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Resolution· SCONRESS.Con.Res. 119 (96th)passed
United States · United States Congress · 27 August 1980
Sets forth the congressional budget for the United States Government for fiscal years 1981, 1982, and 1983. Recommends the following levels of Federal revenues: $615,100,000,000 in fiscal year 1981; $698,700,000,000 in fiscal year 1982; and $792,100,000,000 in fiscal year 1983. Recommends an increase in the aggregate level of Federal revenues of $5,200,000,000 in fiscal year 1981 and decreases of $13,300,000,000 in fiscal year 1982 and of $35,600,000,000 in fiscal year 1983. States that the appropriate level of new budget authority is: $699,600,000,000; $778,800,000,000; and $852,600,000,000 for fiscal years 1981, 1982, and 1983 respectively. Sets the appropriate level of total budget outlays in such years at: $633,000,000,000; $709,900,000,000; and $777,700,000,000. Recommends in light of economic conditions, budget deficits of $17,900,000,000 in fiscal year 1981 and $11,200,000,000 in fiscal year 1982 and budget surpluses of $14,400,000,000 in fiscal year 1983. States that the appropriate level of the public debt is $961,800,000,000 in fiscal year 1981 with an increase in the temporary statutory debt limit of $40,900,000,000. Sets the appropriate level of the public debt in fiscal year 1982 at $1,003,000,000,000 with an increase in the temporary debt limit of $41,200,000,000. Recommends a level of public debt in fiscal year 1983 of $1,021,600,000,000 with an increase in the debt limit of $18,600,000,000. Sets forth recommended levels of new budget authority and outlays for each major functional category of the budget in fiscal years 1981, 1982, and 1983. Revises the Congressional Federal Credit Budget for fiscal year 1981 to set the appropriate level for: (1) new direct loan obligations at $68,300,000,000; (2) new primary loan guarantee commitments at $75,100,000,000; and (3) new secondary loan guarantee commitments at $53,100,000,000. Allocates the appropriate levels of total Federal credit activity among the major functional categories. Expresses the sense of Congress that the following ceilings should be applied in fiscal year 1981: (1) $32,100,000,000 for off-budget lending activities; (2) $36,200,000,000 for on-budget lending activities; (3) $75,100,000,000 for new primary loan guarantee commitments; and (4) $53,100,000,000 for new secondary loan guarantee commitments.
Bill· HRH.R. 8037 (96th)referred
United States · United States Congress · 27 August 1980
Amends the Internal Revenue Code and the Social Security Act to repeal the increases in social security taxes scheduled to go into effect in 1981 and 1982. Continues the tax rates for 1980 through 1984. Expresses as an objective of this Act the protection of the social security trust funds against any losses of revenue which they might otherwise sustain on account of such repeal.
Bill· HRH.R. 8033 (96th)referred
United States · United States Congress · 27 August 1980
Family Enterprise Estate and Gift Tax Equity Act - Amends the Internal Revenue Code to increase the unified credit against the estate and gift taxes from $47,000 to $155,800 by specified annual increments through 1985. Increases from $175,000 to $500,000, by specified annual increments through 1985, the minimum gross estate requiring filing of a return. Repeals the existing limitations on the marital deduction for gift and estate taxes. Increases from $3,000 to $6,000 the annual gift tax exclusion. Permits disabled individuals and those receiving social security benefits to meet existing material participation requirements with respect to the special use valuation of certain farms and other real property, if an individual has materially participated in the operation of the farm or business for five out of the eight years preceding the year in which he or she becomes disabled or eligible for such benefits. Permits the spouse of a decedent to meet such requirements if the spouse has actually managed the farm or business for ten years preceding the decedent's death or takes over active management upon the decedent's death. Permits the owner of a woodland to qualify for the special use valuation if he or she has actively managed the property for ten years prior to death. Reduces from 15 to ten years the length of time a qualified property must be held following the decedent's death before it can be disposed of without incurring a recapture of estate tax benefits. Permits active management rather than material participation as a test for qualification for the estate for spouses, children under 21, students, and disabled individuals who receive property from a decedent who qualified for special use valuation. Repeals the $500,000 limitation on the reduction of the value of qualified real property permitted for application of the special use valuation. Allows like kind exchange of property without loss of special use valuation qualification. Allows net crop share rentals to qualify for the special use valuation as well as cash rentals. Authorizes the step-up basis of assets. Repeals the requirement that an heir elect special treatment for involuntary conversions of qualified real property, thus making such treatment automatic upon such conversion. States that gifts made within three years of a decedent's death shall be valued as of the time of transfer rather than as of the date of death. Authorizes an individual to elect to pay a gift tax rather than use the unified tax credit. Eliminates the alternative extension of time for payment of the estate tax where the estate consists largely of an interest in a closely held business. Allows installment payment election if the value of the interest in the closely held business is either 35 percent of the value of the gross estate or 50 percent of the taxable estate. Allows payment of an installment within six months after the due date without penalty. Allows a disclaimer of an interest in property for estate tax purposes in specified circumstances where such disclaimer does not result in the passing of the interest concerned under the applicable State law.
Bill· HRH.R. 8040 (96th)referred
United States · United States Congress · 27 August 1980
Amends the Internal Revenue Code to provide for the refunding of investment tax credit amounts which exceed tax liability.
Bill· HRH.R. 8036 (96th)referred
United States · United States Congress · 27 August 1980
Amends the Internal Revenue Code to treat as front-end oil exempt from the crude oil windfall profits tax any domestic crude oil which is a production payment (in payment of allowed expenses) carved out for exploration or development of a qualified mineral property which is the subject of a tertiary project of an independent producer. Includes prepaid expenses attributable to periods after September 30, 1981, among allowed expenses.
Bill· HRH.R. 8032 (96th)referred
United States · United States Congress · 27 August 1980
Family Enterprise Estate and Gift Tax Equity Act - Amends the Internal Revenue Code to increase the unified credit against the estate and gift taxes from $47,000 to $155,800 by specified annual increments through 1985. Increases from $175,000 to $500,000, by specified annual increments through 1985, the minimum gross estate requiring filing of a return. Repeals the existing limitations on the marital deduction for gift and estate taxes. Increases from $3,000 to $6,000 the annual gift tax exclusion. Permits disabled individuals and those receiving social security benefits to meet existing material participation requirements with respect to the special use valuation of certain farms and other real property, if an individual has materially participated in the operation of the farm or business for five out of the eight years preceding the year in which he or she becomes disabled or eligible for such benefits. Permits the spouse of a decedent to meet such requirements if the spouse has actually managed the farm or business for ten years preceding the decedent's death or takes over active management upon the decedent's death. Permits the owner of a woodland to qualify for the special use valuation if he or she has actively managed the property for ten years prior to death. Reduces from 15 to ten years the length of time a qualified property must be held following the decedent's death before it can be disposed of without incurring a recapture of estate tax benefits. Permits active management rather than material participation as a test for qualification for the estate for spouses, children under 21, students, and disabled individuals who receive property from a decedent who qualified for special use valuation. Repeals the $500,000 limitation on the reduction of the value of qualified real property permitted for application of the special use valuation. Allows like kind exchange of property without loss of special use valuation qualification. Allows net crop share rentals to qualify for the special use valuation as well as cash rentals. Authorizes the step-up basis of assets. Repeals the requirement that an heir elect special treatment for involuntary conversions of qualified real property, thus making such treatment automatic upon such conversion. States that gifts made within three years of a decedent's death shall be valued as of the time of transfer rather than as of the date of death. Authorizes an individual to elect to pay a gift tax rather than use the unified tax credit. Eliminates the alternative extension of time for payment of the estate tax where the estate consists largely of an interest in a closely held business. Allows installment payment election if the value of the interest in the closely held business is either 35 percent of the value of the gross estate or 50 percent of the taxable estate. Allows payment of an installment within six months after the due date without penalty. Allows a disclaimer of an interest in property for estate tax purposes in specified circumstances where such disclaimer does not result in the passing of the interest concerned under the applicable State law.
Bill· HRH.R. 8038 (96th)referred
United States · United States Congress · 27 August 1980
Amends the Internal Revenue Code to allow individual taxpayers an income tax credit for 30 percent of the fair market value of any literary, musical, or artistic compositions created by the personal efforts of such individual and contributed to a tax-exempt charitable organization. Specifies that the amount of such credit may not exceed the amount of tax paid by the contributor with respect to income from artistic creations in the current taxable year and in previous taxable years. Limits the amount of such credit to the greater of $2,500 or 50 percent of the taxpayer's tax liability for the taxable year. Denies such tax credit for contributions of letters, memoranda, or similar property which were prepared by the contributor in his capacity as an official of Federal or State Government. Limits the amount of contributions eligible for such tax credit to $35,000. Requires certification by the donors of such artistic creations that the contribution has significant artistic value and is related to the tax-exempt purpose or function of the donee's organization. Permits a carryover of excess credit amounts for five succeeding taxable years.
Law· HJRESH.J.Res. 601 (96th)open
United States · United States Congress · 27 August 1980
Appropriates funds to the President for fiscal year 1981 for an increase in the U.S. quota in the International Monetary Fund.
Bill· SS. 3069 (96th)referred
United States · United States Congress · 26 August 1980
Amends the Internal Revenue Code to make the investment tax credit for motor vehicle manufacturing equipment and machinery refundable.
Bill· SS. 3076 (96th)referred
United States · United States Congress · 26 August 1980
Exempts from the penalty taxes on failure to distribute income and on excess business holdings under the Internal Revenue Code any tax-exempt private foundation which: (1) was organized before January 1, 1950; (2) received by bequest before January 1, 1958, all of the outstanding stock of a manufacturing corporation (subject to intervening life estates which terminated before January 1, 1972); (3) is located in a community which, as of the 1980 decennial census, had a population of fewer than 10,000 persons; (4) employed, as of January 1, 1980, fewer than 200 employees; and (5) owns stock in a manufacturing corporation which pays dividends for the calendar year with or within which the taxable year of the foundation ends in an amount equal to at least 30 percent of the average annual earnings of such corporation for the three-year period ending with the calendar year. Applies this Act to taxable years beginning after December 31, 1979.
Bill· SS. 3075 (96th)referred
United States · United States Congress · 26 August 1980
Federal Government Fiscal Responsibility Act of 1980 - Requires the Comptroller General of the United States, after consultation with specified congressional committees, to issue regulations describing the actions which constitute unnecessary spending at the end of a fiscal year by a Government office, as such term is defined in this Act. Directs the head of each Government office to take such actions as necessary to eliminate unnecessary spending. Authorizes the office head to provide awards to employees who help to eliminate unnecessary spending. Directs each office head to submit to Congress an annual report describing the savings of that office during the preceding fiscal year. Requires the Comptroller General, by April 1 of each fiscal year, to conduct random selective audits of at least 15 Government offices to determine whether such offices have engaged in substantial unnecessary spending during the preceding fiscal year. Directs the Congress to recognize by appropriate resolution each office which has achieved savings during a fiscal year. Requires each committee of the Senate and the House of Representatives having legislative jurisdiction over a program carried out by a Government office, when reporting legislation to authorize the enactment of new budget authority for such program for a fiscal year: (1) to authorize new budget authority for a program which achieved savings in the preceding year in an amount which at least equals the amount of budget authority authorized in the preceding year plus the savings during such year, except under specified circumstances; and (2) to authorize the enactment of new budget authority for a program which engaged in unnecessary spending during the preceding year in an amount not exceeding the amount of budget authority authorized in the preceding year reduced by the amount of unnecessary spending. Directs the Committees on Appropriations of each House to report legislation providing new budget authority in accordance with such authorization guidelines. Requires the amount of such new budget authority to be adjusted to reflect changes during the preceding year in the Consumer Price Index beginning with the second fiscal year after the enactment of this Act.
Bill· SS. 3071 (96th)referred
United States · United States Congress · 26 August 1980
Individual Equity Investors' Incentive Act of 1980 - Amends the Internal Revenue Code to allow individual taxpayers an income tax credit equal to ten percent of the aggregate adjusted basis of domestic corporate equity securities acquired by the taxpayer during the credit year. Limits the dollar amount of such credit to $1,000 ($2,000 for married couples filing jointly). Requires a minimum aggregate adjusted basis of such securities at the end of the credit year or no credit shall be allowed. Disallows such credit if the taxpayer possesses 80 percent or more of the combined voting power of all classes of stock of such corporation entitled to vote. Requires recapture of such credits upon reduction of the aggregate adjusted basis of such securities below a specified level.
Bill· SS. 3070 (96th)referred
United States · United States Congress · 26 August 1980
Amends the Revenue Act of 1978 and the Internal Revenue Code, with respect to the limitation on the foreign tax credit for corporations, to treat as gain from sources outside the United States (hence, eligible for application of the foreign tax credit) gain from a sale of at least 80 percent of the total number of shares of all classes of stock of a foreign corporation. Applies this Act to taxable years beginning after December 31, 1975.
Bill· HRH.R. 8023 (96th)referred
United States · United States Congress · 26 August 1980
Welfare and Medicaid Fiscal Assistance Program Act of 1980 - Amends Title IV (Aid to Families with Dependent Children) (AFDC) and Title XIX (Medicaid) of the Social Security Act to increase the Federal medical assistance percentage payable to a State with a medical assistance plan approved by the Secretary of Health and Human Services under such Act. Directs a State to pay on a pro rata basis any Federal funds received in excess of the old Federal medical assistance percentage to any political subdivision of such State which contributed under the State medical assistance plan for such quarter. Limits such payment to 100 percent of such political subdivision's contribution.
Bill· HRH.R. 8028 (96th)referred
United States · United States Congress · 26 August 1980
Amends the Internal Revenue Code to provide for the deferral of tax on the gain from the sale of property located in the United States which is used for the business of farming.
Bill· SS. 3064 (96th)referred
United States · United States Congress · 25 August 1980
Welfare and Medicaid Fiscal Assistance Program Act of 1980 - Amends Title IV (Aid to Families with Dependent Children) (AFDC) and Title XIX (Medicaid) of the Social Security Act to increase the Federal medical assistance percentage payable to a State with a medical assistance plan approved by the Secretary of Health and Human Services under such Act. Directs a State to pay on a pro rata basis any Federal funds received in excess of the old Federal medical assistance percentage to any political subdivision of such State which contributed under the State medical assistance plan for such quarter. Limits such payment to 100 percent of such political subdivision's contribution.
Bill· HRH.R. 8019 (96th)referred
United States · United States Congress · 25 August 1980
Amends the Internal Revenue Code to allow home builders an income tax credit for the incorporation of passive solar energy systems in new residential units constructed after September 30, 1980, and before January 1, 1989. Requires the Secretary of the Treasury, after consultation with the Secretaries of Energy and Housing and Urban Development, to prescribe solar construction credit tables, providing for a credit at the rate of $60 for each 1,000,000 Btu's of annual energy savings per residential unit. Limits the amount of the credit to $2,000 per residential unit. Terminates the authority for such credit for residential units completed after December 31, 1988.
Bill· HRH.R. 8015 (96th)referred
United States · United States Congress · 25 August 1980
Family Estate Tax Act of 1980 - Amends the Internal Revenue Code to: (1) increase from $47,000 to $75,000, without gradual phase-in, the unified credits against the estate and gift taxes; and (2) increase from $175,000 to $260,000 the minimum gross estate requiring filing of an estate tax return.
Bill· HRH.R. 8020 (96th)referred
United States · United States Congress · 25 August 1980
Estate and Gift Tax Act of 1980 - Amends the Internal Revenue Code to: (1) increase from $47,000 to $155,800 the unified credit against the estate and gift tax; and (2) increase from $3,000 to $6,000 the gift tax exclusion.
Bill· HRH.R. 8016 (96th)referred
United States · United States Congress · 25 August 1980
Estate and Gift Tax Act of 1980 - Amends the Internal Revenue Code to: (1) increase from $47,000 to $155,800 the unified credit against the estate and gift tax; and (2) increase from $3,000 to $6,000 the gift tax exclusion.
Bill· HRH.R. 8014 (96th)referred
United States · United States Congress · 25 August 1980
Small Business Tax Reduction Act of 1980 - Amends the Internal Revenue Code to reduce corporate income taxes for businesses with taxable income of $200,000 or less.
Bill· SS. 3057 (96th)referred
United States · United States Congress · 22 August 1980
Amends the Internal Revenue Code to extend the nonconventional source fuel production income tax credit to any solid fuel in pellet form produced from biomass (other than wood or wood products) which has a Btu content per unit of volume or weight, determined without regard to any nonbiomass elements, which is at least 40 percent greater per unit of volume or weight than the Btu content of the biomass from which it is produced. Requires the taxpayer to elect whether to determine Btu content by volume or by weight. Limits application of such credit to pellets: (1) produced in a facility placed in service between January 1, 1980, and September 31, 1983, or for the construction of which the taxpayer was obligated under a binding contract on September 30, 1983; and (2) sold before January 1, 1990.
Bill· SS. 3060 (96th)referred
United States · United States Congress · 22 August 1980
Amends the Internal Revenue Code to exclude from the gross income of an individual gain from the first sale of new capacity stock by the taxpayer first acquiring it from the issuer (other than a broker or dealer in securities acquiring such stock in the ordinary course of business for public sale). Defines "new capacity stock" as stock issued after September 1, 1980, the proceeds from the sale of which by the issuer are dedicated to, and used exclusively for, investment in depreciable machinery and equipment.
Resolution· SCONRESS.Con.Res. 115 (96th)referred
United States · United States Congress · 22 August 1980
Expresses the sense of the Congress that the Secretary of the Treasury should exercise his regulatory authority by designating energy efficient wood-burning stoves as eligible for the residential energy tax credit.
Bill· HRH.R. 8008 (96th)referred
United States · United States Congress · 22 August 1980
Venture and Equity Capital Revitalization Act of 1980 - Amends the Internal Revenue Code to increase the capital gains deduction for individuals from 60 percent of the net capital gain to 75 percent.
Bill· HRH.R. 8002 (96th)referred
United States · United States Congress · 22 August 1980
Amends the Social Security Act and the Internal Revenue Code of 1954 to include service performed as the Vice President of the United States, as a Member, Delegate, or Resident Commissioner of or to the Congress, or in the legislative branch within the definitions of employment for purposes of such Acts relating, respectively, to Federal Old-Age, Survivors, and Disability Insurance Benefits and to Federal Insurance Contributions (applicable to all taxable years beginning after December 31, 1980).
Resolution· HCONRESH.Con.Res. 411 (96th)referred
United States · United States Congress · 22 August 1980
Expresses the sense of the Congress that the Secretary of the Treasury should exercise his regulatory authority by designating energy efficient wood-burning stoves as eligible for the residential energy tax credit.
Bill· SS. 3052 (96th)referred
United States · United States Congress · 21 August 1980
Investment Incentive Act of 1980 - Amends the Internal Revenue Code to: (1) reduce the maximum income tax rate for individuals from 70 percent to 67 percent; (2) increase the capital gains deduction for individuals from 60 percent to 70 percent; and (3) reduce the corporate capital gains tax rate from 28 percent to 20 percent.
Bill· SS. 3048 (96th)referred
United States · United States Congress · 21 August 1980
Amends the Internal Revenue Code to allow nonrecognition of gain for the sale of farmland development rights to a State under a qualified farmland preservation program if, within 18 months before or after such sale, new farmland property is purchased and used by the taxpayer for farming purposes. Requires recognition of gain to the extent that the amount realized on the sale of such rights exceeds the cost of purchasing such new farmland. Defines "farmland development rights" as the right of a real property owner to devote property to a use other than for farming purposes. Defines "qualified farmland preservation program" as a program established by State law for the purpose of assuring that property currently devoted to farming will continue to be so devoted, and which provides for the purchase of farmland development rights by the State in order to carry out that purpose. Requires recapture of unrecognized gain if, within five years of the sale of farmland development rights, the taxpayer: (1) devotes the property concerned to a use other than for farming purposes; (2) sells or exchanges such property for such a non-farming use; or (3) uses the new farmland for other than farming purposes. Allows a taxpayer who has attained age 55 to elect to exclude from gross income any gain from the sale of farmland development rights to a State under a qualified farmland preservation program, if the property concerned has been owned and used by the taxpayer for farming purposes for periods aggregating at least three years during the five years prior to such sale. Limits the amount of such exclusion to $100,000 ($50,000 for a married individual filing a separate return). Limits application of such exclusion to one sale only. Treats any taxpayer who has made such a sale, where the gain falls short of fair market value, as having made a deductible charitable contribution of the difference.
Bill· HRH.R. 7989 (96th)referred
United States · United States Congress · 21 August 1980
Title I: Short Title, Etc. - Tax Reduction Act of 1980 - States that the effective date for the provisions of such Act shall be taxable years beginning after December 31, 1980. Title II: Tax Treatment of Individuals - Amends the Internal Revenue Code to increase the allowable amount of the income tax credit for the elderly. Increases the amount of the income tax exclusion for dividends and interest income. Allows married couples filing joint returns an income tax deduction from gross income equal to ten percent of the earned income of the lower income spouse. Limits the amount of such deduction to $1,000 for a taxable year. Extends the income tax deduction for charitable contributions to taxpayers who do not itemize individual income tax deductions. Title III: Social Security and Other Pension Contribution Tax Credit - Amends the Internal Revenue Code to allow a refundable income tax credit for ten percent of a taxpayer's social security taxes in 1981 or 1982 or for such taxpayer's contribution to a tax-qualified pension plan for such years. Limits the amount of such credit to $200. Increases the allowable amount of the income tax deduction for contributions to a retirement savings plan. Extends eligibility for such tax deduction to individuals who are active participants in tax-qualified pension plans, annuities, bond purchase plans, and government retirement plans. Title IV: Capital Cost Recovery System - Amends the Internal Revenue Code to revise the method for determining useful lives of business assets for purposes of computing allowable depreciation deductions. Replaces the asset depreciation range (ADR) system with a schedule of capital cost recovery periods for four classes of business property. Disallows the deduction for additional first-year depreciation with respect to recovery cost property. Classifies excess amounts of depreciation under the recovery cost method as an item of tax preference for purposes of calculating the minimum tax. Title V: Tax Changes Primarily Affecting Corporations - Amends the Internal Revenue Code to reduce corporate tax rates. Allows an accelerated investment tax credit for research and experimental expenditures in connection with the taxpayer's trade or business. Title VI: Tax Impact Study - Authorizes the Secretary of the Treasury and the Council of Economic Advisors to study the impact of Federal, State, and local taxation on the American economy.
Bill· HRH.R. 7985 (96th)referred
United States · United States Congress · 21 August 1980
Amends the Internal Revenue Code to allow individual taxpayers an income tax deduction for cash contributions to an individual housing account. Limits the amount of such deduction to $3,500 for a taxable year and to $18,000 for all taxable years. Specifies no maximum yearly income for eligibility for the deduction. Permits a maximum of 20 percent of the contribution to an individual housing account to be from unearned income. Allows only one account per family unit and permits only one account to be applied against the purchase of a single residence. Defines "individual housing account" as a trust created or organized in the United States for the exclusive benefit of an individual taxpayer and such taxpayer's spouse in purchasing a principal residence. Sets forth requirements for the establishment and maintenance of an individual housing account. Grants tax-exempt status upon an individual housing account trust. Includes in the gross income of a trust beneficiary amounts distributed exclusively in connection with the purchase of a principal residence for the beneficiary, but limits the tax on such accounts according to a specified formula. Sets forth rules for the tax treatment of a trust and distributions from a trust in the case of divorce, improper distributions from a trust, and contributions to a trust in excess of the allowable amount. Prescribes a penalty equal to ten percent of the payments from a trust which are made for purposes other than the purchase of a principal residence. Requires the trustee of an individual housing account to file informational returns with the Secretary of the Treasury as required. Prescribes penalties for failure to file such returns.
Bill· HRH.R. 7996 (96th)referred
United States · United States Congress · 21 August 1980
Amends the Internal Revenue Code to allow individual taxpayers an income tax credit equal to ten percent of the State and local sales taxes incurred in the purchase of a new American-made automobile. Limits the amount of such credit to $150. Terminates such credit with respect to vehicles sold after December 31, 1984.
Bill· HRH.R. 7992 (96th)referred
United States · United States Congress · 21 August 1980
Amends the Internal Revenue Code to abolish the estate and gift taxes.
Bill· HRH.R. 7994 (96th)referred
United States · United States Congress · 21 August 1980
Capital Investment Tax Incentive Act of 1980 - Amends the Internal Revenue Code to increase the deduction for net capital gain from 60 to 70 percent in the case of individual taxpayers. Reduces the capital gains tax rate for corporations from 28 to 21 percent.
Bill· SS. 3047 (96th)referred
United States · United States Congress · 20 August 1980
Tax Reduction Act of 1980 - Amends the Internal Revenue Code to reduce the income tax rates for individuals, estates, and trusts for years beginning after December 31, 1980. Increases the zero bracket amount: (1) from $2,300 to $2,600 for a single individual; (2) from $3,400 to $3,900 for married individuals filing a joint return; and (3) from $1,700 to $1,950 for a married individual filing a separate return. Reduces the marriage penalty by allowing the spouse with the lower income to claim a ten percent deduction up to a maximum of $3,000.
Bill· HRH.R. 7973 (96th)referred
United States · United States Congress · 20 August 1980
Amends the Internal Revenue Code to allow the eligibility of shale oil property used for hydrogenation (or for a similar process subsequent to retorting) for the ten percent energy investment tax credit.
Bill· HRH.R. 7983 (96th)referred
United States · United States Congress · 20 August 1980
Amends the Internal Revenue Code to allow an income tax credit of 25 percent of the qualified research and experimental expenditures paid or incurred by a taxpayer in connection with his trade or business. Defines "qualified research and experimental expenditures" as those business-related expenditures which are currently deductible under provisions of the Internal Revenue Code, but limits the scope of such expenditures to technological research designed to develop or improve products or services. Excludes expenditures for research or experimentation in the social sciences or humanities, government-funded research, or research carried on in the taxpayer's behalf. Limits the amount of expenditures eligible for the credit to those which exceed 100 percent of the annual average of such expenditures for the immediately preceding three years. Provides for a three-year carryback and seven-year carryover of unused credits.
Bill· HRH.R. 7975 (96th)referred
United States · United States Congress · 20 August 1980
Family Tax Cut Act of 1980 - Amends the Internal Revenue Code to impose the same income tax rates on all individuals, regardless of marital status. States that community property laws shall not apply for Federal income tax purposes.
Bill· HRH.R. 7968 (96th)referred
United States · United States Congress · 20 August 1980
Amends the Internal Revenue Code to allow individual taxpayers a refundable income tax credit for expenses incurred in examining their residences to identify unnecessary energy use and the measures for making such residences more energy efficient. Limits the amount of such credit to $250 for a taxable year.
Bill· SS. 3043 (96th)referred
United States · United States Congress · 19 August 1980
Amends the Internal Revenue Code to reduce the corporate tax rate schedule to read as follows: (1) 17 percent of taxable income which does not exceed $50,000 (currently $25,000); (2) 20 percent of such income between $50,000 and $100,000 (currently between $25,000 and $50,000); (3) 30 percent of such income between $100,000 and $150,000 (currently between $50,000 and $75,000); (4) 40 percent of such income between $150,000 and $200,000 (currently between $75,000 and $100,000); and (5) 46 percent of the excess over $200,000.
Bill· SS. 3042 (96th)referred
United States · United States Congress · 19 August 1980
Amends the Internal Revenue Code to allow a taxpayer an election to deduct as current expenses amounts paid or incurred in connection with the acquisition, construction, or erection of a certified air or water pollution control facility, in lieu of charging such expenses to capital account. Provides for a further election to discontinue such direct expensing and to charge the remainder of such expenses to capital account.
Resolution· SRESS.Res. 504 (96th)passed
United States · United States Congress · 19 August 1980
Waives certain requirements of the Congressional Budget Act of 1974 with respect to the consideration of S. 3027 (disaster relief funding).
Law· HRH.R. 7956 (96th)open
United States · United States Congress · 19 August 1980
Miscellaneous Revenue Act of 1980 - Title I: Amendments Relating to Income Tax Generally - Amends the Internal Revenue Code to provide that in cases where married couples live apart at all times during the calendar year, do not file a joint return, report earned income which is community income under State or foreign community property laws, and do not transfer such income between themselves before the close of the calendar year, such community income shall be treated in the same manner as community income of a U.S. citizen who is married to a nonresident alien is treated for Federal income tax purposes (income is attributable to the individual spouse who earns it). Permits a taxpayer election to amortize, based on a period of not less than 60 months, start-up expenses incurred in the creation or acquisition of a new business. Expands the types of partial interests in real property which qualify for the income tax deduction for charitable contributions for conservation to include the entire interest of a donor in real property other than the rights to subsurface minerals. Makes permanent the income tax deduction for charitable contributions for conservation purposes. Qualifies rehabilitated buildings leased to a tax-exempt organization or government unit for investment tax credit treatment. Treats income from the lease of certain spacecraft as income from sources within the United States for purposes of the income tax. Imposes upon the non-exempt income of homeowners associations a 30 percent income tax. Provides that any income received or accrued by a tax-exempt mutual or cooperative electric or telephone company from qualified pole rentals, or by a cooperative telephone company from the sale of display listings in a directory furnished to company members, shall not be treated as unrelated business income subject to tax. Defines "qualified pole rental" as any rental of a pole (or other structure used to support wires) if: (1) such pole or structure is used by the telephone or electric company in providing telephone or electric services to its members; and (2) the use of such pole or structure pursuant to the rental is in connection with transmission by wire of electricity or of telephone or other communications. Provides for a tax refund of amounts included in the gross incomes of State police officers as cash meal allowances during calendar years 1975, 1976, and 1977. Exempts amounts paid as entertainment expenses which are includible in the gross income of the recipient, who is not an employee of the taxpayer, from the requirement that such expenses be shown to be directly related to the active conduct of the taxpayer's trade or business in order to qualify for tax deductibility. Title II: Amendments Relating to Pension Plans - Amends the Internal Revenue Code to aggregate employees of adjunct professional organizations and the employees of the professional organizations which are related to such adjunct organizations for purposes of determining the eligibility of such organizations to participate in tax-qualified pension plans. Revises the existing tax treatment of employee stock ownership plans with respect to: (1) stock bonus plans which provide a cash distribution option to participants; (2) the limitation on annual additions to participant accounts under employee stock ownership plans; (3) valuation of employer securities in stock ownership plans; (4) participation of second tier subsidiary corporations in employee stock ownership plans; (5) participation rules for certain tax credit employee stock ownership plans; and (6) the application of cash or deferred arrangement rules to cafeteria plans. Title III: Amendments Relating to Estate Tax - Amends the Internal Revenue Code to permit executors of an estate to elect the alternate valuation date for estate assets (six months after decedent's death) even though the estate tax return is filed after the due date. Extends, through December 31, 1980, the period during which agreements governing the transfer of estate assets for public, charitable, and religious uses may be amended to meet the requirements for a gift of a split interest to charity.
Bill· HRH.R. 7949 (96th)referred
United States · United States Congress · 19 August 1980
Amends the Internal Revenue Code to reduce the tax rate on the net capital gains of corporations from 28 to 14 percent. Increases from 60 to 80 percent the amount of the net capital gain of individual taxpayers which is deductible from gross income.
Bill· HRH.R. 7948 (96th)referred
United States · United States Congress · 19 August 1980
Urban Growth Act of 1980 - Amends the Internal Revenue Code to reduce corporate income tax rates. Includes, in the calculation of the investment tax credit, an additional ten percent, to be known as the "depressed area percentage," for investment in high unemployment areas. Expands the limitation on the amount of the investment tax credit to allow the credit to offset the entire amount of tax liability for the taxable year. Sets forth the procedure for the tax treatment of investment tax credit property that ceases to be depressed area property. Allows amortization deductions for depreciable buildings located in high unemployment areas which meet specified requirements and for equipment used exclusively therein. Stipulates that such deductions for any month shall be in lieu of depreciation deductions with respect to such facilities and equipment. Prohibits allowance of this deduction to any relocated facility involving significant employment whose relocation results in decreased employment at the former location. Allows a deduction for dividends paid by a domestic corporation during a taxable year in lieu of the current deduction allowed for dividends received by a corporation from another corporation. Makes ineligible for such deduction any subchapter S corporation, regulated investment company, real estate investment trust, or personal holding company. Disallows tax deductions for dividends paid by specified savings institutions and specified dividends paid by Domestic International Sales Corporations or former Domestic International Sales Corporations. Repeals the partial tax exclusion for dividends received from domestic corporations by individuals. Limits the aggregate amount of deductions allowed for dividends received from specified foreign corporations to 85 percent of taxable income, except in taxable years for which there is a net operating loss. Repeals specified rules regarding deductions for dividends received or paid on certain preferred stock of public utilities and dividends received from tax-exempt corporations and farmers' cooperative organizations. Allows a deduction for specified unrecoverable expenditures required for compliance of any trade or business with Federal or State law requirements. Adds annual cost of living adjustments, based on the Consumer Price Index, to: (1) the deduction for depreciation of property used in trade or business or investment property; and (2) determinations of basis of property, for purposes of computing gain or loss. Amends the Second Liberty Bond Act to add annual cost of living adjustments, based on the Consumer Price Index, to: (1) interest rates on U.S. savings bonds, U.S. Treasury savings certificates, and interest-bearing obligations of the United States having a maturity of one year or more; and (2) the redemption value of such bonds, certificates, and obligations. Amends the Internal Revenue Code to provide an additional tax credit for an employer who retains specified levels of employees during high periods of unemployment.
Resolution· HCONRESH.Con.Res. 400 (96th)referred
United States · United States Congress · 19 August 1980
Expresses the sense of Congress that the imposition of any withholding tax on interest and dividend payments would be detrimental to the American economy.
Resolution· HCONRESH.Con.Res. 403 (96th)referred
United States · United States Congress · 19 August 1980
Expresses the opposition of Congress to the imposition of any withholding tax on interest-bearing bank accounts and on dividend income.
Bill· SS. 3040 (96th)referred
United States · United States Congress · 18 August 1980
Investment Tax Act of 1980 - Amends the Internal Revenue Code to allow individuals and corporations a deduction from gross income for a percentage of the cost of recovery property that is depreciable tangible property (equipment or machinery) used in a trade or business or held for the production of income, which is placed in service after December 31, 1980. Establishes four classes and recovery periods for such property: (1) Class 1, two years; (2) Class 2, four years; (3) Class 3, seven years; and (4) Class 4, ten years. Requires assignment of property to the class which has a recovery period at least 40 percent shorter than its present midpoint useful life under the Asset Depreciation Range (ADR). Permits the taxpayer to elect placement of any item of property in the class with the next longer recovery period than the class to which it would otherwise belong. Defines the recovery percentage as the percentage (100 percent, 150 percent, or 200 percent) selected by the taxpayer for a class of items, divided by the number of years in the corresponding recovery period. Requires a taxpayer to establish a recovery account for each class of recovery property. Sets forth formulae for additions to and reductions in such account. Limits the amount of a recovery deduction to the aggregate determined by applying the recovery percentage for each class of property to the balance in the recovery account for such class at the end of such year. Denies eligibility for such deduction to utility property, property subject to amortization, and property depreciable on a basis other than time. Increases from 20 percent to 30 percent the ADR variance from class life for public utility property. Revises the applicable percentage for determination of the investment tax credit to make eligible for such credit: (1) 25 percent of the basis of an asset if its useful life is between two and four years (currently, 33 1/3 percent if its useful life is between three and five years); (2) 60 percent of asset basis if its useful life is between four and seven years (currently, 66 2/3 percent if its useful life is between five and seven years); and (3) 100 percent of basis if its useful life is seven years or greater (currently, the same). Allows election of: (1) 20 year straight line depreciation, with Section 1250 recapture, for structures and structural components; and (2) 15 year straight line depreciation, with Section 1250 recapture, for low income housing. Disallows component depreciation for any taxpayer who elects either the 20 or 15 year straight line depreciation. Repeals provisions of the Code relating to: (1) amortization of real property construction period interest and taxes; and (2) additional first year depreciation allowances for small business. Allows an election to treat the first $50,000 (25,000 in the case of a married individual filing a separate return) of expenditures for depreciable equipment or machinery as currently deductible non-capital expenses. Provides for later recapture of such deductions. Limits such election to equipment or machinery placed in service after December 31, 1980. Increases from ten percent to 25 percent the rehabilitation tax credit for nonresidential structures.
Bill· HRH.R. 7935 (96th)referred
United States · United States Congress · 18 August 1980
Marriage Penalty Relief Act of 1980 - Amends the Internal Revenue Code to permit married couples to file a combined income tax return under which each spouse computes taxable income separately and applies the tax rate for unmarried individuals to such income. Attributes specified items of income and deductible expense to the particular spouse who earns or incurs them.
Bill· HRH.R. 7931 (96th)referred
United States · United States Congress · 18 August 1980
Amends the Internal Revenue Code to qualify educational filmstrips for the investment tax credit.