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251 records in US in 1975
United States · United States Congress · 3 October 1975
Exempts the use of specified punchboards, pulltabs, and similar devices from the taxes on wagering imposed under the Internal Revenue Code.
United States · United States Congress · 3 October 1975
Jobs Creation Act - Allows an exclusion from gross income of qualified additional savings and investments made during a tax year. Provides for an exclusion of up to $1,000 or $2,000 for a married couple filing a joint return. Excludes dividends paid by domestic corporations from corporate gross income. Grants a $1,000 exclusion from capital gains for each capital transaction qualified. Allows an extension of time for payment of estate taxes where the estate consists largely of small business interests. Increases the estate tax exemption for family farming operations to $200,000. Increases the corporate surtax exemption, including provisions for reduced taxes for small business, to give an effective corporate income tax reduction in the range of 6 percent. Increases the investment tax credit to 15 percent and makes it permanent. Allows taxable year price-level adjustments in property and allows increases in class life variances for purposes of depreciation - the latter increasing the asset depreciation range (ADR) from a factor of 20 to a factor of 40 with respect to asset life. Provides for a complete amortization in 1 year of required but nonproductive pollution control facilities and equipment.
United States · United States Congress · 2 October 1975
Specifies, under the Tax Reduction Act, that refunds based on credits for earned income under the Internal Revenue Code are to be disregarded in the determination of eligibility for Federal and federally assisted programs.
United States · United States Congress · 2 October 1975
Provides that the interest on governmental obligations issued to finance dams to be utilized for irrigation purposes, the water from which is available by reasonable demand to the general public, shall be exempt from income taxation under the Internal Revenue Code.
United States · United States Congress · 2 October 1975
Local Fiscal Assistance Act - Revises the State and Local Fiscal Assistance Act to delete the provisions of that Act authorizing payments by the Secretary of the Treasury to State governments from the Trust Fund created by that Act. Changes the designation of the "State and Local Government Fiscal Assistance Trust Fund" to the "Local Government Fiscal Assistance Trust Fund". Makes appropriations to the Trust Fund, out of amounts in the general fund of the Treasury, for the transition period and for fiscal years 1976 through 1981. Makes appropriations to the Trust Fund, out of amounts in the general fund of the Treasury, for noncontiguous States adjustment amounts, for the transition period and for fiscal years 1976 through 1981. Directs that allocations made to States from the Trust Fund be allocated among the units of local government of the States. Authorizes local government units to draw funds to which they will become entitled in advance of the actual period of entitlement.
United States · United States Congress · 2 October 1975
Revises the Internal Revenue Code to allow as a credit against the income tax amounts paid by an individual during the taxable year for the expenses of higher education for himself or any other individual. Limits such credit to 100 percent of the first $200 of such educational expenses, 25 percent of the next $300, and 5 percent of the next $1000 of such expenses. Reduces such credit by 1 percent of the amount by which the adjusted gross income of the taxpayer exceeds $22,500. Reduces the amount of educational expenses otherwise recognized by this Act by the amounts received as scholarships, fellowships, and veterans benefits.
United States · United States Congress · 1 October 1975
Fiscal Year Adjustment Act - Revises the fiscal appropriations provisions of specified public laws in order to conform to the transition to an October-September fiscal year.
United States · United States Congress · 1 October 1975
Fiscal Year Transition Act - Title I: Provides that, for purposes of specified provisions of the Social Security Act, the term "fiscal year" includes the period July 1, 1976, through September 30, 1976. Makes or continues appropriations for the implementation of the Social Security programs through this transitional period. Extends the provisions of, and the authorization of appropriations for, the following Acts for the transitional period July 1, 1976, through September 30, 1976: the Older Americans Act, Public Health Service Act, mental health Acts, National School Lunch Act, Tennessee Valley Authority Act of 1933, Drug Abuse Office and Treatment Act of 1972, General Education Provisions Act, Comprehensive Employment and Training Act, Immigration and Nationality Act of 1952, and the Alcohol Abuse and Alcoholism Prevention, Treatment, and Rehabilitation Act of 1970. Title II: States that the period July 1, 1976, through September 30, 1976, shall be treated as a fiscal year for the purposes of specified Act of Congress, or for provisions of Federal law insofar as they relate to matching requirements.
United States · United States Congress · 1 October 1975
Provides a 15-percent tax credit under the Internal Revenue Code for net new investment (defined as qualified investment in excess of the average qualified investment during the three previous taxable years).
United States · United States Congress · 1 October 1975
Authorizes State legislators, under the Internal Revenue Code, to elect to treat as his or her home either the place where the legislature meets or the legislative district represented by the member for purposes of declaring trade or business expense deductions.
United States · United States Congress · 1 October 1975
Authorizes single individuals to use the same tax tables when computing their tax as are presently applicable to married individuals filing joint returns and to surviving spouses.
United States · United States Congress · 30 September 1975
Provides that the value of a taxable estate under the Internal Revenue Code shall be determined by deducting $200,000 (in lieu of the present exemption of $60,000) from the value of the gross estate.
United States · United States Congress · 30 September 1975
Family Farm Inheritance Act - States that for purposes of the estate tax under the Internal Revenue Code the value of the taxable estate shall be determined by deducting the lesser of: (1) $200,000; or (2) the value of the decedent's interest in a family farming operation continuously owned by him or his spouse for five years prior to his death and which passes to a related individual. Disqualifies the individual to whom the estate passes from the tax benefit authorized by this Act if such individual, within five years after the decedent's death, sells or removes the family farming operation.
United States · United States Congress · 30 September 1975
Allows a tax deduction under the Internal Revenue Code, to tenants of houses or apartments for their proportionate share of the real estate taxes and mortgage interest paid by their landlords. Requires lessors to furnish tenants with information showing the amount that may be deducted.
United States · United States Congress · 29 September 1975
Provides, under the Internal Revenue Code, that an individual who is an active participant in a retirement plan may claim the deduction for retirement savings for amounts contributed by him to an individual retirement account, for an individual retirement annuity, or for a retirement bond, to the extent that the amounts paid by him or on his behalf under the retirement plan does not equal the maximum amount of the retirement savings deduction to which he would be entitled if he were not an active participant in such plan.
United States · United States Congress · 29 September 1975
Extends for 2 years (from December 31, 1975 to December 31, 1977) the date on or before which the amendment of a trust instrument to create a charitable trust will be cognizable for purposes of the allowance of an estate tax deduction under the Internal Revenue Code for the passing of the charitable trust.
United States · United States Congress · 29 September 1975
Exempts, under the Internal Revenue Code, nonprofit volunteer firefighting or rescue organizations from the Federal excise taxes on gasoline, diesel fuel, and special fuels. Exempts such organization from the tax on communication services.
United States · United States Congress · 29 September 1975
Exempts, under the Internal Revenue Code, nonprofit volunteer firefighting or rescue organizations from the Federal excise taxes on gasoline, diesel fuel, and special fuels. Exempts such organization from the tax on communication services.
United States · United States Congress · 29 September 1975
Directs that during the consideration of the bill (H.R. 9861) making appropriations for the Department of Defense for fiscal year 1976, and the period beginning July 1, 1976, and ending September 30, 1976, and for other purposes, all points of order against the following provisions of said bill for failure to comply with the provisions of clause 2 and 6, rule XXI are hereby waived: in title IV "Procurement" beginning on page 18, line 11 through page 20, line 24, beginning on page 22, line 18 through page 25, line 21, beginning on page 26, line 19 through page 28, line 25, and in title V "Research, Development, Test, and Evaluation" beginning on page 30, line 18 through page 33, line 16.
United States · United States Congress · 26 September 1975
Expresses Congressional disapproval of the District of Columbia Revenue Act of 1975.
United States · United States Congress · 26 September 1975
Allows a deduction under the Internal Revenue Code of up to $1000 for amounts paid by a taxpayer for tuition to provide an education for himself or for his dependents at a vocational school, an institution of higher education, a secondary school, or an elementary school.
United States · United States Congress · 26 September 1975
Excludes from gross income under the Internal Revenue Code the gain from the sale or exchange of property which, during the 8-year period ending on the date of the sale or exchange, has been owned and used by the taxpayer as his principal residence for periods aggregating 5 years or more (presently limited to individuals age 65 or over).
United States · United States Congress · 26 September 1975
Makes appropriations for grants to States and units of general local government to help finance community development programs under the Housing and Community Development Act of 1974 for fiscal year.
United States · United States Congress · 26 September 1975
Tax Reform Act - Provides that if a foreign corporation is a controlled 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 totaling 1 percent or more of the combined voting 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 in which or with which such taxable year of the corporation ends, its pro rata share of the corporation's earnings and profits for such year. Prescribes rules for determining stock ownership under this Act. Provides for an exclusion from gross income of previously taxed earnings and profits. States that the basis of a United States shareholder's stock in a controlled foreign corporation, and the basis of property of a United States shareholder by reason of which it is considered under this Act as owning stock of a controlled foreign corporation, shall be increased by the amount required to be included in its gross income under this Act with respect to such stock or with respect to such property, as the case may be, but only to the extent to which such amount was included in the gross income of such United States shareholder. Provides that the adjusted basis of stock or other property with respect to which a United States shareholder or a United States person receives an amount which is excluded from gross income under this Act shall be reduced by the amount so excluded. Repeals the tax credit for investment in depreciable property effective January 1, 1976. Terminates the special treatment for qualified and restricted stock options effective January 1, 1976. Repeals the exemption for earned income from foreign sources. Provides that no foreign tax credit shall be allowed for taxes attributable to foreign oil and gas income. Repeals the tax exemption for Domestic International Sales Corporations.
United States · United States Congress · 25 September 1975
Allows individuals a deduction under the Internal Revenue Code for tuition expenses in excess of 3 percent of the taxpayer's adjusted gross income for the higher education of themselves, their spouses, or their dependents.
United States · United States Congress · 25 September 1975
Allows divorced individuals to take the dependent-care deduction under the Internal Revenue Code for children in their custody who are either under the age of 15 or mentally incapable of caring for themselves.
United States · United States Congress · 25 September 1975
Constitutional Amendment - Provides that, except in time of war or economic emergency declared by the Congress, expenditures of the Government may not exceed the revenues of the Government during any fiscal year.
United States · United States Congress · 24 September 1975
Redefines the term "agricultural" under the Interal Revenue Code for tax exemption status purposes as including, but not necessarily limited to, the art or science of cultivating land, harvesting crops or marine resources, or raising livestock.
United States · United States Congress · 24 September 1975
Provides, under the Internal Revenue Code, that the tax treatment of retirement income shall be comparable to that of social security income.
United States · United States Congress · 24 September 1975
Provides that elderly individuals 65 years of age or older shall not be required to file a declaration of estimated tax under the Internal Revenue Code with respect to income from pensions or retirement annuities or income from interest and dividends not in excess of $2,000 per year.
United States · United States Congress · 24 September 1975
Provides, under the Internal Revenue Code, that income from specified public entertainment activities conducted by charitable or nonprofit organizations shall not be unrelated trade or business income and shall not affect the tax exemption of the organization.
United States · United States Congress · 24 September 1975
Imposes, under the Internal Revenue Code, an additional income tax equal to 10 percent of the amount (if any) by which the sum of the items of tax preference exceeds $10,000.
United States · United States Congress · 24 September 1975
Allows a tax exclusion under the Internal Revenue Code for the first $5,000 of retirement income received by a taxpayer under a public retirement system or any other system if the taxpayer is 65 years of age.
United States · United States Congress · 24 September 1975
Federal Taxpayers' Rights Act - Directs the Secretary of the Treasury to prepare pamphlets which set forth in nontechnical terms (1) the rights and obligations of a taxpayer and the Internal Revenue Service during an audit; (2) the procedures by which a taxpayer may appeal any adverse decision of the Service (including administrative and judicial appeals); (3) the procedures for prosecuting refund claims and filing of taxpayer complaints; and (4) the procedures which the Service may use in enforcing the internal revenue laws (including assessment, jeopardy assessment, levy and distraint, and enforcement of liens). Establishes within the Internal Revenue Service an office to be known as the Office of Taxpayer Services to be under the supervision and direction of an Assistant Commissioner of Internal Revenue who shall assist taxpayers in obtaining easily understandable tax information and answering questions on tax liability, among other functions. States that, upon application filed by a taxpayer, the Assistant Commissioner for Taxpayer Services may issue a Taxpayer Assistance Order if, in the determination of the Assistant Commissioner, the taxpayer is suffering from an unusual, unnecessary, or irreparable loss as a result of the manner in which the internal revenue laws are being administered by the Secretary or his delegate. Authorizes the President of the Legal Services Corporation to establish Taxpayer Representation Offices in four cities (selected by the President) for purposes of providing legal assistance to individuals in connection with: (1) any audit by the Service of any return made by or on behalf of the individual with respect to any tax imposed by chapter 1 of the Internal Revenue Code of 1954, or (2) an assessment or collection from any such individual of any tax imposed by such chapter. Provides for show cause hearings with respect to jeopardy assessments and termination of taxable years. Increases the monetary value of specified items to be exempt from levy. Provides criminal penalties (a fine of up to $10,000, imprisonment for up to 2 years, or both) for investigation into or surveillance over the beliefs, associations, or activities of any individual or organization which are not directly related to such revenue laws. Prohibits a civil cause of action for damages or an injunction, or both, for such violations. Prohibits inspection of tax returns pursuant to a criminal investigation unless a search warrant has been issued upon probable cause to believe that no alternative source of necessary information is available. Provides rules for civil investigation related to: (1) payment of Social Security and Railroad Retirement Taxes; (2) pension administration; (3) census information; (4) enforcement of taxpayer's rights under this Act; (5) inspection by States; (6) inspection by a Committee of Congress; and (7) disclosure to persons having a substantial interest (agents of partnerships and corporations, and shareholders of corporations). Provides a civil action for damages for unauthorized disclosure of tax information.
United States · United States Congress · 24 September 1975
Provides that property used in, or related to, a taxpayer's business which was acquired at no cost to him shall not be a capital asset for purposes of taxation under the Internal Revenue Code.
United States · United States Congress · 24 September 1975
Provides that a State legislator shall be eligible for the tax deduction under the Internal Revenue Code for living expenses (up to $300) presently allowed to Members of Congress.
United States · United States Congress · 24 September 1975
Provides, under the Internal Revenue Code, that landlords using an accrual method of accounting may not deduct real property taxes on their rental property until such taxes are paid.
United States · United States Congress · 24 September 1975
Federal Taxpayers' Rights Act - Directs the Secretary of the Treasury to prepare pamphlets which set forth in nontechnical terms (1) the rights and obligations of a taxpayer and the Internal Revenue Service during an audit; (2) the procedures by which a taxpayer may appeal any adverse decision of the Service (including administrative and judicial appeals); (3) the procedures for prosecuting refund claims and filing of taxpayer complaints; and (4) the procedures which the Service may use in enforcing the internal revenue laws (including assessment, jeopardy assessment, levy and distraint, and enforcement of liens). Establishes within the Internal Revenue Service an office to be known as the Office of Taxpayer Services to be under the supervision and direction of an Assistant Commissioner of Internal Revenue who shall assist taxpayers in obtaining easily understandable tax information and answering questions on tax liability, among other functions. States that, upon application filed by a taxpayer, the Assistant Commissioner for Taxpayer Services may issue a Taxpayer Assistance Order if, in the determination of the Assistant Commissioner, the taxpayer is suffering from an unusual, unnecessary, or irreparable loss as a result of the manner in which the internal revenue laws are being administered by the Secretary or his delegate. Authorizes the President of the Legal Services Corporation to establish Taxpayer Representation Offices in four cities (selected by the President) for purposes of providing legal assistance to individuals in connection with: (1) any audit by the Service of any return made by or on behalf of the individual with respect to any tax imposed by chapter 1 of the Internal Revenue Code of 1954, or (2) an assessment or collection from any such individual of any tax imposed by such chapter. Provides for show cause hearings with respect to jeopardy assessments and termination of taxable years. Increases the monetary value of specified items to be exempt from levy. Provides criminal penalties (a fine of up to $10,000, imprisonment for up to 2 years, or both) for investigation into or surveillance over the beliefs, associations, or activities of any individual or organization which are not directly related to such revenue laws. Prohibits a civil cause of action for damages or an injunction, or both, for such violations. Prohibits inspection of tax returns pursuant to a criminal investigation unless a search warrant has been issued upon probable cause to believe that no alternative source of necessary information is available. Provides rules for civil investigation related to: (1) payment of Social Security and Railroad Retirement Taxes; (2) pension administration; (3) census information; (4) enforcement of taxpayer's rights under this Act; (5) inspection by States; (6) inspection by a Committee of Congress; and (7) disclosure to persons having a substantial interest (agents of partnerships and corporations, and shareholders of corporations). Provides a civil action for damages for unauthorized disclosure of tax information.
United States · United States Congress · 24 September 1975
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 (S. 2230) to authorize appropriations for the Board of International Broadcasting for fiscal year 1976; and to promote improved relations between the United States, Greece, and Turkey, to assist in the solution of the refugee problem on Cyprus, and to otherwise strengthen the North Atlantic Alliance. Directs that after general debate, which shall be confined to the bill and shall continue not to exceed three hours, to be equally divided and controlled by the chairman and ranking minority member of the Committee on International Relations and Representative Dante Fascell and Representative Edward Derwinski, the bill shall be read for amendment under the five-minute rule. 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.
United States · United States Congress · 23 September 1975
Increases the amount of the estate tax exemption under the Internal Revenue Code from $60,000 to $150,000. Provides that farmland included in the gross estate be valued according to its use as farmland.
United States · United States Congress · 23 September 1975
Provides that property used in, or related to, a taxpayer's business which was acquired at no cost to him shall not be a capital asset for purposes of taxation under the Internal Revenue Code.
United States · United States Congress · 23 September 1975
Provides that property used in, or related to, a taxpayer's business which was acquired at no cost to him shall not be a capital asset for purposes of taxation under the Internal Revenue Code.
United States · United States Congress · 19 September 1975
Extends from 18 to 24 months the period which the Secretary of the Department in which the Coast Guard is operating may interpose, at his discretion, between the date of issuance of a boating safety standard requiring major changes in the boat manufacturing industry and the effective date of such safety standard. Authorizes the Secretary to conduct research, testing, and development necessary to carry out the purposes of the Federal Boat Safety Act. Extends through fiscal year 1978 the allocation of Federal funds to State boating safety programs. Authorizes through fiscal year 1978 the appropriation of funds for Federal assistance to State boating safety programs.
United States · United States Congress · 19 September 1975
Taxpayer Privacy Act - Prohibits, generally, disclosure of tax returns or return information by officers or employees of the United States or any State. Authorizes disclosure of income tax returns to specified persons and entities including: (1) the taxpayer for whom the return was made or his attorney in fact; (2) officers and employees of Federal and State agencies charged with the administration and enforcement of the tax laws; (3) the Joint Committee on Internal Revenue Taxation; (4) shareholders owning outstanding stock of any corporation, in the case of a return of the corporation; and (5) the President. Authorizes disclosure to the taxpayer's agent in the case of the taxpayer's death or bankruptcy. Provides criminal penalties of up to $10,000, imprisonment of up to five years, or both, for unauthorized disclosures by public employees, or unauthorized receipt of tax information by any person from a public employee, under this Act. Provides an additional criminal penalty of $1,000 for unauthorized disclosure or receipt of a tax return or tax return information by any person.
United States · United States Congress · 19 September 1975
Authorizes the Secretary of the Interior to make payments to State or local governments upon their election in an amount equal to 75 cents for each acre of specified categories of public land within the boundaries of the State or local political subdivision.
United States · United States Congress · 19 September 1975
Exempts from Federal income taxation a trust established by a taxpayer for the purpose of providing care for specified mentally incompetent relatives of the taxpayer.
United States · United States Congress · 19 September 1975
Allows individuals who have attained age 65 or who are disabled a refundable tax credit of up to $500, under the Internal Revenue Code of 1954, for property taxes paid by them on their principal residences or for a portion of the rent attributable to property taxes they pay for their principal residences during the taxable year. Reduces the credit available under this Act by 10 percent of the individual's adjusted gross income in excess of $9,000. Disallows the tax deduction for such taxes when a tax credit is taken.
United States · United States Congress · 18 September 1975
Permits individuals to deduct, under the Internal Revenue Code, all expenses for themselves and their dependents (including dependents over the age of 65) for their medical and dental care.
United States · United States Congress · 18 September 1975
Allows as deductions under the Internal Revenue Code amounts paid in cash by or on behalf of an individual: (1) to an employee's trust; or (2) for the purpose of an annuity contract as defined in the Code. Establishes the limitations on such deductions.
United States · United States Congress · 18 September 1975
Allows a tax deduction up to $750 for ordinary and necessary expenses incurred by a taxpayer under the Internal Revenue Code in making repairs and improvements to his residence during the taxable year. Allows the owner of rental housing to amortize at an accelerated rate (over a 60-month period) the cost of rehabilitating or restoring such housing. Authorizes the taxpayer to switch from such accelerated amortization to the regular depreciation deduction allowable under the Internal Revenue Code for property used in a trade or business or held for the production of income.