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Bill· HRH.R. 8431 (93rd)referred
United States · United States Congress · 6 June 1973
Allows Consumer Pollution Control Tax Credit Act - Allows a tax credit under the Internal Revenue Code for homewowners, apartment owners, small businessmen, and car owners who purchase and install certified pollution control devices. Limits the tax credit to 25 percent of all amounts paid by the taxpayer during the taxable year to acquire or install any certified pollution control device. (Amends 26 U.S.C. 40)
Bill· HRH.R. 8468 (93rd)referred
United States · United States Congress · 6 June 1973
Authorizes appropriations for the Office of Economic Opportunity in the amount of $790,000,000 plus reimbursements for the fiscal year ending June 30, 1974.
Bill· HRH.R. 8460 (93rd)referred
United States · United States Congress · 6 June 1973
Relieves the employers of 15 or fewer employees from the requirement of paying or depositing specified employment taxes more often than once each year under the Internal Revenue Code. (Amends 26 U.S.C. 6302)
Bill· HRH.R. 8385 (93rd)referred
United States · United States Congress · 5 June 1973
Makes it clear that local governments may use amounts freed by revenue sharing for tax reduction, under the State and Local Fiscal Assistance Act of 1972.
Bill· HRH.R. 8369 (93rd)referred
United States · United States Congress · 5 June 1973
Provides, under the Internal Revenue Code, that in the case of an employer with 50 or fewer employees, old-age, survivors, and disability insurance, and Federal income tax withholding payments shall not be required more than one time. (Adds 26 U.S.C. 6302 (d))
Bill· HRH.R. 8370 (93rd)referred
United States · United States Congress · 5 June 1973
Provides, under the Internal Revenue Code, that in the case of an employer with 50 or fewer employees, old-age, survivors, and disability insurance, and Federal income tax withholding payments shall not be required more than one time. (Adds 26 U.S.C. 6302 (d))
Bill· HRH.R. 8360 (93rd)referred
United States · United States Congress · 5 June 1973
Allows a tax credit under the Internal Revenue Code to an individual for tuition paid by him to any private nonprofit elementary or secondary school during the taxable year for the elementary or secondary education of any dependent. Provides that the amount allowable for the taxable year with respect to any dependent shall not exceed the lesser of: (1) 50 percent of the tuition paid by the taxpayer during the taxable year for the elementary or secondary education of such dependent, or (2) $400. Reduces the aggregate amount which would be allowable by an amount equal to $1 for each full $20 contained in the amount by which the adjusted gross income of the taxpayer (or, if the taxpayer is married, the adjusted gross income of the taxpayer and his spouse) for the taxable year exceeds $25,000.
Resolution· HRESH.Res. 426 (93rd)passed
United States · United States Congress · 5 June 1973
States that upon the adoption of this resolution it shall be in order to move that the House resolve itself into the Committee of the Whole House on the State of the Union for the consideration of the bill (H. R. 7670) to authorize appropriations for the fiscal year 1974 for certain maritime programs of the Department of Commerce. Provides that after general debate, which shall be confined to the bill and shall continue not to exceed one hour, to be equally divided and controlled by the chairman and ranking minority member of the Committee on Merchant Marine and Fisheries, the bill shall be read for amendment under the five-minute rule. Stipulates that at the conclusion of the consideration of the bill for amendment, the Committee shall rise and report the bill to the House with such amendments as may have been adopted, and the previous question shall be considered as ordered on the bill and amendments thereto to final passage without intervening motion except one motion to recommit.
Resolution· HCONRESH.Con.Res. 237 (93rd)referred
United States · United States Congress · 5 June 1973
Directs the Joint Study Committee on Budget Control to report to the Congress, by bill or resolution, no later than June 1, 1973, its final recommendations with respect to any matters covered under its jurisdiction. Provides that such report shall include, but shall not be limited to : (1) procedures for improving congressional control of budgetary outlay and receipt totals, including procedures for establishing and maintaining an overall view of each year's budgetary outlays which is fully coordinated with an overall view of the anticipated revenues for that year; (2) procedures for the operation of a limitation on expenditures and net lending commencing with the fiscal year beginning July 1, 1973; and (3) procedures for limiting the authority of the President to impound or otherwise withhold funds authorized and appropriated by the Congress.
Bill· HRH.R. 8327 (93rd)referred
United States · United States Congress · 4 June 1973
Allows, under the Internal Revenue Code of 1954, a credit against the individual income tax for expenses paid by the taxpayer for the higher education of any individual, including the taxpayer. Excludes scholarships and fellowship grants, and educational assistance benefits paid by the Veterans' Administration, from such expenses paid for education purposes under this Act. Limits the eligibility for tax credit. Provides that the credit allowed to the taxpayer during the taxable year shall not exceed an amount equal to the sum of: (1) 100 percent of so much of the education expenses as does not exceed $200; exceeds $200 but does not exceed $500; and (3) 25 percent of so much of such expenses as exceeds $500 but does not exceed $1500. Reduces the credit allowable under this Act by amount equal to 1 percent of the amount by which the taxpayer's adjusted gross income under the code exceeds $25,000.
Bill· HRH.R. 8344 (93rd)referred
United States · United States Congress · 4 June 1973
Provides that the place of residence of a State legislator within his State legislative district shall be considered his home for purposes of the Internal Revenue Code, but amounts expended for living expenses shall not be deductible for income tax purposes in excess of $3,000. (Amends 26 U.S.C. 162(a)
Bill· HRH.R. 8328 (93rd)referred
United States · United States Congress · 4 June 1973
Allows, under the Internal Revenue Code of 1954, a credit against the individual income tax for expenses paid by the taxpayer for the higher education of any individual, including the taxpayer. Excludes scholarships and fellowship grants, and educational assistance benefits paid by the Veterans' Administration, from such expenses paid for education purposes under this Act. Limits the eligibility for tax credit. Provides that the credit allowed to the taxpayer during the taxable year shall not exceed an amount equal to the sum of: (1) 100 percent of so much of the education expenses as does not exceed $200; exceeds $200 but does not exceed $500; and (3) 25 percent of so much of such expenses as exceeds $500 but does not exceed $1500. Reduces the credit allowable under this Act by amount equal to 1 percent of the amount by which the taxpayer's adjusted gross income under the code exceeds $25,000.
Bill· SS. 1918 (93rd)referred
United States · United States Congress · 31 May 1973
Permits a State, if permitted by its own laws, to designate the tax authorities of another State, or any commission or association of States, to conduct a tax audit of any business subject to the tax jurisdiction of one or more of the designating States. Permits an examining State to examine the books and records of account of any taxpayer or any business on behalf of any designating State or group of States for the purpose of obtaining information in order to make it possible for each such State to determine whether or not that State has jurisdiction to impose a tax liability or a collection and remittance requirement upon any taxpayer or any business.
Bill· HRH.R. 8282 (93rd)referred
United States · United States Congress · 31 May 1973
Repeals the asset depreciation range under the Internal Revenue Code which permitted a variance from the class life of property of 20% for depreciation purposes. States that this Act shall spply only to property constructed, erected, or acquired after the date of enactment. (Amends 26 U.S.C. 167 (m)(l))
Bill· HRH.R. 8278 (93rd)referred
United States · United States Congress · 31 May 1973
Prohibits, under the Internal Revenue Code of 1954, the inspection of income tax records by the Department of Agriculture. Permits specified information from such records relating to farm operations to be furnished to the Department. (Adds 26 U.S.C. 6103 (g))
Bill· HRH.R. 8265 (93rd)referred
United States · United States Congress · 31 May 1973
Permits charitable contributions, bequests, transfers, and gifts to the United Nations and the United Nations Children's Fund, to be deductible for income tax, estate tax, and gift tax purposes under the Internal Revenue Code.
Bill· HRH.R. 8283 (93rd)referred
United States · United States Congress · 31 May 1973
Increases the amount of minimum tax imposed on tax preferences by the Internal Revenue Code. Prohibits a carryover of excess taxes under the minimum tax section. Makes provisions for tax preferences for estates and trusts. (Amends 26 U.S.C. 56)
Bill· HRH.R. 8296 (93rd)referred
United States · United States Congress · 31 May 1973
Includes members of the Armed Forces who serve on a qualified temporary foreign assignment within those eligible for the Internal Revenue Code provisions granting an extended period to qualify for nonrecognition of gain on the sale or exchange of a residence. (Amends 26 U.S.C. 1034(h))
Bill· HRH.R. 8249 (93rd)referred
United States · United States Congress · 30 May 1973
Provides that no refund or credit of any income in excess of $200,000 shall be made until 30 days after a report is submitted to the Joint Committee on Internal Revenue Taxation. Authorizes the Chief of Staff of the Joint Committee to secure directly from the Internal Revenue Service such tax returns as he deems necessary to the investigation of the administration of the internal revenue taxes. Directs the Internal Revenue Service to furnish such tax returns to the Chief of Staff together with a brief report, with respect to each return, as to any action taken or poposed to be taken by the Service as result of any audit of the return.
Bill· HRH.R. 8218 (93rd)referred
United States · United States Congress · 30 May 1973
Requires, under the Internal Revenue Code, proprietors to reimburse the United States for additional compensation paid to internal revenue officers assigned as a result of the proprietor scheduling operations at a time for which internal revenue officers must be paid overtime, night, differential or holiday pay. (Amends 26 U.S.C. 5553)
Bill· HRH.R. 8247 (93rd)referred
United States · United States Congress · 30 May 1973
Provides, under the Internal Revenue Code of 1954 a tax credit for employers who employ members of the hard-core unemployed. States that the credit allowed by this Act shall not exceed $25,000 plus 50 percent of so much of the liability of tax for the taxable year as exceeds $25,000. (Adds 26 U.S.C. 40)
Bill· HRH.R. 8228 (93rd)referred
United States · United States Congress · 30 May 1973
Extends to all unmarried individuals the tax treatment of income splitting now utilized by married individuals filing joint returns under the Internal Revenue Code. Directs the Secretary of the Treasury to prescribe and publish tables reflecting the amendments made by this Act which shall apply in lieu of the tables set forth in the Internal Revenue Code with respect to wages paid on or after the first day of the first month which begins more than 20 days after the date of the enactment of this Act.
Bill· HRH.R. 8216 (93rd)referred
United States · United States Congress · 30 May 1973
Permits, under the Internal Revenue Code, the authorization of means other than stamps on containers of distilled spirits as evidence of tax payment. (Amends 26 U.S.C. 5205(h))
Resolution· HRESH.Res. 418 (93rd)passed
United States · United States Congress · 30 May 1973
Provides that upon the adoption of this resolution it shall be in order to move that the House resolve itself into the Committee of the Whole House on the State of the Union for the consideration of the bill (H. R. 7806) to extend through fiscal year 1974 certain expiring appropriations authorizations in the Public Health Service Act, the Community Mental Health Centers Act, and the Developmental Disabilities Services and Facilities Construction Act, and for other purposes. States that after general debate, which shall be confined to the bill and shall continue not to exceed one hour, to be equally divided and controlled by the chairman and ranking minority member of the Committee on Interstate and Foreign Commerce, the bill shall be read for amendment under the five-minute rule by titles instead of by sections. Requires that, at the conclusion of the consideration of the bill for amendment, the Committee shall rise and report the bill to the House with such amendments as may have been adopted, and the previous question shall be considered as ordered on the bill and amendments thereto to final passage without intervening motion except one motion to recommit. Stipulates that, after the passage of H. R. 7806, the Committee on Interstate and Foreign Commerce shall be discharged from the further consideration of the bill S. 1136, and it shall then be in order in the House to move to strike out all after the enacting clause of the said Senate bill and insert in lieu thereof the provisions contained in H. R. 7806 as passed by the House.
Bill· HRH.R. 8169 (93rd)referred
United States · United States Congress · 29 May 1973
Extends for one fiscal year the programs of assistance under the Community Mental Health Centers Act.
Bill· HRH.R. 8174 (93rd)referred
United States · United States Congress · 29 May 1973
States, under the State and Local Fiscal Assistance Act of 1972, that where a State uses a uniform system for equalizing valuation for purposes of local taxes on real property, such State may provide that, for purposes of determining the general tax effort factors of units of local government, special weight is to be given to the respective rates of real property taxation applied by such units.
Bill· HRH.R. 8171 (93rd)referred
United States · United States Congress · 29 May 1973
Allows a tax deduction under the Internal Revenue Code for all medical expenses (including medicine and drugs) paid during the taxable year, and not compenstated for by insurance or otherwise, for the care of any dependent who is the mother or father of the taxpayer or of his spouse, and has attained the age of 65 before the close of the taxable year. Allows a tax deduction for all medical expenses (including medicine and drugs) of the taxpayer and his spouse, if either has attained the age of 65 before the close of the taxable year. States that the amendments made by this Act shall apply with respect to taxable years ending after the date of enactment of this Act.
Bill· HRH.R. 8157 (93rd)referred
United States · United States Congress · 24 May 1973
Social Security Tax Reduction Act - Provides, under the Internal Revenue Code, that the tax rate for old-age, survivors', and disability insurance shall be reduced to the 1972 level of 4.6 percent. Reduces (1) the hospital insurance rate to the 1972 level of .60 percent and (2) the rate of self-employment tax for old-age, survivors' and disability insurance to the 1972 level. Provides a reduction for individuals with limited income. Sets forth the computation for determining the amount of such deduction. Provides for a credit or refund for excess withholding of Social Security taxes. Authorizes to be appropriated to the Federal Old-Age and Survivors Insurance Trust Fund, the Federal Disability Insurance Trust Fund, and the Federal Hospital Insurance Trust Fund amounts equal to the amounts by which the taxes imposed by specified sections of the Internal Revenue Code are less than the amounts which would have been received if this Act had not been enacted.
Bill· HRH.R. 8122 (93rd)referred
United States · United States Congress · 24 May 1973
Provides that homeowner mortgage interest paid as periodic assistance payments by the Secretary of Housing and Urban Development on behalf of a low-income mortgagor shall not be deductible by such a mortgagor under the Internal Revenue Code. (Adds 26 U.S.C. 280)
Bill· HRH.R. 8139 (93rd)referred
United States · United States Congress · 24 May 1973
Provides, under the Internal Revenue Code, that gross income does not include any amounts received by an individual in the taxable year as a pension, annuity, or other benefit under a public retirement system, or any amounts received by an individual who is age 65 or over as a pension, annuity, or other retirement benefit under any other retirement plan, program, or system, to the extent that the aggregate of such amounts does not exceed $5,000.
Bill· HRH.R. 8112 (93rd)referred
United States · United States Congress · 24 May 1973
Provides for an income tax credit under the Internal Revenue Code for the cost of motor vehicle emission controls on 1975 model motor vehicles sold in the State of California. (Amends 26 U.S.C. 42)
Bill· HRH.R. 8084 (93rd)referred
United States · United States Congress · 23 May 1973
Authorizes the voluntary withholding of Maryland and Virginia income taxes in the case of officers and employees of the Architect of the Capitol.
Bill· HRH.R. 8037 (93rd)referred
United States · United States Congress · 22 May 1973
Increases the authorization for fiscal year 1974 for the Committee for Purchase of Products and Services of the Blind and Other Severely Handicapped.
Bill· HRH.R. 7958 (93rd)referred
United States · United States Congress · 21 May 1973
Increases the credit against tax for retirement income. under the Internal Revenue Code and coordinates it with the maximum social security retirement benefits. Provides that this Act is to become effective for taxable years beginning after December 31, 1972. (Amends 26 U.S.C. 37)
Bill· HRH.R. 7975 (93rd)referred
United States · United States Congress · 21 May 1973
Allows a taxpayer other than a corporation who incurs a loss during the taxable year on the sale or exchange of restricted securities, when sustaining a loss, to take at his election a capital loss carryback to the prior exchange year. Outlines limitations on the taking of such loss and special rules applicable thereto. Defines the term "restricted securities".
Bill· HRH.R. 7972 (93rd)referred
United States · United States Congress · 21 May 1973
Title I: Limits net lending during fiscal year 1974 to $267,000,000,000. Authorizes the President to reserve from expenditures and net lending or other appropriations or obligations such amounts as may be necessary to effectuate the provisions of this title. Title II: Requires the President within 10 days after the impoundment of any funds to transmit to the Senate and House a special message detailing his actions. Outlines the procedure to be used in transmitting such special meassage to the Senate, House, Comptroller General and to the Federal Register for publication. Title III: Provides that the provisions of this title are enacted by Congress as an exercise of the rulemaking powers of the Senate and House of Representatives. Requires a concurrent resolution to be acted upon by both Houses in order to approve an impounding of funds. Outlines special rules with respect to the concurrent resolution to consider the special message of the President.
Bill· HRH.R. 7944 (93rd)referred
United States · United States Congress · 21 May 1973
Provides, under the Internal Revenue Code, that gross income does not include any amounts received by an individual in the taxable year as a pension, annuity, or other benefit under a public retirement system, or any amounts received by an individual who is age 65 or over as a pension, annuity, or other retirement benefit under any other retirement plan, program, or system, to the extent that the aggregate of such amounts does not exceed $5,000.
Bill· HRH.R. 7908 (93rd)referred
United States · United States Congress · 17 May 1973
Allows, under the Internal Revenue Code of 1954, a credit against the individual income tax for expenses paid by the taxpayer for the higher education of any individual, including the taxpayer. Excludes scholarships and fellowship grants, and educational assistance benefits paid by the Veterans' Administration, from such expenses paid for education purposes under this Act. Limits the eligibility for tax credit. Provides that the credit allowed to the taxpayer during the taxable year shall not exceed an amount equal to the sum of: (1) 100 percent of so much of the education expenses as does not exceed $200; (2) 75 percent of so much of such expenses as exceeds $200 but does not exceed $500; and (3) 25 percent of so much of such expenses as exceeds $500 but does not exceed $1,500. Reduces the credit allowable under this Act by an amount equal to 1 percent of the amount by which the taxpayer's adjusted gross income under the code exceeds $19,000.
Bill· HRH.R. 7894 (93rd)referred
United States · United States Congress · 16 May 1973
Allows, under the Internal Revenue Code of 1954, a tax credit, against the individual income tax, to a taxpayer who pays the tuition and specified related items of a student at an institution of higher education, where the taxpayer and the student agree to repay the credit (with interest) to the United States after the education is completed. Limits each such credit to no more than $1500 during any one year. Provides that the aggregate credits outstanding shall not exceed $10,000.
Bill· SS. 1822 (93rd)referred
United States · United States Congress · 15 May 1973
Exempts from the provisions of the Airport and Airways Revenue Act of 1970 helicopters which are not operated on an established line.
Bill· SS. 1811 (93rd)referred
United States · United States Congress · 15 May 1973
Permits as a credit against the income tax imposed under the Internal Revenue Code an amount equal to 15 percent of the retirement income received by a qualified taxpayer during the taxable year. Limits the amount of retirement income which may be taken into account for the purpose of computing the credit to $2500, in the case of an unmarried individual and $3750 in the case of a joint return where both spouses are eligible. Provides for a reduction in the amount of retirement income, before applying the limitation figures, of (1) any amount received by an individual as a pension or annuity under title II of the Social Security Act, under the Railroad Retirement Act or otherwise excluded from gross income; (2) one-half the amount of earned income (in excess of $2100) received by an individual who has not attained the age of 72; and (3) any amount of earned income in excess of $1200 if the individual has not attained the age 62 before the close of the taxable year.
Bill· HRH.R. 7845 (93rd)referred
United States · United States Congress · 15 May 1973
Allows a tax credit under the Internal Revenue Code against the Federal income tax for State and local real property taxes or an equivalent portion of rent paid on their residences by individuals who have attained the age of 65. Provides that where an indivudal has attained the age of 65, there shall be allowed as a credit the amount of real property taxes paid which were imposed by a State or political subdivision on property owned and used by him as a principal residence or rent constituting such taxes as defined by the Internal Revenue Code. Allows payment by the U.S. Treasury to taxpayers to the extent of the difference between the credit and amount of such real property taxes where the tax imposed is less than real property taxes. Provides that the total credit payment for any taxable year shall not exceed $300 (or $150 in case of a single return). Reduces the amount of the credit allowed by the amount that the taxpayer's income exceeds $6,500 (or $3250 in the case of a married person filing a separate return). Directs that the credit be applied collectively in cases of joint ownership. Provides that where the joint return of the husband or wife is filed, the age requirement is met if either person is 65 or older. Apportions the credit allowed to cover only that part of a residence actually used by the taxpayer or that part of a farm not in excess of forty acres. Provides that an individual who is a tenant-stockholder in a cooperative housing corporation shall be treated as owning the house or apartment which he occupies and such person shall be treated as having paid real property taxes equal to the deduction allowable in direct proportion to taxes actually paid on a particular residence where during the taxable year there has been a change in residence. Provides that the term 'rent constituting property taxes" means an amount equal to 25 percent of the rent paid during a taxable year by the taxpayer for the right to occupy his dwelling (exclusive of charges for utilities, services, and furnishings). Reduces the amount of real property taxes paid by an individual by the amount of any refund given on such taxes. Provides that there shall be no assessment of interest charges where there has been an underpayment of taxes by an individual if the amount due is paid within sixty days after the taxpayer receives a refund of real property taxes which caused the underpayment. Specifies that deductions for State and local real property taxes shall not be affected by the credit allowed.
Bill· SS. 1798 (93rd)passed
United States · United States Congress · 14 May 1973
Extends through 1974 the authority of the Federal Reserve System to regulate interest rates or dividends payable by financial institutions. Provides means whereby private financial institutions can assist in providing housing, particularly for families of low- or moderate-income, by purchasing stock of and investing in loans to any such State housing corporation situated in the particular State in which the Federal savings and loan association or national bank involved is located. Provides for premium payments by insured savings and loan associations to the Federal Savings and Loan Insurance Corporation. Requires each insured institution to make such deposits in the Corporation as may from time to time be required by call of the Federal Home Loan Bank Board. State Taxation of Depositories Act - Provides that the legislature of a State may impose, and may authorize any political subdivision thereof to impose, the following taxes and only such taxes on any insured depository not having its principal office within such State: (1) sales taxes and use taxes complementary thereto upon purchases, sales, and use within such jurisdiction; (2) taxes on real property or on the occupancy of real property located within such jurisdiction; (3) taxes (including documentary stamp taxes) on the execution, delivery, or recordation of documents within such jurisdiction; (4) taxes on tangible personal property (not including cash or currency) located within such jurisdiction; (5) license, registration, transfer, excise, or other fees or taxes imposed on the ownership, use, or transfer of tangible personal property located within such jurisdiction; and (6) payroll taxes based on persons employed in such jurisdiction. Directs the Advisory Commission on Intergovernmental Relations to make a study of all pertinent matters relating to the application of State "doing business" taxes on out-of-State commercial banks, mutual savings banks, and savings and loan associations. Requires the Commission to make a report of such study no later than December 31, 1974. Authorizes to be appropriated to the Commission such sums as may be necessary to carry out the provisions of this section.
Law· SS. 1808 (93rd)open
United States · United States Congress · 14 May 1973
Directs the Secretary of Transportation to apportion $1,000,000,000 of the sums authorized to be apportioned for fiscal year 1974 for immediate expenditure on the National System of Interstate and Defense Highways. Authorizes the appropriation of $500,000,000 for the Federal-aid primary system, the Federal-aid secondary system, and for their extensions within urban areas for the fiscal year ending June 30, 1974. Provides for the availability of such sums on a percentage basis.
Bill· HRH.R. 7751 (93rd)referred
United States · United States Congress · 10 May 1973
Raises the limitations on contributions by self-employed individuals on contributions by self-employed individuals to specified retirement plans for purposes of the Internal Revenue Code. Permits specified employees who are not otherwise qualified to establish qualified pension plans for themselves in the same manner as if they were self-employed.
Bill· HRH.R. 7726 (93rd)referred
United States · United States Congress · 10 May 1973
Tax Reform Act - Title I: Gain on Certain Property Transferred at Death or by Gift - Provides that in the case of the death of a taxpayer there shall be included in computing taxable income for the taxable period in which falls the date of his death, the gains and losses which would be taken into account if the taxpayer had sold all property, which is considered to have been acquired from or to have passed from the decedent taxpayer at a selling price equal to its fair market value at death. Makes exceptions to this provision for household or personal items whose total value is less than $2000, and for property which passes or has passed to surviving spouses. Sets forth rules applicable in determining the basis for computing gain or loss. Makes provisions and rules for including gains and losses on lifetime property gifts in computing taxable income for the taxable period in which the transfer was made. Requires the filing of a final income tax return for a decedent by April 15 of the year following the taxable year, or 9 months after the date of death, whichever is later. Makes provisions for extension of time for paying the tax. Title II: State and Local Bonds - Allows a state or local government to elect to issue obligations without excluding their interest from gross income. Appropriates such sums as necessary out of moneys in the Treasury to pay a fixed percentage of interest yield on taxable issues, and sets forth procedures for such payment. Title III: Foreign Corporations - Provides that if a foreign corporation is a controlling foreign corporation for an uninterrupted period of 30 days or more during any taxable year, every United States shareholder of such corporation who owns stock in such corporation on the last day in such year on which such corporation is a controlled foreign corporation shall include in its gross income for its taxable year its pro rata share of the corporation's earnings and profits for such year. Excludes from such shareholder's gross income any previously taxed earnings or profits from a foreign corporation. Provides that such shareholders in foreign corporations may be required to maintain records and accounts for purposes of this section of the Act. Makes conforming amendments for this section. Title IV: Minimum Tax for Tax Preferences - Imposes for each taxable year, with respect to the income of every person, a tax equal to 20 percent (previously 10 percent) of the amount by which the sum of the items of tax preference exceeds $30,000. Repeals the provision allowing a tax carryover for 7 taxable years for excess taxes. Title V: Oil Depletion, Intangible Drilling and Development Costs - Repeals the authorization under which the Secretary of the Treasury may grant corporations the option to deduct as expenses intangible drilling and development costs in the case of oil and gas wells in computing taxable income. Permits the deduction where the intangible drilling and development costs are incurred in drilling a nonproductive well. Reduces the oil depletion allowance from 22 percent to 15 percent.
Bill· HRH.R. 7743 (93rd)referred
United States · United States Congress · 10 May 1973
Provides, under the Internal Revenue Code, that gross income does not include any amounts received by an individual in the taxable year as a pension, annuity, or other benefit under a public retirement system, or any amounts received by an individual who is age 65 or over as a pension, annuity, or other retirement benefit under any other retirement plan, program, or system, to the extent that the aggregate of such amounts does not exceed $5,000.
Bill· HRH.R. 7739 (93rd)referred
United States · United States Congress · 10 May 1973
Provides under the Internal Revenue Code of 1954, that the personal exemption allowed a taxpayer for a dependent shall be available without regard to the dependent's income in the case of a dependent who is over 65. (Adds 151 (e) (1) (C)).
Bill· HRH.R. 7714 (93rd)referred
United States · United States Congress · 10 May 1973
Prohibits the inspection of income tax records by the Department of Agriculture. Allows limited information from such records concerning farming operations to be furnished to the Department. (Adds 26 U.S.C. 36103(g))
Bill· HRH.R. 7740 (93rd)referred
United States · United States Congress · 10 May 1973
Allows a tax deduction under the Internal Revenue Code for all medical expenses (including medicine and drugs) paid during the taxable year, and not compenstated for by insurance or otherwise, for the care of any dependent who is the mother or father of the taxpayer or of his spouse, and has attained the age of 65 before the close of the taxable year. Allows a tax deduction for all medical expenses (including medicine and drugs) of the taxpayer and his spouse, if either has attained the age of 65 before the close of the taxable year. States that the amendments made by this Act shall apply with respect to taxable years ending after the date of enactment of this Act.