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Bill· HRH.R. 3312 (100th)open
United States · United States Congress · 21 September 1987
Section 457 Clarification Act of 1987 - Amends the Internal Revenue Code to state that the accounting provisions applicable to the deferred compensation plans of State and local governments and of private tax-exempt organizations shall not apply to nonelective deferred compensation. Directs the Secretary of the Treasury to promulgate regulations defining nonelective deferred compensation. Applies retroactively to tax year 1979 and thereafter.
Bill· HRH.R. 3309 (100th)referred
United States · United States Congress · 21 September 1987
Amends employment tax provisions of the Internal Revenue Code to accord self-employed status to up to 30 qualifying fishermen on a boat. (Under current law, such status is granted only when a boat's operating crew normally consists of fewer than ten individuals.)
Resolution· HRESH.Res. 267 (100th)passed
United States · United States Congress · 21 September 1987
Waives points of order against the consideration of H.R. 2783 (Department of Housing and Urban Development and sundry independent agencies appropriations).
Bill· SS. 1702 (100th)referred
United States · United States Congress · 18 September 1987
Provides that any requirement to substantiate a deduction under the Internal Revenue Code with respect to the business use of a vehicle must be based on regulations in effect before enactment of the Tax Reform Act of 1984.
Bill· HRH.R. 3304 (100th)referred
United States · United States Congress · 17 September 1987
Amends the Internal Revenue Code and the Social Security Act to increase from $100 to $500 the payment that may be made in a calendar year to an election official or election worker for services before liability for the hospital insurance tax is incurred.
Law· HJRESH.J.Res. 362 (100th)enacted
United States · United States Congress · 17 September 1987
Makes continuing appropriations for FY 1988 for programs, projects, or activities (with specified exceptions) provided for in the following Acts, under current terms and conditions and at current rates: (1) the Agriculture, Rural Development, and Related Agencies Appropriations Act, 1987; (2) the Departments of Commerce, Justice, and State, the Judiciary, and Related Agencies Appropriations Act, 1987; (3) the Department of Defense Appropriations Act, 1987; (4) the District of Columbia Appropriations Act, 1987; (5) the Energy and Water Development Appropriations Act, 1987; (6) the Foreign Assistance and Related Programs Appropriations Act, 1987, provided the rate for operations is not in excess of the current rate or the rate provided for in the budget estimate, whichever is lower; (7) the Department of Housing and Urban Development-Independent Agencies Appropriations Act, 1987; (8) the Department of the Interior and Related Agencies Appropriations Act, 1987; (9) the Departments of Labor, Health and Human Services, and Education, and Related Agencies Appropriations Act, 1987; (10) the Legislative Branch Appropriations Act, 1987; (11) the Military Construction Appropriations Act, 1987; (12) the Department of Transportation and Related Agencies Appropriations Act, 1987; and (13) the Department of Treasury, Postal Service, and General Government Appropriations Act, 1987. Makes continuing appropriations for FY 1988 for: (1) the Commodity Credit Corporation's conservation reserve program; and (2) refugee and entrant assistance activities. Prohibits the use of appropriated funds to initiate or resume any activity for which funds were not available during FY 1987. Prohibits the use of appropriated funds for the Defense Department for new production of items not funded in FY 1987 or previous years, to increase production rates beyond those sustained with FY 1987 funds, for other specified activities not funded or authorized in FY 1987, or to initiate multi-year procurements utilizing advance procurement funding for economic order quantity procurement unless specifically appropriated subsequently. Makes funds available under this Act until the earliest of: (1) November 10, 1987; (2) enactment of an appropriation for any activity or project provided for in this Act; or (3) enactment of the applicable appropriations without any provision for such activity or project.
Bill· SS. 1686 (100th)referred
United States · United States Congress · 15 September 1987
Amends the Internal Revenue Code with respect to income taxation of generic commodity certificates (PIK certificates) used to repay Commodity Credit Corporation (CCC) loans. Taxes the certificates based on the earlier of: (1) the date on which the commodity used as collateral for the loan is sold; or (2) the date nine months after the loan was originally received. Disallows this treatment if the taxpayer chose to consider the CCC loan as income for the taxable year in which it was received. Applies to loans made after 1985.
Bill· HRH.R. 3266 (100th)referred
United States · United States Congress · 15 September 1987
Amends the Internal Revenue Code with respect to income taxation of generic commodity certificates (PIK certificates) used to repay Commodity Credit Corporation (CCC) loans. Taxes the certificates based on the earlier of: (1) the date on which the commodity used as collateral for the loan is sold; or (2) the date nine months after the loan was originally received. Disallows this treatment if the taxpayer chose to consider the CCC loan as income for the taxable year in which it was received. Applies to loans made after 1985.
Bill· HRH.R. 3260 (100th)referred
United States · United States Congress · 15 September 1987
Amends the Internal Revenue Code to allow a taxpayer to choose the taxable year for inclusion in income of generic commodity certificates (PIK certificates) used to repay Commodity Credit Corporation (CCC) loans. Permits as choices: (1) the year in which either the CCC loan is repaid or the commodity used as collateral for the loan is sold; or (2) the year in progress nine months after the date the loan was originally received. Applies to loans made after 1985.
Bill· HRH.R. 3250 (100th)referred
United States · United States Congress · 10 September 1987
Amends the Internal Revenue Code with respect to the corporate income tax exclusion of contributions to the capital of the taxpayer. Includes as a qualifying contribution any amount of money or property received by a regulated public utility (a utility required to provide electric energy, gas, water, or sewage disposal services) that: (1) is a contribution in aid of construction (as defined by regulations to be promulgated by the Secretary of the Treasury); (2) meets certain expenditure requirements; and (3) is not included in the taxpayer's rate base. Excludes amounts paid as customer connection fees.
Bill· HRH.R. 3245 (100th)open
United States · United States Congress · 9 September 1987
Amends the Internal Revenue Code to provide that the manufacturers excise tax on bows, arrows, and related accessories shall be due and payable on the date for filing the appropriate return. (This provision corresponds to the treatment of sport fishing equipment under current law.)
Bill· SS. 1662 (100th)open
United States · United States Congress · 7 August 1987
Amends Federal law to authorize the Secretary of the Treasury, with the approval of the President, to issue educational savings bonds, a form of non-transferable savings bond that: (1) pays interest only if redeemed after 12 months of issuance; and (2) ceases to bear interest at the end of the tenth year after issuance. Amends the Internal Revenue Code to exclude from the gross income of an individual any interest on educational savings bonds redeemed within 300 months of issuance to the extent: (1) the aggregate face amount of the bonds is $1,000; and (2) the interest is used to pay the higher education expenses (tuition, fees, books, supplies, meals, and lodging) of a dependent at either an institution of higher education or a vocational school.
Bill· SS. 1659 (100th)open
United States · United States Congress · 7 August 1987
Amends the Internal Revenue Code to allow an individual a 15 percent nonrefundable income tax credit for contributions made to a savings account established to pay the educational expenses (tuition, supplies, meals, and lodging) of an individual at an institution of higher education or a vocational school. Limits the credit to $150 per year per account. Adjusts this limit annually for inflation. Provides that no account may have more than one beneficiary and that no individual may be a beneficiary of more than one account. Disallows the credit for contributions to an account maintained for any individual who, during the relevant taxable year, either attains age 21 or begins attending an eligible educational institution. Identifies the criteria and requirements applicable to an education savings account. Permits the exclusion from the gross income of the taxpayer-contributor of payments and distributions from an education savings account as long as such amounts: (1) are used exclusively for the educational expenses of the eligible beneficiary; (2) are rolled over into another education savings account; or (3) are distributions of excess contributions before the due date of the tax return. Provides that for the ten tax years beginning when the beneficiary attains age 25, ten percent of the amount paid or distributed from an education savings account to pay the educational expenses of that individual shall be included in his or her gross income each year. Exempts the education savings accounts themselves from taxation unless they cease to be proper education savings accounts because either the contributor-taxpayer engages in prohibited transactions or the account's beneficiary pledges the account as security. Establishes penalties in the form of additional tax when account funds or distributions are used for other than educational purposes. Requires that the trustee of an education savings account report to the Secretary of the Treasury and to the account's beneficiary on the maintenance of the account. Establishes a six percent excise tax on excess contributions to an educational savings account. Provides that contributions to an education savings account shall not be subject to gift tax. Establishes a five percent excise tax on amounts connected with any prohibited transaction with respect to an education savings account. Establishes a penalty for failure to file required reports concerning the education savings account. Excludes from the gross income of an individual any distributions from an education savings account used exclusively for that individual's educational expenses (deferring taxation of these amounts until the beneficiary attains age 25).
Bill· SS. 1660 (100th)open
United States · United States Congress · 7 August 1987
Amends the Internal Revenue Code to provide for the establishment of education savings accounts as tax-exempt entities (except with respect to the tax on unrelated business income of charitable organizations). Identifies the criteria applicable to such accounts, which must be established exclusively for the purpose of paying the educational expenses (tuition, supplies, meals, and lodging) of an individual at an institution of higher education or a vocational school. Limits the amount of contributions to such an account to $1,000 per calendar year. Adjusts this limit annually for inflation. Provides that no account may have more than one beneficiary and that no individual may be a beneficiary of more than one account. Requires any balance in an education savings account to be distributed after the beneficiary attains age 25. Permits the exclusion from the gross income of the taxpayer-contributor of payments and distributions from an education savings account as long as such amounts: (1) are used exclusively for the educational expenses of the eligible beneficiary; (2) are rolled over into another education savings account; or (3) are distributions of excess contributions before the due date of the tax return. Provides that for the ten tax years beginning when the beneficiary attains age 25, ten percent of the amount paid or distributed from an education savings account to pay the educational expenses of that individual shall be included in his or her gross income each year. Retains the tax-exempt status of the accounts themselves unless they cease to be proper education savings accounts because either the contributor-taxpayer engages in prohibited transactions or the account's beneficiary pledges the account as security. Establishes penalties in the form of additional tax when account funds or distributions are used for other than educational purposes. Requires that the trustee of an education savings account report to the Secretary of the Treasury and to the account's beneficiary on the maintenance of the account. Establishes a six percent excise tax on excess contributions to an education savings account. Provides that contributions to an education savings account shall not be subject to gift tax. Establishes a five percent excise tax on amounts connected with any prohibited transaction with respect to an education savings account. Establishes a penalty for failure to file required reports concerning the education savings account. Excludes from the gross income of an individual any distributions from an education savings account used exclusively for that individual's educational expenses (deferring taxation of these amounts until the beneficiary attains age 25).
Bill· SS. 1661 (100th)open
United States · United States Congress · 7 August 1987
Amends the Internal Revenue Code to allow an individual a 15 percent nonrefundable income tax credit for contributions made to a savings account established to pay the educational expenses (tuition, supplies, meals, and lodging) of an individual at an institution of higher education or a vocational school. Limits the credit to $150 per year per account. Adjusts this limit annually for inflation. Provides that no account may have more than one beneficiary and that no individual may be a beneficiary of more than one account. Disallows the credit for contributions to an account maintained for any individual who, during the relevant taxable year, either attains age 21 or begins attending an eligible educational institution. Identifies the criteria and requirements applicable to an education savings account. Permits the exclusion from the gross income of the taxpayer-contributor of payments and distributions from an education savings account as long as such amounts: (1) are used exclusively for the educational expenses of the eligible beneficiary; (2) are rolled over into another education savings account; or (3) are distributions of excess contributions before the due date of the tax return. Provides that for the ten tax years beginning when the beneficiary attains age 25, ten percent of the amount paid or distributed from an education savings account to pay the educational expenses of that individual shall be included in his or her gross income each year. Establishes a 15 percent tax on the investment income of an education savings account unless it ceases to be a proper education savings account because either the contributor-taxpayer engages in prohibited transactions or the account's beneficiary pledges the account as security. (In such cases, regular capital gains tax rates would apply.) Establishes penalties in the form of additional tax when account funds or distributions are used for other than educational purposes. Requires that the trustee of an education savings account report to the Secretary of the Treasury and to the account's beneficiary on the maintenance of the account. Establishes a six percent excise tax on excess contributions to an educational savings account. Provides that contributions to an education savings account shall not be subject to gift tax. Establishes a five percent excise tax on amounts connected with any prohibited transaction with respect to an education savings account. Establishes a penalty for failure to file required reports concerning the education savings account. Excludes from the gross income of an individual any distributions from an education savings account used exclusively for that individual's educational expenses (deferring taxation of these amounts until the beneficiary attains age 25).
Bill· SS. 1622 (100th)referred
United States · United States Congress · 7 August 1987
Amends the Internal Revenue Code to allow rural telephone and electric cooperatives to exclude allocations in the nature of patronage dividends when determining net book income for purposes of the minimum tax.
Bill· SS. 1640 (100th)referred
United States · United States Congress · 7 August 1987
Amends the Internal Revenue Code to permit production credit associations and banks for cooperatives an income tax deduction for any reasonable addition to a reserve for bad debts.
Bill· SS. 1623 (100th)referred
United States · United States Congress · 7 August 1987
Amends the Internal Revenue Code to accord income tax treatment as a qualified cash or deferred arrangement (401(k) plan) to a defined contribution plan established and maintained by a rural telephone cooperative. (Under current law, rural electric cooperatives, but not rural telephone cooperatives, are permitted to offer such plans to their employees.) Applies to such plans the same accounting rules as are currently applied to the plans of rural electric cooperatives.
Bill· HRH.R. 3197 (100th)open
United States · United States Congress · 7 August 1987
Taxpayers' Protection Act of 1987 - Requires the Secretary of the Treasury (Secretary) to prepare a statement setting forth in nontechnical terms: (1) the rights and obligations of a taxpayer and of the Internal Revenue Service (IRS) during a tax audit; (2) the procedures by which a taxpayer may appeal adverse decisions, prosecute refund claims, and file complaints; and (3) the procedures that the IRS may use in enforcing revenue laws. Directs the Secretary to transmit drafts of such statement to specified congressional committees and to distribute the final statement to all taxpayers with tax forms sent by the IRS. Amends the Internal Revenue Code to require IRS personnel, upon taxpayer request, to conduct interviews at a time and place convenient to both the taxpayer and the personnel. Extends from ten to 30 days the period between the required notice to a person who neglects or refuses to pay tax liability and a levy on such person's salary, wages, or other property. Specifies information that must be incorporated in such notice, including possible alternative actions and the appropriate appeals procedures. Adds to the circumstances triggering termination of such a levy: (1) an agreement between the taxpayer and the Secretary for payment of the liability; and (2) the Secretary's determination that the taxpayer's financial condition precludes enforceability of the liability. Revises the list of property exempt from levy to increase the exempt amount permitted for certain personal effects, the property of a business, and wages. Requires the Secretary to abate in full any deficiency, including penalty or interest, completely attributable to erroneous advice given to a taxpayer by an IRS officer or employee in response to such taxpayer's specific inquiry. Directs IRS officers and employees, when giving oral advice to a person, to inform the person that the contents of such communication are not binding on the IRS. Authorizes the IRS Ombudsman, upon application filed by a taxpayer, to issue a Taxpayer Assistance Order if, in the determination of the Ombudsman: (1) the taxpayer is suffering or is about to suffer from an unusual or irreparable loss as a result of the manner in which the internal revenue laws are being administered by the Secretary; and (2) the Secretary has failed to carry out duties or has violated any provision of law. Allows the terms of a Taxpayer Assistance Order to require the Secretary to release property of the taxpayer levied upon or to cease or refrain from certain actions. Requires the Secretary to obey any Taxpayer Assistance Order issued by the Ombudsman. Exempts from levy: (1) welfare payments under title IV (aid to families with dependent children) of the Social Security Act; (2) supplemental security income under title XVI of the Social Security Act (aid for the aged, blind, and disabled); (3) State or local government public assistance programs whose eligibility requirements are based on income or need; and (4) unemployment training allowances under the Job Training Partnership Act. Entitles a taxpayer, in the event of a wrongful levy on property, to the prompt return of the property in question or, if the property has been sold, to the greater of the amount received from its sale or its fair market value immediately preceding the levy.
Bill· HRH.R. 3218 (100th)referred
United States · United States Congress · 7 August 1987
Amends the Internal Revenue Code to exempt from the ten percent penalty tax on early distributions from qualified retirement plans certain amounts received by certain New York City service employees (public safety officers, firefighters, and sanitation workers) under deferred compensation plans established and funded in accordance with particular collective bargaining agreements.
Bill· HRH.R. 3219 (100th)referred
United States · United States Congress · 7 August 1987
Repeals specified provisions of the Tax Reform Act of 1986 which eliminate the income tax deduction for State and local sales taxes. Provides that the Internal Revenue Code of 1986 shall be applied and administered as if such provisions had not been enacted.
Bill· HRH.R. 3224 (100th)referred
United States · United States Congress · 7 August 1987
Amends the Internal Revenue Code to exclude deductions for business expenses, interest on indebtedness, and taxes from calculations to determine the passive loss limitation in connection with rental real estate activity in which a noncorporate taxpayer actively or materially participates.
Bill· HRH.R. 3220 (100th)referred
United States · United States Congress · 7 August 1987
Amends the Internal Revenue Code (IRC) to exempt from income tax any trust that is part of a deferred compensation plan that: (1) is organized exclusively for New York City uniformed public safety officers; (2) meets specified requirements applicable to deferred compensation plans of State and local governments; and (3) provides that all plan assets shall be used solely to provide plan benefits and shall not be subject to the claims of either the employer or the employer's creditors. Applies IRC tax deferral provisions to such plans, but exempts them from provisions that accord rights in plan assets to the employer until distributions are made to participants or beneficiaries. Permits a tax exclusion of rollovers to and from such a tax-exempt trust. Amends the Employee Retirement Income Security Act of 1974 (ERISA) to include such a tax-exempt tax-deferred compensation plan within the definition of "governmental plan", thus exempting such a plan from certain ERISA requirement provisions relating to the protection of employee benefit rights.
Bill· HRH.R. 3205 (100th)referred
United States · United States Congress · 7 August 1987
Individual Education Savings Account Act of 1987 - Amends the Internal Revenue Code to allow an individual taxpayer an income tax deduction for cash contributions to a savings account established to pay the tuition and lodging expenses, as certified by the relevant educational institution, of the taxpayer's child (or descendant of such child) at an institution of higher education or a vocational school. Limits the amount of the deduction to $2,000 per year and a $48,000 total. Provides that: (1) an account may have only one beneficiary; and (2) only one taxpayer may contribute to such an account. Lists requirements applicable to an educational savings account trust. Permits the exclusion from gross income of payments and distributions from an education savings account as long as such amounts are used for the qualified educational expenses of the eligible beneficiary or are distributions of excess contributions before the due date of the tax return. Exempts the accounts themselves from taxation (except for the tax on unrelated business income of a charitable organization) unless they cease to be proper education savings accounts because: (1) the beneficiary no longer meets age or school enrollment requirements; or (2) the contributor-taxpayer transfers an ownership interest in the account, engages in prohibited transactions, or pledges the account as security. Imposes penalties in the form of additional tax when account funds or distributions are used for other than educational purposes. Permits a tax exclusion for qualified rollover contributions with respect to an educational savings account. Requires that the trustee of the account report to the Secretary of the Treasury and to the account's owner on the maintenance of the account. Extends the deduction for contributions to the account to taxpayers who do not otherwise itemize deductions. Establishes: (1) a six percent excise tax on excess contributions to an education savings account; (2) a five percent excise tax on amounts connected with any prohibited transaction; and (3) a penalty for failure to file reports required concerning the account. Amends the Higher Education Act of 1965 with respect to the treatment of education savings accounts under Federal student financial aid programs. Identifies the role of account funds and distributions for purposes of Pell grant eligibility determinations and the needs analysis applicable to student financial aid generally. Provides that contributions from such funds by persons with income of less than $35,000 will be indexed according to a special specified formula when calculating eligibility for student aid.
Bill· SS. 1610 (100th)referred
United States · United States Congress · 6 August 1987
Amends the Internal Revenue Code to eliminate the retroactive certification of employees for purposes of the income tax credit for certain expenses of work incentive programs. Applies such amendment to credits first claimed after March 11, 1987.
Bill· SS. 1617 (100th)referred
United States · United States Congress · 6 August 1987
Amends the Internal Revenue Code to increase from 50 percent to 67 percent the amount of research and development expenditures that a company must allocate to income from sources within the United States. Establishes a special rule for the qualified research and experimental expenditures required by governmental entities. Requires companies to report on a consolidated basis with respect to the expenditures associated with this source rule.
Bill· HRH.R. 3147 (100th)open
United States · United States Congress · 6 August 1987
Amends the Internal Revenue Code to treat as life insurance policies certain self-funded death benefit plans maintained by a church for its employees, thus excluding the benefits provided through such plans from gross income for income tax purposes.
Bill· HRH.R. 3181 (100th)referred
United States · United States Congress · 6 August 1987
Amends Federal law to prohibit any State or local government from imposing a discriminatory income tax on nonresidents who reside in a State that imposes no income tax. Identifies as discriminatory any income tax under which the liability of the nonresident individual with respect to income from transactions or services within the taxing State exceeds the liability that the individual would incur, based on the same income, as a resident of that State. Exempts from the prohibition any tax enacted prior to 1986.
Resolution· HRESH.Res. 251 (100th)referred
United States · United States Congress · 6 August 1987
Expresses the sense of the House of Representatives that an excise tax on sales of boats should not be enacted.
Bill· HRH.R. 3125 (100th)referred
United States · United States Congress · 5 August 1987
Amends the Congressional Budget Act of 1974 to provide for a reduction in the pay of Members of Congress if the Congress fails to complete action on a concurrent resolution on the budget. Makes it out of order to consider the legislative branch appropriation bill if the level of funding in such bill exceeds 90 percent of such funding for the preceding fiscal year and if by October 1 the Congress has not adopted a balanced budget. Makes this Act effective for fiscal years beginning after September 30, 1991.
Bill· HRH.R. 3121 (100th)referred
United States · United States Congress · 5 August 1987
Amends the Internal Revenue Code with respect to the allocation and apportionment of qualified research and experimental expenditures to sources within and outside the United States for income tax purposes. Requires that any such expenditures made solely to meet a political jurisdiction's legal requirements concerning products or processes unlikely to yield extrajurisdictional income be allocated only to income within that political jurisdiction. Increases from 50 to 67 percent the amount of research and experimental expenditures that a company must allocate to income from U.S. sources. Requires companies to report on a consolidated basis with respect to the expenditures associated with these source rules.
Bill· HRH.R. 3103 (100th)referred
United States · United States Congress · 5 August 1987
Requires that a resolution making continuing appropriations for a fiscal year which is adopted by the Congress be delivered to the President as a series of separate resolutions (line-item veto).
Bill· HRH.R. 3104 (100th)referred
United States · United States Congress · 5 August 1987
Requires a 60 percent majority vote of the Senate and the House of Representatives for passage of a resolution making continuing appropriations for a fiscal year.
Bill· HRH.R. 3091 (100th)open
United States · United States Congress · 4 August 1987
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 tax 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 proceedings before the Tax Court. Makes binding on the Secretary: (1) a tax return prepared for the taxpayer by an IRS officer or employee acting in official capacity to provide such assistance; and (2) written information or advice given to the taxpayer by such an officer or employee acting in official capacity. Places the burden of proof upon the IRS in administrative and judicial proceedings involving the IRS and a taxpayer. Directs that the 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 conflicts with rights and privileges granted under the Constitution.
Bill· HRH.R. 3076 (100th)referred
United States · United States Congress · 3 August 1987
Home Ownership Opportunity Act of 1987 - Amends the Internal Revenue Code to permit an individual who has had no present ownership interest in a principal residence during the three-year period immediately preceding the purchase in question to use tax-free distributions from an individual retirement account or annuity to purchase a home if: (1) the purchase is made within 90 days of the distribution; and (2) amounts equal to the distribution amount have been paid into the affected account at least 12 months prior to the purchase. Limits to an aggregate maximum of $10,000 the amount of distributions that may be used in this way.
Resolution· HRESH.Res. 237 (100th)passed
United States · United States Congress · 3 August 1987
Sets forth the rule for the consideration of H.R. 1315 (Nuclear Regulatory Commission funding).
Bill· SS. 1576 (100th)referred
United States · United States Congress · 31 July 1987
Tithe Tax Act of 1987 - Amends the Internal Revenue Code to repeal the following taxes: (1) the corporate income tax; (2) the alternative minimum tax insofar as it applies to corporations; (3) the tax on the unrelated business income of tax-exempt organizations; (4) the tax on the accumulated earnings of certain corporations; (5) the tax applied to personal holding companies; (6) the alternative tax for certain mutual savings banks; (7) income taxes imposed on insurance companies, regulated investment companies, and real estate investment trusts; and (8) the tax on the income of foreign corporations connected with U.S. business. Revises the individual income tax to impose a ten percent tax on an individual's earned income, to the extent it exceeds a specified exempt amount ($10,000 for 1988), adjusted annually based on the Consumer Price Index. Includes as earned income; (1) wages, salaries, and other employee compensation; (2) the amount of net earnings from self-employment; and (3) the amount of dividends from a personal service corporation or which are otherwise directly or indirectly compensation for services. Excludes from earned income (and thereby exempts from taxation): (1) any amount received as a pension or annuity; and (2) tips. Repeals all tax exclusions, tax deductions, and tax credits currently used to determine individual income tax liability. Repeals the estate tax, the gift tax, and the tax on certain generation-skipping transfers. Directs the Secretary of the Treasury, within 90 days of this Act's enactment, to submit to a specified congressional committee a draft of conforming and technical changes in the Internal Revenue Code that would be required to reflect the changes made by this Act.
Bill· HRH.R. 3064 (100th)open
United States · United States Congress · 30 July 1987
Amends the Internal Revenue Code to exclude from the gross income of an individual any interest received or accrued on U.S. college bonds to the extent such amount is used to pay the qualified tuition expenses (tuition, fees, books, supplies, and equipment) in connection with the post-secondary education of the taxpayer, spouse, or dependents at a qualified educational organization. Directs the Secretary of the Treasury to issue U.S. college bonds, a form of savings bond, having maturities varying at one-year intervals and bearing the statement that otherwise taxable amounts deriving from redemption of the bonds may be excluded from gross income when used to pay qualifying tuition expenses.
Bill· HRH.R. 3065 (100th)referred
United States · United States Congress · 30 July 1987
Amends Internal Revenue Code provisions relating to the income tax deduction for the health insurance costs of self-employed individuals to: (1) increase from 25 percent to 100 percent the allowable deduction; and (2) make the deduction permanent (under current law it will expire after tax year 1989).
Bill· HRH.R. 3045 (100th)open
United States · United States Congress · 29 July 1987
Amends the Internal Revenue Code to accord income tax treatment as a qualified cash or deferred arrangement (401(k) plan) to a defined contribution plan established and maintained by a rural telephone cooperative. (Under current law, rural electric cooperatives, but not rural telephone cooperatives, are permitted to offer such plans to their employees.) Applies to such plans the same accounting rules as are currently applied to the plans of rural electric cooperatives.
Bill· HRH.R. 3044 (100th)referred
United States · United States Congress · 29 July 1987
Amends the Internal Revenue Code to allow rural telephone and electric cooperatives to exclude allocations in the nature of patronage dividends when determining net book income for purposes of the minimum tax.
Resolution· SRESS.Res. 257 (100th)open
United States · United States Congress · 28 July 1987
Prohibits Senate offices from incurring official mail costs for FY 1988 in excess of the amounts allocated to such offices in accordance with this resolution. Requires the Committee on Rules and Administration to determine such costs. Urges the House of Representatives to make similar expenditure limitations. Directs the Committee to prescribe: (1) a recordkeeping system to ensure that allocated amounts are not exceeded; and (2) a procedure to transfer portions of an allocation from one Senate office to another.
Bill· HRH.R. 3037 (100th)open
United States · United States Congress · 28 July 1987
Nuclear Regulatory Commission Authorization Act for Fiscal Years 1988 and 1989 - Authorizes appropriations for the Nuclear Regulatory Commission for FY 1988 and 1989. Prescribes allocation guidelines. Amends the Consolidated Omnibus Budget Reconciliation Act of 1985 to repeal the requirement that the Commission submit to certain congressional committees a feasibility study regarding user charges.
Bill· SS. 1547 (100th)referred
United States · United States Congress · 24 July 1987
Amends the Internal Revenue Code with respect to certain amounts treated as taxable dividends received from foreign corporations when the recipient domestic corporation chooses to have the benefits of the foreign tax credit. Excludes amounts of taxes deemed to be paid (included in the dividend but not actually paid by the recipient corporation) from the apportionment of expenses, losses, and other deductions for the purpose of determining taxable income from sources within and outside the United States.
Bill· SS. 1533 (100th)open
United States · United States Congress · 23 July 1987
Amends the Internal Revenue Code to allow an individual taxpayer an income tax deduction for cash contributions to a savings account established to pay the educational expenses (tuition, supplies, meals, and lodging) of a dependent at an institution of higher education or a vocational school. Limits the amount of the deduction to the lesser of $1,000 or the earned income includible in the taxpayer's gross income for the year. Disallows the deduction for contributions to an account maintained for any individual who has attained age 19. Provides that: (1) no account may have more than one beneficiary; and (2) no individual may be a beneficiary of more than one account. Permits the exclusion from gross income of payments and distributions from an education savings account as long as such amounts are used exclusively for the educational expenses of the eligible beneficiary or are distributions of excess contributions before the due date of the tax return. Exempts the accounts themselves from taxation (except for the tax on unrelated business income of a charitable organization) unless they cease to be proper education savings accounts because either the contributor-taxpayer engages in prohibited transactions or the account's beneficiary pledges the account as security. Imposes penalties in the form of additional tax when account funds or distributions are used for other than educational purposes. Requires that the trustee of an education savings account report to the Secretary of the Treasury and to the account's beneficiary on the maintenance of the account. Extends the deduction for contributions to an educational savings account to taxpayers who do not otherwise itemize deductions. Imposes a six percent excise tax on excess contributions to an education savings account. Provides that contributions to an education savings account shall not be subject to gift tax. Imposes a five percent excise tax on amounts connected with any prohibited transaction with respect to an education savings account. Imposes a penalty for failure to file required reports concerning the education savings account. Excludes from the gross income of an individual any distributions from an education savings account used exclusively for that individual's educational expenses.
Bill· SS. 1534 (100th)referred
United States · United States Congress · 23 July 1987
Amends the Internal Revenue Code to allow an individual taxpayer an income tax deduction for cash contributions to a housing savings account established for the exclusive benefit of an individual who has never owned his or her principal residence. Limits: (1) the amount of the tax year deduction to the lesser of $2,000 or the earned income includible in the taxpayer's gross income for that year; and (2) total deductions to $20,000. Provides that no individual may be a beneficiary of more than one account. Permits the exclusion from gross income of payments and distributions from a housing savings account as long as such amounts are used exclusively in connection with the purchase of a principal residence for the eligible beneficiary or are distributions of excess contributions before the due date of the tax return. Exempts the account itself from taxation (except for the tax on unrelated business income) unless it ceases to be a proper housing savings account because the taxpayer either engages in prohibited transactions or acquires a principal residence. Imposes penalties in the form of additional tax when account funds or distributions are used for other than the legitimate housing purposes for which the account was established. Requires that the trustee of a housing savings account report to the Secretary of the Treasury and to the account's beneficiary on the maintenance of the account. Extends the deduction for contributions to a housing savings account to taxpayers who do not otherwise itemize deductions. Imposes a six percent excise tax on excess contributions to a housing savings account. Provides that contributions to a housing savings account shall not be subject to gift tax. Imposes a five percent excise tax on amounts connected with any prohibited transaction with respect to a housing savings account. Imposes a penalty for failure to file reports required with respect to a housing savings account. Excludes from the gross income of an individual distributions from a housing savings account used in connection with the purchase of a principal residence for that individual.
Bill· SS. 1535 (100th)referred
United States · United States Congress · 23 July 1987
Amends the Internal Revenue Code to make available to an employer a credit against income tax liability for expenses paid or incurred during the taxable year to acquire, construct, rehabilitate, or expand an on-site day care facility operated by the employer for the care of enrollees, at least 30 percent of whom must be dependents of the employer's employees. Limits the amount of the credit based on the number of enrollees who may be cared for in the facility at one time. Provides for recapture of the credit if the facility ceases operation or changes ownership. Describes how the credit would function with respect to controlled groups of corporations, multiple employers, and partnerships. Sets out rules to govern the pass-through of credit when applicable.
Bill· SS. 1531 (100th)referred
United States · United States Congress · 23 July 1987
Amends the Internal Revenue Code to deny the use of the cash method of accounting to farm product processing corporations that have gross receipts in excess of $100,000,000. (Current law allows corporations with gross receipts of $1,000,000 or less to use the cash method of accounting.) Effects this required change in accounting procedures over a three-year phase-in period.
Bill· HRH.R. 2995 (100th)open
United States · United States Congress · 23 July 1987
Corporate Raider Tax Act of 1987 - Amends the Internal Revenue Code to impose a 50 percent excise tax on gain realized by greenmail recipients. Defines "greenmail" as any amount paid or incurred by a corporation in a direct or indirect redemption of its stock from any shareholder if: (1) the shareholder held such stock for less than two years; and (2) during the two-year period ending on the date of redemption the shareholder, a person acting in concert with the shareholder, or a person related to either made or threatened to make a public tender offer for stock of the corporation. Imposes the tax regardless of whether gain is actually realized. Disallows an income tax deduction for payment of the tax. Requires that a hostile stock purchase in a corporate takeover attempt be treated as an asset acquisition by the purchasing corporation. Disallows an income tax deduction for any interest on indebtedness incurred or continued by a purchasing shareholder to purchase or carry corporate stock or assets acquired through a hostile purchase.
Bill· HRH.R. 3014 (100th)referred
United States · United States Congress · 23 July 1987
Limits the number of fiscal year alien admissions (other than political asylum entries) to 600,000.