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Bill· HRH.R. 10221 (94th)referred

Local Fiscal Assistance Act

United States · United States Congress · 20 October 1975

Local Fiscal Assistance Act - Revises the State and Local Fiscal Assistance Act to delete the provisions of that Act authorizing payments by the Secretary of the Treasury to units of general local government from the Trust Fund created by that Act. Changes the designation of the "State and Local Government Fiscal Assistance Trust Fund" to the "Local Government Fiscal Assistance Trust Fund. Makes appropriations to the Trust Fund, out of amounts in the general fund of the Treasury, for the transition period and for fiscal years 1976 through 1981. Makes appropriations to the Trust Fund, out of amounts in the general fund of the Treasury, for noncontiguous States adjustment amounts, for the transition period and for fiscal years 1976 through 1981. Directs that allocations made to States from the Trust Fund be allocated among the units of local government of the States. Authorizes local government units to issue special revenue sharing bonds guaranteed by the United States Government when the Secretary of the Treasury determines such government is in critical need of such funds. Directs units of local government to report to the Secretary concerning the amounts and purposes for which funds received under this Act were expended. Prohibits discrimination on the basis of race, color, national origin, or sex with respect to any program for which funds are provided under this Act.

Bill· HRH.R. 10219 (94th)referred

A bill to amend the Internal Revenue Code of 1954 to allow a deduction to individuals who rent their principal residences for a portion of the real property taxes paid or accrued by their landlords.

United States · United States Congress · 20 October 1975

Allows a tax deduction under the Internal Revenue Code to individuals who rent their principal residences for the portion of the real property taxes paid or accrued by their landlords that may be allocated to such residence.

Bill· HRH.R. 10243 (94th)referred

A bill to amend the Internal Revenue Code to encourage the continuation of family farms, and to provide that farmland, woodland, or open land which comprises part of an estate may be valued, for estate tax purposes, as such rather than at its fair market value, and to provide that real property which is listed on the National Register of Historic Places may be valued, for estate tax purposes, at its value for its existing use, and to provide for the revocation of such lower evaluation and recapture of unpaid taxes with interest in appropriate circumstances.

United States · United States Congress · 20 October 1975

Exempts from the estate tax imposed under the Internal Revenue Code the lesser of: (1) $200,000 and (2) the value of the decedent's interest in a family farming operation operated continually by the decedent for at least five years prior to his death and which passes to a relative on his death. Provides for revocation of such exemption in the event that the successor transfers his interest or stops residing on the farm within five years of the death of his transferor. Provides, under the Internal Revenue Code, that farmland, woodland, or open land which comprises part of an estate may be valued, for estate tax purposes, as such rather than at its fair market value. Provides that real property which is listed on the National Register of Historic Places may be valued, for estate tax purposes, at its value for its existing use. Provides for the revocation of such lower evaluation and recapture of unpaid taxes with interest upon the conversion, rezoning, or removal of such land from the National Register of Historic Places.

Bill· HRH.R. 10213 (94th)referred

State and Local Fiscal Assistance Amendments

United States · United States Congress · 20 October 1975

State and Local Fiscal Assistance Amendments - Revises the State and Local Fiscal Assistance Act in order to allow the Secretary of the Treasury to reserve such percentage of the total entitlement payment as he deems necessary to insure that there will be sufficient funds available to pay adjustments due after the final allocation of funds among the State governments and units of local government. Restricts the use of funds received by the local governments to local priority expenditures, including public safety, environmental protection, and other enumerated areas. Specifies minimum expenditure and other restrictions upon the use of such funds. Makes authorizations to the Trust Fund in amounts as specified. Revises the formula to be used in allocating funds between State and local governments. Indicates circumstances for which State and local governments shall have their entitlement reduced. Provides supplemental entitlements for low income communities. Sets forth procedures which must be adopted by State and local governments before allocation of funds shall be made pursuant to this Act. Provides that such procedures shall include citizen participation in the decision-making process. Forbids discrimination on the basis of race, color, religion or national origin, in the allocation of benefits or participation in any program funded by this Act. Authorizes the Secretary to take specified action against any unit of government violating this provision. Requires each State to submit a report to the Secretary setting forth the amounts and purposes for which funds have been spent or obligated. Provides for priavte remedies against violators of the provisions of this Act by governmental units.

Bill· HRH.R. 10223 (94th)referred

Local Fiscal Assistance Act

United States · United States Congress · 20 October 1975

Local Fiscal Assistance Act - Revises the State and Local Fiscal Assistance Act to delete the provisions of that Act authorizing payments by the Secretary of the Treasury to units of general local government from the Trust Fund created by that Act. Changes the designation of the "State and Local Government Fiscal Assistance Trust Fund" to the "Local Government Fiscal Assistance Trust Fund. Makes appropriations to the Trust Fund, out of amounts in the general fund of the Treasury, for the transition period and for fiscal years 1976 through 1981. Makes appropriations to the Trust Fund, out of amounts in the general fund of the Treasury, for noncontiguous States adjustment amounts, for the transition period and for fiscal years 1976 through 1981. Directs that allocations made to States from the Trust Fund be allocated among the units of local government of the States. Authorizes local government units to draw funds to which they will become entitled in advance of the actual period for which such funds will be entitled where the chief executive officer of such local government shows a critical need for such funds.

Resolution· HRESH.Res. 788 (94th)referred

Resolution to clarify that the individual income tax rebate provided by the Tax Reduction Act of 1975, Public Law, 94-12 is intended not to be subject to State income taxes.

United States · United States Congress · 20 October 1975

States that the House of Representatives intends that the individual income tax rebate provided by the Tax Reduction Act of 1975 is not to be subject to State income tax and that the rebates do not involve any reduction in the taxpayer's Federal income tax liability as such for 1974 nor do they constitute income to the taxpayer.

Bill· SS. 2518 (94th)referred

A bill to amend the Internal Revenue Code of 1954 to treat the noncash remuneration paid to certain workers on fishing boats as self-employment income for purposes of the Federal Insurance Contributions Act, and for purposes of Federal income tax withholding requirements.

United States · United States Congress · 9 October 1975

Provides, under the Internal Revenue Code, that the noncash remuneration paid to qualified workers on fishing boats shall be treated as self-employment income for purposes of the Federal Insurance Contributions Act, and for purposes of Federal income tax withholding requirements.

Bill· HRH.R. 10155 (94th)failed

A bill to amend the Internal Revenue Code of 1954 with respect to the exempt function income of a political organization.

United States · United States Congress · 9 October 1975

Redefines "exempt function income" of a political organization for purposes of the Internal Revenue Code to mean any amount received as (1) a contribution of money or other property; (2) membership dues; (3) proceeds from a political fund-raising or entertainment event; or (4) proceeds from a trade or business where substantially all the work is performed for the trade or business without compensation.

Bill· HRH.R. 10181 (94th)referred

A bill to amend the Internal Revenue Code of 1954 to increase to $1,200 the personal income tax exemptions of a taxpayer (including the exemption for a spouse, the exemptions for dependents, and the additional exemptions for old age and blindness).

United States · United States Congress · 9 October 1975

Increases to $1,200 the personal income tax exemptions of a taxpayer under the Internal Revenue Code (including the exemption for a spouse, the exemptions for dependents, and the additional exemptions for old age and blindness). Increases the amounts of the withholding exemptions applicable for purposes of the collection of income tax at the source in order to reduce the amounts withheld at the source.

Bill· HRH.R. 10165 (94th)referred

A bill to provide for the exclusion of industrially funded personnel in computing the total number of civilian personnel authorized by law for the Department of Defense in any fiscal year.

United States · United States Congress · 9 October 1975

Directs that in computing the total number of civilian personnel authorized in any fiscal year for the Department of Defense or any military department thereof, there shall be excluded from such computation civilian personnel engaged in industrially funded activities.

Bill· HRH.R. 10137 (94th)referred

A bill to extend to all unmarried individuals the full tax benefits of income splitting now enjoyed by married individuals filing joint returns; and to remove rate inequities for married persons where both are employed.

United States · United States Congress · 9 October 1975

Extends to all unmarried individuals the full tax benefits of income splitting now enjoyed by married individuals filing joint returns. Provides the same income tax rate tables to all individuals, whether married and filing separately or unmarried. States that such income tax treatment shall become effective after December 31, 1975.

Bill· HRH.R. 10180 (94th)referred

Tax Justice Act

United States · United States Congress · 9 October 1975

Tax Justice Act - Title I: Capital Gains and Losses - Repeals, under the Internal Revenue Code, the alternative tax for individuals and corporations. Provides for a gradual phase-out of the capital gains deduction. States that such deduction shall not apply after December 31, 1979. Establishes a new system for treatment of capital losses, carrybacks, and carryovers. Provides that unrealized gains on capital assets held at death or transferred by gift shall be treated as long term capital gains, to the extent such amount exceeds $25,000, reduced by permitted amounts. Permits the taxpayer to elect, with respect to any capital asset, to treat the excess of the fair market value over the adjusted basis of such asset as a long term capital gain. Title II: Reforms Relating to Business Taxes - Terminates the investment credit for property constructed or acquired after 1976. Repeals the asset depreciation range system. Repeals the provision permitting the amortization of expenditures to rehabilitate low-income rental housing. Sets forth limitations on farming deductions, including horse racing. Repeals the percentage depletion allowance, the option to deduct intangible drilling costs, and specified amortization provisions. Title III: Treatment of Foreign Source Income - Provides for taxation of amounts included in the gross income of U. S. shareholders of controlled foreign corporations. Sets forth rules for determining stockownership. Excludes previously taxed earnings and profits from gross income. Repeals the tax exemption for Domestic International Sales Corporations (DISC). Limits the foreign tax credit in cases of foreign oil and gas income. Repeals the deductions for Western Hemisphere trade corporations. Denies special tax treatment to dividends from less developed country corporations. Title IV: Estate and Gift Tax Amendments - Imposes estate tax rates on inter vivos gifts, and an additional tax on transfers to generation-skipping trusts. Limits charitable deductions to 50 percent with respect to the estate tax. Title V: State and Local Obligations - Repeals the interest exemption for new issues of State and local bonds. Requires the United States to pay 50 percent of the interest yeild on such obligations. Title VI: Provisions Relating to Individuals - Substitutes a credit in lieu of deductions for personal exemptions. Repeals the provision allowing partial exclusion of dividends. Grants a tax credit for personal deductions equivalent to 25 percent of the personal deductions for the taxable year. Disallows any deduction for the business use of the home, unless a portion of the home is used exclusively for business purposes. Repeals the fifty-one percent maximum tax on earned income.

Bill· HRH.R. 10127 (94th)referred

A bill to amend the Internal Revenue Code of 1954 to provide, for purposes of the estate tax, an alternative method of valuing certain property which is farmland, woodland or open spaces or which has historic value in order to encourage the preservation of such property, and to provide a deduction from the gross estate for a certain portion of the farming interests held by the decedent.

United States · United States Congress · 9 October 1975

Provides, under the Internal Revenue Code for purposes of the estate tax, an alternative method of valuing, according to use, property which is farmland, woodland, or open spaces or which has historic value in order to encourage the preservation of such property. Provides a deduction from the gross estate for a certain portion of the farming interests held by the decedent.

Bill· HRH.R. 10148 (94th)referred

A bill to amend the Internal Revenue Code of 1954 to exempt nonprofit volunteer firefighting or rescue organizations from the Federal excise taxes on gasoline, diesel fuel, and certain other articles and services.

United States · United States Congress · 9 October 1975

Exempts, under the Internal Revenue Code, nonprofit volunteer firefighting or rescue organizations from the Federal excise taxes on gasoline, diesel fuel, and special fuels. Exempts such organization from the tax on communication services.

Bill· HRH.R. 10124 (94th)referred

A bill to allow a credit against Federal income taxes or a payment from the U.S. Treasury for State and local real property taxes or an equivalent portion of rent paid on their residences by individuals who have attained age 65.

United States · United States Congress · 9 October 1975

Allows a tax credit against Federal income taxes or a payment from the United States Treasury for State and local real property taxes or an equivalent portion of rent paid on their residences by individuals who have attained age 65. States that the total tax credit and payment from the Treasury under this Act for any taxable year shall not exceed $300 ($150 in the case of a married individual filing a separate return). Provides that the credit otherwise allowable under this Act shall be reduced by an amount equal to the amount by which the taxpayer's adjusted gross income for the taxable year exceeds $6,500 ($3,250 in the case of a married individual filing a separate return). States that in the case of a husband and wife who file a single return jointly under this Act, the age requirement contained herein shall be treated as satisfied if either spouse has attained the age of 65 before the close of the taxable year. Provides that for the purposes of this Act a tenant-stockholder in a cooperative housing corporation shall be deemed to own his dwelling unit. States that the term "rent constituting property taxes" means an amount equal to 25 percent of the rent paid during a taxable year by a taxpayer for the right to occupy his dwelling during that year, excluding any charges for utilities, services, furnishings, or appliances furnished by the landlord as a part of the rental agreement.

Bill· SS. 2496 (94th)referred

A bill to amend the Internal Revenue Code of 1954 to provide that certain limited miscellaneous contributions may be taken into account for purposes of determining whether a private foundation has met the minimum distribution requirements of section 4942 of such Code.

United States · United States Congress · 8 October 1975

Provides that limited miscellaneous contributions for defraying expenses may be taken into account for purposes of determining whether a private foundation has met the minimum distribution requirements of the Internal Revenue Code.

Bill· HRH.R. 10086 (94th)referred

Tax Justice Act

United States · United States Congress · 8 October 1975

Tax Justice Act - Title I: Capital Gains and Losses - Repeals, under the Internal Revenue Code, the alternative tax for individuals and corporations. Provides for a gradual phase-out of the capital gains deduction. States that such deduction shall not apply after December 31, 1979. Establishes a new system for treatment of capital losses, carrybacks, and carryovers. Provides that unrealized gains on capital assets held at death or transferred by gift shall be treated as long term capital gains, to the extent such amount exceeds $25,000, reduced by permitted amounts. Permits the taxpayer to elect, with respect to any capital asset, to treat the excess of the fair market value over the adjusted basis of such asset as a long term capital gain. Title II: Reforms Relating to Business Taxes - Terminates the investment credit for property constructed or acquired after 1976. Repeals the asset depreciation range system. Repeals the provision permitting the amortization of expenditures to rehabilitate low-income rental housing. Sets forth limitations on farming deductions, including horse racing. Repeals the percentage depletion allowance, the option to deduct intangible drilling costs, and specified amortization provisions. Title III: Treatment of Foreign Source Income - Provides for taxation of amounts included in the gross income of U. S. shareholders of controlled foreign corporations. Sets forth rules for determining stockownership. Excludes previously taxed earnings and profits from gross income. Repeals the tax exemption for Domestic International Sales Corporations (DISC). Limits the foreign tax credit in cases of foreign oil and gas income. Repeals the deductions for Western Hemisphere trade corporations. Denies special tax treatment to dividends from less developed country corporations. Title IV: Estate and Gift Tax Amendments - Imposes estate tax rates on inter vivos gifts, and an additional tax on transfers to generation-skipping trusts. Limits charitable deductions to 50 percent with respect to the estate tax. Title V: State and Local Obligations - Repeals the interest exemption for new issues of State and local bonds. Requires the United States to pay 50 percent of the interest yeild on such obligations. Title VI: Provisions Relating to Individuals - Substitutes a credit in lieu of deductions for personal exemptions. Repeals the provision allowing partial exclusion of dividends. Grants a tax credit for personal deductions equivalent to 25 percent of the personal deductions for the taxable year. Disallows any deduction for the business use of the home, unless a portion of the home is used exclusively for business purposes. Repeals the fifty-one percent maximum tax on earned income.

Bill· HRH.R. 10112 (94th)referred

A bill to amend the Internal Revenue Code of 1954 to provide for judicial review of certain interpretations of the Federal tax laws which provide favorable tax treatment to certain taxpayers.

United States · United States Congress · 8 October 1975

Permits, under the Internal Revenue Code, the United States Tax Court to issue declaratory judgments with respect to interpretations of the Federal tax laws which provide favorable tax treatment to specified retirement plans.

Bill· HRH.R. 10108 (94th)referred

Permanent Tap Reduction Act

United States · United States Congress · 8 October 1975

Permanent Tax Reduction Act - Stipulates that no provision of this Act shall take effect unless Congress passes a concurrent resolution providing for a fiscal year budget limitation of $395,000,000,000. Title I: Permanent Reductions in Individual Income Taxes - Increases the personal income tax exemption to $1000 under the Internal Revenue Code. Authorizes a standard deduction of $2,500 for married couples filing a joint return, $1,800 for an unmarried individual, and $1,250 in the case of a married individual filing a separte return. Provides for a permanent reduction in the amount of income tax imposed on married individuals, heads of households, and unmarried individuals. Revises the optional tax tables to include increases in the low-income allowance and permanent reductions in individual income taxes. Title II: Permanent Reductions in Corporate Income Taxes - Provides for a reduction in the corporate tax rates, corporate surtax, and surtax exemption. Title III: Permanent Increase in Investment Credit - Makes permanent the increase in the investment credit under the Internal Revenue Code. Title IV: Incentives for the Expansion of Electric Power Facilities - Increases to 12 percent the investment credit for property used predominantly in the trade or business of furnishing electrical energy (other than property using petroleum or natural gas as its principal fuel.) Eliminates the phase-in of qualified progress expenditure credits for specified electric utility property. Extends until January 1, 1981, the period in which pollution control facilities may qualify for the five year amortization deduction. Authorizes a 5 year amortization deduction for certified fuel conversion electric power generating facilites. Permits taxpayers meeting specified requirements set forth in the Electric Power Facility Construction Incentive Act to depreciate qualified progress expenditures for electric utility property. Sets forth limitations governing such deduction. Exempts dividend reinvestments in the common stock of public electric utilities from taxation. Provides special tax rules for dispositions of utility stocks.

Bill· HRH.R. 10087 (94th)referred

Tax Justice Act

United States · United States Congress · 8 October 1975

Tax Justice Act - Title I: Capital Gains and Losses - Repeals, under the Internal Revenue Code, the alternative tax for individuals and corporations. Provides for a gradual phase-out of the capital gains deduction. States that such deduction shall not apply after December 31, 1979. Establishes a new system for treatment of capital losses, carrybacks, and carryovers. Provides that unrealized gains on capital assets held at death or transferred by gift shall be treated as long term capital gains, to the extent such amount exceeds $25,000, reduced by permitted amounts. Permits the taxpayer to elect, with respect to any capital asset, to treat the excess of the fair market value over the adjusted basis of such asset as a long term capital gain. Title II: Reforms Relating to Business Taxes - Terminates the investment credit for property constructed or acquired after 1976. Repeals the asset depreciation range system. Repeals the provision permitting the amortization of expenditures to rehabilitate low-income rental housing. Sets forth limitations on farming deductions, including horse racing. Repeals the percentage depletion allowance, the option to deduct intangible drilling costs, and specified amortization provisions. Title III: Treatment of Foreign Source Income - Provides for taxation of amounts included in the gross income of U. S. shareholders of controlled foreign corporations. Sets forth rules for determining stockownership. Excludes previously taxed earnings and profits from gross income. Repeals the tax exemption for Domestic International Sales Corporations (DISC). Limits the foreign tax credit in cases of foreign oil and gas income. Repeals the deductions for Western Hemisphere trade corporations. Denies special tax treatment to dividends from less developed country corporations. Title IV: Estate and Gift Tax Amendments - Imposes estate tax rates on inter vivos gifts, and an additional tax on transfers to generation-skipping trusts. Limits charitable deductions to 50 percent with respect to the estate tax. Title V: State and Local Obligations - Repeals the interest exemption for new issues of State and local bonds. Requires the United States to pay 50 percent of the interest yeild on such obligations. Title VI: Provisions Relating to Individuals - Substitutes a credit in lieu of deductions for personal exemptions. Repeals the provision allowing partial exclusion of dividends. Grants a tax credit for personal deductions equivalent to 25 percent of the personal deductions for the taxable year. Disallows any deduction for the business use of the home, unless a portion of the home is used exclusively for business purposes. Repeals the fifty-one percent maximum tax on earned income.

Bill· HRH.R. 10080 (94th)referred

A bill to amend the Congressional Budget Act of 1974 to require that the first congressional budget resolution each year fix ceilings on budget outlays and new budget authority which must be met for the coming fiscal year (instead of only setting forth flexible targets as under present law) and include 3-year budget projections, and to prohibit the consideration of any measure in the House or Senate if its enactment would result in total budget outlays or total budget authority in excess of the ceiling in effect under the most recent adopted congressional budget resolution.

United States · United States Congress · 8 October 1975

Requires, under the Congressional Budget Act, that the first congressional budget resolution each year fix ceilings on budget outlays and new budget authority which must be met for the coming fiscal year (instead of only setting forth flexible targets as under present law) and include three-year budget projections. Prohibits the consideration of any measure in the House or Senate if its enactment would result in total budget outlays or total budget authority in excess of the ceiling in effect under the most recently adopted congressional budget resolution.

Bill· HJRESH.J.Res. 689 (94th)referred

Joint resolution proposing an amendment to the Constitution to provide that except in time of war or economic emergency declared by the Congress, expenditures of the Government may not exceed the revenues of the Government during any fiscal year.

United States · United States Congress · 8 October 1975

Constitutional Amendment - Provides that, except in time of war or economic emergency declared by the Congress, expenditures of the Government may not exceed the revenues of the Government during any fiscal year.

Bill· HRH.R. 10063 (94th)referred

A bill to amend the Internal Revenue Code of 1954 to authorize a tax credit for certain expenses of providing higher education.

United States · United States Congress · 7 October 1975

Revises the Internal Revenue Code to allow as a credit against the income tax amounts paid by an individual during the taxable year for the expenses of higher education for himself or any other individual. Limits such credit to 100 percent of the first $300 of such educational expenses, 50 percent of the next $300, and 10 percent of the next $400 of such expenses. Reduces such credit by 2 percent of the amount by which the adjusted gross income of the taxpayer exceeds $20,000. Reduces the amount of educational expenses otherwise recognized by this Act by the amounts received as scholarships, fellowships, and veterans benefits.

Resolution· HRESH.Res. 779 (94th)passed

Resolution waiving point of order against H.R. 10029. A bill making appropriations for military construction for the Department of Defense for the fiscal year ending June 30, 1976, and the period ending September 30, 1976.

United States · United States Congress · 7 October 1975

Provides that upon the adoption of this resolution it shall be in order to move, clause 3 of rule XXI to the contrary notwithstanding, that the House resolve itself into the Committee of the Whole House on the State of the Union for the consideration of the bill (H.R. 10029) making appropriations for military construction for the Department of Defense for the fiscal year ending June 30, 1976, and the period ending September 30, 1976, and for other purposes, and all points of order against the provisions contained on page 2, line 1 through page 8, line 3 of said bill for failure to comply with the provisions of clauses 2 and 6, rule XXI, are hereby waived.

Law· HRH.R. 10051 (94th)open

An Act to amend section 815 of the Internal Revenue Code to allow a life insurance company to disregard (for purposes of that section) a distribution during the last month of its taxable year, determined to have been made out of the policyholders surplus account, if such distribution is returned to the company not later than the due date for filing its income tax return (including extensions thereof) for that year, and for other purposes.

United States · United States Congress · 6 October 1975

Provides, under the Internal Revenue Code, that a life insurance company may disregard a distribution during the last month of its taxable year, determined to have been made out of the policyholders surplus account, if such distribution is returned to the company not later than the due date for filing its income tax return (including extensions thereof) for that year.

Bill· HRH.R. 10052 (94th)referred

A bill to provide that contractors on certain civil works projects on Federal property shall be subject to State and local laws including taxation, to provide for sharing of revenues from such property with State and local governments.

United States · United States Congress · 6 October 1975

Provides that contractors on civil works projects on Federal property shall be subject to State and local laws including taxation as if it were not Federal property. Provides for sharing of revenues from such property with State or local governments. Authorizes necessary appropriations to carry out the purposes of this Act.

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