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Bill· HRH.R. 13682 (95th)referred
United States · United States Congress · 1 August 1978
Amends the Internal Revenue Code to exempt taxpayers from the payment of interest or a penalty on tax deficiencies attributable to erroneous advice obtained in writing from an Internal Revenue Service Officer or employee acting in an official capacity.
Bill· HRH.R. 13683 (95th)referred
United States · United States Congress · 1 August 1978
Amends the Internal Revenue Code to exempt taxpayers from the payment of interest or a penalty on tax deficiencies attributable to erroneous advice obtained in writing from an Internal Revenue Service Officer or employee acting in an official capacity.
Bill· HRH.R. 13671 (95th)referred
United States · United States Congress · 1 August 1978
Amends the Internal Revenue Code to exclude from gross income a corporate stock distribution to a stockholder based upon the reinvestment of stock dividends in the corporation by such stockholder pursuant to his election to participate in a qualified dividend reinvestment plan, as defined in this Act. Establishes a rebuttable presumption that a distribution made by a corporation which purchases its common stock within one year of such distribution shall not be deemed a distribution pursuant to a qualified dividend reinvestment plan.
Bill· HRH.R. 13684 (95th)referred
United States · United States Congress · 1 August 1978
Amends the Internal Revenue Code to exempt taxpayers from the payment of interest or a penalty on tax deficiencies attributable to erroneous advice obtained in writing from an Internal Revenue Service Officer or employee acting in an official capacity.
Bill· HRH.R. 13667 (95th)referred
United States · United States Congress · 1 August 1978
Amends the Internal Revenue Code to allow an income tax credit for 25 percent of the amount of rent paid by the taxpayer which is equal to the taxpayer's proportionate share of the local and State property taxes imposed on the land and building in which his dwelling unit is located.
Resolution· HRESH.Res. 1291 (95th)passed
United States · United States Congress · 1 August 1978
Sets forth the rule for the consideration of H.R. 13635 (Department of Defense appropriations).
Bill· SS. 3357 (95th)referred
United States · United States Congress · 31 July 1978
Amends the Internal Revenue Code to exclude from gross income punitive damages (two-thirds of antitrust treble damages) received by a private antitrust litigant, if such litigant brings suit against a particular defendant before the Federal Government institutes criminal proceedings. Disallows tax deductions for antitrust punitive damages paid or incurred by a taxpayer.
Bill· HRH.R. 13647 (95th)referred
United States · United States Congress · 28 July 1978
Amends the Internal Revenue Code to treat municipal sewer taxes, rents, and other similar sewer charges as deductible real property taxes.
Bill· HRH.R. 13636 (95th)referred
United States · United States Congress · 28 July 1978
Amends the Internal Revenue Code to allow individuals an income tax deduction (from gross income) of up to $3,500 annually and $15,000 in a lifetime for cash contributions to an individual housing account. Makes such accounts tax-exempt and defers taxation on distributions from such accounts, which are used exclusively for the purchase of a principal residence for the distributee, until the distributee sells or exchanges such residence. Sets forth the tax treatment of accounts which lose tax-exempt status due to the participation of an account holder in a prohibited transaction, the pledging of an account as a security for a loan, or the use of an account for a purpose other than the purchase of a principal residence.
Bill· HRH.R. 13625 (95th)referred
United States · United States Congress · 27 July 1978
Amends the Internal Revenue Code to allow an income tax deduction for State and local property taxes that are allocable to the construction or improvement of sewage treatment works, even though such benefits tend to improve the value of the property taxed.
Bill· HRH.R. 13633 (95th)referred
United States · United States Congress · 27 July 1978
Amends the Internal Revenue Code to remove the dollar and percentage limitations on the amount of the estate and gift tax marital deductions.
Bill· HRH.R. 13621 (95th)referred
United States · United States Congress · 27 July 1978
Establishes a Task Force on the Taxation of Real Property by State and Local Governments to study and evaluate such taxation, its effects on middle and fixed income taxpayers, and the feasibility of using Federal taxation and other methods to reduce the dependence of State and local governments on such taxation. Provides that the Task Force shall include: (1) four officials of the executive branch, to be appointed by the President; (2) four Senators, no more than two from the same political party, to be appointed by the majority leader; (3) four Representatives, no more than two from the same political party, to be appointed by the Speaker; and (4) 12 individuals not Federal employees or officers representing State and local governments, the academic community and citizens groups, to be appointed by the President, Speaker and majority leader in concert. Empowers the Task Force to hold hearings, administer oaths, issue subpenas, hire a staff, contract out research projects and obtain assistance upon request from all other Government agencies and departments. Directs the Task Force to submit its final report to the President and the Congress within one year after all of its members have been appointed. Provides for the termination of the Task Force on the ninetieth day after submission of its final report.
Bill· HRH.R. 13623 (95th)referred
United States · United States Congress · 27 July 1978
Amends the Internal Revenue Code to exclude from the gross income of an employee amounts paid or expenses incurred by the employer for educational assistance to the employee. Limits to 25 percent the amount of payments which may be made by such programs to shareholders or owners (or their spouses or dependents), each of whom owns more than five percent of the stock or of the capital or profits interest in the employer.
Resolution· HRESH.Res. 1286 (95th)passed
United States · United States Congress · 26 July 1978
Sets forth the rule for the consideration of H. R. 12514 (International security assistance programs).
Bill· HRH.R. 13592 (95th)reported
United States · United States Congress · 25 July 1978
Amends the Internal Revenue Code to limit employers' recordkeeping and information return requirements with respect to employees' tips.
Bill· HRH.R. 13581 (95th)referred
United States · United States Congress · 24 July 1978
Amends the Internal Revenue Code to exclude from gross income a corporate stock distribution to a stockholder based upon the reinvestment of stock dividends in the corporation by such stockholder pursuant to his election to participate in a qualified dividend reinvestment plan, as defined in this Act. Establishes a rebuttable presumption that a distribution made by a corporation which purchases its common stock within one year of such distribution shall not be deemed a distribution pursuant to a qualified dividend reinvestment plan.
Bill· HRH.R. 13573 (95th)referred
United States · United States Congress · 24 July 1978
Title I: Statement of Antitrust Policy - Amends the Clayton Antitrust Act to set forth Congressional findings that private antitrust suits are a vital part of the effort to enforce the antitrust laws and that taxation of punitive damages received by private antitrust litigants discourages such litigants from filing suit. Title II: Amendments to the Internal Revenue Code of 1954 - Amends the Internal Revenue Code to exclude from gross income punitive damages (two-thirds of antitrust treble damages) received by a private litigant if such litigant brings suit against a particular defendant before the Federal Government institutes criminal proceedings. Disallows tax deductions for antitrust punitive damages paid or incurred by a taxpayer.
Bill· HRH.R. 13582 (95th)referred
United States · United States Congress · 24 July 1978
Amends the Internal Revenue Code by providing graduated corporate income tax rates ranging, over seven brackets, from a 16 percent rate on a corporation's first $25,000 income to a 45 percent rate on income over $150,000.
Bill· HRH.R. 13575 (95th)referred
United States · United States Congress · 24 July 1978
Amends the Internal Revenue Code to allow a deduction from the gross income of an employee for cash contributions made for his benefit to: (1) a qualified pension, profit sharing, or stock bonus plan; (2) a qualified annuity plan; (3) a qualified bond purchase plan; or (4) an individual retirement account. Limits such deduction to ten percent of the employee's compensation for the taxable year or $1,000, whichever is less.
Bill· HRH.R. 13576 (95th)referred
United States · United States Congress · 24 July 1978
IRA-Employer Plan Coordination Act - Amends the Internal Revenue Code to extend to participants in tax-exempt employer pension plans the income tax deduction for cash contributions to a retirement savings account. Limits such deduction to the excess of the lesser of $1,500 ($1,750 for spousal plans) or an amount equal to 15 percent of an individual's employment compensation for a taxable year, over the total amount of contributions to a tax-exempt private employer plan to which such individual has a nonforfeitable right to 100 percent of his accrued benefits. Reduces, by five percent, the allowable deduction for participants in a multiemployer defined benefit plan or a church plan. Disallows deductions for employees covered by government plans, owner-employees, officers of corporations maintaining a plan, ten percent shareholders, and individuals who have attained age 70 1/2. Disallows deductions for individuals who are otherwise qualified but who do not conform to methods prescribed by the Secretary of the Treasury for computing the total amount of plan contributions for a taxable year. Sets forth rules for the mandatory distribution of certain amounts from an individual retirement plan when an individual acquires a nonforfeitable right to 100 percent of his accrued benefits under a tax-exempt private employer plan. Requires an individual retirement account to contain a method for determining the taxable year in which specific contributions are made to it and the amount of income and loss which is attributable to a specific contribution for each taxable year.
Bill· HRH.R. 13571 (95th)referred
United States · United States Congress · 21 July 1978
Amends the Internal Revenue Code to exempt taxpayers from the payment of interest or a penalty on tax deficiencies attributable to erroneous advice obtained in writing from an Internal Revenue Service Officer or employee acting in an official capacity.
Bill· HRH.R. 13564 (95th)referred
United States · United States Congress · 21 July 1978
Amends the Internal Revenue Code to repeal the withholding tax requirements with respect to gambling winnings.
Bill· SS. 3327 (95th)referred
United States · United States Congress · 20 July 1978
Amends the Internal Revenue Code to allow a five dollar tax credit for each form or document which a small business is required to file with a Federal Government agency.
Bill· HRH.R. 13555 (95th)referred
United States · United States Congress · 20 July 1978
Investment Incentive Act - Amends the Internal Revenue Code to restore part of the pre-1969 tax treatment of capital gains by repealing the capital gains item of tax preference for the minimum tax; lowering the corporate alternative tax to 25 percent of net capital gain; and lowering the alternative individual tax to 25 percent of net capital gain.
Bill· SS. 3321 (95th)referred
United States · United States Congress · 19 July 1978
Tax Reduction Act - Title I: Provisions Primarily Affecting Individual Income Tax - Amends the Internal Revenue Code to reduce income taxes for individuals and estates and trusts for taxable years beginning after December 31, 1978. Increases the zero bracket amount to $3,400 for certain surviving spouses and married individuals filing joint tax returns, to $2,300 for unmarried individuals, and to $1,700 for a married individual filing a separate return. Increases for single individuals, surviving spouses, and married individuals filing joint tax returns the minimum income level at which an income tax return must be filed. Adjusts withholding amounts to reflect such increases. Increases the personal exemption from $750 to $1,000. Makes permanent the earned income credit. Repeals tax deductions for State and local taxes on the sale of gasoline, diesel fuel, and other motor fuels. Revises the tax deduction for medical and dental expenses to permit the taxpayer to deduct all expenses relating to medical care, medical insurance, and prescription drugs which exceed three percent of the taxpayer's adjusted gross income. Repeals special provisions allowing itemized deductions for one-half the cost of medical and hospitalization insurance premiums (up to $150) and for medicine and drug expenses which exceed one percent of adjusted gross income. Defines "prescribed drug" to mean a drug or biological requiring a prescription of a physician for its use by an individual. Repeals the tax deduction for contributions to candidates for public office and to political newsletter funds. Requires the inclusion of certain amounts of unemployment compensation in gross income if gross income otherwise exceeds certain prescribed levels for any taxable year. Permits deferral of income tax on compensation received by an employee under a public or private nonqualified deferred compensation plan. Limits employer contributions to such plans to the same extent as contributions to qualified plans are limited. Requires a public plan to provide for participation of employees at all income levels. Allows tax deductions for deferred payments for services performed by independent contractors on the same basis as such deductions are allowed for employees. Title II: Tax Shelter Provisions - Extends the rule which limits tax deductions for business losses to amounts which a business actually had at risk to all activities engaged in for the production of income, except those relating to real estate. Requires the recapture of "at risk" deductions where the taxpayer withdraws the amount originally placed at risk. Imposes additional civil fines upon partnerships which fail to file timely or accurate partnership returns. Extends the statute of limitations for assessing income tax deficiencies of partnerships required to be registered with the Securities and Exchange Commission to four years after the partnership return is filed. Title III: Provisions Primarily Affecting Business Income Tax - Reduces the maximum corporate income tax rate to 46 percent of taxable income in excess of $100,000. Establishes graduated income tax rates for corporations, ranging over five brackets, from a 17 percent rate on the first $25,000 of corporate income to a maximum 46 percent rate on income over $100,000. Excludes mutual savings banks conducting life insurance business, insurance companies, regulated investment companies, real estate investment trusts, and foreign corporations from the new rates. Makes permanent the ten percent investment tax credit and the $100,000 limitation on used property eligible for the credit. Increases over a four-year period the maximum allowable investment tax credit to $25,000 plus 90 percent of an individual's tax liability which exceeds $25,000. Sets forth alternative limitations on the investment tax credit allowable for taxpayers investing in public utilities, railroads, and airlines. Allows the full investment tax credit for pollution control facilities which are eligible for the 60 month amortization election (presently, only 50 percent of such credit may be offset against tax liability), except to the extent that such facilities are financed by tax-exempt industrial development bonds. Establishes for taxable years beginning in 1979 or 1980 a tax credit equal to 50 percent of the unemployment insurance wages paid by an employer to: (1) individuals who have registered for the work incentive (WIN) program under Title IV (Aid to Families with Dependent Children) of the Social Security Act; (2) mentally or physically disabled individuals referred to the employer under a State plan for vocational rehabilitation; or (3) individuals of ages 18 through 24 who are members of households receiving food stamps. Limits the amount of wages to which the credit is applicable to the first $6,000 of an eligible individual's wages reduced by the amount of such individual's wages paid by the employer in the preceding calendar year. Provides that the amount of unemployment insurance wages eligible for the tax credit cannot exceed 20 percent of the total amount of such wages paid by an employer to all his employees. Increases from 10 to 15 the number of shareholders a small business may have without losing Subchapter S corporate status. Treats a husband and wife owning stock in a Subchapter S corporation as one stockholder for purposes of determining the number of stockholders in such a corporation. Treats the grantor of a trust owning stock in a Subchapter S corporation as the stockholder. Extends the time period for making a Subchapter S election to the first 75 days after the beginning of the taxable year and allows such an election at any time during the preceding taxable year. Treats any election made after the 75 day period as an election made for the following taxable year. Increases to $1,000,000 the amount of small business corporation stock which a corporation may issue as potentially subject to ordinary loss treatment. Increases to $50,000 ($100,000 for married individuals filing joint tax returns) the amount of loss on small business corporation stock which may be treated as ordinary, rather than capital, loss. Repeals the requirement that a corporation issue small business corporation stock pursuant to a plan developed by the corporation. Increases the amount of allowable first year additional depreciation for small business property to 25 percent of the first $20,000 of such property ($40,000 for married individuals filing joint tax returns). Extends eligibility for such depreciation allowance to only those taxpayers whose depreciable property has an aggregate adjusted basis of less than $1,000,000. Exempts from the rule requiring accrual accounting and capitalization of expenses incurred in preproductive periods certain two and three family farm corporations. Exempts farmers, nurserymen, and florists who use an accrual method of accounting and who are not required to capitalize preproductive period expenses from the requirement of taking an inventory of growing crops in computing taxable income. Permits such individuals to change to a cash method of accounting until 1981. Title IV: Capital Gains - Repeals the alternate 25 percent tax rate on the first $50,000 of long term capital gain of individual taxpayers. Removes capital gains of individuals and corporations as an item of tax preference for purposes of computing the minimum or maximum tax. Title V: Pension Simplification - Amends the Internal Revenue Code to permit employers to establish pension plans for their employees which are funded exclusively by individual retirement accounts (IRA's). Exempts such plans from the minimum funding standards applicable to other tax-exempt pension plans. Limits employer contributions to such pension plans to 15 percent of an employee's gross income for the taxable year or $7,500, whichever is less. Disallows tax deductions for employee contributions to an individual retirement account in a taxable year in which such employee participates in a pension plan established by this Act.
Bill· SS. 3320 (95th)referred
United States · United States Congress · 19 July 1978
Small Business Investment Incentive Act - Amends the Internal Revenue Code to allow a tax credit equal to ten percent of the cost of small business incentive stock (original issue stock issued by a corporation which has equity capital of $25,000,000 or less) acquired by a taxpayer who holds such stock for more than one year. Limits the allowable amount of such credit to $750 for any taxable year. Denies eligibility for such credit to individuals who are claimed as dependents by another taxpayer for purposes of the personal exemption. Disqualifies stock acquired more than 180 days after issuance, stock acquired by an underwriter, certain redemptions or refinancing issues, and investment company stock from treatment as incentive stock. Renders estates or trusts ineligible for the incentive stock tax credit.
Law· HRH.R. 13511 (95th)open
United States · United States Congress · 18 July 1978
Revenue Act - Title I: Provisions Primarily Affecting Individual Income Tax - Amends the Internal Revenue Code to reduce income taxes for individuals and estates and trusts for taxable years beginning after December 31, 1978. Increases the zero bracket amount to $3,400 for certain surviving spouses and married individuals filing joint tax returns, to $2,300 for unmarried individuals, and to $1,700 for a married individual filing a separate return. Increases for single individuals, surviving spouses, and married individuals filing joint tax returns the minimum income level at which an income tax return must be filed. Adjusts withholding amounts to reflect such increases. Increases the personal exemption from $750 to $1,000. Makes permanent the earned income credit. Repeals tax deductions for State and local taxes on the sale of gasoline, diesel fuel, and other motor fuels. Revises the tax deduction for medical and dental expenses to permit the taxpayer to deduct all expenses relating to medical care, medical insurance, and prescription drugs which exceed three percent of the taxpayer's adjusted gross income. Repeals special provisions allowing itemized deductions for one-half the cost of medical and hospitalization insurance premiums (up to $150) and for medicine and drug expenses which exceed one percent of adjusted gross income. Defines "prescribed drug" to mean a drug or biological requiring a prescription of a physician for its use by an individual. Repeals the tax deduction for contributions to candidates for public office and to political newsletter funds. Requires the inclusion of certain amounts of unemployment compensation in gross income if gross income otherwise exceeds certain prescribed levels for any taxable year. Provides that compensation paid to a State or local government employee which is deferred under an eligible State deferred compensation plan will be includible in the gross income of the participant or beneficiary of such a plan only in the year in which the compensation is paid to the participant or beneficiary. Permits the deferral of the lesser of $7,500 or one-third of such employee's compensation in any taxable year. Sets forth rules for the tax treatment of State deferred compensation plans which do not meet the requirements for an eligible State deferred compensation plan. Provides that the year in which deferred compensation shall be included in the gross income of a participant in a private deferred compensation plan shall be determined in accordance with judicial decisions and tax regulations in effect on February 1, 1978. Allows tax deductions for deferred payments for services performed by independent contractors on the same basis as such deductions are allowed for employees. Title II: Tax Shelter Provisions - Extends to small business corporations and personal holding companies the rule which limits deductions for business losses to amounts which such enterprises actually have at risk. Extends the range of activities subject to the "at risk" rule to all activities engaged in for the production of income, except those relating to real estate. Requires the recapture of "at risk" deductions where the taxpayer withdraws the amount originally placed at risk. Imposes additional civil fines upon partnerships which fail to file timely or accurate partnership returns. Extends the statute of limitations for assessing income tax deficiencies of partnerships required to be registered with the Securities and Exchange Commission to four years after the partnership return is filed. Title III: Provisions Primarily Affecting Business Income Tax - Reduces the maximum corporate income tax rate to 46 percent of taxable income in excess of $100,000. Establishes graduated income tax rates for corporations, ranging over five brackets, from a 17 percent rate on the first $25,000 of corporate income to a maximum 46 percent rate on income over $100,000. Excludes mutual savings banks conducting life insurance business, insurance companies, regulated investment companies, real estate investment trusts, and foreign corporations from the new rates. Makes permanent the ten percent investment tax credit and the $100,000 limitation on used property eligible for the credit. Increases over a four-year period the maximum allowable investment tax credit to $25,000 plus 90 percent of an individual's tax liability which exceeds $25,000. Sets forth alternative limitations on the investment tax credit allowable for taxpayers investing in public utilities, railroads, and airlines. Allows the full investment tax credit for pollution control facilities which are eligible for the 60 month amortization election (presently, only 50 percent of such credit may be offset against tax liability), except to the extent that such facilities are financed by tax-exempt industrial development bonds. Establishes for taxable years beginning in 1979 or 1980 a tax credit equal to 50 percent of the unemployment insurance wages paid by an employer to: (1) individuals who have registered for the work incentive (WIN) program under Title IV (Aid to Families with Dependent Children) of the Social Security Act; (2) mentally or physically disabled individuals referred to the employer under a State plan for vocational rehabilitation; or (3) individuals of ages 18 through 24 who are members of households receiving food stamps. Limits the amount of wages to which the credit is applicable to the first $6,000 of an eligible individual's wages reduced by the amount of such individual's wages paid by the employer in the preceding calendar year. Provides that the amount of unemployment insurance wages eligible for the tax credit cannot exceed 20 percent of the total amount of such wages paid by an employer to all his employees. Increases to $10,000,000 the amount of tax-exempt industrial development bonds which may be authorized as a small issue. Increases from 10 to 15 the number of shareholders a small business may have without losing Subchapter S corporate status. Treats a husband and wife owning stock in a Subchapter S corporation as one stockholder for purposes of determining the number of stockholders in such a corporation. Treats the grantor of a trust owning stock in a Subchapter S corporation as the stockholder. Extends the time period for making a Subchapter S election to the first 75 days after the beginning of the taxable year and allows such an election at any time during the preceding taxable year. Treats any election made after the 75 day period as an election made for the following taxable year. Increases to $1,000,000 the amount of small business corporation stock which a corporation may issue as potentially subject to ordinary loss treatment. Increases to $50,000 ($100,000 for married individuals filing joint tax returns) the amount of loss on small business corporation stock which may be treated as ordinary, rather than capital loss. Repeals the requirement that a corporation issue small business corporation stock pursuant to a plan developed by the corporation. Increases the amount of allowable first year additional depreciation for small business property to 25 percent of the first $20,000 of such property ($40,000 for married individuals filing joint tax returns). Extends eligibility for such depreciation allowance to only those taxpayers whose depreciable property has an aggregate adjusted basis of less than $1,000,000. Exempts from the rule requiring accrual accounting and capitalization of expenses incurred in preproductive periods certain two and three family farm corporations. Exempts farmers, nurserymen, and florists who use an accrual method of accounting and who are not required to capitalize preproductive period expenses from the requirement of taking an inventory of growing crops in computing taxable income. Permits such individuals to change to a cash method of accounting until 1981. Title IV: Capital Gains - Repeals the alternate 25 percent tax rate on the first $50,000 of long term capital gain individual taxpayers. Removes capital gains of individuals and corporations as an item of tax preference for purposes of computing the minimum or maximum tax.
Bill· HRH.R. 13519 (95th)referred
United States · United States Congress · 18 July 1978
Investment Incentive Act - Amends the Internal Revenue Code to restore part of the pre-1969 tax treatment of capital gains by repealing the capital gains item of tax preference for the minimum tax; lowering the corporate alternative tax to 25 percent of net capital gain; and lowering the alternative individual tax to 25 percent of net capital gain.
Bill· HRH.R. 13524 (95th)referred
United States · United States Congress · 18 July 1978
Amends the Internal Revenue Code by providing graduated corporate income tax rates ranging, over seven brackets, from a 16 percent rate on a corporation's first $25,000 income to a 45 percent rate on income over $150,000.
Bill· HRH.R. 13506 (95th)referred
United States · United States Congress · 17 July 1978
Amends the Internal Revenue Code to reduce by two percent the existing excise taxes on transportation of persons and property by air.
Bill· HRH.R. 13507 (95th)referred
United States · United States Congress · 17 July 1978
Amends the Internal Revenue Code to allow as an individual income tax deduction a reasonable allowance for salaries or other compensation for personal services actually rendered but not otherwise deductible paid to any individual during the taxable year. Denies such a deduction for salaries or other compensation paid to: (1) an individual with respect to whom the taxpayer claims a personal exemption deduction; or (2) a child of the taxpayer who has not reached age 19.
Bill· HRH.R. 13508 (95th)referred
United States · United States Congress · 17 July 1978
Corporate Tax Reduction Act - Amends the Internal Revenue Code to lower the corporate normal taxes and increase the surtax exemption.
Bill· HRH.R. 13499 (95th)referred
United States · United States Congress · 17 July 1978
Amateur Sports Act - Title I: Declaration of Policy - Makes findings and states that the policy of Congress is to promote amateur athletics and protect the right of amateur athletes to participate in athletic competition. Title II: Olympic Committee Reorganization - Amends the corporate charter of the Olympic Committee to (1) provide for a principal place of business of the United States Olympic Committee (Corporation); (2) set forth the objectives and purposes of the Corporation; (3) set forth the powers of the Corporation; (4) provide reasonable representation for specified individuals and organizations in establishing and maintaining provisions for the governance and conduct of its affairs; and (5) subject to civil liability any person who uses an Olympic designation without authority to promote a private financial interest. Permits contributors or suppliers of goods or services to use the name of the United States Olympic Committee or its designation to advertise that such goods or services have been furnished to, approved, or selected by the Corporation. Requires the Corporation to establish in its constitution and bylaws provisions for the resolution of disputes involving the opportunity of an amateur athlete or other specified individuals to participate in sanctioned athletic competitions. Authorizes the Corporation to recognize as a national governing body any amateur sports organization (but only one for each sport) which submits an application for recognition and complies with eligibility requirements. Sets forth such eligibility requirements. Sets forth the duties and powers of a national governing body and the requirements which an amateur sports organization must meet to hold an athletic competition or sponsor athletes in competition and be sanctioned by a national governing body. Grants to the Corporation the power of review over the actions of any national governing body and invests a United States district court with jurisdiction to enjoin any action of a national governing body inconsistent with the terms of the Corporate charter. Sets forth procedures for the Corporation in (1) processing a complaint against a national governing body by an individual athlete or an amateur sports organization; (2) revoking recognition of a national governing body; and (3) replacing an incumbent national governing body. Provides for arbitration of a determination of the Corporation. Authorizes the Secretary of Commerce to lend financial assistance to the Corporation in developing amateur athletics in the United States. Authorizes appropriations for carrying out the work of the national governing bodies. Directs the Secretary to conduct a feasibility study to determine the most appropriate means of providing funding to the Corporation for the construction and operation of training centers and sports medicine research facilities.
Bill· HRH.R. 13504 (95th)referred
United States · United States Congress · 17 July 1978
Amends the Internal Revenue Code to repeal the withholding tax requirements with respect to gambling winnings.
Bill· SS. 3301 (95th)referred
United States · United States Congress · 14 July 1978
Amends the Internal Revenue Code to render the basis rule for player contracts transferred in connection with the sale of a sports franchise inapplicable to the sale or exchange of a sports franchise after December 31, 1975, and before March 1, 1977, if the principal stockholder of such franchise at the time of its sale had purchased more than 50 percent of its voting stock prior to December 31, 1975.
Bill· HRH.R. 13488 (95th)referred
United States · United States Congress · 14 July 1978
Foreign Earned Income Act - Amends the Internal Revenue Code to limit the tax exclusion for income earned outside the United States to such income as is earned in a "qualified foreign country." Defines "qualified foreign country." Limits the amount of excludable income to $20,000 for United States citizens who establish bona fide residency in a qualified foreign country for at least one taxable year and for United States citizens or resident aliens who work in such a country during a period of 18 consecutive months. Limits the excludable amount to $25,000 for United States citizens who establish bona fide residency in a qualified foreign country for an uninterrupted period of three consecutive years. Treats presence on certain North Sea equipment used in exploring natural resources as presence in a qualified foreign country. Repeals the requirement that income earned outside the United States must be received in the country in which it is earned. Allows a tax deduction for United States citizens or residents working abroad for the sum of the qualified cost-of-living differential (difference between the cost-of-living in a particular foreign country and the Washington metropolitan area), housing, schooling, and home leave travel expenses. Limits the amount of the deduction to the amount earned abroad by an individual reduced by the amount excludable under the foreign earned income exclusion plus the amount of the exclusion for meals and lodging provided by an employer and the amount of specified allocable deductions. Specifies that the deductions for such living expenses be taken from gross income, thus permitting taxpayers who do not itemize deductions to claim such expenses as deductions in computing adjusted gross income. Sets forth definitions for qualified housing, schooling, and home leave travel expenses and rules for computing allowable deductions for such expenses. Permits an individual to maintain a separate household for spouse and dependents and still claim tax deductions for living expenses, if the living conditions in which such individual works are dangerous, unhealthy, or otherwise adverse. Increases the time and amount limitations for moving expenses for the relocation of a taxpayer at a new principal place of work outside the United States. Permits deductions for the moving expenses of a taxpayer due to retirement or for the expenses of a survivor upon the death of such taxpayer. Includes the storage fees incurred for the duration of a foreign assignment within the expenses qualifying for the moving expense deduction. Excludes from gross income meals and lodging furnished to the taxpayer, a spouse, and dependents by the employer outside the United States in a "camp style" or communal setting. Provides taxpayers working abroad the same extended repurchase time limitations as are presently provided servicemen stationed overseas for the nonrecognition of gain on the sale or exchange of a principal residence. Directs the Secretary of the Treasury to submit a report to Congress indicating the number and characteristics of individuals claiming tax benefits under this Act, the economic impact of such benefits, and the manner in which such benefits have been administered.
Bill· HRH.R. 13483 (95th)referred
United States · United States Congress · 14 July 1978
Amends the Internal Revenue Code to exempt certain small manufacturers and producers from the excise tax on firearms.
Bill· HRH.R. 13479 (95th)referred
United States · United States Congress · 14 July 1978
Amends the District of Columbia Self-Government and Governmental Reorganization Act to provide for a Federal payment to the District of Columbia for each fiscal year beginning with fiscal year 1979 in an amount equal to 40 percent of the amount of the revenues of the District of Columbia during such year from all sources other than receipts from the United States and general obligation bonds. Requires payment on October 1 of each fiscal year, and computation based upon estimates of revenues to be received by the District of Columbia during such year.
Bill· HRH.R. 13484 (95th)referred
United States · United States Congress · 14 July 1978
Amends the Internal Revenue Code to allow handicapped individuals who are incapable of operating highway vehicles an income tax deduction for their comuting expenses.
Bill· SS. 3289 (95th)referred
United States · United States Congress · 13 July 1978
Amends the Internal Revenue Code to allow a ten percent investment tax credit for the construction of enclosures or structures used exclusively for the housing, raising, or feeding of poultry or their produce.
Bill· SS. 3285 (95th)referred
United States · United States Congress · 13 July 1978
Amends the Internal Revenue Code to allow, retroactively to August 15, 1971, the investment tax credit for the construction of agricultural structures used for single purpose food production.
Bill· SS. 3291 (95th)referred
United States · United States Congress · 13 July 1978
Amends the Internal Revenue Code to increase the annual amount which an employer may contribute to an employee stock ownership plan on behalf of an employee to 50 percent, or $25,000 whichever is less, of the compensation paid the employee.
Bill· SS. 3287 (95th)referred
United States · United States Congress · 13 July 1978
Amends the Internal Revenue Code to allow retroactively to 1971, the ten percent investment tax credit for certain unitary hog confinement facilities.
Bill· SS. 3288 (95th)referred
United States · United States Congress · 13 July 1978
Amends the Internal Revenue Code to allow a deduction from the gross income of an employee who is a participant in a pension plan for cash contributions made by the employee to: (1) a qualified pension, profit sharing, or stock bonus plan; (2) a qualified annuity plan; (3) a qualified bond purchase plan; (4) an individual retirement plan; or (5) a group retirement trust maintained by a labor organization. Limits such deduction to ten percent of the employee's compensation for the taxable year or $1,000, whichever is less.
Bill· HRH.R. 13459 (95th)referred
United States · United States Congress · 13 July 1978
Amends the Internal Revenue Code to permit an individual to exclude from gross income all of the gain from the sale or exchange of one principal residence before such individual attains age 62 and one principal residence after such individual attains age 62.
Bill· HRH.R. 13441 (95th)referred
United States · United States Congress · 12 July 1978
Amends the Internal Revenue Code to allow public utilities to exclude from gross income, as contributions to capital, all amounts received in aid of construction of electric energy, steam, or gas facilities.
Bill· HRH.R. 13433 (95th)referred
United States · United States Congress · 12 July 1978
Amends the Internal Revenue Code to permit holders of life insurance policies to receive tax free income under annuity contracts funded by segregated exempt interest accounts in which 50 percent of the assets of such accounts consist of tax-exempt State or local government securities. Disallows tax deducations for expenses and interest incurred by life insurance companies in the maintenance of such exempt-interest asset accounts.
Bill· HRH.R. 13419 (95th)referred
United States · United States Congress · 11 July 1978
Amends the Internal Revenue Code by providing graduated corporate income tax rates ranging, over seven brackets, from a 16 percent rate on a corporation's first $25,000 income to a 45 percent rate on income over $150,000.
Bill· HRH.R. 13405 (95th)referred
United States · United States Congress · 10 July 1978
Amends the Internal Revenue Code to exempt gambling activities conducted by tax-exempt and political organizations, where the wagers are placed, the winners determined, and the prizes distributed in the presence of all the players, from treatment as unrelated business activities for purposes of the unrelated business tax.
Bill· HRH.R. 13389 (95th)referred
United States · United States Congress · 10 July 1978
Amends the Internal Revenue Code to provide that all amounts, compensation, goods and services received as National Research Service Awards under the Public Health Service Act since July 12, 1974, are excludable from gross income to the same extent as scholarships and fellowship grants. Provides a minimum period of limitations for refunds of taxes assessed on such amounts of one year commencing with the date of this enactment.