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201 records in US in 1985
United States · United States Congress · 10 September 1985
Amends the Internal Revenue Code to provide that the tax treatment of loans with below market interest rates (i.e. the imputed interest rules) shall not apply to bonds issued by the State of Israel.
United States · United States Congress · 10 September 1985
Small Business Tax Simplification Act of 1985 - Amends the Internal Revenue Code to allow employers who withhold an aggregate amount of FICA and income taxes of less than $5,000 per month to make deposits of such taxes once per month. Allows an inflation adjustment to such aggregate amount beginning after 1986. Repeals the $25,000 limit on the amount of litigation costs which may be awarded to a prevailing party in civil tax cases. Denies the awarding of litigation costs if: (1) the United States proves that its position was justified; or (2) special circumstances exist; or (3) the prevailing party protracted the proceedings. Applies the Regulatory Flexibility Act to the Internal Revenue Service.
United States · United States Congress · 10 September 1985
Amends the Internal Revenue Code to provide that the tax treatment of loans with below market interest rates (i.e. the imputed interest rules) shall not apply to any obligation issued by the State of Israel.
United States · United States Congress · 10 September 1985
Waives points of order against the consideration of H.R. 3244 (Department of Transportation and related agencies appropriations).
United States · United States Congress · 9 September 1985
Amends the Internal Revenue Code to extend the targeted jobs income tax credit from 1985 to 1988. (Present law terminates such credit as of December 31, 1985.)
United States · United States Congress · 5 September 1985
Amends the Internal Revenue Code to allow an income tax credit to employers who employ members of the Ready Reserve or the National Guard. Sets the amount of such credit as the sum of: (1) 20 percent of the actual compensation amount for the taxable year; plus (2) ten percent of the unpaid compensation amount for the taxable year. Defines "actual compensation amount" and "unpaid compensation amount" for purposes of such credit. Limits the maximum amount of such credit to $2,000 for any one Ready Reserve - National Guard employee.
United States · United States Congress · 4 September 1985
Enterprise Zone Development and Employment Act of 1985 - Title I: Designation of Enterprize Zones - Amends the Internal Revenue Code to provide for the designation of enterprise zones by the Secretary of Housing and Urban Development for purposes of extending the tax incentives and regulatory flexibility measures provided by this Act. Provides that State and local governments shall nominate areas for such designation. Limits the designation of enterprise zones to 100 nominated areas, by the later of a 24 month period or July 1, 1985 (one-fourth of which must be in rural areas). Limits the period during which such deisgnation shall remain in effect. Provides that the Secretary may designate such zones only if: (1) the area is within the jurisdiction of the local government; (2) the boundary of the area is continuous; (3) the area has a population of at least 4,000 if any portion thereof is located within a standard metropolitan statistical area (with a population of at least 50,000) or 1,500 otherwise, or is within an Indian reservation; and (4) the area meets specified unemployment and poverty requirements. Requires nominating local governments, as a condition of the Secretary's designation, to agree in writing to follow a course of action which may include reducing tax rates, improving local services, simplifying or streamlining regulation of business, receiving commitments of private entities to assist employees and residents of the area, permitting State and local income tax deductions for fees for services performed by a nongovernmental entity formerly performed by a governmental entity, giving special preference to contractors owned and operated by members of a minority, and giving of surplus land in the enterprise zone to neighborhood organizations agreeing to operate a business on the land. Describes areas to which preference shall be given in deciding to designate enterprise zones. Requires the Secretary to prepare and submit to the Congress every four years a report on the effects of such enterprise zones' designation. Requires that any property tax reduction effected by a local government under the terms of this Act be disregarded for purposes of determining the eligibility of a State or local government for Federal assistance or benefits. States that designation of an enterprise zone shall not give displaced persons from such an area any rights or benefits under the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970. Treats any area designated as an enterprise zone as a labor surplus area under Federal law. Title II: Federal Income Tax Incentives - Subtitle A: Credits for Employers and Employees - Allows employers located in enterprise zones a nonrefundable income tax credit for increased employment expenditures and employment of the disadvantaged. Allows a three-year carryback and a 15-year carryover of such credit. Sets the amount of such credit at ten percent of the increase in payroll (taking into account a maximum of $17,500 in wages per year per employee) plus 50 percent of the wages paid to certain disadvantaged workers for the first three years of the enterprise zone designation. Phases out such economically disadvantaged credit. Disallows a deduction for the portion of the wages or salaries taken into account for such credit. Requires that where there is an early termination of employment by an employer in the case of qualified economically disadvantaged individuals, the tax for that taxable year in which the termination occurred must be increased by the tax credits allowed for such employees. Allows employees located in enterprise zones a nonrefundable income tax credit equal to five percent of qualified wages earned per year (taking into account a maximum of $10,500 in wages per year). Phases out such credit. Subtitle B: Credits for Investment in Tangible Property in Enterprise Zones - Allows businesses an additional investment tax credit for investments made in certain enterprise zone construction property located in enterprise zones. Limits such credit to ten percent for new enterprise zone construction property, including rental property. Requires that the property subject to such credit be located in an enterprise zone, be predominantly used in the zone, be either constructed, reconstructed, renovated, etc. during the period of zone designation or acquired during such period, and not be acquired from relatives or related corporations. Requires the recapture of such credit upon the early disposition of the property. Provides for a phase-out of the enterprise zone tax credit as the enterprise zone ends. Provides for an adjustment to the basis of the enterprise zone construction property to reflect the enterprise zone tax credit. Subtitle C: Nonrecognition of Qualified Enterprise Zone Capital Gain Where Acquisition of Enterprise Zone Business Property - Provides for the nonrecognition of capital gain on the sale of property where within the one-year period beginning on the date of such sale qualified replacement property is acquired by the taxpayer, to the extent the gain from the sale does not exceed the cost of the replacement property. Defines "qualified replacement property" as any personal property used predominantly in an enterprise zone in the active conduct of a trade or business within the enterprise zone, any real property located in the enterprise zone used in the active conduct of a trade or business, or any corporation, partnership, or other entity if, for the three most recent taxable years of such entity ending before the date of the purchase of such interest, such entity was a qualified business. Sets forth special rules for the operation of this provision. Requires the basis of the replacement property to be reduced by an amount equal to the amount of gain not recognized on the sale of such other property. Extends the period for the statute of limitations relating to the assessment of tax with respect to the sale of property involving the nonrecognition provisions. Provides that the holding period for the qualified replacement property shall include the period for which the property sold or exchanged had been held as of the date of the sale or exchange. Subtitle D: Deduction for Purchase of Enterprise Stock - Allows a taxpayer to deduct the aggregate amount paid during the taxable year for the purchase of enterprise stock on the original issue of such stock by a qualified issuer. Limits the maximum amount of such deduction to $100,000 a year. Requires that the $100,000 limit must be allocated among the members of a controlled group. Requires the pro rata allocation of the $100,000 limit among the stock purchased where the aggregate amount of stock purchased exceeds the $100,000 limitation. Requires that the gain from the disposition of the stock shall be treated as ordinary income. Provides a formula for calculating such gain. Provides that interest is charged on the disposition of such stock if such disposition occurs before the end of the three-year period beginning on the date the stock was purchased. Provides that where an issuer ceases to be a qualified issuer of enterprise stock before the close of the fifth taxable year after the date the stock was issued, the taxpayer must include in income the amount of the deduction allowed with respect to such stock plus interest on the aggregate decrease in tax of the taxpayer resulting from the deduction allowed with respect to such stock. Sets forth special rules with respect to such stock. Requires the basis of such stock to be reduced by the amount of the deduction allowed with respect to such stock. Subtitle E: Rules Relating to Industrial Development Bonds - Provides that limitations on the cost recovery deductions for property financed with tax-exempt industrial development bonds shall not apply to enterprise zone property. Provides that the termination of the small issue exemption shall not apply to industrial development bonds the proceeds of which are used to finance facilities in such enterprise zones. Subtitle F: Ordinary Loss Deduction for Securities of Enterprise Zone Business Which Become Worthless - Permits an ordinary loss deduction for securities of enterprise zone businesses which become worthless during the taxable year. Subtitle G: Increase in Research Credit for Research Conducted in Enterprise Zones - Increases the tax credit for increasing research activities to 37 and one-half percent. (currently, 25 percent for research conducted in enterprise zones). Subtitle H: Sense of the Congress with Respect to Tax Simplification - Expresses the sense of the Congress that the Internal Revenue Service should simplify the administration and enforcement of any provision of the Internal Revenue Code affected by this Act. Subtitle I: Regulations - Directs the Secretary of the Treasury to issue regulations to carry out the provisions of this Act not later than six months after the date of enactment. Title III: Regulatory Flexibility - Revises the definition of "small entity" for purposes of the analysis of regulatory functions to include qualified businesses (as defined in Title II of this Act) and governments and nonprofit enterprises operating within enterprise zones. Authorizes Federal agencies, upon request by a designating government, to waive or modify rules and regulations which pertain to the carrying out of projects or activities within an enterprise zone. Requires agencies to approve such request if the resulting benefits of job creation, community development, or economic revitalization outweigh the public interest in continuation of the rule unchanged. Disallows waiver or modification of a rule that would directly violate a statutory requirement (including the Davis-Bacon Act and Fair Labor Standards Act) or which would present a danger to the public health and safety. Provides that such waivers or modifications of a rule shall remain in effect as long as the zone designations. Amends the Department of Housing and Urban Development Act to direct the Secretary of Housing and Urban Development to promote the coordination of all enterprise zone programs and consolidate all periodic reports required under such programs into one summary report. Title IV: Establishment of Foreign-Trade Zones in Enterprise Zones - Requires the Foreign-Trade Board to consider on a priority basis and expedite the processing of applications for the establishment of foreign-trade zones within enterprise zones. Requires the Secretary of the Treasury to give priority to, and expedite applications for, the establishment of ports of entry necessary to establish such zones. States that, to the maximum extent practicable, foreign-trade zones should be established within enterprise zones.
United States · United States Congress · 1 August 1985
Permits members of the clergy and members of the uniformed services to deduct expenses related to tax-exempt housing allowances and subsistence allowances without regard to the operation of Revenue Ruling 83-3.
United States · United States Congress · 1 August 1985
Amends the Social Security Amendments of 1983 to accelerate the removal from the unified budget of the Federal Old-Age and Survivors Insurance Trust Fund, the Federal Disability Insurance Trust Fund, and the Federal Hospital Insurance Trust Fund. Amends title VII (Administration) of the Social Security Act to prohibit the inclusion in any concurrent resolution on the budget adopted on or after October 1, 1985, of any specifications and directions with respect to such Trust Funds.
United States · United States Congress · 1 August 1985
Directs the Secretary of Agriculture to conduct a study of alternatives for providing agricultural credit for FY 1986 through 1989. Requires a report to the appropriate congressional committees by October 31, 1985.
United States · United States Congress · 1 August 1985
Amends the Internal Revenue Code to allow a refundable income tax credit for: (1) employment-related dependent care expenses, plus (2) expenses for the respite care of a dependent. Sets the amount of such credit at 50 percent of the sum of such expenses. Reduces such percentage (but not below 20 percent) by one percent for each full $2,000 amount by which the taxpayer's adjusted gross income exceeds $11,000. Provides for cost-of-living adjustments to such adjusted gross income amount. Limits the amount of employment-related expenses and respite care expenses which may be taken into account for purposes of such credit. Allows such credit for expenses incurred for the care of: (1) a dependent of the taxpayer who is under the age of 15; (2) a dependent of the taxpayer who is physically or mentally incapable of caring for himself; or (3) a spouse who is incapable of caring for himself. Repeals present provisions relating to the income tax credit for dependent care expenses necessary for gainful employment.
United States · United States Congress · 1 August 1985
Amends the Internal Revenue Code to allow a taxpayer to expense (deduct rather than charge to the capital account) the replacement costs of plant or equipment destroyed in whole or in part in a natural disaster.
United States · United States Congress · 1 August 1985
Amends the Internal Revenue Code to permit farmer-owned cooperatives (at the option of the cooperative) to compute the net earnings of the organization by offsetting losses incurred by one or more allocation units of the organization (whether functional, divisional, departmental, geographic, or otherwise) against income of one or more other of such allocation units to the extent that such income is derived from business conducted with or for patrons of the organization. Requires certain information be furnished patrons of the cooperative respecting the offsetting of income and losses among allocation units and the right to additional financial information.
United States · United States Congress · 1 August 1985
Expresses the sense of the Senate that any tax reform legislation should not contain any provision to eliminate or in any way lessen the efficacy of the historic rehabilitation tax credit.
United States · United States Congress · 1 August 1985
Amends the Internal Revenue Code to increase from $7,500 to $15,000 the amount of compensation which may be deferred under State and local government deferred compensation plans. Provides that amounts deferred under such plans shall be included in income only when paid.
United States · United States Congress · 1 August 1985
Home Equity Conversions Act of 1985 - Amends the Internal Revenue Code to permit the owner of a residence who has attained the age of 55 to enter into a sale-leaseback transaction with a prospective purchaser of the residence and retain occupancy rights to the residence under a lease requiring a fair rental. Requires the owner of the residence to have owned and used the residence as a principal residence for three of the five years immediately preceding the sale. Allows the purchaser of such residence an income tax deduction for depreciation of the residence. Permits an owner of a residence who sells such residence under a sale-leaseback arrangement to claim the one-time exclusion from income of gain from the sale of a principal residence by an individual aged 55 or older. Excludes from the gross income of such owner the value of any occupancy rights or fair market price discount attributable to retained occupancy rights received in a sale-leaseback transaction. Permits the use of the installment sales method of accounting in reporting gain from the sale of a residence under a sale-leaseback agreement. Provides a special rule for the treatment of an annuity purchased for the owner-occupant under a sale-leaseback transaction. Establishes a legal presumption that a sale-leaseback transaction for the sale of a residence under this Act is an activity engaged in for profit for purposes of the deductibility of certain related business expenses. Exempts the purchaser of a residence under a sale-leaseback agreement from rules disallowing income tax deductions for personal use of a residence. Permits the purchaser in a sale-leaseback transaction of a principal residence to use the accelerated cost recovery system of depreciation.
United States · United States Congress · 1 August 1985
Amends the Internal Revenue Code to qualify displaced homemakers for the targeted jobs income tax credit. Defines "displaced homemaker" as an individual who: (1) has not worked in the labor force for a substantial number of years but has, during those years, worked in the home providing unpaid services for family members; (2) has been dependent on public assistance or on the income of another family member but is no longer supported by that income or is receiving public assistance on account of dependents; and (3) is a member of an economically disadvantaged family and is experiencing difficulty in obtaining or upgrading employment.
United States · United States Congress · 1 August 1985
Superfund Revenue Act of 1985 - Amends the Internal Revenue Code to increase the tax on petroleum from the present level of 0.79 cents per barrel to 15.8 cents per barrel of crude oil. Provides that such tax shall not apply after September 30, 1990. Increases the tax rates on certain organic and inorganic feedstock chemicals. Provides that such tax rates will be adjusted annually for inflation. Exempts from tax the sale for export of taxable chemicals or the sale to a purchaser for subsequent export. Provides a credit or refund of the tax where the tax on the chemicals was paid and the chemicals were exported. Repeals the exemption from the tax for chemicals derived from coal. Exempts phosphoric acid used in producing fertilizer. Exempts certain substances having transitory presence during the extracting process. Provides that the term "xylene" does not include any separated isomer of xylene. Imposes a waste end tax of $25 for each ton of hazardous waste received in any qualified hazardous waste management unit or received for export or for disposal in the ocean. Provides that the tax shall be five dollars per ton for hazardous waste placed in an underground injection well. Provides for an annual adjustment in the tax rates on hazardous wastes beginning for fiscal years after 1986 if it is determined that the tax revenues on the waste disposal fail to reach specified levels. Imposes the tax on the owner or operator of a qualified hazardous waste facility, on the exporter of the hazardous waste, or the person holding the permit issued for transport for ocean dumping. Requires the tax to be paid at the close of the calendar quarter during which the taxable hazardous waste became subject to tax. Imposes a $25 per ton tax on the placement of hazardous waste in facilities or locations other than qualified management units or for ocean dumping or exporting. Requires the person placing the waste in the facility or location concerned to pay the tax. Sets out various types of wastes not subject to such tax. Exempts from such excise tax on hazardous waste any placement or receipt of hazardous waste in the course of carrying out any removal or remedial action under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (Superfund) if certain conditions are met. Exempts waste received by a facility operating pursuant to the Solid Waste Disposal Act if such waste is being removed from a facility operating pursuant to interim status which is being closed. Exempts solid waste which is being studied. Exempts from the excise tax on hazardous waste any qualified wastewater treatment facility. Permits a tax credit for the tax paid on hazardous waste which is placed in one disposal unit and then subsequently transferred to another disposal facility where an additional tax must be paid. Sets forth the procedure for determining the amount of the tax credit. Permits a tax credit under specified circumstances for the tax paid with respect to taxable hazardous waste which is subjected to qualified treatment or conversion. Provides that no tax credit will be allowed for treatment or conversion at a qualified wastewater treatment facility or for land treatment. Denies the tax credit for any treatment or conversion which violates any requirements of Federal or State law relating to the management of taxable hazardous waste. Provides that the excise tax on the receipt or placement of any hazardous waste in any facility or location shall not apply before January 1, 1986, or to the export of any hazardous waste before January 1, 1986. Terminates the excise tax on the disposal of hazardous waste after September 30, 1990. Provides for certain recordkeeping requirements for persons subject to the excise tax on hazardous waste. Directs that the revenues from the excise tax on the disposition of hazardous wastes be deposited in the Hazardous Substance Response Trust Fund (Superfund). Authorizes appropriations to Superfund for FY 1986 through 1990.
United States · United States Congress · 1 August 1985
Amends the Internal Revenue Code to permanently exempt from the Federal unemployment tax wages paid to full-time students by summer camps.
United States · United States Congress · 1 August 1985
Authorizes additional appropriations to the Department of State for FY 1986 for the expansion and modernization of the facilities of the Coordinating Committee on Export Controls. Amends the Export Administration Act of 1979 to direct the Secretary of State to assign at most two members of the Foreign Service to serve as the U.S. permanent delegation at the Coordinating Committee.
United States · United States Congress · 1 August 1985
1985 Tax Amnesty Act - Provides for a one-time amnesty from criminal and civil tax penalties for a taxpayer who: (1) files a written statement with specified information concerning any underpayment of tax; (2) pays the amount of such underpayment when filing the statement; and (3) within 30 days of notification of the amount of interest payable on any tax deliquent amount, pays the amount of such interest or delinquency. Permits installment payments in certain cases. Defines the amnesty period as the one-year period beginning on the date of the enactment of this Act. Applies such amnesty to all payments relating to taxable periods ending before January 1, 1985. Disallows such amnesty where: (1) the taxpayer was contacted before a statement was filed; (2) there was fraud in seeking amnesty; or (3) a criminal investigation is pending. Requires the Secretary of the Treasury to establish a special account into which the taxes recovered under such amnesty program shall be deposited. Requires that amounts in such special account shall be used to retire outstanding obligations of the United States which are part of the public debt.
United States · United States Congress · 1 August 1985
Amends the Internal Revenue Code to prohibit the Secretary of the Treasury from sending a notice of deficiency to a taxpayer unless: (1) the Secretary has made reasonable attempts to contact and meet face-to-face with the taxpayer; and (2) all administrative procedures established within the Internal Revenue Service have been exhausted.
United States · United States Congress · 1 August 1985
Prohibits the issuance of any regulations by the Internal Revenue Service after April 30, 1984, concerning the taxation of fringe benefits.
United States · United States Congress · 1 August 1985
Amends the Internal Revenue Code to permit farmer-owned cooperatives (at the option of the cooperative) to compute the net earnings of the organization by offsetting losses incurred by one or more allocation units of the organization (whether functional, divisional, departmental, geographic, or otherwise) against income of one or more other of such allocation units to the extent that such income is derived from business conducted with or for patrons of the organization. Requires certain information be furnished patrons of the cooperative respecting the offsetting of income and losses among allocation units and the right to additional financial information.
United States · United States Congress · 1 August 1985
Amends the Internal Revenue Code to allow employees and employers to make contributions to a cost-of-living arrangement to supplement a defined benefit plan. Defines a qualified "cost-of-living arrangement" as an arrangement under a defined benefit plan which indexes a benefit provided under such plan or a separate plan subject to certain requirements. Requires that participation in such an arrangement must be elective. Provides that transfers to a cost-of-living arrangement shall not be taken into account for purposes of lump-sum distribution. Disallows an income tax deduction for employee contributions to a cost-of-living arrangement.
United States · United States Congress · 1 August 1985
Waives points of order against and sets forth the rule for the consideration of the conference report on S. Con. Res. 32 (congressional budget).
United States · United States Congress · 31 July 1985
Amends the Internal Revenue Code to allow a maximum $2,000 per year income tax deduction for contributions to an individual retirement account regardless of the earned compensation of the taxpayer. Repeals the age 70 and one-half limitation for taxpayers eligible for an income tax deduction for contributions to an individual retirement account. Repeals the requirement that distributions to a taxpayer from an individual retirement account must begin at age 70 and one-half.
United States · United States Congress · 31 July 1985
Radon Relief Act of 1985 - Amends the Internal Revenue Code to allow an income tax credit for radon-reduction expenditures incurred with respect to a principal residence of the taxpayer. Sets the amount of such credit at 40 percent of radon-reduction expenditures incurred during the taxable year as does not exceed $5,000. Defines "radon-reduction expenditure" as an expenditure made by the taxpayer for property installed in or on a dwelling unit if such property: (1) is designed to reduce the radon in the air inside the residence; (2) can reasonably be expected to remain in operation, or continue to have effect, for at least three years; and (3) meets certain appropriateness, performance, and quality standards.
United States · United States Congress · 31 July 1985
Synthetic Fuels Fiscal Responsibility Act - Amends the United States Synthetic Fuels Corporation Act of 1980 to abolish the United States Synthetic Fuels Corporation (the Corporation) 90 days after the date of enactment of this Act. Terminates the Corporation's authority to enter into any legally binding commitments (including any additions to existing commitments) after the date of enactment of this Act. Designates the Secretary of Energy as the Chief Operating Officer of the Corporation. Directs such Secretary to: (1) dispose of all Corporation assets not necessary for operating the synthetic fuels assistance program; (2) transfer to the Department of Energy all other Corporation assets; (3) administer the synthetic fuels assistance program and the modified synthetic fuels assistance program; (4) submit an assistance plan to the Congress setting forth the methods and schedules for implementation of the synthetic fuels assistance program on the smallest, least expensive practicable scale; and (5) solicit proposals for the construction and operation of synthetic fuel projects. Sets forth a congressional review procedure under which binding obligations above a certain amount and synthetic fuel actions must be submitted by the Secretary for congressional approval. Deems any such action or obligation approved if not disapproved by enactment of a joint resolution within 90 days after submittal. Requires that certain user fees, loan guarantee fees, and all receipts collected by the Secretary shall be deposited in the Treasury general fund. Authorizes appropriations for the synthetic fuels program.
United States · United States Congress · 31 July 1985
Amends the Internal Revenue Code to exempt from the excise tax on transportation by air any transportation by helicopter if such helicopter: (1) does not use federally assisted facilities; (2) is primarily used for purposes of providing emergency medical services; and (3) is owned or leased by a nonprofit health care facility and is operated exclusively under the control of such facility.
United States · United States Congress · 31 July 1985
Amends the Atlantic Tunas Convention Act to authorize appropriations for FY 1986 through 1989.
United States · United States Congress · 31 July 1985
Amends the Internal Revenue Code to require the Internal Revenue Service to reimburse State and local law enforcement agencies that provide information which substantially contributes to the recovery of Federal taxes. Limits the amount of such reimbursement to ten percent of the sum ultimately recovered.
United States · United States Congress · 31 July 1985
High Technology Active Business Act of 1985 - Amends the Internal Revenue Code to exclude from personal holding company income any computer software royalties derived from the active conduct of a trade or business by the corporation. Sets forth specific rules for determining whether such royalties are derived from the active conduct of a trade or business. Eliminates research or experimental expenditures as an item of tax preference for purposes of the minimum tax for personal holding companies.
United States · United States Congress · 31 July 1985
Amends the Internal Revenue Code to exclude from gross income the value of tangible personal property which is awarded to an employee by his employer by reason of length of service, productivity, or safety achievements. Limits the amount of such exclusion to the amount which would be allowable as an income tax deduction to the employer. Requires employers to make informational returns relating to employee achievement awards.
United States · United States Congress · 31 July 1985
Amends the Internal Revenue Code to revise the definition of adjusted gross income for purposes of the personal holding company tax to include interest received by a broker or dealer in the ordinary course of its business in connection with: (1) financing for a customer secured by securities or money market instruments; and (2) securities or money market instruments held as inventory.
United States · United States Congress · 31 July 1985
Amends the Tax Reform Act of 1969 to exempt from the divestiture requirements of the Internal Revenue Code certain private foundations which owned 100 percent of the voting stock in an incorporated business on May 26, 1969, and which are not managed by the donor of the stock or any family member.
United States · United States Congress · 31 July 1985
Expresses the sense of the Congress that the Internal Revenue Code provisions dealing with the Puerto Rico and possession tax credit (allowing domestic corporations a tax credit if certain percentages of gross income are derived from sources within a possession or from the active conduct of a trade or business within a possession) should not be revised and should be allowed to continue to operate in their present form.
United States · United States Congress · 30 July 1985
Amends the Internal Revenue Code to provide that personal holding company income includes computer software royalties to the extent that such royalties do not constitute 50 percent or more of the adjusted gross income and the sum of the deductions for trade and business expenses and research and experimental expenses attributable to the trade or business in which such royalties are derived does not equal or exceed 15 percent of the adjusted gross income.
United States · United States Congress · 30 July 1985
Amends the Internal Revenue Code to provide that where a written report on the results of an examination of an individual's income tax return is not furnished the individual within 30 days after the completion of the examination, no interest will be required to be paid on any underpayment of tax imposed on such individual for the taxable year for the period from the completion of the examination to the date a written report of the examination is furnished the individual.
United States · United States Congress · 30 July 1985
Savers and Investors Act of 1985 - Amends the Internal Revenue Code to provide that any tax deferred account is exempt from taxation except for the taxes imposed on unrelated business income. Defines "tax deferred account" as a trust created for the exclusive benefit of an individual or his beneficiaries but only if: (1) no contributions other than cash are accepted; (2) the trustee is a bank or other person satisfactory to the Secretary of the Treasury; (3) no part of the trust funds are invested in life insurance contracts; (4) the interest of the investor in the account is nonforfeitable; and (5) the assets will not be commingled with other property except in a common trust fund or common investment fund. Provides that earnings distributed from tax deferred accounts are taxed as ordinary income to the distributee. Permits the rollover from one tax deferred account to another tax deferred account without the imposition of tax, provided such transaction occurs not later than the 60th day after the distribution. Sets forth special rules concerning the termination of the account in certain situations, the pledging of the account as security, divorce, and the basis in the account after death. Requires the trustee of a tax deferred account to make certain reports as required by the Secretary of the Treasury.
United States · United States Congress · 30 July 1985
Waives points of order against the consideration of H.R. 3011 (Department of the Interior and related agencies appropriations).
United States · United States Congress · 30 July 1985
Expresses the sense of the House of Representatives in support of preserving the 25 percent investment tax credit for the rehabilitation of certified historic buildings.
United States · United States Congress · 29 July 1985
Small Business Tax Simplification and Taxpayer Protection Act of 1985 - Amends the Internal Revenue Code to increase the threshold amount for purposes of permitting employers to make monthly (rather than more frequent) deposits of payroll taxes from $3,000 to $5,000. Provides for an inflation adjustment to the threshold amount for any month after calendar year 1986. Makes the provisions of the Regulatory Flexibility Act applicable to all rules and regulations prescribed by the Secretary of the Treasury. Removes the maximum dollar amount (now $25,000) which may be awarded to the prevailing party in a civil tax proceeding. Provides that the awarding of court costs and certain fees will be denied if the United States proves its position was substantially justified or special circumstances exist which would make such a judgment unjust, or if the prevailing party has unreasonably protracted such proceedings. Imposes limits on fees for expert witnesses and attorneys in civil tax litigation proceedings. Provides that the position of the United States includes the position taken by the United States in the civil proceeding and the administrative action or inaction by the United States upon which such proceeding is based.
United States · United States Congress · 29 July 1985
Amends the Internal Revenue Code to provide an additional exemption for single taxpayers maintaining a household with dependent children.
United States · United States Congress · 26 July 1985
Allows any State, or political subdivision thereof, to impose a sales or use tax on: (1) any interstate sale of tangible personal property by a person located outside such State or political subdivision; or (2) the use of tangible personal property in such State or political subdivision acquired through any interstate sale by a resident of such State or political subdivision. Defines "interstate sale" as a sale in which tangible personal property sold is shipped or delivered by common carrier or the United States Postal Service to the purchaser in a State from a point outside such State.
United States · United States Congress · 26 July 1985
Sets forth the congressional findings with respect to professional sports franchises and the local communities in which they are located. States that the purpose of this Act is to discourage the unnecessary and inappropriate relocation of any professional sports franchise which is receiving adequate support from the people in the community in which such franchise operates, and to provide stability of the location of professional sports franchises. Amends the Internal Revenue Code to prohibit the depreciation of any player contract held in connection with a sports team subject to a prohibited move. Denies the tax exemption of interest on stadium bonds which are issued as part of an issue all or a significant part of the proceeds of which were (or are to be) used to finance facilities at the home stadium of a sports team involved in a prohibited move after such move. Defines "prohibited move".
United States · United States Congress · 26 July 1985
Amends the Internal Revenue Code to provide that the amount of a qualified artistic charitable contribution shall be the fair market value of the property contributed (determined at the time of such contribution). Defines "qualified artistic charitable contribution" as the contribution of any literary, music, artistic, or scholarly composition, any letter or memorandum, or similar property, but only if: (1) such property was created by the personal efforts of the taxpayer making such contribution no less than one year prior to such contribution; (2) there is a written appraisal of the fair market value of the property included with the tax return; and (3) the use of such property by the donee is related to the purpose or function constituting the basis for the donee's tax exemption. Limits the amount of the qualified artistic charitable contributions for any taxable year to the artistic adjusted gross income for the taxpayer for such taxable year. Defines "artistic adjusted gross income." Prohibits public officials from taking a deduction for donation of their papers if the papers were produced while the officials were officers or employees of the United States or any State, or if the papers were created out of the performance of any duties as officers or employees of the government. Provides that alternative tax itemized deductions shall be determined without regard to the deduction for qualified artistic charitable contributions.
United States · United States Congress · 25 July 1985
Amends the Internal Revenue Code to treat as long-term capital gain amounts actually paid to a taxpayer with respect to a small business participating debenture which constitute the distribution of a share of earnings of the issuer. Defines "small business participating debenture" (SBPD) as a written debt instrument issued by a qualified small business which: (1) is a general obligation of such business; (2) bears interest at a rate not less than specified by the Secretary of the Treasury; (3) has a fixed maturity; (4) grants no voting or conversion rights in the business to the purchaser; and (5) provides for the payment of a share of the issuer's total earnings. Defines "qualified small business" as one: (1) whose paid-in capital does not exceed $1,000,000 immediately before the small business participating debenture is issued; (2) the face value of whose outstanding SBPD's does not exceed $1,000,000; (3) which has no securities outstanding subject to regulation by the Securities and Exchange Commission; (4) which derived more than 50 percent of its aggregate gross receipts from sources other than royalties, rents, dividends, interest, annuities, sales and exchanges of stocks or securities, and transactions in real estate; and (5) which is not under foreign control. Allows an interest expense deduction for interest and share-of-earnings payments made on such debentures. Treats losses on small business participating debentures as ordinary loss.
United States · United States Congress · 25 July 1985
Smokeless Tobacco Control Act of 1985 - Directs the Secretary of Health and Human Services (Secretary) to develop educational programs and materials and public service announcements respecting the dangers to human health from the use of smokeless tobacco, and to make such programs, materials, and announcements available to States, local governments, and school systems. Requires the Secretary to report annually to the Congress on the activities undertaken in this regard. Permits the Secretary to make grants to States to assist in the development of educational programs and materials and public service announcements respecting the dangers to human health from the use of smokeless tobacco, to assist in the distribution of such programs and materials, and to assure that individuals will be able to make a mature judgment respecting the use of smokeless tobacco, and to establish a minimum age for the purchase of smokeless tobacco. Defines smokeless tobacco. Amends the Internal Revenue Code to disallow the deduction for expenses incurred in advertising smokeless tobacco. Imposes an excise tax of 32 cents an ounce (or fraction thereof) on smokeless tobacco. Establishes within the Treasury the Cancer Research and Smokeless Tobacco Education Trust Fund. Transfers amounts received from the smokeless tobacco excise tax to the trust fund. Provides that amounts from the trust fund shall be used to fund grants to the States to develop programs and for cancer research by the National Institutes of Health with emphasis on the relationship between smokeless tobacco and oral and other forms of cancer.
United States · United States Congress · 25 July 1985
Makes a supplemental FY 1985 appropriation to reimburse the Department of Agriculture's Commodity Credit Corporation for net realized losses.