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Resolution· HRESH.Res. 1313 (94th)referred
United States · United States Congress · 16 June 1976
Creates a nine member House Select Committee on the Fiscal Problems of Cities. Directs the committee to conduct a study to identify the nature and causes of problems afflicting large cities which face severe fiscal imbalance. Provides that consideration shall be given problems which contribute to the financial plight of cities, including: (1) net outmigration of population; (2) decline in employment opportunities; (3) adverse city/suburban relationships; (4) cost of public services; (5) rising crime rates; (6) lack of new investment in housing; and (7) racial, ethnic, and economic segregation. Calls upon the committee to develop a policy regarding the appropriate role of various levels of government in the solution of such problems. Requires the committee to evaluate the consequences of, and coordination among, existing Federal policies and programs which relate to the major problems identified by the committee. Directs the committee to formulate specific recommendations regarding Federal legislation and executive administrative action for modifications of or alternatives to present Federal programs.
Bill· HRH.R. 14393 (94th)referred
United States · United States Congress · 15 June 1976
Allows a tax credit, under the Internal Revenue Code, in an amount equal to the lesser of 20 percent of the qualified investment or $5,000,000, but the credit shall not exceed 50 percent of the liability for tax for the taxable year. Defines the term "qualified investment" to mean investment in tangible property located in a development area certified by the Secretary of Commerce as development property which is outside any standard metropolitan statistical area, the population of which exceeds 300,000. Recaptures such tax credit if property which was certified development property placed in service during either of the two preceding taxable years is disposed of or ceases to be certified development property with respect to the taxpayer. Allows any portion of the credit which exceeds the limitations to be carried back to the three preceding taxable years and carried forward to the seven taxable years following the unused credit year. Requires the Secretary of Commerce to report annually to the Congress with respect to the amount of and the economic effects of such tax credit.
Bill· HRH.R. 14378 (94th)referred
United States · United States Congress · 15 June 1976
Solar Energy Incentive Act - Allows an individual to take a tax credit, under the Internal Revenue Code, in an amount equal to 25 percent of the qualified solar heating and cooling equipment expenditures incurred by the taxpayer with respect to his principal residence to the extent such expenditures do not exceed $8,000, plus that portion of the qualified State or local real property taxes paid or accrued for the taxable year or accrued for the taxable year attributable to such solar heating and cooling expenditures. Authorizes an individual to take a tax deduction for a part of the acquisition costs of any qualified solar heating and cooling equipment for any residence. Limits such deduction to the lesser of ten percent of the acquisition costs or $800 or $400 for the third year of such acquisition.
Bill· HRH.R. 14374 (94th)referred
United States · United States Congress · 15 June 1976
Amends the Internal Revenue Code to allow a deduction to individuals who rent their principal residences for a portion of the real property taxes paid or accrued by their landlord.
Bill· HRH.R. 14380 (94th)referred
United States · United States Congress · 15 June 1976
Amends the Internal Revenue Code to eliminate the requirement that amounts set-aside by a private foundation for a specific project receive the approval of the Internal Revenue Service in order to be treated as qualifying distributions by the foundation making the set-aside.
Bill· HRH.R. 14371 (94th)referred
United States · United States Congress · 15 June 1976
Denies the benefits of the foreign tax credit, under the Internal Revenue Code, to any taxpayer, or a member of a controlled group which includes the taxpayer, who is determined by the Secretary of the Treasury to have participated in or cooperated with the boycott of Israel, with respect to income, war profits, or excess profits taxes paid or accrued to any country which requires such participation or cooperation as a condition of doing business within that country. Denies DISC benefits to any Domestic International Sales Corporation that the Secretary of Treasury determines has participated in or cooperated with the boycott of Israel. Requires taxpayers with foreign source income derived directly or indirectly from sources within a country which requires participation in or cooperation with the boycott of Israel as a condition of doing business with or within such country to report such fact to the Secretary of the Treasury, who shall make a determination whether the taxpayer participated in or cooperated with the boycott of Israel for the taxable year.
Bill· HRH.R. 14358 (94th)referred
United States · United States Congress · 14 June 1976
Denies the benefits of the foreign tax credit, under the Internal Revenue Code, to any taxpayer, or a member of a controlled group which includes the taxpayer, who is determined by the Secretary of the Treasury to have made an illegal bribe, kickback, or other unlawful payment to an official, employee, or agent of a foreign government, with regard to income, war profits, or excess profits taxes paid to such foreign government. Denies DISC benefits with regard to foreign bribe-produced income. Requires taxpayers with foreign bribe-produced income to report to the Secretary of the Treasury the amount of such bribe and the amount of such income. Prescribes penalties for any willful failure to report to the Secretary. Makes technical and conforming amendments. Defines the terms used in this Act.
Bill· HRH.R. 14352 (94th)referred
United States · United States Congress · 14 June 1976
Amends the Internal Revenue Code to provide that the determination of whether amounts received by an individual under a Federal or State health care scholarship (including the value of contributed services and accommodations) at an educational institution are excludable from gross income shall be made without regard to whether: (1) such individual while receiving such amounts is a member of the uniformed services on active duty or in an off-duty or inactive status; or (2) such individual is required as a condition of receiving such amounts (a) to serve for a certain period of time as a member of the uniformed services; or (b) to agree to perform services in his profession or occupation for a certain period of time in a certain geographical area or for certain classes of employers. Provides that in the case of an individual who has obtained one or more Federal or State health care education loans, no amount shall be included in gross income by reason of: (1) the discharge in whole or in part of the indebtedness of the individual under such a loan; or (2) the payment in whole or in part of the principal or interest under such a loan if such discharge or payment is pursuant to an agreement under which the individual agreed to perform services in his profession or occupation for a certain period of time in a certain geographical area for certain classes of employers.
Law· SS. 3557 (94th)open
United States · United States Congress · 11 June 1976
Authorizes appropriations for fiscal year 1977 to carry out the Treaty of Friendship and Cooperation between the United States and Spain, January 24, 1976, including $15,000,000 for military assistance under the Foreign Assistance Act of 1961, $7,000,000 for security supporting assistance under such Act, $2,000,000 for international military education and training under such Act, and $12,000,000 for guaranties under the Foreign Military Sales Act. Declares such assistance exempt from restrictions upon grants to an economically developed nation capable of sustaining its own defense burden and economic growth, under the Foreign Assistance Act of 1961. Directs that the United States contribution toward modernization and maintenance of the aircraft control and warning network in Spain be financed from Department of Defense appropriations. Authorizes the President to apply the proceeds from the lease of aircraft to Spain to the purchase of aircraft for such country, notwithstanding restrictions regarding the application of such proceeds.
Bill· HRH.R. 14325 (94th)referred
United States · United States Congress · 11 June 1976
Amends the Internal Revenue Code to provide that in the case of a limited partner in a partnership which is a small business investment company licensed by the Small Business Administration and operating under the Small Business Investment Act of 1958, his share of the partnership liabilities shall not exceed the difference between his actual contribution credited to him by the partnership and the total contribution he is obligated to make under the partnership agreement.
Bill· HRH.R. 14335 (94th)referred
United States · United States Congress · 11 June 1976
Estate and Gift Tax Reform Act - Amends the Internal Revenue Code to provide a single unified rate schedule for estate and gift taxes. Establishes progressive rates based on cumulative lifetime transfers and transfers at death. Determines the amount of estate tax by applying the unified rates to such cumulative transfers and then subtracting the taxes payable on lifetime transfers. Provides that for purposes of determining the amount of the gross estate, the amount of gift tax paid with respect to transfers made within three years of death shall be included in the decedent's gross estate. Provides, as a transitional rule, that the lifetime transfers taken into account in determining cumulative transfers at death, for purposes of imposing the estate tax under the unified schedule, shall only include taxable gifts made after December 31, 1976. Repeals the estate and gift tax exemptions. Substitutes for such exemptions a credit against estate and gift taxes in the amount of $29,800. Provides for an additional credit against the estate tax for specified farms and closely held businesses passing to a qualified heir. Defines "qualified heir" as a member of the decedent's family, including his spouse, lineal decendents, parents, and aunts and uncles of the decedent and their decendants. Makes such credit available where the value of a farm or closely held business included in a decedent's gross estate equals or exceeds 65 percent of the value of the gross estate. Stipulates that such credit shall be available only if the farm or closely held business has been owned by the decedent or his family for at least five out of the preceding eight years. Provides that the amount of such credit shall be $25,000 multiplied by a percentage representing the portion of the decedent's estate consisting of the farm or other closely held business. Phases out such credit after the value of the gross estate exceeds $1,000,000. Provides for the recapture of the estate tax benefit of such credit where there is a disposition of the business by the qualified heir to nonfamily members prior to the qualified heir's death or within 25 years of the death of the decedent. Provides for a lien on the qualified interest in a farm or closely held business with respect to which an election of such credit has been made. Increases the estate tax marital deduction to $250,000 or one-half of the decedent's gross estate, whichever is greater. Increases the gift tax marital deduction in the case of lifetime gifts to a spouse. Allows an unlimited marital deduction for the first $100,000 of lifetime gifts made to a spouse and, thereafter, a deduction for one-half of the aggregate lifetime gifts made to a spouse in excess of $200,000. Imposes a tax on the unrealized appreciation of property transferred by a decedent. Provides that the basis of such property shall be its fair market value on December 31, 1976. Allows an election to carry over the decedent's basis in any property instead of having the appreciation taxed. Exempts the first $50,000 of appreciation from taxation. Excludes the appreciation of assets valued at less than $10,000 and which are not held for use in a trade or business or for the production of income from such tax. Allows the deduction of the appreciation tax in computing the value of the taxable estate for estate tax purposes. Exempts from the appreciation tax any property transferred from the decedent if the income tax carries over to the recipient (income in respect of a decedent and survivor annuities). Provides that if an election to carry over the decedent's basis in lieu of paying the appreciation tax is made, the basis of the property is to be increased by the Federal and State estate taxes attributable to the net appreciation in value for the property. Allows the executor of an estate which includes real farm property to value the property as a farm, rather than its fair market value determined on the basis of its highest and best use. Imposes special qualifying conditions for such valuation, including: (1) the farm assets in the decedent's estate including both farm real property and personal property must be at least 50 percent of the decedent's gross estate (reduced by debts and expenses); (2) at least 25 percent of the adjusted value of the gross estate must be qualified farm real property; (3) the real property must pass to a qualified heir; (4) the real property must have been used or held for use as a farm for five of the last eight years prior to the decedent's death; and (5) there must have been material participation in the operation of the farm by the decedent or a member of his family in five years out of the eight years immediately preceding the decedent's death. Provides for recapture of any tax benefits obtained by use of the reduced valuation if, prior to the death of the qualified heir or within 25 years of the death of the decedent, the property is disposed of to nonfamily members or ceases to be used for farming purposes. Provides for a lien on all such real property with respect to which the farm valuation is elected. Provides for a 15-year period for the payment of the estate tax attributable to the decedent's interest in a farm or closely held business, with a deferral of the tax for five years and installment payments over the next ten years. Requires, as a qualification for such deferral and installment treatment, the value of the closely held business or farm in the decedent's estate to be at least 65 percent of the gross estate. Allows discretionary extensions of up to ten years to pay the estate tax for reasonable cause (rather than for "undue hardship" as under present law). Provides for a lien for payment of the deferred taxes attributable to a closely held business or farm. Imposes a tax, in the case of generation skipping transfers under a trust, upon a distribution of the trust assets to a generation skipping heir, or upon the termination of an intervening interest in the trust. Determines the tax by adding the value of the distributed property, or terminated interest, to the heir's taxable transfers and applying the heir's marginal transfer tax rate to the value of such interest. Extends from nine months to 12 months the period after the decedent's death in which an estate tax return must be filed. Requires gift tax returns to be filed for any quarter only when the total cumulative gifts made during the taxable year exceed $25,000, or during the last quarter if the total does not reach $25,000. Provides that if the Internal Revenue Service proposes a deficiency in the estate tax because of a higher valuation of the assets included in the decedent's gross estate, it must disclose to the executor during the settlement process the basis on which the higher valuation was determined.
Bill· HRH.R. 14312 (94th)referred
United States · United States Congress · 10 June 1976
Increases the estate tax exemption for taxable estates under the Internal Revenue Code from $60,000 to $200,000 of the value of the gross estate. Increases the limitation on the aggregate marital deduction to 50 percent of the adjusted gross value of the estate, plus $100,000. Allows an executor to value farmland, woodland, and scenic open land at its current use value rather than at its fair market value.
Resolution· HRESH.Res. 1287 (94th)passed
United States · United States Congress · 10 June 1976
Provides that during the consideration of the bill (H.R. 14234) making appropriations for the Department of Transportation for the fiscal year ending September 30, 1977, specified provisions of the House rules restricting the consideration of appropriations shall be waived.
Resolution· HRESH.Res. 1285 (94th)passed
United States · United States Congress · 10 June 1976
Provides that during the consideration of the bill (H.R. 14231) making appropriations for the Department of the Interior for the fiscal year ending September 30, 1977, specified provisions of the House rules restricting the consideration of appropriations shall be waived.
Resolution· HRESH.Res. 1291 (94th)passed
United States · United States Congress · 10 June 1976
Provides that during the consideration of the bill (H.R. 14260) making appropriations for Foreign Assistance and related programs for the fiscal year ending September 30, 1977, specified provisions of the House rules restricting the consideration of appropriations shall be waived.
Resolution· HRESH.Res. 1286 (94th)passed
United States · United States Congress · 10 June 1976
Provides that during the consideration of the bill (H.R. 14233) making appropriations for the Department of Housing for the fiscal year ending September 30, 1977, specified provisions of the House rules restricting the consideration of appropriations shall be waived.
Resolution· HRESH.Res. 1290 (94th)passed
United States · United States Congress · 10 June 1976
Provides that during the consideration of the bill (H.R. 14239) making appropriations for the Departments of State, Justice, and Commerce, the Judiciary, and related agencies for the fiscal year ending September 30, 1977, specified provisions of the House rules restricting the consideration of appropriations shall be waived.
Resolution· HRESH.Res. 1292 (94th)passed
United States · United States Congress · 10 June 1976
Provides that during the consideration of the bill (H.R. 14262) making appropriations for the Department of Defense for the fiscal year ending September 30, 1977, specified provisions of the House rules restricting the consideration of appropriations shall be waived.
Resolution· HRESH.Res. 1288 (94th)passed
United States · United States Congress · 10 June 1976
Provides that during the consideration of the bill (H.R. 14235) making appropriations for military construction for the Department of Defense for the fiscal year ending September 30, 1977, specified provisions of the House rules restricting the consideration of appropriations shall be waived.
Resolution· HRESH.Res. 1289 (94th)passed
United States · United States Congress · 10 June 1976
Provides that during the consideration of the bill (H.R. 14236) making appropriations for public works for water and power development and energy research for the fiscal year ending September 30, 1977, specified provisions of the House rules restricting the consideration of appropriations shall be waived.
Bill· HRH.R. 14286 (94th)referred
United States · United States Congress · 9 June 1976
Religious and Charitable Donors' Tax Justice Act - Allows a tax credit, under the Internal Revenue Code, in an amount equal to 50 percent of the amount allowable to the taxpayer as a charitable contribution deduction. Limits such credit to $500 per taxable year. Stipulates that such credit shall be in lieu of the charitable contribution deduction.
Bill· HRH.R. 14275 (94th)referred
United States · United States Congress · 9 June 1976
Amends the Budget and Accounting Act of 1921 to require that all departmental budget requests made to the Office of Management and Budget with respect to any fiscal year along with any figures developed by subordinate officers of such departments be submitted to the Congress along with the President's budget for such year. Requires that officials of the Office of Management and Budget, when requested to do so by the appropriate committees of the Congress, testify before such committees on the President's budget and on such departmental budget requests.
Bill· HRH.R. 14264 (94th)referred
United States · United States Congress · 9 June 1976
Directs the Secretary of Health, Education, and Welfare, under Title XX (Grants to States for Services) of the Social Security Act, to allot funds not used by some of the States to States which have a need for additional funds for social services. Stipulates that such excess funds will be apportioned according to the same ratio which governs the original apportionment of such funds each year.
Bill· SS. 3530 (94th)referred
United States · United States Congress · 8 June 1976
Prohibits the filing of joint returns, under the Internal Revenue Code, unless each spouse verifies, by oath or affirmation, that such spouse has equal ownership, management, and control of the income, assets, and liabilities of the marriage partnership.
Law· HRH.R. 14237 (94th)open
United States · United States Congress · 8 June 1976
Makes appropriations for Agriculture and Related Agencies Programs for fiscal year 1977. Title I: Agricultural Programs - Appropriates specified sums for: (1) expenses of the Office of the Secretary of Agriculture; (2) administration of the Department; (3) the Economic Management Support Center; (4) the Office of the Inspector General; (5) the Office of the General Counsel; (6) the Agricultural Research Service; (7) the Special Foreign Currency Program; (8) the Animal and Plant Health Inspection Service; (9) the Cooperative State Research Service; (10) the Agricultural Extension Service; (11) the National Agricultural Library; (12) the Statistical Reporting Service; (13) the Economic Research Service; (14) agricultural marketing service programs; (15) farm income stabilization programs; (16) the Federal Crop Insurance Insurance Corporation; and (17) the Commodity Credit Corporation. Title II: Rural Development and Assistance - Makes appropriations for rural development and conservation programs. Title III: Domestic Food Programs - Makes appropriations for child nutrition programs; the Food Stamp Program; the Food Donations Program; and the Elderly Feeding Program. Title IV: International Programs - Makes appropriations for the Foreign Agricultural Service and for specified expenses incurred under the Agricultural Trade Development and Assistance Act. Title V: Related Agencies - Makes appropriations for the Food and Drug Administration; the Commodity Futures Trading Commission; and for the Farm Credit Administration. Title VI: General Provisions - Sets forth regulations and restrictions governing the administration of funds appropriated pursuant to this Act.
Bill· HRH.R. 14250 (94th)referred
United States · United States Congress · 8 June 1976
Estate and Gift Tax Reform Act - Amends the Internal Revenue Code to provide a single unified rate schedule for estate and gift taxes. Establishes progressive rates based on cumulative lifetime transfers and transfers at death. Determines the amount of estate tax by applying the unified rates to such cumulative transfers and then subtracting the taxes payable on lifetime transfers. Provides that for purposes of determining the amount of the gross estate, the amount of gift tax paid with respect to transfers made within three years of death shall be included in the decedent's gross estate. Provides, as a transitional rule, that the lifetime transfers taken into account in determining cumulative transfers at death, for purposes of imposing the estate tax under the unified schedule, shall only include taxable gifts made after December 31, 1976. Repeals the estate and gift tax exemptions. Substitutes for such exemptions a credit against estate and gift taxes in the amount of $29,800. Provides for an additional credit against the estate tax for specified farms and closely held businesses passing to a qualified heir. Defines "qualified heir" as a member of the decedent's family, including his spouse, lineal decendents, parents, and aunts and uncles of the decedent and their decendants. Makes such credit available where the value of a farm or closely held business included in a decedent's gross estate equals or exceeds 65 percent of the value of the gross estate. Stipulates that such credit shall be available only if the farm or closely held business has been owned by the decedent or his family for at least five out of the preceding eight years. Provides that the amount of such credit shall be $25,000 multiplied by a percentage representing the portion of the decedent's estate consisting of the farm or other closely held business. Phases out such credit after the value of the gross estate exceeds $1,000,000. Provides for the recapture of the estate tax benefit of such credit where there is a disposition of the business by the qualified heir to nonfamily members prior to the qualified heir's death or within 25 years of the death of the decedent. Provides for a lien on the qualified interest in a farm or closely held business with respect to which an election of such credit has been made. Increases the estate tax marital deduction to $250,000 or one-half of the decedent's gross estate, whichever is greater. Increases the gift tax marital deduction in the case of lifetime gifts to a spouse. Allows an unlimited marital deduction for the first $100,000 of lifetime gifts made to a spouse and, thereafter, a deduction for one-half of the aggregate lifetime gifts made to a spouse in excess of $200,000. Imposes a tax on the unrealized appreciation of property transferred by a decedent. Provides that the basis of such property shall be its fair market value on December 31, 1976. Allows an election to carry over the decedent's basis in any property instead of having the appreciation taxed. Exempts the first $50,000 of appreciation from taxation. Excludes the appreciation of assets valued at less than $10,000 and which are not held for use in a trade or business or for the production of income from such tax. Allows the deduction of the appreciation tax in computing the value of the taxable estate for estate tax purposes. Exempts from the appreciation tax any property transferred from the decedent if the income tax carries over to the recipient (income in respect of a decedent and survivor annuities). Provides that if an election to carry over the decedent's basis in lieu of paying the appreciation tax is made, the basis of the property is to be increased by the Federal and State estate taxes attributable to the net appreciation in value for the property. Allows the executor of an estate which includes real farm property to value the property as a farm, rather than its fair market value determined on the basis of its highest and best use. Imposes special qualifying conditions for such valuation, including: (1) the farm assets in the decedent's estate including both farm real property and personal property must be at least 50 percent of the decedent's gross estate (reduced by debts and expenses); (2) at least 25 percent of the adjusted value of the gross estate must be qualified farm real property; (3) the real property must pass to a qualified heir; (4) the real property must have been used or held for use as a farm for five of the last eight years prior to the decedent's death; and (5) there must have been material participation in the operation of the farm by the decedent or a member of his family in five years out of the eight years immediately preceding the decedent's death. Provides for recapture of any tax benefits obtained by use of the reduced valuation if, prior to the death of the qualified heir or within 25 years of the death of the decedent, the property is disposed of to nonfamily members or ceases to be used for farming purposes. Provides for a lien on all such real property with respect to which the farm valuation is elected. Provides for a 15-year period for the payment of the estate tax attributable to the decedent's interest in a farm or closely held business, with a deferral of the tax for five years and installment payments over the next ten years. Requires, as a qualification for such deferral and installment treatment, the value of the closely held business or farm in the decedent's estate to be at least 65 percent of the gross estate. Allows discretionary extensions of up to ten years to pay the estate tax for reasonable cause (rather than for "undue hardship" as under present law). Provides for a lien for payment of the deferred taxes attributable to a closely held business or farm. Imposes a tax, in the case of generation skipping transfers under a trust, upon a distribution of the trust assets to a generation skipping heir, or upon the termination of an intervening interest in the trust. Determines the tax by adding the value of the distributed property, or terminated interest, to the heir's taxable transfers and applying the heir's marginal transfer tax rate to the value of such interest. Extends from nine months to 12 months the period after the decedent's death in which an estate tax return must be filed. Requires gift tax returns to be filed for any quarter only when the total cumulative gifts made during the taxable year exceed $25,000, or during the last quarter if the total does not reach $25,000. Provides that if the Internal Revenue Service proposes a deficiency in the estate tax because of a higher valuation of the assets included in the decedent's gross estate, it must disclose to the executor during the settlement process the basis on which the higher valuation was determined.
Bill· HRH.R. 14252 (94th)referred
United States · United States Congress · 8 June 1976
Provides that a cooperative housing association shall be taxable in the same manner as a corporation under the Internal Revenue Code, except that income received from the following sources shall be tax-exempt: (1) tenant-shareholder in the case of a cooperative housing association; (2) owners of condominium housing units in the case of a condominium management association; or (3) owners of real property in the case of a residential real estate management association.
Bill· HRH.R. 14251 (94th)referred
United States · United States Congress · 8 June 1976
Authorizes any amount received from appropriated funds as a scholarship by a member of a uniformed service who is receiving training under the Armed Forces Health Professions Scholarship Program from an educational institution to be continued to be treated as a scholarship, excludable from gross income under the Internal Revenue Code for calendar years, 1976, 1977, and 1978.
Resolution· HRESH.Res. 1269 (94th)passed
United States · United States Congress · 8 June 1976
Provides that upon the adoption of this resolution it shall be in order to move 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. 13367) to extend and amend the State and Local Fiscal Assistance Act of 1972. States that after general debate, which shall be confined to the bill and shall continue not to exceed three hours, to be equally divided and controlled by the chairman and ranking minority member of the Committee on Government Operations, the bill shall be read for amendment under the five- minute rule. Provides that no amendment shall be in order to said bill except germane amendments printed in the Congressional Record at least one calendar day prior to the offering of said amendment, and except for pro forma amendments. Directs that it shall be in order to consider en bloc, in lieu of the separate committee amendments printed in the bill, each group of amendments numbered 1 through 12 printed in the Congressional Record of June 8, 1976, if offered from the floor, and said amendments if offered en bloc shall not be subject to a demand for a division of the question in the House or in the Committee of the Whole. Directs the Committee, at the conclusion of the consideration of the bill for amendment, to rise and report the bill to the House with such amendments as may have been adopted, and the previous question shall be considered as ordered on the bill and amendments thereto to final passage without intervening motion except one motion to recommit with or without instructions.
Bill· HRH.R. 14221 (94th)referred
United States · United States Congress · 7 June 1976
Economic Development Revenue Bond Act - Amends the Internal Revenue Code to repeal the present tax exclusion for interest from industrial development bonds used to finance (1) residential real property for family units, (2) sports facilities, (3) convention or trade show facilities, (4) airports, docks, and mass commuting facilities, (5) solid waste disposal facilities or facilities for the local furnishing of electric energy or gas, (6) air or water pollution control facilities, and (7) facilities for the furnishing of water. Provides an exclusion for interest from any obligation issued as part of an issue the aggregate face amount of which is $10,000,000 or less and substantially all of the proceeds of which are used: (1) for the acquistion, construction, reconstruction, or improvement of land which is located within an economic development area or of property which is of a character subject to the allowance for depreciation and which is to be used predominantly at a location within an economic development area; or (2) to redeem part or all of a prior issue which was issued for purposes described in (1). Stipulates that the exclusion provided by this Act shall not apply with respect to any obligation for any period during which it is held by a person who is a subtantial user of the facilities or a related person. Defines an economic development area for purposes of this Act as an area certified by the Secretary of Commerce as meeting the requirements of such an area for purposes of the Public Works and Economic Development Act of 1965. States that this Act shall apply to taxable years ending after the date of enactment of this Act, but, only with repect to obligations issued after such date.
Bill· HRH.R. 14213 (94th)referred
United States · United States Congress · 7 June 1976
Fiscal Assistance Amendments - Allows the use of funds paid to State and local governments under the State and Local Fiscal Assistance Act of 1972 for nonpriority expenditures and for projects for which the Federal Government will provide additional matching funds. Abolishes the National Trust Fund for revenue sharing payments. Extends the Act to September 30, 1980. Authorizes appropriations for the purpose of making payments under such Act as follows: (1) for the period January 1, 1977, through September 30, 1977, $4,987,500,000; (2) for fiscal years 1978, 1979, and 1980, $6,650,000,000 per year; (3) for noncontiguous States adjustments payments for the period January 1, 1977 through September 30, 1977, $3,585,000; and (4) for such adjustments payments for fiscal years 1978, 1979, and 1980, $4,780,000 per year. Requires that a local governmental unit provide specified services for its citizens before it can qualify to receive revenue sharing payments as a "unit of local government" under the Act. Requires each State receiving revenue sharing payments to submit an annual report to the Secretary of the Treasury describing steps it has taken to modernize the State and local governments. Lists requirements such State master plan must cover. Requires that each governmental unit receiving revenue sharing payments report to the Secretary with respect to how it proposes to use such payments to be received in the coming year and how it used such payments received in the preceding year. Requires that such report explain all differences between proposed and actual uses of such payments. Requires that public hearings be held to give citizens the opportunity to comment on the possible uses of such payments before the forecast report is submitted to the Secretary. Requires that 30 days before such public hearings are conducted, the proposed State budget of a State receiving revenue sharing payments must be published and explained to the public. Requires that 30 days after the State budget of such State is adopted it be published with an explanation of it. Adds to the present prohibitions of discrimination in connection with the use of revenue sharing funds on the basis of race, color, national origin, or sex, discrimination on the basis of age or handicapped status. States that if the Secretary determines that discrimination prohibited by this Act exists with respect to the use of revenue sharing funds or if a State court, Federal court, or Federal or State administrative agency so finds, the Secretary must notify the Governor of the affected State and give him an opportunity to comply with this Act. States that if 90 days after such notice the Secretary finds that compliance has not been secured or a compliance agreement has not been entered into and an administrative law judge has not found that the State will prevail on the merits of its case, the Secretary must suspend revenue sharing payments to the violating unit of government for up to 120 days. Requires the Secretary to terminate such payments if noncompliance continues at the end of such 120-days. Requires recipients of revenue sharing funds to conduct regular audits of its revenue sharing expenditures as required by the Secretary. Requires the Comptroller General to review the work of the Secretary with respect to such audits. Prohibits the use of revenue sharing funds for lobbying. Adds to such Act Subtitle D, the Supplemental Fiscal Assistance Act. Makes available for supplemental revenue sharing payments specified amounts. Authorizes to be appropriated such sums as may be necessary to carry out the purposes of this Act. Provides that such payments shall be distributed to each State as follows: 40 percent of the allocation is to be paid to each State according to the relative poverty within such State, the States with more poverty to receive a larger proportion; and 60 percent of such amount is to be allocated to each State according to its tax effort, States raising a higher per capita tax (as a percent of per capital income) receiving a larger proportion. Requires each State to transfer two-thirds of its entitlement to its units of local government. Requires that such distribution be based on each local government's income level and tax effort.
Bill· HRH.R. 14204 (94th)referred
United States · United States Congress · 4 June 1976
Amends the Internal Revenue Code to exempt until January 1, 1977, specified sales, exchanges, or other dispositions of property by a private foundation to a disqualified person from the five percent tax on all self-dealing.
Bill· HRH.R. 14199 (94th)referred
United States · United States Congress · 4 June 1976
Small Business Tax Incentive Act - Title I: Small Business Independence and Continuation - Amends the Internal Revenue Code to establish graduated corporate income tax rates. Increases the estate tax exemption from $60,000 to $200,000. Changes the limitation on the aggregate amount of the estate tax marital deduction from 50 percent of the value of the gross estate to $100,000 plus 50 percent of the value of the estate. Increases the gift tax exclusion from $3,000 to $9,000, and the gift tax exemption from $30,000 to $90,000. Replaces the present gift tax schedule with a flat rate of 75 percent of whatever the estate tax on such a sum would be. Provides that a distribution of property by a corporation in redemption of stock to pay death taxes shall be treated as a distribution in full payment in exchange for the stock if all of the stock of such corporation which is included in determining the value of the decedent's gross estate is either, (1) more than 20 percent (generally, 35 percent), of the value of the gross estate of such decedent, or (2) more than 40 percent (generally, 50 percent) of the taxable estate of such decedent. Title II: Small Business Growth Incentives - Allows a taxpayer to choose the cash method of accounting in any case where inventory is an income determining factor and the ending inventory for the taxable year does not exceed $200,000. Establishes a graduated investment tax credit. Amends the definition of a small business corporation to allow domestic corporations with up to 20 shareholders (presently, ten) to qualify for subchapter S treatment. Allows a small business to make a subchapter S election at any time during the taxable year. Allows to a business a credit equal to 50 percent of the wages paid during the taxable year to new employees, up to two employees and $20,000 for the taxable year. Allows a similar credit for new disadvantaged employees up to a maximum of $60,000 per taxable year. Allows the practical cost recovery method to be used in computing depreciation. Title III: Small Business Tax Simplification - Provides a special rule for treatment of net operating loss adjustments in the case of new corporations. Increases the minimum credit on accumulated earnings from $150,000 to $500,000. Redefines "section 1244 stock" to mean common stock in a corporation if: (1) such corporation during its preceding taxable year derived more than 50 percent of its aggregate gross receipts from sources other than royalties, rents, dividends, interest, annuities, and sales or exchanges of stock or securities; and (2) the equity capital of such corporation does not exceed $1,000,000. Increases the losses on section 1244 stock which may be treated as ordinary losses from $25,000 to $50,000.
Bill· HRH.R. 14157 (94th)referred
United States · United States Congress · 3 June 1976
Amends the Internal Revenue Code to allow a tax deduction in an amount not to exceed $1,000 for amounts paid by the taxpayer to an eligible educational institution for tuition for the attendance of the taxpayer or any eligible dependent.
Bill· HRH.R. 14176 (94th)referred
United States · United States Congress · 3 June 1976
Amends the Budget and Accounting Act of 1921 to require that all departmental budget requests made to the Office of Management and Budget with respect to any fiscal year along with any figures developed by subordinate officers of such departments be submitted to the Congress along with the President's budget for such year. Requires that officials of the Office of Management and Budget, when requested to do so by the appropriate committees of the Congress, testify before such committees on the President's budget and on such departmental budget requests.
Bill· HRH.R. 14175 (94th)referred
United States · United States Congress · 3 June 1976
Small Business Growth Act - Title I: Small Business Independence and Continuation - Amends the Internal Revenue Code to establish graduated corporate income tax rates. Changes the holding period for capital assets from six months to one year. Establishes a new alternative tax on capital gains. Increases the gift tax exclusion from $3,000 to $9,000, and the gift tax exemption from $30,000 to $90,000. Replaces the present gift tax schedule with a flat rate of 75 percent of whatever the estate tax on such a sum would be. Provides that a distribution of property by a corporation in redemption of stock to pay death taxes shall be treated as a distribution in full payment in exchange for the stock if all of the stock of such corporation which is included in determining the value of the decedent's gross estate is either, (1) more than 20 percent (generally, 35 percent), of the value of the gross estate of such decedent, or (2) more than 40 percent (generally, 50 percent) of the taxable estate of such decedent. Allows the executor of an estate involving an interest in a closely held business to elect to include in the value of the gross estate the decedent's basis in such business rather than the fair market value of such interest. States that the basis of property acquired from a decedent as to which such an election was made shall be the decedent's basis in such property rather than the fair market value of such interest. Allows the marital deduction of the estate tax to exceed 50 percent of the value of the adjusted gross estate when an interest in a specially defined small business is included in the estate. Title II: Small Business Growth Incentives - Establishes a graduated investment tax credit. Amends the definition of a small business corporation to allow domestic corporations with up to 20 shareholders (presently, ten) to qualify for subchapter S treatment. Allows a small business to make a subchapter S election at any time during the taxable year. Allows the practical cost recovery method to be used in computing depreciation. Title III: Small Business Tax Simplification - Allows a corporation to file an application for refund of overpayment of estimated income tax at any time during the taxable year. Provides a special rule for treatment of net operating loss adjustments in the case of new corporations. Increases the minimum credit on accumulated earnings from $150,000 to $500,000. Redefines "section 1244 stock" to mean common stock in a corporation if: (1) such corporation during its preceding taxable year derived more than 50 percent of its aggregate gross receipts from sources other than royalties, rents, dividends, interest, annuities, and sales or exchanges of stock or securities; and (2) the equity capital of such corporation does not exceed $1,000,000. Increases the losses on section 1244 stock which may be treated as ordinary losses from $25,000 to $50,000.
Bill· HRH.R. 14163 (94th)referred
United States · United States Congress · 3 June 1976
Amends the Internal Revenue Code to permit an individual to deduct amounts paid by that individual for retirement savings for the benefit of his spouse.
Bill· HRH.R. 14136 (94th)referred
United States · United States Congress · 2 June 1976
Authorizes any amount received from appropriated funds as a scholarship by a member of a uniformed service who is receiving training under the Armed Forces Health Professions Scholarship Program from an educational institution to be continued to be treated as a scholarship, excludable from gross income.
Bill· HRH.R. 14135 (94th)referred
United States · United States Congress · 2 June 1976
Amends the Internal Revenue Code to require the annual publication of Statistics of Income on Individual Income Tax Returns to set forth, with respect to the income tax returns of individuals which show economic incomes in excess of $200,000: (1) the number of such returns which showed no income tax for the year; and (2) the number of such returns which show a tax in an amount less than 5.8 percent of economic income.
Bill· HRH.R. 14122 (94th)referred
United States · United States Congress · 1 June 1976
Amends the Internal Revenue Code to allow a tax deduction in an amount not to exceed $1,000 for amounts paid by the taxpayer to an eligible educational institution for tuition for the attendance of the taxpayer or any eligible dependent.
Bill· HRH.R. 14081 (94th)referred
United States · United States Congress · 1 June 1976
Amends the Internal Revenue Code to permit an individual to deduct amounts paid by that individual for retirement savings for the benefit of his spouse.
Bill· HRH.R. 14094 (94th)referred
United States · United States Congress · 1 June 1976
Authorizes a tax deduction, under the Internal Revenue Code, for any taxpayer who contributes the right to use any real property owned by the taxpayer to a tax-exempt organization for use by a qualified senior citizen facility. Limits such deduction to 50 percent of the lesser of the fair market rental value of such property or the amount of State or local property taxes which are paid or incurred by the taxpayer and which are allocable to such property.
Bill· HRH.R. 14128 (94th)referred
United States · United States Congress · 1 June 1976
Small Business Growth and Job Creation Act - Title I: Small Business Independence and Continuation - Amends the Internal Revenue Code to establish graduated corporate income tax rates. Changes the holding period for capital assets from six months to one year. Establishes a new alternative tax on capital gains. Increases the estate tax exemption from $60,000 to $180,000. Establishes a new rate schedule for the estate tax. Increases the gift tax exclusion from $3,000 to $9,000, and the gift tax exemption from $30,000 to $90,000. Replaces the present gift tax schedule with a flat rate of 75 percent of whatever the estate tax on such a sum would be. Provides that a distribution of property by a corporation in redemption of stock to pay death taxes shall be treated as a distribution in full payment in exchange for the stock if all of the stock of such corporation which is included in determining the value of the decedent's gross estate is either, (1) more than 20 percent (generally, 35 percent), of the value of the gross estate of such decedent, or (2) more than 40 percent (generally, 50 percent) of the taxable estate of such decedent. Provides that if stock in a corporation is sold by a shareholder owning stock representing more than 30 percent of the fair market value of all outstanding stock of the corporation whose stock is being sold, the gain from such sale shall be recognized only to the extent that the taxpayer's sale price exceeds the cost of replacement property purchased by the taxpayer within two years. Defines "replacement property" as property which is held for the production of income or which is held for investment. Allows the executor of an estate involving an interest in a closely held business to elect to include in the value of the gross estate the decedent's basis in such business rather than the fair market value of such interest. States that the basis of property acquired from a decedent as to which such an election was made shall be the decedent's basis in such property rather than the fair market value of such interest. Allows the marital deduction of the estate tax to exceed 50 percent of the value of the adjusted gross estate when an interest in a specially defined small business is included in the estate. Title II: Small Business Growth Incentives - Allows a taxpayer to choose the cash method of accounting in any case where inventory is an income determining factor and the ending inventory for the taxable year does not exceed $200,000. Provides a deferred tax credit against taxable income for unincorporated businesses. Establishes a graduated investment tax credit. Amends the definition of a small business corporation to allow domestic corporations with up to 20 shareholders (presently, ten) to qualify for subchapter S treatment. Allows a small business to make a subchapter S election at any time during the taxable year. Allows to a business a credit equal to 50 percent of the wages paid during the taxable year to new employees, up to two employees and $20,000 for the taxable year. Allows a similar credit for new disadvantaged employees up to a maximum of $60,000 per taxable year. Allows the practical cost recovery method to be used in computing depreciation. Title III: Small Business Tax Simplification - Allows a corporation to file an application for refund of overpayment of estimated income tax at any time during the taxable year. Provides a special rule for treatment of net operating loss adjustments in the case of new corporations. Increases the minimum credit on accumulated earnings from $150,000 to $500,000. Redefines "section 1244 stock" to mean common stock in a corporation if: (1) such corporation during its preceding taxable year derived more than 50 percent of its aggregate gross receipts from sources other than royalties, rents, dividends, interest, annuities, and sales or exchanges of stock or securities; and (2) the equity capital of such corporation does not exceed $1,000,000. Increases the losses on section 1244 stock which may be treated as ordinary losses (rather than capital losses) from $25,000 to $50,000.
Bill· HRH.R. 14090 (94th)referred
United States · United States Congress · 1 June 1976
Authorizes the Secretary of Health, Education, and Welfare, under title XX (Grants to States for Services) of the Social Security Act, to allot social services funds which are unused in one year to States for use in the succeeding fiscal year for the purpose of preventing or reducing inappropriate institutional care by providing for community-based or home-based care, or other forms of less intensive care. Requires that States requesting such funds have approved plans for the provision of such care. Directs the Secretary to pay quarterly to each State 85 percent of the State's expenditures for the provision of services in or through multipurpose senior centers. Directs the Secretary to standardize the eligibility requirements applicable to the provision of assistance, under the individual State programs, to multipurpose senior centers.
Bill· HRH.R. 14120 (94th)referred
United States · United States Congress · 1 June 1976
Authorizes any amount received from appropriated funds as a scholarship by a member of a uniformed service who is receiving training under the Armed Forces Health Professions Scholarship Program from an educational institution to be continued to be treated as a scholarship, excludable from gross income under the Internal Revenue Code.
Bill· HRH.R. 14116 (94th)referred
United States · United States Congress · 1 June 1976
Estate and Gift Tax Reform Act - Amends the Internal Revenue Code to provide a single unified rate schedule for estate and gift taxes. Establishes progressive rates based on cumulative lifetime transfers and transfers at death. Determines the amount of estate tax by applying the unified rates to such cumulative transfers and then subtracting the taxes payable on lifetime transfers. Provides that for purposes of determining the amount of the gross estate, the amount of gift tax paid with respect to transfers made within three years of death shall be included in the decedent's gross estate. Provides, as a transitional rule, that the lifetime transfers taken into account in determining cumulative transfers at death, for purposes of imposing the estate tax under the unified schedule, shall only include taxable gifts made after December 31, 1976. Repeals the estate and gift tax exemptions. Substitutes for such exemptions a credit against estate and gift taxes in the amount of $29,800. Provides for an additional credit against the estate tax for specified farms and closely held businesses passing to a qualified heir. Defines "qualified heir" as a member of the decedent's family, including his spouse, lineal decendents, parents, and aunts and uncles of the decedent and their decendants. Makes such credit available where the value of a farm or closely held business included in a decedent's gross estate equals or exceeds 65 percent of the value of the gross estate. Stipulates that such credit shall be available only if the farm or closely held business has been owned by the decedent or his family for at least five out of the preceding eight years. Provides that the amount of such credit shall be $25,000 multiplied by a percentage representing the portion of the decedent's estate consisting of the farm or other closely held business. Phases out such credit after the value of the gross estate exceeds $1,000,000. Provides for the recapture of the estate tax benefit of such credit where there is a disposition of the business by the qualified heir to nonfamily members prior to the qualified heir's death or within 25 years of the death of the decedent. Provides for a lien on the qualified interest in a farm or closely held business with respect to which an election of such credit has been made. Increases the estate tax marital deduction to $250,000 or one-half of the decedent's gross estate, whichever is greater. Increases the gift tax marital deduction in the case of lifetime gifts to a spouse. Allows an unlimited marital deduction for the first $100,000 of lifetime gifts made to a spouse and, thereafter, a deduction for one-half of the aggregate lifetime gifts made to a spouse in excess of $200,000. Imposes a tax on the unrealized appreciation of property transferred by a decedent. Provides that the basis of such property shall be its fair market value on December 31, 1976. Allows an election to carry over the decedent's basis in any property instead of having the appreciation taxed. Exempts the first $50,000 of appreciation from taxation. Excludes the appreciation of assets valued at less than $10,000 and which are not held for use in a trade or business or for the production of income from such tax. Allows the deduction of the appreciation tax in computing the value of the taxable estate for estate tax purposes. Exempts from the appreciation tax any property transferred from the decedent if the income tax carries over to the recipient (income in respect of a decedent and survivor annuities). Provides that if an election to carry over the decedent's basis in lieu of paying the appreciation tax is made, the basis of the property is to be increased by the Federal and State estate taxes attributable to the net appreciation in value for the property. Allows the executor of an estate which includes real farm property to value the property as a farm, rather than its fair market value determined on the basis of its highest and best use. Imposes special qualifying conditions for such valuation, including: (1) the farm assets in the decedent's estate including both farm real property and personal property must be at least 50 percent of the decedent's gross estate (reduced by debts and expenses); (2) at least 25 percent of the adjusted value of the gross estate must be qualified farm real property; (3) the real property must pass to a qualified heir; (4) the real property must have been used or held for use as a farm for five of the last eight years prior to the decedent's death; and (5) there must have been material participation in the operation of the farm by the decedent or a member of his family in five years out of the eight years immediately preceding the decedent's death. Provides for recapture of any tax benefits obtained by use of the reduced valuation if, prior to the death of the qualified heir or within 25 years of the death of the decedent, the property is disposed of to nonfamily members or ceases to be used for farming purposes. Provides for a lien on all such real property with respect to which the farm valuation is elected. Provides for a 15-year period for the payment of the estate tax attributable to the decedent's interest in a farm or closely held business, with a deferral of the tax for five years and installment payments over the next ten years. Requires, as a qualification for such deferral and installment treatment, the value of the closely held business or farm in the decedent's estate to be at least 65 percent of the gross estate. Allows discretionary extensions of up to ten years to pay the estate tax for reasonable cause (rather than for "undue hardship" as under present law). Provides for a lien for payment of the deferred taxes attributable to a closely held business or farm. Imposes a tax, in the case of generation skipping transfers under a trust, upon a distribution of the trust assets to a generation skipping heir, or upon the termination of an intervening interest in the trust. Determines the tax by adding the value of the distributed property, or terminated interest, to the heir's taxable transfers and applying the heir's marginal transfer tax rate to the value of such interest. Extends from nine months to 12 months the period after the decedent's death in which an estate tax return must be filed. Requires gift tax returns to be filed for any quarter only when the total cumulative gifts made during the taxable year exceed $25,000, or during the last quarter if the total does not reach $25,000. Provides that if the Internal Revenue Service proposes a deficiency in the estate tax because of a higher valuation of the assets included in the decedent's gross estate, it must disclose to the executor during the settlement process the basis on which the higher valuation was determined.
Bill· HRH.R. 14112 (94th)referred
United States · United States Congress · 1 June 1976
Amends the Internal Revenue Code to exempt until January 1, 1977, specified sales, exchanges, or other dispositions of property by a private foundation to a disqualified person from the five percent tax on all self-dealing.
Bill· HRH.R. 14115 (94th)referred
United States · United States Congress · 1 June 1976
Estate and Gift Tax Reform Act - Amends the Internal Revenue Code to provide a single unified rate schedule for estate and gift taxes. Establishes progressive rates based on cumulative lifetime transfers and transfers at death. Determines the amount of estate tax by applying the unified rates to such cumulative transfers and then subtracting the taxes payable on lifetime transfers. Provides that for purposes of determining the amount of the gross estate, the amount of gift tax paid with respect to transfers made within three years of death shall be included in the decedent's gross estate. Provides, as a transitional rule, that the lifetime transfers taken into account in determining cumulative transfers at death, for purposes of imposing the estate tax under the unified schedule, shall only include taxable gifts made after December 31, 1976. Repeals the estate and gift tax exemptions. Substitutes for such exemptions a credit against estate and gift taxes in the amount of $29,800. Provides for an additional credit against the estate tax for specified farms and closely held businesses passing to a qualified heir. Defines "qualified heir" as a member of the decedent's family, including his spouse, lineal decendents, parents, and aunts and uncles of the decedent and their decendants. Makes such credit available where the value of a farm or closely held business included in a decedent's gross estate equals or exceeds 65 percent of the value of the gross estate. Stipulates that such credit shall be available only if the farm or closely held business has been owned by the decedent or his family for at least five out of the preceding eight years. Provides that the amount of such credit shall be $25,000 multiplied by a percentage representing the portion of the decedent's estate consisting of the farm or other closely held business. Phases out such credit after the value of the gross estate exceeds $1,000,000. Provides for the recapture of the estate tax benefit of such credit where there is a disposition of the business by the qualified heir to nonfamily members prior to the qualified heir's death or within 25 years of the death of the decedent. Provides for a lien on the qualified interest in a farm or closely held business with respect to which an election of such credit has been made. Increases the estate tax marital deduction to $250,000 or one-half of the decedent's gross estate, whichever is greater. Increases the gift tax marital deduction in the case of lifetime gifts to a spouse. Allows an unlimited marital deduction for the first $100,000 of lifetime gifts made to a spouse and, thereafter, a deduction for one-half of the aggregate lifetime gifts made to a spouse in excess of $200,000. Imposes a tax on the unrealized appreciation of property transferred by a decedent. Provides that the basis of such property shall be its fair market value on December 31, 1976. Allows an election to carry over the decedent's basis in any property instead of having the appreciation taxed. Exempts the first $50,000 of appreciation from taxation. Excludes the appreciation of assets valued at less than $10,000 and which are not held for use in a trade or business or for the production of income from such tax. Allows the deduction of the appreciation tax in computing the value of the taxable estate for estate tax purposes. Exempts from the appreciation tax any property transferred from the decedent if the income tax carries over to the recipient (income in respect of a decedent and survivor annuities). Provides that if an election to carry over the decedent's basis in lieu of paying the appreciation tax is made, the basis of the property is to be increased by the Federal and State estate taxes attributable to the net appreciation in value for the property. Allows the executor of an estate which includes real farm property to value the property as a farm, rather than its fair market value determined on the basis of its highest and best use. Imposes special qualifying conditions for such valuation, including: (1) the farm assets in the decedent's estate including both farm real property and personal property must be at least 50 percent of the decedent's gross estate (reduced by debts and expenses); (2) at least 25 percent of the adjusted value of the gross estate must be qualified farm real property; (3) the real property must pass to a qualified heir; (4) the real property must have been used or held for use as a farm for five of the last eight years prior to the decedent's death; and (5) there must have been material participation in the operation of the farm by the decedent or a member of his family in five years out of the eight years immediately preceding the decedent's death. Provides for recapture of any tax benefits obtained by use of the reduced valuation if, prior to the death of the qualified heir or within 25 years of the death of the decedent, the property is disposed of to nonfamily members or ceases to be used for farming purposes. Provides for a lien on all such real property with respect to which the farm valuation is elected. Provides for a 15-year period for the payment of the estate tax attributable to the decedent's interest in a farm or closely held business, with a deferral of the tax for five years and installment payments over the next ten years. Requires, as a qualification for such deferral and installment treatment, the value of the closely held business or farm in the decedent's estate to be at least 65 percent of the gross estate. Allows discretionary extensions of up to ten years to pay the estate tax for reasonable cause (rather than for "undue hardship" as under present law). Provides for a lien for payment of the deferred taxes attributable to a closely held business or farm. Imposes a tax, in the case of generation skipping transfers under a trust, upon a distribution of the trust assets to a generation skipping heir, or upon the termination of an intervening interest in the trust. Determines the tax by adding the value of the distributed property, or terminated interest, to the heir's taxable transfers and applying the heir's marginal transfer tax rate to the value of such interest. Extends from nine months to 12 months the period after the decedent's death in which an estate tax return must be filed. Requires gift tax returns to be filed for any quarter only when the total cumulative gifts made during the taxable year exceed $25,000, or during the last quarter if the total does not reach $25,000. Provides that if the Internal Revenue Service proposes a deficiency in the estate tax because of a higher valuation of the assets included in the decedent's gross estate, it must disclose to the executor during the settlement process the basis on which the higher valuation was determined.
Bill· HRH.R. 14095 (94th)referred
United States · United States Congress · 1 June 1976
Authorizes a tax deduction, under the Internal Revenue Code, for any taxpayer who contributes the right to use any real property owned by the taxpayer to a tax-exempt organization for use by a qualified senior citizen facility. Limits such deduction to 50 percent of the lesser of the fair market rental value of such property or the amount of State or local property taxes which are paid or incurred by the taxpayer and which are allocable to such property.
Bill· HRH.R. 14091 (94th)referred
United States · United States Congress · 1 June 1976
Authorizes the Secretary of Health, Education, and Welfare, under title XX (Grants to States for Services) of the Social Security Act, to allot social services funds which are unused in one year to States for use in the succeeding fiscal year for the purpose of preventing or reducing inappropriate institutional care by providing for community-based or home-based care, or other forms of less intensive care. Requires that States requesting such funds have approved plans for the provision of such care. Directs the Secretary to pay quarterly to each State 85 percent of the State's expenditures for the provision of services in or through multipurpose senior centers. Directs the Secretary to standardize the eligibility requirements applicable to the provision of assistance, under the individual State programs, to multipurpose senior centers.