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Bill· HRH.R. 2998 (100th)referred
United States · United States Congress · 23 July 1987
Amends the Internal Revenue Code to exclude from the gross income of an individual otherwise taxable amounts derived from the whole or partial surrender, cancellation, or exchange of any life insurance policy if: (1) the individual is age 65 or older on the date of the transaction; and (2) the amounts in question are used to pay premiums for an insurance policy covering at least 12 months of medically necessary care for the individual or a spouse meeting the same 65-year age requirement.
Bill· HRH.R. 3003 (100th)referred
United States · United States Congress · 23 July 1987
Amends the Internal Revenue Code to allow an individual taxpayer an income tax deduction for cash contributions to a savings account established to pay the educational expenses (tuition, supplies, meals, and lodging) of a dependent at an institution of higher education or a vocational school. Limits the amount of the deduction to the lesser of $1,000 or the earned income includible in the taxpayer's gross income for the year. Disallows the deduction for contributions to an account maintained for any individual who has attained age 19. Provides that: (1) no account may have more than one beneficiary; and (2) no individual may be a beneficiary of more than one account. Permits the exclusion from gross income of payments and distributions from an education savings account that are used exclusively for the educational expenses of the eligible beneficiary or are distributions of excess contributions before the due date of the tax return. Exempts the accounts themselves from taxation (except for the tax on unrelated business income of a charitable organization) unless they cease to be proper education savings accounts because either the contributor-taxpayer either engages in prohibited transactions or the account's beneficiary pledges the account as security. Imposes penalties in the form of additional tax when account funds or distributions are used for other than educational purposes. Requires that the trustee of an education savings account report to the Secretary of the Treasury and to the account's beneficiary on the maintenance of the account. Extends the deduction for contributions to an educational savings account to taxpayers who do not otherwise itemize deductions. Imposes a six percent excise tax on excess contributions to an education savings account. Provides that contributions to an education savings account shall not be subject to gift tax. Imposes a five percent excise tax on amounts connected with any prohibited transaction with respect to an education savings account. Imposes a penalty for failure to file required reports concerning the education savings account. Excludes from the gross income of an individual any distributions from an educational expenses.
Bill· HRH.R. 3005 (100th)referred
United States · United States Congress · 23 July 1987
Amends the Internal Revenue Code to make available to an employer a credit against income tax liability for expenses paid or incurred during the taxable year to acquire, construct, rehabilitate, or expand an on-site day care facility operated by the employer for the care of enrollees, at least 30 percent of whom must be dependents of the employer's employees. Limits the amount of the credit based on the number of enrollees who may be cared for in the facility at one time. Provides for recapture of the credit if the facility ceases operation or changes ownership. Describes how the credit would function with respect to controlled groups of corporations, multiple employers, and partnerships. Sets out rules to govern the pass-through of credit when applicable. Limits use of the personal tax credit for employment-related day care expenses to taxpayers having adjusted gross incomes of $50,000 or less.
Bill· HRH.R. 2997 (100th)referred
United States · United States Congress · 23 July 1987
Amends the Internal Revenue Code to exclude from gross income any distribution from an individual retirement plan if: (1) the payee has attained age 59 1/2 on or before the date of the distribution; and (2) the distribution is used to pay premiums for an insurance policy covering at least 12 months of medically necessary care for the payee or a spouse meeting the same 59 1/2 year age requirement.
Bill· HRH.R. 3004 (100th)referred
United States · United States Congress · 23 July 1987
Amends the Internal Revenue Code to allow an individual taxpayer an income tax deduction for cash contributions to a housing savings account established for the exclusive benefit of an individual who has never owned his or her principal residence. Limits: (1) the amount of the tax year deduction to the lesser of $2,000 or the earned income includible in the taxpayer's gross income for that year; and (2) total deductions to $20,000. Provides that no individual may be a beneficiary of more than one account. Permits the exclusion from gross income of payments and distributions from a housing savings account as long as such amounts are used exclusively in connection with the purchase of a principal residence for the eligible beneficiary or are distributions of excess contributions before the due date of the tax return. Exempts the account itself from taxation (except for the tax on unrelated business income) unless it ceases to be a proper housing savings account because the taxpayer either engages in prohibited transactions or acquires a principal residence. Imposes penalties in the form of additional tax when account funds or distributions are used for other than the legitimate housing purposes for which the account was established. Requires that the trustee of a housing savings account report to the Secretary of the Treasury and to the account's beneficiary on the maintenance of the account. Extends the deduction for contributions to a housing savings account to taxpayers who do not otherwise itemize deductions. Imposes a six percent excise tax on excess contributions to a housing savings account. Provides that contributions to a housing savings account shall not be subject to gift tax. Imposes a five percent excise tax on amounts connected with any prohibited transaction with respect to a housing savings account. Imposes a penalty for failure to file reports required with respect to a housing savings account. Excludes from the gross income of an individual distributions from a housing savings account used in connection with the purchase of a principal residence for that individual.
Bill· SS. 1526 (100th)open
United States · United States Congress · 22 July 1987
Amends the Internal Revenue Code to require the Secretary of the Treasury to include on the first page of instruction booklets for individual income tax returns a pie-shaped graph depicting the relative sizes of the following categories of Federal outlay for the immediately preceding fiscal year: (1) defense, veterans, and foreign affairs; (2) Social Security, Medicare, and other retirement; (3) physical, human, and community development; (4) social programs; (5) law enforcement and general government; and (6) interest on the debt. Requires a corresponding pie-shaped graph illustrating income from: (1) Social Security, Medicare, unemployment, and other retirement taxes; (2) personal income taxes; (3) corporate income taxes; (4) borrowing to cover the deficit; and (5) excise, customs, estate, gift, and miscellaneous taxes. Requires specified footnotes to the graph depicting major outlay categories.
Bill· SS. 1522 (100th)referred
United States · United States Congress · 22 July 1987
Amends the Internal Revenue Code to extend through 1992 the period during which qualified mortgage bonds and mortgage credit certificates may be issued. (Under current law, authority for these programs is due to expire as of 1989.)
Bill· HRH.R. 2992 (100th)referred
United States · United States Congress · 22 July 1987
Taxpayers' Right to Know Act - Amends the Internal Revenue Code to require the Secretary of the Treasury to include on the first page of instruction booklets for filing individual income tax returns a pie-shaped graph depicting the relative sizes of the following categories of Federal outlay for the immediately preceding fiscal year: (1) defense, veterans, and foreign affairs; (2) Social Security, medicare, and other retirement; (3) physical, human, and community development; (4) social programs; (5) law enforcement and general government; and (6) interest on the debt. Requires a corresponding pie-shaped graph illustrating income from: (1) Social Security, medicare, unemployment, and other retirement taxes; (2) personal income taxes; (3) corporate income taxes; (4) borrowing to cover the deficit; and (5) excise, customs, estate, gift, and miscellaneous taxes. Requires specified footnotes to the graph depicting major outlay categories.
Bill· SS. 1514 (100th)referred
United States · United States Congress · 21 July 1987
Amends the Internal Revenue Code definition of "tier 1 railroad retirement benefit" to delete provisions that tie the income tax treatment of certain railroad retirees to Social Security benefits to which such taxpayers would be entitled rather than to benefits actually received under the railroad retirement system. (Under current law, the amount such taxpayers receive in excess of the Social Security entitlement amount is taxed as regular income.) Applies this change retrospectively to benefits payable in 1986 and thereafter.
Bill· SS. 1520 (100th)referred
United States · United States Congress · 21 July 1987
Amends the Internal Revenue Code to permit a partnership, S corporation, or personal service corporation, unless it is part of a tiered structure, to elect to have a taxable year other than the required one, but generally only if the deferral period of the taxable year elected is three months or less. (Current law requires partnerships, S corporations, and personal service corporations, in most cases, to conform their taxable years to the calendar years used by their owners.) Subjects the principals of a partnership or S corporation electing to change taxable years to additional estimated tax requirements to offset any tax deferral resulting from such election. Imposes deduction limitations on a personal service corporation that changes taxable years. Provides that an election with respect to taxable year shall be made by the partnership, S corporation, or personal service corporation and shall be binding on all partners and shareholders. Sets forth the formula for determining the additional tax requirement when a taxpayer: (1) is a partner or shareholder in at least one such entity during any applicable election years of the entity that end within the taxpayer's taxable year; and (2) has an aggregate deferred tax exceeding $200 with respect to the entity. Describes payment procedures. Requires the inclusion of specified information on returns filed by partnerships and S corporations that elect to use a non-required taxable year. Limits the tax deduction permitted to a personal service corporation for amounts paid or incurred with respect to employee-owners when such a corporation: (1) elects to have a taxable year other than the required one; and (2) fails to meet certain minimum distribution requirements regarding non-dividend amounts paid to owners.
Bill· HRH.R. 2977 (100th)open
United States · United States Congress · 21 July 1987
Amends the Internal Revenue Code to permit a partnership, S corporation, or personal service corporation, unless it is part of a tiered structure, to elect to have a taxable year other than the required one, but generally only if the deferral period of the taxable year elected is three months or less. (Current law requires partnerships, S corporations, and personal service corporations, in most cases, to conform their taxable years to the calendar years used by their owners.) Subjects the principals of a partnership or S corporation electing to change taxable years to additional estimated tax requirements to offset any tax deferral resulting from such election. Imposes deduction limitations on a personal service corporation that changes taxable years. Provides that an election with respect to taxable year shall be made by the partnership, S corporation, or personal service corporation and shall be binding on all partners and shareholders. Sets forth the formula for determining the additional tax requirement when a taxpayer: (1) is a partner or shareholder in at least one such entity during any applicable election years of the entity that end within the taxpayer's taxable year; and (2) has an aggregate deferred tax exceeding $200 with respect to the entity. Describes payment procedures. Requires the inclusion of specified information on returns filed by partnerships and S corporations that elect to use a non-required taxable year. Limits the tax deduction permitted to a personal service corporation for amounts paid or incurred with respect to employee-owners when such a corporation: (1) elects to have a taxable year other than the required one; and (2) fails to meet certain minimum distribution requirements regarding non-dividend amounts paid to owners.
Bill· HRH.R. 2979 (100th)referred
United States · United States Congress · 21 July 1987
Amends the Internal Revenue Code to allow an individual an income tax deduction for qualified home health care, adult day care, and respite care expenses with respect to a dependent who: (1) resides with the taxpayer; (2) suffers from Alzheimer's disease or a related organic brain disorder; and (3) is physically or mentally incapable of self-care.
Bill· HRH.R. 2975 (100th)referred
United States · United States Congress · 21 July 1987
Tax-Exempt Financing Abuse Act - Amends the Internal Revenue Code to disallow the exclusion from gross income of interest on governmental obligations issued or guaranteed by an issuer or guarantor which, at the time of issuance, is an issuer or guarantor in arrears for more than 180 days with respect to an obligation that was: (1) offered publicly with an accompanying written guarantee; (2) issued after 1974; (3) not a short term obligation; and (4) not a private activity bond or industrial revenue bond.
Bill· SS. 1495 (100th)open
United States · United States Congress · 15 July 1987
Amends the Internal Revenue Code to treat as qualified export assets obligations of a domestic international sales corporation that are: (1) either payable on demand or issued for a term of six months or less; and (2) issued to the corporation by members of a controlled group of corporations of which the corporation is a member. Limits the extent of such treatment to the lesser of $10,000,000 or 20 percent of the corporation's average qualified export receipts for the directly preceding three years. Applies these provisions retroactively to tax years 1972 through 1984.
Bill· SS. 1494 (100th)referred
United States · United States Congress · 15 July 1987
Amends the Internal Revenue Code and the Social Security Act to increase from $100 to $500 the payment that may be made in a calendar year to an election official or election worker for services before liability for the hospital insurance tax is incurred.
Bill· HRH.R. 2953 (100th)failed
United States · United States Congress · 15 July 1987
Amends the Federal judicial code to prohibit States from: (1) imposing a higher tax assessment ratio upon natural gas transmission property than is imposed upon other commercial and industrial property; (2) collecting an ad valorem property tax on natural gas transmission property at a tax rate that exceeds the rate applicable to commercial and industrial property in the same assessment jurisdiction; and (3) imposing any other tax that discriminates against a natural gas company subject to the jurisdiction of the Federal Energy Regulatory Commission. Grants Federal district courts concurrent jurisdiction (without regard to the amount in controversy or the citizenship of the parties) to enjoin, suspend, restrain, or set aside such discriminatory tax treatment. Permits relief only if the ratio of assessed value to true market value of natural gas transmission property exceeds by at least five percent that of other commercial and industrial property in the taxing jurisdiction. Expresses the sense of the Congress that any savings accrued by reason of the enactment of this Act should be passed on to consumers.
Bill· HRH.R. 2942 (100th)open
United States · United States Congress · 15 July 1987
Tax-Exempt Organizations' Lobbying and Political Activities Accountability Act of 1987 - Title I: Disclosure Requirements - Amends the Internal Revenue Code (IRC) to require tax-exempt organizations not eligible to receive tax-deductible charitable contributions to include in every written, broadcast, or telephone fundraising solicitation an express and conspicuous statement that gifts or contributions to the organization are not deductible as charitable contributions for Federal income tax purposes. Exempts from this requirement: (1) organizations having gross receipts of $100,000 or less; and (2) coordinated fundraising campaigns that solicit fewer than ten persons in a year. Fixes penalties for failure to comply with this disclosure requirement. Provides for public inspection, at organization offices, of both the annual returns and the application for recognition of exemption filed by tax-exempt organizations. Protects from disclosure the names and addresses of contributors. Requires that tax-exempt charitable entities (501(c)(3) organizations) provide annual information with respect to transfers and other transactions involving certain other tax-exempt organizations as the Secretary of the Treasury might require to prevent misallocation of revenues or expenses or any diversion of funds from the organization's exempt purpose. Amends IRC penalty provisions relating to required filing by tax-exempt organizations and certain trusts to: (1) revise the maximum penalty applicable in certain cases; (2) fix a penalty for failure to include required and accurate information on a return; (3) fix a penalty for failure to comply with public inspection requirements; and (4) treat the penalties as tax for administrative purposes. Assesses penalties against tax-exempt organizations that willfully fail to comply with public inspection requirements. Title II: Political Activities - Extends the prohibition against certain political activities by tax-exempt organizations to include activities in opposition to any candidate (current law includes only those activities on behalf of a candidate). Provides that any 501(c)(3) organization whose status is terminated by reason of intervening in any political campaign either for or against a candidate for public office shall never be treated as a tax-exempt not-for-profit civic league or organization. Imposes on a tax-exempt 501(c)(3) organization: (1) a ten percent excise tax on its political expenditures; and (2) a 100 percent tax on any such expenditure that has been subject to the ten percent penalty tax and has not been corrected within the taxable period. Imposes on the manager of a 501(c)(3) organization: (1) a two and one-half percent tax, to a maximum amount of $5,000, if such manager knowingly agrees to a political expenditure by the organization; and (2) a 50 percent tax, to a maximum of $10,000, if the manager refuses to agree to part or all of a correction of the prohibited expenditure. Identifies the types of expenditures considered to be political. Authorizes a civil action in U.S. district court in the name of the United States to enjoin a 501(c)(3) organization from making additional political expenditures and for other relief appropriate to ensure that the organization's assets are preserved for charitable purposes. Permits such an action only if: (1) the Internal Revenue Service has notified the organization of its intent to seek the injunction and (2) the Commissioner of Revenue has personally determined that the organization has flagrantly participated in prohibited campaign activity, and that injunctive relief is appropriate to prevent future political expenditures. Directs the Secretary of the Treasury, upon the finding that a 501(c)(3) organization has made political contributions in flagrant violation of the prohibition against such expenditures, to make an immediate termination assessment of any income tax payable by such organization, as well as any penalty taxes due with respect to political expenditures. Sets forth guidelines to govern such termination assessments. Imposes: (1) a five percent excise tax, to be paid by the organization, on the lobbying expenses of any organization whose 501(c)(3) status has been lost because of such expenditures; and (2) a corresponding penalty tax to be paid by the organization manager who agreed to such expenditures, knowing that they could result in the organization's loss of tax-exempt status.
Bill· HRH.R. 2940 (100th)referred
United States · United States Congress · 15 July 1987
Domestic Corporation Taxation Equality Act of 1987 - Amends the Internal Revenue Code to prohibit, with specified exceptions, the States from imposing tax on corporate taxpayers on a worldwide unitary basis unless a taxpayer unconditionally elects to be taxed on such a basis. Includes an express prohibition against the unitary method with respect to a domestic corporation whose average U.S. payroll, property, and sales represent less than 20 percent of its total payroll, property, and sales. Permits a State to tax dividends received by domestic corporations from their foreign affiliates only to the extent that the State excludes from the tax base of the U.S. corporation: (1) at least 85 percent of such dividends; or (2) the portion of such dividends that effectively bears no Federal income tax after application of the foreign tax credit.
Bill· HRH.R. 2965 (100th)referred
United States · United States Congress · 15 July 1987
Amends the Congressional Budget Act of 1974 to provide that if, by April 15 of the calendar year in which the fiscal year begins, the Congress fails to adopt a concurrent resolution on the budget for such fiscal year, then (unless and until the Congress adopts such a resolution for such fiscal year) the most recently agreed to concurrent resolution on the budget shall govern for purposes of committee allocations and new budget authority points of order.
Resolution· HRESH.Res. 225 (100th)referred
United States · United States Congress · 15 July 1987
Expresses the sense of the House of Representatives that the Federal excise taxes on gasoline and diesel fuel should not be increased as a means of reducing the Federal deficit.
Bill· SS. 1489 (100th)referred
United States · United States Congress · 14 July 1987
Amends the Internal Revenue Code to provide that the prohibition against indirect income tax deductions through pass-through entities shall not apply to any regulated investment company whose shares are: (1) continuously offered pursuant to a public offering; (2) regularly traded on an established securities market; or (3) held by or for at least 500 persons at all times during the taxable year.
Bill· HRH.R. 2933 (100th)open
United States · United States Congress · 14 July 1987
Taxpayers Bill of Rights Act - Requires the Secretary of the Treasury to prepare pamphlets setting forth in nontechnical terms: (1) the rights and obligations of a taxpayer and of the Internal Revenue Service (IRS) during a tax audit; (2) the procedures by which a taxpayer may appeal adverse decisions, prosecute refund claims, and file complaints; and (3) the procedures that the IRS may use in enforcing revenue laws. Directs the Secretary to transmit drafts of such statement to specified congressional committees. Provides for distribution of the final statement to any taxpayer, upon request, and for its mandatory distribution in certain cases. Establishes within the IRS the Office of Investigative Counsel. Sets forth criteria to govern the appointment, term, and removal of the Investigative Counsel (Counsel). Requires such Counsel to: (1) receive, investigate, and take appropriate action relating to certain allegations concerning IRS personnel practices and other activities of IRS employees; (2) represent, upon request, IRS whistleblowers; and (3) review and, when appropriate, file objections to the implementation of, certain rules and regulations issued by the Director of the Office of Personnel Management. Authorizes the Counsel, among other things, to: (1) conduct independent investigations for certain purposes; (2) issue subpoenas and grant immunity; (3) prescribe rules and regulations; and (4) appear in certain adjudicative proceedings, including actions before the Merit Systems Protection Board (Board) in cases involving an IRS employee, with the consent of such employee. Permits the Counsel to obtain judicial review in U.S. district court of orders generated from such Board actions with respect to which Counsel is a party. Prohibits the Counsel from issuing advisory opinions. Details procedures to govern receipt and treatment of disclosures by IRS employees, including requirements with respect to: (1) the confidentiality of the whistleblower's identity; (2) time limits applicable to various phases of the review process; (3) actions and reports of the Commissioner of Internal Revenue (Commissioner) in the event Counsel makes a positive determination regarding an allegation; (4) negative determinations by the Counsel with respect to an allegation; (5) cases involving intelligence information; and (6) public access to information about investigated matters. Authorizes the Counsel or an IRS employee to request the Board to order a stay in certain personnel actions involving IRS employees upon a claim that there are reasonable grounds for believing that the personnel action occurred, or will occur, as a result of a prohibited personnel practice. Details procedures concerning the granting of such stays and their effect on certain related proceedings begun during their pendency. Directs the Counsel to petition the Board for corrective action if, during the time of such stay, the IRS has not acted with respect to the prohibited personnel practice justifying the stay. Sets forth procedural rules to govern such petitions. Requires the Counsel to report to the Commissioner and to the Attorney General when investigations lead to a determination that there is reasonable cause to believe that an IRS employee has engaged in a criminal violation. Directs the Counsel to report to the Commissioner any violation that is neither a criminal offense nor a prohibited personnel practice. Authorizes the Counsel to initiate disciplinary action against any IRS employee who commits prohibited acts or fails to comply with a Board order. Describes the rights of an employee subject to such complaint, including the right to: (1) representation by an attorney; (2) a Board hearing; and (3) a written decision, with reasons. Permits a final Board disciplinary order to impose any combination of: (1) removal; (2) a reduction in grade; (3) debarment from Federal employment for up to five years; (4) suspension; (5) a reprimand; and (6) a civil penalty of up to $1,000. Prohibits administrative appeal of such disciplinary orders. Permits their appeal in the appropriate U.S. court of appeals. Provides for Counsel referral of certain discrimination complaints to the Equal Employment Opportunity Commission. Authorizes the Counsel to investigate certain political and other activities of IRS employees. Describes actions to be taken in such cases. Requires the Counsel to submit to the Congress an annual report concerning the activities of the Office of Investigative Counsel and containing specified information and recommendations. Requires the IRS, upon taxpayer request, to conduct any interview regarding a deficiency assessment in the principal residence or place of business of the taxpayer and at a time convenient to the taxpayer, and to permit the taxpayer to make a recording of the interview. Authorizes the IRS interviewer to record such interview if the taxpayer has been given prior notice and is provided, upon request and payment of reproduction costs, with a transcript of the recording. Requires the interviewer to inform the taxpayer that: (1) he or she has a right to remain silent; (2) any statement the taxpayer makes may be used against him or her; and (3) he or she has the right to the presence of an attorney. Permits a waiver of such rights if voluntarily and knowingly made. Directs the Comptroller General of the General Accounting Office to: (1) establish a program for a continuing audit and investigation of the IRS with respect to the efficiency, uniformity, and equity of the internal revenue laws; and (2) conduct special audits or investigations of internal revenue law administration upon the request of any congressional committee or Member of Congress. Requires the Comptroller to report annually to the Congress on specified findings concerning IRS management, efficiency, procedures, and structure. Amends the Internal Revenue Code (IRC) to prescribe criminal penalties for: (1) any investigation or surveillance by an officer or employee of the United States in connection with Federal revenue laws that inquires into the beliefs, associations, or activities of any individual or organization; or (2) the maintenance of any records containing information derived from such an investigation. Directs the Secretary of the Treasury (Secretary) to provide, upon a taxpayer's request, a copy of any information in the IRS master files concerning the taxpayer. Permits a reasonable fee to be charged for such service. Mandates an audit, at least biennially, by the Comptroller General (Comptroller) of agencies to which the IRS makes tax returns available to determine whether the safeguards and procedures being used ensure the confidentiality of such returns. (Current law authorizes, but does not require, such audits.) Directs the Comptroller to notify a taxpayer in the event that the confidentiality of such taxpayer's return has not been ensured. Prohibits the Secretary from contracting with private persons for the processing of any tax returns. Prohibits evaluations of IRS personnel based on revenue collected from taxpayers as a result of audits or investigations involving such personnel. Prohibits the Secretary from requiring IRS personnel to meet any revenue collection quotas. Extends from ten to 30 days the period between the required notice to a person who neglects or refuses to pay tax liability and a levy on such person's salary, wages, or other property. Specifies information that must be incorporated in such notice, including possible alternative actions and the appropriate appeals procedures. Adds to the circumstances triggering termination of such a levy: (1) an agreement between the taxpayer and the Secretary for payment of the liability; and (2) the Secretary's determination that the taxpayer's financial condition precludes enforceability of the liability. Requires that any levy be preceded by the Secretary's written offer to enter into an agreement with the taxpayer, if qualified, permitting installment payments of the unpaid tax. Prohibits a levy on any property unless the Secretary first obtains a court order from the appropriate Federal district court specifically authorizing such levy. Revises the list of property exempt from levy to increase the exempt amount permitted for certain personal effects, the property of a business, and wages. Prohibits a levy on any property when levy and sales expenses exceed either the liability for which the levy is made or the fair market value of the levied property. Provides an express exemption from levy, except under limited circumstances specified in this Act, for the taxpayer's principal residence, a motor vehicle used by the taxpayer as the primary means of transportationn to work, and certain tangible property necessary for the business of the taxpayer. Sets forth situations in which the Secretary must release a levy. Amends the IRC to authorize the Secretary to enter into a binding agreement with a taxpayer under which such taxpayer may pay tax liability in installments when the Secretary determines that such an agreement will facilitate the collection of the tax liability. Permits such an agreement with any individual: (1) whose tax liability is $20,000 or less; and (2) who has not been delinquent in installment tax payments under similar agreements during a specified period. Permits the Secretary, after proper notice and a hearing, to modify or annul such an agreement upon the finding that the financial condition of the affected taxpayer has significantly changed. Makes the entire amount of unpaid tax due and payable upon the Secretary's notice and demand when an installment is not timely paid. Places upon the IRS the burden of proof on all issues in all administrative and judicial proceedings between the IRS and a taxpayer, except in cases when the taxpayer has exclusive control over certain evidence.
Bill· HRH.R. 2929 (100th)open
United States · United States Congress · 14 July 1987
Amends the Internal Revenue Code to state that charitable gift annuities (those owned by an individual who made a tax-deductible charitable contribution to the annuities' issuer) are not commercial-type insurance for purposes of determining the tax-exempt status of an organization.
Bill· HRH.R. 2936 (100th)referred
United States · United States Congress · 14 July 1987
Taxpayers' Deficit Reduction Act - Amends the Internal Revenue Code to allow taxpayers who have overpaid their income tax liability to designate on their tax returns that a specified portion of such overpayment, rather than being credited or refunded, be used to reduce the public debt of the United States. Directs the Secretary of the Treasury to transfer these designated amounts to the special account for reduction of the public debt.
Bill· HRH.R. 2932 (100th)referred
United States · United States Congress · 14 July 1987
Amends the Internal Revenue Code to impose a tax on certain capital gains of: (1) qualified trusts that are part of an employer stock bonus, pension, or profit-sharing plan; and (2) welfare benefit funds that are part of an employer plan through which benefits are provided to employees or their beneficiaries. Taxes the lesser of the capital gain net income or the capital gain net income with respect to assets held for five years or less. Determines the amount of tax liability by applying rates inversely proportional to the length of time the asset is held, with the maximum rate (28 percent) applicable to short-term gains (assets held for six months or less).
Resolution· HCONRESH.Con.Res. 159 (100th)referred
United States · United States Congress · 14 July 1987
Expresses the sense of the Congress that the tax-exempt bonds of private nonprofit colleges, universities, hospitals, and certain other institutions should not be classified as "private activity" bonds for purposes of the Internal Revenue Code.
Resolution· HRESH.Res. 222 (100th)passed
United States · United States Congress · 13 July 1987
Waives points of order against the consideration of H.R. 2906 (military construction appropriations). Lays on the table H. Res. 216, waiving points of order against the consideration of H.R. 2783 (Department of Housing and Urban Development and sundry independent agencies appropriations).
Resolution· HRESH.Res. 223 (100th)passed
United States · United States Congress · 13 July 1987
Waives points of order against the consideration of H.R. 2907 (Department of the Treasury, United States Postal Service, Executive Office of the President, and certain independent agencies appropriations).
Bill· HRH.R. 2906 (100th)open
United States · United States Congress · 9 July 1987
Appropriates funds for FY 1988 for military construction operations administered by the Department of Defense (DOD) in specified amounts for the following purposes: (1) military construction, Army; (2) military construction, Navy; (3) military construction, Air Force; (4) military construction, defense agencies; (5) North Atlantic Treaty Organization (NATO) Infrastructure; (6) military construction, Army National Guard; (7) military construction, Air National Guard; (8) military construction, Army Reserve; (9) military construction, Naval Reserve; (10) military construction, Air Force Reserve; (11) family housing, Army; (12) family housing, Navy and Marine Corps; and (13) family housing, Air Force. Rescinds a specified amount of budget authority for each of the above accounts as contained in the Military Construction Appropriations Act, 1986. Appropriates funds also for: (1) family housing, defense agencies; (2) the homeowners assistance fund, defense; and (3) foreign currency fluctuations, construction, defense. Authorizes funds appropriated in this Act from being used for: (1) the hire of passenger motor vehicles; and (2) the construction of defense access roads. Prohibits funds appropriated in this Act from being used for: (1) payments under certain cost-plus-a-fixed-fee contracts, with a specified exception; (2) construction of new bases inside the continental United States for which specific appropriations have not been made; (3) the purchase of certain land or easements in excess of 100 percent of their value as determined by the Corps of Engineers or the Naval Facilities Engineering Command; (4) acquiring land, site preparation, or the installation of any utilities for family housing, except for housing specifically appropriated for under this Act; (5) transferring or relocating any activity from one base or installation to another, without certain prior notification; (6) the procurement of steel for any construction project or activity for which American steel producers have been denied the opportunity to compete; (7) the performance of dredging work in the Indian Ocean by foreign contractors; (8) the payment of real property taxes in any foreign nation; (9) payments to any alien for certain work performed if such alien has not been lawfully admitted into the United States; (10) expenditures for consulting services, unless such expenditures are a matter of public record and available for public inspection; (11) initiation of a new installation overseas, without prior congressional notification; (12) certain architect and engineer contracts to be accomplished in Japan or in any NATO-member country; or (13) the award of any contract in excess of $1,000,000 to a foreign contractor, with specified exceptions. Directs the Secretary of Defense to notify the Senate and House Armed Services and Appropriations Committees of the plans and scope of any proposed military exercise involving U.S. personnel 30 days prior to its occurrence if amounts expended for such exercise are anticipated to exceed $100,000. Transfers certain funds of the Military Family Housing Management Account to the appropriations for family housing provided in this Act. Prohibits more than 20 percent of the funds appropriated in this Act from being obligated during the last two months of the fiscal year. Transfers certain prior year funds for construction authorized in the first session of the 100th Congress. Directs the Secretary of Defense, by February 15, 1988, to provide the Appropriations Committees a report detailing the specific actions proposed to be taken by DOD during FY 1988 to encourage other members of NATO and Japan to assume a greater share of the common defense burden of such nations and the United States. Permits certain expired or lapsed funds to be used to pay certain overhead and other costs associated with military construction or family housing projects. Requires the Secretaries of each of the military departments to maintain legislative liaison to the Senate and House Appropriations Subcommittees on Military Construction in a manner identical to the method employed as of September 30, 1986. Directs the Secretary of the Army to provide funds for the design of access roads for the New Cumberland Army Depot, Pennsylvania, and for the Tobyhanna Army Depot, Pennsylvania, with funds provided in this Act.
Resolution· HRESH.Res. 221 (100th)passed
United States · United States Congress · 9 July 1987
Waives points of order against the consideration of H.R. 2890 (Department of Transportation and related agencies appropriations).
Bill· HRH.R. 2899 (100th)open
United States · United States Congress · 8 July 1987
Amends Internal Revenue Code provisions relating to mortgage revenue bonds to: (1) exclude the value of certain ground leases from acquisition cost determinations with respect to mortgage revenue bond rules; and (2) revise the definition of "qualified census tract" to account for government-owned lands.
Resolution· HRESH.Res. 219 (100th)passed
United States · United States Congress · 7 July 1987
Sets forth the rule for the consideration of H.R. 2342 (Coast Guard funding). Lays on the table H. Res. 195, providing for the consideration of such bill.
Bill· SS. 1466 (100th)referred
United States · United States Congress · 1 July 1987
Amends the Internal Revenue Code to treat facilities that use anthracite culm fuel as five-year property for purposes of the accelerated cost recovery system used to determine the income tax depreciation deduction.
Bill· HRH.R. 2868 (100th)referred
United States · United States Congress · 1 July 1987
Provides that for certain payments made before 1987, a trust fund that qualifies as a voluntary employees' benefit association providing health and welfare benefits to specified persons in Pennsylvania shall be deemed to have fulfilled all employer obligations with respect to: (1) employer contributions under the Federal Insurance Contributions Act (FICA) and the Federal Unemployment Tax Act; and (2) FICA and income tax withholding.
Bill· HRH.R. 2860 (100th)referred
United States · United States Congress · 1 July 1987
Retiree Health Protection Act of 1987 - Amends the Internal Revenue Code to add provisions relating to voluntary retiree health plans. Permits an income tax deduction for employer contributions to a qualified retiree health care trust. Limits the deduction to the least of: (1) $1,500 (adjusted annually for increases in the medical component of the Consumer Price Index); (2) 25 percent of the participant-employee's compensation; or (3) the amount actuarially determined to be necessary to fund the target account balance for the given employee. Excludes from the gross income of an individual or spouse: (1) any employer contribution under a qualified voluntary retiree health plan; (2) any earnings on the account of the individual or spouse in such a plan; or (3) receipts of any post-retirement benefit under the plan. Disallows this tax exclusion when: (1) the individual is a participant or beneficiary under more than one qualified plan and does not consolidate the accounts; (2) the plan ceases to be qualified; or (3) the individual assigns any portion of his or her interest in the plan. Sets forth plan qualification criteria, including requirements that the plan be in writing, provide employee rights that are legally enforceable, and be maintained for the exclusive benefit of employees. Requires, in addition, that: (1) the plan provide only post-retirement medical benefits (after the former employee or employee spouse has attained age 65 or is disabled); (2) benefits be provided only through insurance acquired by the plan, self-insurance under guaranteed renewable contracts, reimbursement of expenses paid by the care recipient, or any combination of these; (3) employees do not contribute to the plan; (4) neither contributions nor benefits discriminate in favor of highly compensated employees; (5) contributions meet the same limitation that is applicable to the permissible tax deduction; (6) the plan meet specified participation, coverage, vesting, distribution, and transfer standards; and (7) a participant or beneficiary may not receive a loan from the plan or exercise control over account assets. Limits plan holdings of employer securities and employer real property. Describes conditions to be met by any qualified retiree health care trust that is part of a qualified voluntary retiree health plan. Preempts all State laws relating to health plans for former employees and their spouses. Imposes an excise tax, with limited exceptions, on an employer who maintains a qualified plan if any distribution that is not a post-retirement medical benefit is made or if a proper post-retirement medical benefit is provided but is not paid from the separate account of the recipient employee. Fixes the rate for this tax at 100 percent of the improper payment. Repeals Internal Revenue Code provisions that authorize payment of retiree medical benefits under pension or annuity plans and under welfare benefit plans.
Bill· HRH.R. 2854 (100th)referred
United States · United States Congress · 30 June 1987
Ozone Protection and CFC Reduction Act of 1987 - Amends the Internal Revenue Code to impose an excise tax on: (1) any ozone-depleting chemical sold or used by its manufacturer, producer, or importer; and (2) any substance sold or used by its importer if its manufacture or production included the use of any ozone-depleting chemical. Fixes the rate of such tax at an amount equal to a base amount, adjusted annually for inflation, times the ozone-depletion factor for the pertinent chemical, as determined in accordance with this Act. Describes the criteria to be used for determining which substances will be considered as ozone-depleting chemicals for purposes of the excise tax. Lists specific chlorofluorocarbons to be included among such chemicals. Exempts from the tax: (1) certain products containing a de minimis amount of ozone-depleting chemicals; and (2) chemicals diverted or recovered in the United States as part of a recycling process. Imposes a floor stocks tax on ozone-depleting chemicals: (1) on which tax would be due if sold by the manufacturer on the effective date of the tax; and (2) which are held on such date for sale by a dealer. Sets the amount of such inventory tax to equal the excise tax amount.
Bill· HRH.R. 2820 (100th)referred
United States · United States Congress · 29 June 1987
Amends the Internal Revenue Code to disallow a tax deduction for income taxes imposed on a Member of Congress or certain persons in the Member's family by a State or local governmental unit where the Member maintains a place of abode for purposes of attending congressional sessions, unless the Member represents the particular State or one of its districts. Applies these provisions retroactively to tax year 1980 and thereafter.
Resolution· HRESH.Res. 216 (100th)open
United States · United States Congress · 29 June 1987
Waives points of order against the consideration of H.R. 2783 (Department of Housing and Urban Development and sundry independent agencies appropriations).
Resolution· HRESH.Res. 217 (100th)passed
United States · United States Congress · 29 June 1987
Waives points of order against the consideration of the conference report on H.R. 1827 (supplemental appropriations). Deems the conference report and amendments in disagreement as having been read when called up for consideration.
Resolution· HRESH.Res. 215 (100th)open
United States · United States Congress · 29 June 1987
Waives points of order against the consideration of H.R. 2763 (Departments of Commerce, Justice, and State, the Judiciary, and related agencies appropriations).
Bill· SS. 1426 (100th)open
United States · United States Congress · 25 June 1987
Small Business Retirement and Benefit Extension Act - Amends the Internal Revenue Code (IRC) to cease, as of 1988, the application of special rules for employee benefit plans that are top-heavy. (A top-heavy plan is one in which the value of plan benefits for specified "key" employees exceeds 60 percent of those for all employees under the plan.) Establishes, as a component of the general business credit against income tax, a credit for the administrative costs incurred by an employer having 100 of fewer employees in maintaining a qualified employee pension plan. Limits such credit to a maximum of $3,000 ($4,500 in the case of a defined benefit plan). Reduces the amount of the credit when the average number of employees during a relevant period exceeds 50. Amends the Tax Reform Act of 1986 and the IRC to: (1) apply nondiscrimination rules for coverage and benefits to certain employee benefit plans as of 1991 (currently 1988); (2) extend from 1987 to 1989 the effective date of amendments relating to the definition of "compensation" with respect to pension, profit-sharing, and stock bonus plans; (3) render nontaxable any annuities purchased for employees by a nongovernmental tax-exempt entity; (4) repeal certain restrictions on distributions of contributions under salary reduction arrangements; (5) delay the effective date for the application of nondiscrimination requirements to tax-sheltered annuities; and (6) repeal the 15 percent tax imposed on excess distributions from qualified retirement plans. Amends the Employee Retirement Income Security Act of 1974 to provide, for the administrator of an employee benefit plan having fewer than 100 participants, simplified reporting requirements with respect to supplying plan descriptions and annual reports to plan participants and beneficiaries. Expresses the sense of the Congress that the required Government forms currently in use with respect to qualified retirement plans are not designed so that a person with no experience in the area of employee benefits could complete them. Directs the Secretaries of the Treasury and of Labor to: (1) redesign such forms as they pertain to plans having fewer than 100 participants; and (2) report to the Congress on their actions in this regard. Amends the IRC to provide that if an employer does not operate an on-premises eating facility for employees, 50 percent of the employer's share of an off-premises meal furnished to an employee shall be treated as a de minimis fringe benefit (not includible in the employee's income) provided that: (1) the employer pays no more than one-third of the cost of the meal; (2) a maximum of one meal per working day is provided; and (3) the meal is furnished during normal business hours.
Bill· SS. 1432 (100th)referred
United States · United States Congress · 25 June 1987
Makes funds available to the Secretary of Energy, according to a specified formula, for the cleanup of hazardous or radioactive waste from atomic energy defense activities. Directs the Secretary of Defense to transfer to the Secretary of Energy the amount calculated according to such formula. Precludes the use of such funds for repository costs resulting from permanent disposal of high-level radioactive waste from atomic energy defense activities. Makes such funds available for FY 1988 through 1992. Requires the Secretary of Energy, in conjunction with the Administrator of the Environmental Protection Agency, to: (1) develop a comprehensive plan, including a timetable and estimated costs, for the cleanup of hazardous or radioactive waste from atomic energy defense activities; and (2) submit such plan to specified congressional committees.
Bill· SJRESS.J.Res. 167 (100th)referred
United States · United States Congress · 25 June 1987
Makes a supplemental appropriation for FY 1987 to the Department of Agriculture to reimburse the Commodity Credit Corporation for net realized losses.
Bill· HRH.R. 2798 (100th)referred
United States · United States Congress · 25 June 1987
Amends the Immigration and Nationality Act to reduce the total number (270,000) of permanent resident visas available in a fiscal year by the number of special immigrant, immediate relative, and preference visas issued during the preceding fiscal year in excess of 255,000.
Bill· HRH.R. 2783 (100th)open
United States · United States Congress · 25 June 1987
Title I: Department of Housing and Urban Development - Makes appropriations to the Department of Housing and Urban Development (HUD) for FY 1988 for: (1) housing programs, including congregate services, low-income housing projects, housing counseling assistance, operating subsidies for troubled multifamily housing projects, and payments to cover losses of the Special Risk Insurance Fund and the General Insurance Fund; (2) the Solar Energy and Energy Conservation Bank for assistance for solar and conservation improvements; (3) community development grants, urban development action grants, and the urban homesteading program; (4) policy development and research; (5) fair housing assistance; and (6) salaries and expenses. Increases the contract and budget authority for annual contributions for assisted housing. Earmarks specified amounts of such budget authority for: (1) financing public housing for Indian families; (2) public housing new construction or acquisition with or without rehabilitation (other than for low-income housing for Indian families); (3) modernization of existing public housing projects; (4) assistance for projects for the elderly or handicapped; and (5) assistance under the existing low-income rental housing assistance program, the rental rehabilitation program, development grants, and the housing voucher program. Provides that all amounts of such budget authority recaptured during FY 1988 shall be rescinded. Rescinds a specified amount of FY 1988 contract authority for rental housing assistance. Limits new loan guarantee commitments by the Government National Mortgage Association. Authorizes a specified amount for loans in FY 1988 to qualified nonprofit sponsors for the development of housing for the elderly or handicapped. Limits the maximum interest rate on such loans to nine and one-quarter percent. Authorizes gross obligations for direct loans under the National Housing Act during FY 1988. Limits the additional commitments to guarantee loans, the gross obligations for the principal amounts of direct loans, and the amount of loan guarantee commitments on the mortgage-backed securities programs under such Act for FY 1988. Authorizes the use of amounts in the rehabilitation loan fund for loans, operating costs, and the capitalization of delinquent interest during FY 1988. Title II: Independent Agencies - Makes appropriations for FY 1988 to the: (1) American Battle Monuments Commission for salaries and expenses; (2) Consumer Product Safety Commission for salaries and expenses; (3) Department of Defense-Civil for Army cemetery expenses; (4) Environmental Protection Agency (EPA) for salaries and expenses, research and development, abatement, control, and compliance activities, buildings and facilities, the Hazardous Substance Superfund, the Leaking Underground Storage Tank Trust Fund, and construction grants; (5) Executive Office of the President for the Council on Environmental Quality, the Office of Environmental Quality, and the Office of Science and Technology Policy; (6) Federal Emergency Management Agency (FEMA) for disaster relief, salaries and expenses, emergency management planning and assistance, the National Flood Insurance Fund, and the emergency food and shelter program; (7) General Services Administration for the Consumer Information Center; (8) Department of Health and Human Services for the Office of Consumer Affairs; (9) National Aeronautics and Space Administration (NASA) for research and development, space flight, control, and data communications, the construction of facilities, and research and program management; (10) National Science Foundation (NSF) for research and related activities, the U.S. Antarctic Program, scientific education activities; (11) Neighborhood Reinvestment Corporation; (12) Selective Service System for salaries and expenses; (13) Veterans Administration (VA) for compensation and pensions, readjustment benefits, veterans' insurance and indemnities, medical care, medical and prosthetic research, medical administration and miscellaneous expenses, general operating expenses, construction of major and minor projects, grants for the construction of State extended care facilities and veterans cemeteries, grants to the Republic of the Philippines for assisting in rehabilitating the Veterans Memorial Medical Center, the loan guaranty revolving fund, and the parking garage revolving fund; and (14) the National Credit Union Administration. Limits the obligations of the Central Liquidity Facility of the National Credit Union Administration for new loans for member credit unions and the amount of its administrative expenses for FY 1988. Prohibits the expenditure of EPA appropriations for Resource Conservation and Recovery Panels. Requires the Director of FEMA to establish a national board to determine how emergency food and shelter appropriations are to be distributed to individual localities. Directs the Commodity Credit Corporation to process and distribute surplus food purchased under the food distribution and emergency shelter program in cooperation with FEMA. Limits the amount available for expenditure from the Consumer Information Fund. Prohibits the use of NASA appropriations for leasing or constructing a contractor-funded facility when NASA would be required to amortize the contractor's investment, unless authorized in an appropriation Act or approved by the House and Senate Committees on Appropriations. Prohibits the use of funds appropriated to the U.S. Antarctic program for the purchase of aircraft. Prohibits the expenditure of any funds appropriated to the Selective Service for the induction of any person into the armed forces. Prohibits the use of VA appropriations for major construction projects that have not been approved by the Congress, except for the advance planning of projects funded through the advance planning fund and the design of projects funded through the Design Fund. Prohibits the obligation of funds from any other account (except the parking garage revolving fund) for a project which was approved in the budget process and funded under the VA account for major construction projects until one year after substantial completion and beneficial occupancy by the VA. Authorizes obligations on the part of the Loan Guaranty Revolving Fund and the Direct Loan Revolving Fund of the VA. Permits, in specified circumstances, the transfer of funds appropriated to the VA. Prohibits the use of appropriations for purchasing any site for, or constructing, any new hospital or home. Requires reimbursement if any persons, other than eligible beneficiaries, are hospitalized or examined at veterans facilities. Title III: Corporations - Authorizes certain corporations and agencies of HUD and the Federal Home Loan Bank Board to make commitments without regard to fiscal year limitations, with specified exceptions. Limits, with specified exceptions, new loan or mortgage purchase commitments to the extent expressly provided in this Act. Makes appropriations for FY 1988 to the Federal Home Loan Bank Board and the Federal Savings and Loan Insurance Corporation (FSLIC) for administrative expenses. Sets specified limitations on such expenses. Title IV: General Provisions - Limits travel expenditures for the agencies listed in this Act to the amounts set forth in the budget estimate, with specified exceptions. Permits the use of HUD and Selective Service System appropriations for: (1) uniforms; (2) the hire of passenger vehicles; and (3) the employment of experts and consultants. Allows the use of HUD funds to pay for legal services and facilities provided by specified agencies. Prohibits, with specified exceptions, the use of appropriated funds: (1) beyond the current fiscal year; (2) without a voucher describing the payees and services or specific statutory authorization; (3) for transportation between the domicile and place of employment of any officer or employee; (4) for payments to recipients that do not share in the cost of conducting research not specifically solicited by the Government; (5) for consultants paid in excess of the GS-18 rate; and (6) for compensation of non-Federal parties intervening in regulatory or adjudicatory proceedings. Prohibits the use of funds appropriated for personnel compensation and benefits for other object classifications in the budget estimates. Limits expenditures for consulting services to contracts which are a matter of public record and included in a publicly available list of: (1) contracts entered into within the past two years; and (2) contracts on which performance has not been completed. Prohibits any executive agency from expending appropriations under this Act for a contract for services unless the agency: (1) complies with the Office of Federal Procurement Policy Act; and (2) requires reports prepared pursuant to such contract to disclose information about the contract and the contractor. Prohibits the use of funds appropriated by this Act to: (1) provide a personal cook, chauffeur, or other personal servant to any officer or employee of any agency or department; or (2) procure automobiles with an EPA estimated miles per gallon average of less than 22 miles per gallon.
Bill· HRH.R. 2793 (100th)referred
United States · United States Congress · 25 June 1987
Small Business Retirement and Benefit Extension Act - Amends the Internal Revenue Code (IRC) to cease, as of 1988, the application of special rules for employee benefit plans that are top-heavy. (A top-heavy plan is one in which the value of plan benefits for specified ("key") employees exceeds 60 percent of those for all employees under the plan.) Establishes, as a component of the general business credit against income tax, a credit for the administrative costs incurred by an employer having 100 of fewer employees in maintaining a qualified employee pension plan. Limits such credit to a maximum of $3,000 ($4,500 in the case of a defined benefit plan). Reduces the amount of the credit when the average number of employees during a relevant period exceeds 50. Amends the Tax Reform Act of 1986 and the IRC to: (1) apply nondiscrimination rules for coverage and benefits to certain employee benefit plans as of 1991 (currently 1988); (2) extend from 1987 to 1989 the effective date of amendments relating to the definition of "compensation" with respect to pension, profit-sharing, and stock bonus plans; (3) render nontaxable any annuities purchased for employees by a nongovernmental tax-exempt entity; (4) repeal certain restrictions on distributions of contributions under salary reduction arrangements; (5) delay the effective date for the application of nondiscrimination requirements to tax-sheltered annuities; and (6) repeal the 15 percent tax imposed on excess distributions from qualified retirement plans. Amends the Employee Retirement Income Security Act of 1974 to provide the administrator of an employee benefit plan having fewer than 100 participants simplified reporting requirements with respect to supplying plan descriptions and annual reports to plan participants and beneficiaries. Expresses the sense of the Congress that the required Government forms currently in use with respect to qualified retirement plans are not designed so that a person with no experience in the area of employee benefits could complete them. Directs the Secretaries of the Treasury and of Labor to: (1) redesign such forms as they pertain to plans having fewer than 100 participants; and (2) report to the Congress on their actions in this regard. Amends the IRC to provide that if an employer does not operate an on-premises eating facility for employees, 50 percent of the employer's share of an off-premises meal furnished to an employee shall be treated as a de minimis fringe benefit (not includible in the employee's income) provided that: (1) the employer pays no more than one-third of the cost of the meal; (2) a maximum of one meal per working day is provided; and (3) the meal is furnished during normal business hours.
Bill· HRH.R. 2801 (100th)referred
United States · United States Congress · 25 June 1987
Amends the Federal Unemployment Tax Act to lessen by 0.1 percent for taxable year 1987 the already applicable reduction in tax credits to an employer in a State when: (1) for each of the three preceding tax years the State had a balance of outstanding advances made to its unemployment account under title XII of the Social Security Act (account); and (2) for that same period, cumulative employer contributions to the account exceeded the amount paid out as unemployment benefits. Adds a 0.3 percent reduction to the tax credit reduction for tax year 1988 when: (1) the State meets the criteria established for the 1987 additional reduction; (2) the amount of employer contributions to the account for tax year 1987 exceeded the amount of unemployment benefits paid out of it; and (3) the Secretary of Labor makes certain determinations concerning the tax effort and solvency of the State's unemployment compensation system. Sets forth a special formula to be used for determining the reduction in total credits with respect to taxpayers in States upon the determination that the otherwise applicable reduction would result in the payment of additional taxes by such taxpayers in an amount exceeding the balance of the outstanding advances made to the account.
Bill· HRH.R. 2785 (100th)referred
United States · United States Congress · 25 June 1987
Amends the Internal Revenue Code (IRC) to: (1) apply to a farming business the same limitation on the use of the cash method of accounting that is applied to other corporations; and (2) repeal the particular IRC section governing the method of accounting to be used by corporations engaged in farming, thus eliminating such corporations as a special entity for tax accounting purposes.
Bill· HRH.R. 2769 (100th)referred
United States · United States Congress · 24 June 1987
National Energy Independence Act of 1987 - Amends the Internal Revenue Code (IRC) to increase from 15 percent to 27.5 percent the percentage depletion allowance applicable to oil and gas wells. Permits use of the depletion allowance with respect to the stripper well oil and natural gas production of certain retailers and refiners. Exempts oil and gas wells from the application of the net income limitation on percentage depletion. Treats certain geological and geophysical costs as intangible drilling and development costs that a taxpayer may elect either to capitalize or to deduct for income tax purposes. Repeals IRC provisions requiring a 30 percent reduction in the amount of the tax deduction for intangible drilling and development costs in the case of oil and gas wells. Repeals IRC provisions that identify intangible drilling costs as a tax preference item for purposes of determining alternative minimum tax liability. Establishes a marginal production income tax credit for producers who maintain economically unproductive oil wells. Applies such tax credit to domestic crude oil that is: (1) from stripper well property; (2) heavy oil; or (3) oil recovered through a tertiary recovery method. Fixes the credit at ten percent of the qualified cost (determined in accordance with a formula set forth in this Act) of each barrel sold by the producer during the tax year. Provides for the carryback of unused credit. Terminates the credit during any year when the average first sale of all domestic crude oil exceeds $25.00, adjusted for inflation. Disallows an income tax deduction of oil-related expenses to the extent they are included in the tax credit. Establishes an income tax credit for expenses associated with an exploratory domestic oil or gas well. Sets the amount of the credit at 15 percent of the amount allowed as an income tax deduction for intangible drilling and development costs. Provides for the carryback of unused credit. Repeals the windfall profit tax on domestic crude oil. Imposes an excise tax on the first sale in the United States of imported crude oil and petroleum products when the average international price of crude oil for any four-week period is less than $22.00. Sets the amount of the tax at the difference between $22.00 and the average international price of crude oil for the preceding four-week period, to be estimated and published weekly by the Secretary of Energy. Exempts from the import tax any sale of crude oil or petroleum product destined for export, upon proof that it has been exported within six months of the first sale within the United States. Places liability for the payment of the tax on the first person selling the imported oil or petroleum product within the United States. Requires such persons to register with the Secretary of the Treasury. Permits the imported oil tax payments as an income tax deduction. Establishes in the Treasury the Imported Crude Oil Tax Account to receive revenue generated from the excise tax, designated to offset any revenue loss resulting from this Act's enactment. Directs the Secretary of the Treasury to report to the Congress each year on import tax revenue and its uses during the preceding fiscal year.
Bill· HRH.R. 2776 (100th)referred
United States · United States Congress · 24 June 1987
Amends the Internal Revenue Code to allow an income tax deduction for charitable contributions of agricultural products to assist victims of a drought, flood, or other natural disaster. Sets the amount of the deduction at the wholesale market value of the donated product.