale of a principal residence by a taxpayer 55 years of age or older if such residence had been purchased with distributions from an individual housing account. Limits the amount of such reduction to the amount of any such distribution excluded from gross income.
Resolution· SRESS.Res. 238 (97th)passed
United States · United States Congress · 3 November 1981
Expresses the sense of the Senate that the present home mortgage interest income tax deduction be retained.
Bill· SS. 1793 (97th)open
United States · United States Congress · 29 October 1981
Fair Deal Amendment of 1981 - Amends the Internal Revenue Code to reduce the windfall profit tax liability of a producer of crude oil by 25 percent of the State tax actually paid which is imposed: (1) on the gross receipts of oil companies only, to the extent that the tax rate does not exceed five percent; or (2) on a proportionate basis on the windfall profit of a producer of crude oil, to the extent that the tax rate does not exceed ten percent. Requires that the proceeds of such State taxes be used for energy- or transportation-related purposes or low- and moderate-income energy assistance. Disallows an income tax deduction for taxes used as the basis for a windfall profit tax adjustment under this Act.
Bill· SS. 1794 (97th)open
United States · United States Congress · 29 October 1981
Amends the Internal Revenue Code to provide that a money purchase pension plan shall not lose its tax exemption because the plan includes a qualified salary reduction arrangement. Defines "qualified salary reduction arrangement" and "money purchase pension plan" for purposes of this Act. Provides that distributions from such a plan shall be taxable to the beneficiary in the same manner as an annuity.
Bill· HRH.R. 4871 (97th)referred
United States · United States Congress · 29 October 1981
Provides that the deemed waiver of exemption of tax-exempt public charities from social security taxes shall not apply to certain organizations.
Bill· HRH.R. 4869 (97th)referred
United States · United States Congress · 29 October 1981
Amends the Internal Revenue Code to exclude from gross income interest and dividends from a domestic corporation received by taxpayers age 62 or over.
Bill· HRH.R. 4872 (97th)referred
United States · United States Congress · 29 October 1981
Amends the Internal Revenue Code to allow handicapped individuals a nonrefundable income tax credit for 20 percent of their commuting expenses for a taxable year. Limits the amount of commuting expenses which may be taken into account for the credit to $5,000. Reduces the amount of commuting expenses eligible for the credit by one-half of the amount by which the taxpayer's adjusted gross income exceeds $20,000. Defines a "handicapped individual" as an individual who is blind or has a medically determinable physical or mental impairment which can be expected to last continuously for at least 12 months and which prevents the individual from using public transportation. Defines "commuting expenses" as expenses for the transportation of a handicapped individual between his residence and his principal place of employment.
Bill· HRH.R. 4870 (97th)referred
United States · United States Congress · 29 October 1981
Amends the Internal Revenue Code to allow a residential energy conservation tax credit for wood or anthracite burning stoves.
Bill· SS. 1787 (97th)open
United States · United States Congress · 28 October 1981
Fiscal Prudence and Small Business Representation Act of 1981 - Assures the American people that the deficit for fiscal years 1982 and 1983 will not exceed specified amounts and that outlays will not exceed revenues by the first day of fiscal year 1984. Directs the Director of the Office of Management and Budget, not later than November 15, 1981, to prepare and transmit to Congress a full and complete list of all reductions in budget authority and outlays and increases in revenues for fiscal years 1982, 1983, and 1984 which would be necessary to meet the President's objective that the deficit for fiscal years 1982 and 1983 not exceed specified amounts and that outlays not exceed revenues by the first day of fiscal year 1984. Directs the President to nominate an individual whose background is nonbanking, but who is representative of small business, to fill the first vacancy occurring on the Board of Governors of the Federal Reserve System after the enactment of this Act.
Bill· HRH.R. 4857 (97th)open
United States · United States Congress · 28 October 1981
Taxpayer's Court Costs and Fees Act of 1981 - Amends the Internal Revenue Code to permit reasonable court costs, including attorneys' fees, to be awarded to the prevailing party (other than the United States or a creditor of the prevailing party) in a civil action brought by the United States in any court of the United States for the determination, collection, or refund of any tax, interest, or penalty imposed under the Internal Revenue Code. Prohibits such an award where the court finds that the position of the United States was substantially justified or that special circumstances make an award unjust. Includes within the definition of "attorney's fees" amounts paid to an individual who is not an attorney but who is authorized to practice before the Tax Court. Defines "prevailing party" as a party who substantially prevails with respect to the amount in controversy or the most significant issue or set of issues.
Resolution· SRESS.Res. 232 (97th)open
United States · United States Congress · 27 October 1981
Expresses the sense of the Senate that the provisions of the Internal Revenue Code which provide incentives for energy conservation and development of renewable energy sources should not be repealed or amended to reduce such incentives.
Bill· HRH.R. 4843 (97th)referred
United States · United States Congress · 27 October 1981
Amends the Internal Revenue Code to revise requirements for the exclusion of interest on mortgage subsidy bonds. Includes as an element of a good faith effort to satisfy such requirements a showing that the issuer of bonds conducts periodic audits and prosecutes any cases of fraud. Provides that an issuer's diligent effort to correct a failure to meet a particular requirement will cure such a failure. Revises the arbitrage requirements to increase the amount by which interest rates on tax-exempt mortgage subsidy bonds may exceed the interest rates on mortgages financed with such bonds. Specifies that issuers are not required to dispose of any investment and realize a loss in order to satisfy arbitrage restrictions. Repeals the registration requirements for bond issues. Revises requirements for residential rental property bond issues relating to the median income level of occupants and the term of the lower income occupancy.
Resolution· HRESH.Res. 257 (97th)passed
United States · United States Congress · 27 October 1981
Sets forth the rule for the consideration of S. 1193 (Dept. of State funding).
Bill· SS. 1764 (97th)open
United States · United States Congress · 22 October 1981
Amends the Internal Revenue Code to lower from 80 to 50 percent the amount of income which a cooperative housing corporation must earn from tenant-shareholders to qualify as a cooperative housing corporation. Extends the three year grace period during which the original sponsor of a cooperative housing project is treated as a tenant-shareholder.
Bill· SS. 1763 (97th)open
United States · United States Congress · 22 October 1981
Amends the Internal Revenue Code with respect to cooperative housing corporations to extend the three year grace period during which the sponsor of a cooperative housing project will be treated as a tenant-shareholder.
Bill· HRH.R. 4833 (97th)open
United States · United States Congress · 22 October 1981
Amends the Internal Revenue Code to allow an income tax exclusion for interest earned on national home ownership bonds. Defines "national home ownership bonds" as certificates of deposits issued before 1985 which are used to provide owner-financing of single family residences. Requires that such bonds have a maturity rate of five years and an investment yield not exceeding ten percent and be issued in denominations of at least $1,000. Prescribes percentage tables for determining the interest rate on such financing.
Bill· HRH.R. 4821 (97th)referred
United States · United States Congress · 22 October 1981
Tax Simplification Act - Title I: Simplification of Individual Income Tax - Amends the Internal Revenue Code to repeal the income tax tables. Provides for an income tax rate of 14 percent for all individuals, estates, and trusts. Redefines "adjusted gross income" to eliminate the deductions from gross income for the following: (1) long-term capital gains; (2) moving expenses; (3) retirement savings; and (4) repayments of supplemental unemployment compensation benefits. Defines "allowable itemized deductions" as any deduction attributable to: (1) expenses for the production of income; (2) contributions to a church or convention or association of churches; (3) medical and dental expenses; and (4) alimony or separate maintenance payments. Repeals the deductions for: (1) interest, taxes, and depreciation of cooperative housing; (2) moving expenses; (3) retirement savings; (4) adoption expenses; and (5) long-term capital gains. Repeals the tax exclusion of: (1) certain death benefits; (2) gifts and inheritances; (3) income from discharge of indebtedness; (4) recovery of bad debts, prior taxes, and delinquency amounts; (5) income of States and municipalities; and (6) certain contributions to capital of a corporation. Modifies the medical expense deduction to allow a deduction only for medical expenses which exceed ten percent of a taxpayer's adjusted gross income (previously three percent of adjusted gross income). Title II: Reduction of Estate and Gift Tax Rates - Repeals the estate and gift tax tables. Provides for a tax rate of 14 percent for all estates and gifts. Decreases from $192,800 to $84,000 the unified credit against the estate and gift taxes, after 1986. Provides for a phase-in of such amount in taxable years 1983 through 1986.
Bill· HRH.R. 4814 (97th)open
United States · United States Congress · 22 October 1981
Title I: Department of State Authorization Act, Fiscal Years 1982 and 1983 - Authorizes appropriations for FY 1982 and 1983 for the Department of State to be used for: (1) administration of foreign affairs; (2) international organizations and conferences; (3) international commissions; and (4) migration and refugee assistance. Limits the amount of any U.S. payment to the United Nations budget to the amount assessed as the U.S. contribution less: (1) 25 percent of the budget for the Committee on the Exercise of the Inalienable Rights of the Palestinian People; and (2) 25 percent of the budget for the Special Unit on Palestinian rights. Prohibits using appropriated funds to pay the U.S. contribution to the United Nations Educational, Scientific and Cultural Organization (UNESCO) if UNESCO implements a policy to: (1) license journalists or their publications; (2) restrict the free flow of information; or (3) impose mandatory journalistic codes. Directs the Secretary of State to report annually to Congress on whether UNESCO has taken any such action. Makes a specified amount available for an ex gratia payment to Yugoslavia as an expression of U.S. concern for the injuries suffered by a Yugoslavian national who was attacked in New York City. Requires a specified portion of the authorized appropriations for migration and refugee assistance to be available for resettling Soviet and Eastern European refugees in Israel. Authorizes appropriations for FY 1982 and 1983 for payment of the U.S. share of expenses of the science and technology agreements between the United States and Yugoslavia and the United States and Poland. Amends the State Department Basic Authorities Act of 1956 to authorize appropriations to maintain the level of State Department program activities despite foreign currency fluctuations or overseas wage and price changes. Authorizes establishing the Buying Power Maintenance account. Authorizes the Secretary to transfer funds between such account and other appropriations accounts to maintain the buying power of State Department programs by offsetting such fluctuations or changes. Amends the United States Information and Educational Exchange Act of 1948 and the Board for International Broadcasting Act of 1973 to authorize appropriations to offset foreign currency fluctuations or overseas wage and price changes in order to maintain the authorized level of expenditures for the International Communication Agency (ICA) and the Board for International Broadcasting. Amends the passport provisions to authorize the Secretary of State to set the fees for issuing passports and for executing passport applications. Extends the duration of a passport's validity from five to ten years. Authorizes the Secretary to limit a passport's validity to a shorter period. Amends the State Department Basic Authorities Act of 1956 to make certain passports and reports issued to document citizens born abroad as effective in proving U.S. citizenship as certificates of naturalization. Deletes the limitations under current Federal laws on the authorized appropriations for payment of the U.S. share of the expenses of the: (1) Pan American Institute of Geography and History; (2) Hague Conference on Private International Law and of the International (Rome) Institute for the Unification of Private Law; and (3) Pan American Railway Congress. Amends the United Nations Participation Act of 1945 to direct the President to appoint a U.S. representative to the Vienna office of the United Nations. Provides for living quarters for certain U.S. representatives to the United Nations rather than only for the U.S. Ambassador to the United Nations. Credits any payments made by U.S. personnel for such living quarters to the funds used by the Secretary to rent the premises. Exempts certain private sector representatives on U.S. delegations to international telecommunications conferences from specified criminal sanctions applicable to Federal employees. Amends the State Department Basic Authorities Act of 1956 to allow for State Department and Foreign Service procurement contracts of up to five years, if: (1) appropriations are available and adequate for the first fiscal year and for potential cancellation costs; and (2) the Secretary makes specified determinations. Requires contracts to be cancelled if funds are not available for its continuation. Makes the provisions of the Defense Base Act relating to the compensation for disability or death for persons employed at military bases outside the United States inapplicable with respect to contracts with persons employed by the State Department or the Foreign Service on an intermittent basis. Directs the Secretary to establish an independent Office of Foreign Missions within the Department of State. Authorizes the Director of such Office to: (1) assist Federal, State, and municipal agencies to ascertain the benefits due a foreign mission; (2) provide benefits for or on behalf of a foreign mission; and (3) perform such other functions as the Secretary determines necessary. Authorizes the Secretary to require a foreign mission to obtain benefits from the Director on terms approved by the Secretary or to comply with certain terms, including paying the Director a fee and waiving any recourse against any governmental authority or employee, as a condition to the performance of certain contracts, the acquisition of real property, or the application for or acceptance of any benefit. Authorizes such requirements if the Secretary determines they are necessary to: (1) facilitate relations between the U.S. and a sending state (a state represented by such missions); (2) protect U.S. interests; (3) adjust for costs and procedures of obtaining benefits for U.S. missions abroad; or (4) assist in resolving a dispute affecting U.S. interests. Authorizes the Secretary to designate an agent of a foreign mission to make a required waiver of recourse for the foreign mission. Prohibits the State Department from certifying more than two persons from each foreign mission for diplomatic license plates. Authorizes the Secretary to require a foreign mission to: (1) notify the Director before acquiring or disposing of real property; and (2) divest itself of or forgo the use of real property if such property was acquired without notice to the Director or exceeds the limits placed on real property available to U.S. missions in the sending state. Authorizes the Secretary to protect and dispose of any property of a foreign mission which has ceased conducting governmental activities and has not designated a protecting power. Makes the location, replacement, or expansion of a foreign mission's real property in the District of Columbia subject to the approval of the District of Columbia Foreign Missions Commission. Creates the Commission to establish: (1) areas within which chanceries may be located as a matter of right; and (2) additional areas within which chanceries may be located. Sets forth the criteria for the Commission's determinations about such real property. Provides for the administration and management of the Office of Foreign Missions. Makes the provisions of such Act applicable to public international organizations and their official missions. Prohibits compliance with such provisions by a foreign mission from being deemed a waiver of immunity. Prohibits conferring or denying benefits to foreign missions contrary to such Act. Makes funds in the State Department working capital fund available to pay expenses to carry out provisions relating to foreign missions. Amends the Diplomatic Relations Act to extend the privileges and immunities of the Vienna Convention to missions of nonparties to the Convention. Authorizes the President to extend to such missions treatment that is more favorable or less favorable than that provided under the Vienna Convention. Prohibits using State Department funds to open new U.S. Consulates until specified consulates are reopened. Expresses the opposition of Congress to efforts: (1) by UNESCO to regulate news content and the operation of the world press; and (2) by some countries to control access to and dissemination of news. Directs the President to report to Congress on U.S participation in UNESCO. Title II: International Communication Agency - International Communication Agency Authorization Act, Fiscal Years 1982 and 1983 - Authorizes appropriations for the ICA for FY 1982 and 1983 to carry out certain international communication, educational, cultural, and exchange programs. Amends the United States Information and Educational Exchange Act of 1948 to permit any Federal employee who has special scientific, technical, or professional qualifications to be assigned to a foreign government (presently only U.S. citizens can be so assigned). Authorizes the making of ICA procurement contracts of up to five years, if: (1) appropriations are available and adequate for the first fiscal year and for potential cancellation costs; and (2) the Director of the ICA makes specified determinations. Requires contracts to be cancelled if funds are not available for its continuation. Authorizes the Director of the ICA to purchase security vehicles without regard to any maximum price limitation. Provides for the principal assistant of an ICA Associate Director to perform the duties of the Associate Director who dies, resigns, is sick, or is absent. Excludes employees of certain exhibits of U.S. economic or cultural accomplishments from the provisions of the Defense Base Act for compensation for disability or death. Makes the limitation on obligations or expenditures of appropriations to carry out the United States Information and Educational Exchange Act of 1948 inapplicable with respect to any appropriations for liquidating notes which were assumed in the operation of the informational media guaranty program and were outstanding on a specified date. Requires the ICA films "Reflections: Samuel Eliott Morison" and "And Now Miguel" to be made available within the United States. Changes the name of the ICA to the United States Information Agency. Title III: Board for International Broadcasting - Board for International Broadcasting Authorization Act, Fiscal Years 1982 and 1983 - Amends the Board for International Broadcasting Act of 1973 to authorize appropriations for the Board for International Broadcasting for FY 1982 and 1983. Title IV: Miscellaneous Provisions - Amends the Foreign Assistance Act of 1969 to authorize appropriations for the Inter-American Foundation for FY 1982 and 1983. Changes the method of reimbursing the Foundation's Board members for travel expenses. Directs the Secretary of State to report to Congress on: (1) the activities conducted pursuant to certain scientific exchange agreements with the Soviet Union; and (2) the risk of transferring to the Soviet Union militarily significant technology through such activities. Prohibits obligating or expending any State Department or ICA appropriations after a specified date to finance long-term scientific or technological exchanges between the United States and the Soviet Union. Directs the President to report on the cost of assistance for refugees and Cuban and Haitian entrants within the United States or abroad for each of FY 1981 and 1982. Expresses the dismay of Congress over the U.S. vote against the International Code of Marketing of Breastmilk Substitutes. Urges the administration to notify the World Health Organization that the United States will cooperate in implementing the Code. Urges the U.S. infant formula industry to abide by the Code's guidelines. Reaffirms U.S. support for efforts to improve world health.
Bill· SS. 1757 (97th)open
United States · United States Congress · 21 October 1981
Amends the Internal Revenue Code to qualify as tax-exempt public charities certain amateur sports organizations which provide athletic facilities or equipment and whose membership is local or regional in nature.
Bill· HJRESH.J.Res. 343 (97th)referred
United States · United States Congress · 21 October 1981
Extends, until February 20, 1982, the continuing appropriations made by Public Law 97-51 for specified Federal projects and activities which have not yet received funds beyond fiscal year 1981.
Bill· HRH.R. 4791 (97th)referred
United States · United States Congress · 20 October 1981
Amends the Internal Revenue Code to allow individual taxpayers an income tax credit equal to five percent of the purchase price of a new principal residence. Limits the dollar amount of such credit to $2,000. Specifies that such credit shall be available with respect to only one residence of the taxpayer. Requires the recapture of credit amounts for the purchase of a new principal residence if such residence is sold within 36 months after the date of acquisition.
Bill· HRH.R. 4796 (97th)referred
United States · United States Congress · 20 October 1981
Amends the Internal Revenue Code to exempt from the excise tax on certain chemicals any chromium or chromite used in the production of ferrochrome. Permits the credit or refund of amounts equal to the tax paid on such chromium or chromite.
Bill· HRH.R. 4789 (97th)referred
United States · United States Congress · 20 October 1981
Commercial Business Energy Tax Credit Act - Amends the Internal Revenue Code to include in the definition of "specially defined energy property," for purposes of the investment tax credit, specified additional equipment and devices installed in connection with any existing industrial, retail, professional, or commercial facility for the purpose of reducing energy consumption. Revises the definition of "energy property" to include insulation property.