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251 records in US in 1976
United States · United States Congress · 27 May 1976
Increases to $60,000, multiplied by the ratio which the Consumer Price Index for the taxable year bears to the Consumer Price Index for 1976, the amount of gain excluded from the gross income of a taxpayer over the age of 65 who sells his principal residence.
United States · United States Congress · 27 May 1976
Authorizes a taxpayer, under the Internal Revenue Code, to elect to treat qualified architectural and transportational barrier removal expenses which are paid or incurred during the taxable year as expenses which are not chargeable to capital account. Deems such expenses so treated as allowable tax deductible expenditures.
United States · United States Congress · 27 May 1976
Solar Energy Incentive Act - Allows an individual to take a tax credit, under the Internal Revenue Code, in an amount equal to 25 percent of the qualified solar heating and cooling equipment expenditures incurred by the taxpayer with respect to his principal residence to the extent such expenditures do not exceed $8,000, plus that portion of the qualified State or local real property taxes paid or accrued for the taxable year or accrued for the taxable year attributable to such solar heating and cooling expenditures. Authorizes an individual to take a tax deduction for a part of the acquisition costs of any qualified solar heating and cooling equipment for any residence. Limits such deduction to the lesser of ten percent of the acquisition costs or $800 or $400 for the third year of such acquisition.
United States · United States Congress · 27 May 1976
Denies the benefits of the foreign tax credit, under the Internal Revenue Code, to any taxpayer, or a member of a controlled group which includes the taxpayer, who is determined by the Secretary of the Treasury to have participated in or cooperated with the boycott of Israel, with respect to income, war profits, or excess profits taxes paid or accrued to any country which requires such participation or cooperation as a condition of doing business within that country. Denies DISC benefits to any Domestic International Sales Corporation that the Secretary of Treasury determines has participated in or cooperated with the boycott of Israel. Requires taxpayers with foreign source income derived directly or indirectly from sources within a country which requires participation in or cooperation with the boycott of Israel as a condition of doing business with or within such country to report such fact to the Secretary of the Treasury, who shall make a determination whether the taxpayer participated in or cooperated with the boycott of Israel for the taxable year.
United States · United States Congress · 26 May 1976
Amends the Internal Revneue Code to allow as a credit against the income tax specified higher education expenses, including tuition and fees, paid or incurred by an individual during the taxable year for himself and for any dependent. States that if the expenses are for only one individual the amount of the credit shall be the sum of: (1) 50 percent of such expenses as does not exceed $200; (2) 25 percent of such expenses as exceeds $200 but not $500; and (3) five percent of such expenses as exceeds $500 but does not exceed $1,000. Increases the amount of the credit if more than one person's expenses are eligible. Disallows the deduction of any education expenses taken into account in determining the amount of such credit.
United States · United States Congress · 26 May 1976
Sets the applicable percentage for determining the minimum investment return for purposes of the Internal Revenue Code tax on failure to distribute income by a private foundation at five percent.
United States · United States Congress · 26 May 1976
Stipulates that an individual who is a member of a Reserve component of the Armed Forces will not be disqualified from taking the retirement savings deduction, under the Internal Revenue Code, because of such individual's participation in the Armed Forces retirement system, unless such individual was called to active duty during such taxable year for a period in excess of 30 days.
United States · United States Congress · 26 May 1976
Amends the Internal Revenue Code to exempt from taxation corporations or associations without capital stock organized before January 1, 1969, and operated for mutual purposes and without profit for the purpose of providing reserve funds for, and insurance of shares or deposits in either or both credit unions or domestic building and loan associations.
United States · United States Congress · 26 May 1976
Tax Credits and Allowances Act - Title I: Personal Credits Allowances for Basic Living Expenses, and other Tax Provisions - Repeals the personal exemption and provides, in lieu thereof, a credit against tax equal to the personal credits granted by this title. Provides a $225 credit for the taxpayer, and additional credits of $225 each for the taxpayer's spouse and each dependent. Authorizes prepayment of estimated personal credits to recipients of allowances for basic living expenses. Repeals the low income allowance. Provides for a standard employment expense deduction of: (1) 10 percent (but not to exceed $500) of the earned income received by the lesser compensated spouse; and (2) 10 percent (but not to exceed $1,000) of the earned income of the head of a household. Provides an allowance for basic living expenses. Specifies the requirements to be met for eligibility for receipt of such allowance, and sets forth the maximum amounts of such allowance. Authorizes the Secretary of the Treasury to promulgate regulations for the administration of this Act. Provides special rules with respect to the filing status of individuals under this Act. Provides for the coordination of allowances and credits authorized by this Act with those authorized under the educational opportunity grant program of the Higher Education Act of 1965. Authorizes to be appropriated such sums as are necessary to carry out the provisions of this title. States that gross income does not include, for the purposes of this title, amounts received by recipients as allowances for basic living expenses. Title II: Public Assistance and Welfare Reform - Amends the Social Security Act to require State Supplementation of income to families receiving aid for dependent children in the amount that the income of such families is reduced by the provisions of this Act. Provides that supplementary payments made by States under this title shall be made for a maximum period of 24 months. Changes the eligibility requirements for benefits under the supplemental security income programs of aid to aged, blind, or disabled individuals to prevent reduction of benefits received by such individuals by virtue of the provisions of this Act. States that until such time as a comprehensive program of services for families and children is developed and placed into effect, the Secretary of Health, Education, and Welfare shall provide a transitional program of specified services to such families. States that the Secretary shall develop a comprehensive program of such services within one year of the effective date of this title. Authorizes optional State supplementation of social security income benefits to ameliorate the effects of the provisions of this Act on families with disabled children. Title III: Miscellaneous and General Provisions - Provides that the total amount of State supplementation payments made under this Act may be used as an allowance offset for purposes of income taxation where the application of the provisions of this Act results in a net reduction of its basic living expense allowance or its supplemental security income benefit. Prohibits Federal assistance to child-care facilities imposing income-related fees. Makes technical and conforming amendments in other specified laws. Repeals the Food Stamp Act of 1964. Provides that obligations of the United States shall be subject to garnishment and similar proceedings to meet court-ordered alimony, child-support, and rent obligations.
United States · United States Congress · 26 May 1976
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. 12169) to amend the Energy Policy and Conservation Act to authorize appropriations for fiscal year 1977 to carry out the functions of the Federal Energy Administration, 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. Directs that it shall be in order to consider the amendment in the nature of a substitute recommended by the Committee on Interstate and Foreign Commerce now printed in the bill as an original bill for the purpose of amendment under the five-minute rule. Directs the Committee, at the conclusion of the consideration of the bill for amendment, to rise and report the bill to the House with such amendments as may have been adopted, and any Member may demand a separate vote in the House on any amendment adopted in the Committee of the Whole to the bill or to the committee amendment in the nature of a substitute. Provides that 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 with or without instructions.
United States · United States Congress · 25 May 1976
Amends the Internal Revenue Code to eliminate the requirement that amounts set-aside by a private foundation for a specific project receive the approval of the Internal Revenue Service in order to be treated as qualifying distributions by the foundation making the set-aside.
United States · United States Congress · 25 May 1976
Amends the Internal Revenue Code to exempt farmers or farm operators from the highway use tax on heavy trucks if the farmer: (1) uses such vehicle primarily for farming purposes, and (2) is not a corporation with gross receipts in excess of $950,000 or with gross receipts more than 50 percent of which are from activities other than farming.
United States · United States Congress · 25 May 1976
Amends the Internal Revenue Code to allow an additional tax exemption of $750 for each mentally retarded dependent of the taxpayer.
United States · United States Congress · 25 May 1976
Fiscal Assistance Amendments - Allows the use of funds paid to State and local governments under the State and Local Fiscal Assistance Act of 1972 for nonpriority expenditures and for projects for which the Federal Government will provide additional matching funds. Extends the Act to September 30, 1980. Authorizes appropriations to the National Trust Fund under such Act as follows: (1) for the period January 1, 1977, through September 30, 1977, $4,987,500,000; (2) for fiscal years 1978, 1979, and 1980, $6,650,000,000 per year; (3) for noncontiguous States adjustments payments for the period January 1, 1977 through September 30, 1977, $3,585,000; and (4) for such adjustments payments for fiscal years 1978, 1979, and 1980, $4,780,000 per year. Requires that a local governmental unit provide specified services for its citizens before it can qualify to receive revenue sharing payments as a "unit of local government" under the Act. Requires that each governmental unit receiving revenue sharing payments report to the Secretary of the Treasury with respect to how it proposes to use such payments to be received in the coming year and how it used such payments received in the preceding year. Requires that such report explain all differences between proposed and actual uses of such payments. Requires that public hearings be held to give citizens the opportunity to comment on the possible uses of such payments before the forcast report is submitted to the Secretary. Requires that 30 days before such public hearings are conducted, the proposed State budget of a State receiving revenue sharing payments must be published and explained to the public. Requires that 30 days after the State budget of such State is adopted it be published with an explanation of it. Adds to the present prohibitions of discrimination in connection with the use of revenue sharing funds on the basis of race, color, national origin, or sex, discrimination on the basis of age or handicapped status. States that if the Secretary determines that discrimination prohibited by this Act exists with respect to the use of revenue sharing funds or if a State court, Federal court, or Federal or State administrative agency so finds, the Secretary must notify the Governor of the affected State and give him an opportunity to comply with this Act. States that if 90 days after such notice the Secretary finds that compliance has not been secured and an administrative law judge has not determined that the State will prevail on the merits of its case, the Secretary must suspend revenue sharing payments to the violating unit of government for up to 120 days. Requires the Secretary to terminate such payments if noncompliance is still found at the end of such 120 day period. Requires recipients of revenue sharing funds to conduct regular audits of its revenue sharing expenditures as required by the Secretary. Requires the Comptroller General to review the work of the Secretary with respect to such audits. Prohibits the use of revenue sharing funds for lobbying purposes.
United States · United States Congress · 25 May 1976
Amends the Internal Revenue Code to deny a tax deduction as an ordinary and necessary business expense for any amount paid or incurred in connection with lobbying expenses with respect to legislation or proposed legislation before Congress or any legislative body of a State.
United States · United States Congress · 24 May 1976
Amends the Internal Revenue Code to allow the investment tax credit for farm property used in connection with an individual's farm, if such property was acquired by such individual from one of his ancestor's or from a closely held business of such an ancestor. States that for purposes of this Act, the term "closely held business" means, with respect to any individual, any corporation or partnership of which more than 51 percent of the interest is owned by such individual or his spouse.
United States · United States Congress · 24 May 1976
Estate and Gift Tax Reform Act - Amends the Internal Revenue Code to provide a single unified rate schedule for estate and gift taxes. Establishes progressive rates based on cumulative lifetime transfers and transfers at death. Determines the amount of estate tax by applying the unified rates to such cumulative transfers and then subtracting the taxes payable on lifetime transfers. Provides that for purposes of determining the amount of the gross estate, the amount of gift tax paid with respect to transfers made within three years of death shall be included in the decedent's gross estate. Provides, as a transitional rule, that the lifetime transfers taken into account in determining cumulative transfers at death, for purposes of imposing the estate tax under the unified schedule, shall only include taxable gifts made after December 31, 1976. Repeals the estate and gift tax exemptions. Substitutes for such exemptions a credit against estate and gift taxes in the amount of $29,800. Provides for an additional credit against the estate tax for specified farms and closely held businesses passing to a qualified heir. Defines "qualified heir" as a member of the decedent's family, including his spouse, lineal decendents, parents, and aunts and uncles of the decedent and their decendants. Makes such credit available where the value of a farm or closely held business included in a decedent's gross estate equals or exceeds 65 percent of the value of the gross estate. Stipulates that such credit shall be available only if the farm or closely held business has been owned by the decedent or his family for at least five out of the preceding eight years. Provides that the amount of such credit shall be $25,000 multiplied by a percentage representing the portion of the decedent's estate consisting of the farm or other closely held business. Phases out such credit after the value of the gross estate exceeds $1,000,000. Provides for the recapture of the estate tax benefit of such credit where there is a disposition of the business by the qualified heir to nonfamily members prior to the qualified heir's death or within 25 years of the death of the decedent. Provides for a lien on the qualified interest in a farm or closely held business with respect to which an election of such credit has been made. Increases the estate tax marital deduction to $250,000 or one-half of the decedent's gross estate, whichever is greater. Increases the gift tax marital deduction in the case of lifetime gifts to a spouse. Allows an unlimited marital deduction for the first $100,000 of lifetime gifts made to a spouse and, thereafter, a deduction for one-half of the aggregate lifetime gifts made to a spouse in excess of $200,000. Imposes a tax on the unrealized appreciation of property transferred by a decedent. Provides that the basis of such property shall be its fair market value on December 31, 1976. Allows an election to carry over the decedent's basis in any property instead of having the appreciation taxed. Exempts the first $50,000 of appreciation from taxation. Excludes the appreciation of assets valued at less than $10,000 and which are not held for use in a trade or business or for the production of income from such tax. Allows the deduction of the appreciation tax in computing the value of the taxable estate for estate tax purposes. Exempts from the appreciation tax any property transferred from the decedent if the income tax carries over to the recipient (income in respect of a decedent and survivor annuities). Provides that if an election to carry over the decedent's basis in lieu of paying the appreciation tax is made, the basis of the property is to be increased by the Federal and State estate taxes attributable to the net appreciation in value for the property. Allows the executor of an estate which includes real farm property to value the property as a farm, rather than its fair market value determined on the basis of its highest and best use. Imposes special qualifying conditions for such valuation, including: (1) the farm assets in the decedent's estate including both farm real property and personal property must be at least 50 percent of the decedent's gross estate (reduced by debts and expenses); (2) at least 25 percent of the adjusted value of the gross estate must be qualified farm real property; (3) the real property must pass to a qualified heir; (4) the real property must have been used or held for use as a farm for five of the last eight years prior to the decedent's death; and (5) there must have been material participation in the operation of the farm by the decedent or a member of his family in five years out of the eight years immediately preceding the decedent's death. Provides for recapture of any tax benefits obtained by use of the reduced valuation if, prior to the death of the qualified heir or within 25 years of the death of the decedent, the property is disposed of to nonfamily members or ceases to be used for farming purposes. Provides for a lien on all such real property with respect to which the farm valuation is elected. Provides for a 15-year period for the payment of the estate tax attributable to the decedent's interest in a farm or closely held business, with a deferral of the tax for five years and installment payments over the next ten years. Requires, as a qualification for such deferral and installment treatment, the value of the closely held business or farm in the decedent's estate to be at least 65 percent of the gross estate. Allows discretionary extensions of up to ten years to pay the estate tax for reasonable cause (rather than for "undue hardship" as under present law). Provides for a lien for payment of the deferred taxes attributable to a closely held business or farm. Imposes a tax, in the case of generation skipping transfers under a trust, upon a distribution of the trust assets to a generation skipping heir, or upon the termination of an intervening interest in the trust. Determines the tax by adding the value of the distributed property, or terminated interest, to the heir's taxable transfers and applying the heir's marginal transfer tax rate to the value of such interest. Extends from nine months to 12 months the period after the decedent's death in which an estate tax return must be filed. Requires gift tax returns to be filed for any quarter only when the total cumulative gifts made during the taxable year exceed $25,000, or during the last quarter if the total does not reach $25,000. Provides that if the Internal Revenue Service proposes a deficiency in the estate tax because of a higher valuation of the assets included in the decedent's gross estate, it must disclose to the executor during the settlement process the basis on which the higher valuation was determined.
United States · United States Congress · 21 May 1976
Small Business and Family Farm Estate and Gift Tax Relief Amendments - Amends the Internal Revenue Code to provide a credit of $25,000 against the estate tax. Requires such credit to be reduced by the amount of the gift tax credit used by the decedent during his lifetime. Allows the executor of a qualified estate to elect a credit of $40,000 against the estate tax. Defines a "qualified estate" as one in which 35 percent or more of the value of the gross estate, or 50 percent of the taxable estate of the decedent, is attributable to property held by a closely held business which has been actively managed by the decedent or his immediate family for at least five years prior to the death of the decedent. Provides that if the immediate family of the decedent does not own and actively manage such qualifying small business for at least five years after the death of the decedent, the benefit of such additional credit shall be recaptured. Provides that the $40,000 credit shall be reduced by an amount equal to five percent of the amount by which the adjusted gross estate exceeds $300,000. Provides that either credit shall be reduced by an amount equal to 0.83 percent of the amount by which the adjusted gross estate exceeds $2,000,000. Repeals the estate tax exemption. Provides a credit against the gift tax of $25,000, or in the case of a qualified closely held business, $40,000. Provides that the aggregate amount of the estate tax marital deduction may not exceed: (1) $100,000, plus; (2) an amount equal to 50 percent of the amount by which the adjusted gross estate $100,000 and does not exceed $300,000, plus; and (3) an amount equal to 25 percent of the amount by which the adjusted gross estate exceeds $300,000. Provides that if the value of an interest in a closely held business which is included in determining the gross estate of a decedent exceeds either 35 percent of the value of the gross estate, or 50 percent of the value of the taxable estate, the executor may elect to pay the estate tax in up to 15 (presently ten) equal installments. Directs the Secretary of the Treasury to conduct a study of the present application of the hardship exception for payment of the estate tax when the estate consists largely of an interest in a closely held business.
United States · United States Congress · 21 May 1976
Amends the Internal Revenue Code to increase from $1,500 to $5,000 the deduction allowed for contributions to individual retirement accounts. Eliminates the present prohibition of such deductions by taxpayers who are participants in other retirement plans.
United States · United States Congress · 21 May 1976
Legal Fees Reimbursement Act - Provides that in any legal action initiated by the Government, or in any action instituted by a taxpayer contesting the accuracy of a deficiency or claiming a refund of taxes paid where the taxpayer prevails or substantially prevails, the Government shall be liable for the reimbursement in full of all reasonable litigation expenses incurred by the taxpayer as a consequence of legal defense, under the Internal Revenue Code.
United States · United States Congress · 21 May 1976
Amends the Internal Revenue Code to increase the estate tax exemption from $60,000 to $200,000.
United States · United States Congress · 20 May 1976
Amends the Foreign Service Buildings Act, 1926, to authorize the following additional appropriations to the Secretary of State for acquisition of buildings: (1) $16,435,000 in Africa for fiscal year 1979; (2) $5,480,000 in the American Republics for fiscal year 1979; (3) $2,858,000 in Europe for fiscal year 1979; (4) $8,992,000 in East Asia of which $1,220,000 may be appropriated for fiscal year 1978; (5) $12,295,000 in the Near East and South Asia of which $4,120,000 may be appropriated for fiscal year 1978; (6) $315,000 for the United States Information Agency for fiscal year 1979; and (7) $655,000 for facilities for agricultural and defense attache housing for fiscal year 1979. Authorizes the appropriation to carry out the other purposes of the Act of $99,300,000 for fiscal years 1978 and 1979 of which $46,200,000 may be appropriated for fiscal year 1978. Authorizes the appropriation of $30,000,000 for fiscal year 1977, and $45,000,000 for fiscal year 1978, to carry out this Act in the Union of Soviet Socialist Republics, as set forth in S. 2978. Amends the Foreign Service Buildings Act of 1926, to place a limitation on the transfer of funds authorized by this Act.
United States · United States Congress · 20 May 1976
Denies the benefits of the foreign tax credit, under the Internal Revenue Code, to any taxpayer, or a member of a controlled group which includes the taxpayer, who is determined by the Secretary of the Treasury to have participated in or cooperated with the boycott of Israel, with respect to income, war profits, or excess profits taxes paid or accrued to any country which requires such participation or cooperation as a condition of doing business within that country. Denies DISC benefits to any Domestic International Sales Corporation that the Secretary of Treasury determines has participated in or cooperated with the boycott of Israel. Requires taxpayers with foreign source income derived directly or indirectly from sources within a country which requires participation in or cooperation with the boycott of Israel as a condition of doing business with or within such country to report such fact to the Secretary of the Treasury, who shall make a determination whether the taxpayer participated in or cooperated with the boycott of Israel for the taxable year.
United States · United States Congress · 20 May 1976
Amends the Internal Revenue Code to provide that losses from shoreline erosion shall be deductible from gross income by individuals to the extent that such loss exceeds $500. Defines the term "shoreline erosion" to mean erosion by: (1) the waters of any of the Great Lakes or Lake St. Clair if the waters of the lake were above the average monthly level for the period of record (as determined by the Secretary of Commerce) for six consecutive months during a 12 month period prior to the loss; or (2) the waters of any ocean, sea, gulf, sound, bay, or inlet adjacent thereto if the loss is directly attributable to erosion caused by a single storm or a series of storms during the taxable year.
United States · United States Congress · 20 May 1976
Denies the benefits of the foreign tax credit, under the Internal Revenue Code, to any taxpayer, or a member of a controlled group which includes the taxpayer, who is determined by the Secretary of the Treasury to have participated in or cooperated with the boycott of Israel, with respect to income, war profits, or excess profits taxes paid or accrued to any country which requires such participation or cooperation as a condition of doing business within that country. Denies DISC benefits to any Domestic International Sales Corporation that the Secretary of Treasury determines has participated in or cooperated with the boycott of Israel. Requires taxpayers with foreign source income derived directly or indirectly from sources within a country which requires participation in or cooperation with the boycott of Israel as a condition of doing business with or within such country to report such fact to the Secretary of the Treasury, who shall make a determination whether the taxpayer participated in or cooperated with the boycott of Israel for the taxable year.
United States · United States Congress · 20 May 1976
Amends the Internal Revenue Code to allow a tax deduction in an amount not to exceed $1,000 for amounts paid by the taxpayer to an eligible educational institution for tuition for the attendance of the taxpayer or any eligible dependent.
United States · United States Congress · 20 May 1976
Small Business Growth and Job Creation Act - Title I: Small Business Independence and Continuation - Amends the Internal Revenue Code to establish graduated corporate income tax rates. Changes the holding period for capital assets from six months to one year. Establishes a new alternative tax on capital gains. Increases the estate tax exemption from $60,000 to $180,000. Establishes a new rate schedule for the estate tax. Increases the gift tax exclusion from $3,000 to $9,000, and the gift tax exemption from $30,000 to $90,000. Replaces the present gift tax schedule with a flat rate of 75 percent of whatever the estate tax on such a sum would be. Provides that a distribution of property by a corporation in redemption of stock to pay death taxes shall be treated as a distribution in full payment in exchange for the stock if all of the stock of such corporation which is included in determining the value of the decedent's gross estate is either, (1) more than 20 percent (generally, 35 percent), of the value of the gross estate of such decedent, or (2) more than 40 percent (generally, 50 percent) of the taxable estate of such decedent. Provides that if stock in a corporation is sold by a shareholder owning stock representing more than 30 percent of the fair market value of all outstanding stock of the corporation whose stock is being sold, the gain from such sale shall be recognized only to the extent that the taxpayer's sale price exceeds the cost of replacement property purchased by the taxpayer within two years. Defines "replacement property" as property which is held for the production of income or which is held for investment. Allows the executor of an estate involving an interest in a closely held business to elect to include in the value of the gross estate the decedent's basis in such business rather than the fair market value of such interest. States that the basis of property acquired from a decedent as to which such an election was made shall be the decedent's basis in such property rather than the fair market value of such interest. Allows the marital deduction of the estate tax to exceed 50 percent of the value of the adjusted gross estate when an interest in a specially defined small business is included in the estate. Title II: Small Business Growth Incentives - Allows a taxpayer to choose the cash method of accounting in any case where inventory is an income determining factor and the ending inventory for the taxable year does not exceed $200,000. Provides a deferred tax credit against taxable income for unincorporated businesses. Establishes a graduated investment tax credit. Amends the definition of a small business corporation to allow domestic corporations with up to 20 shareholders (presently, ten) to qualify for subchapter S treatment. Allows a small business to make a subchapter S election at any time during the taxable year. Allows to a business a credit equal to 50 percent of the wages paid during the taxable year to new employees, up to two employees and $20,000 for the taxable year. Allows a similar credit for new disadvantaged employees up to a maximum of $60,000 per taxable year. Allows the practical cost recovery method to be used in computing depreciation. Title III: Small Business Tax Simplification - Allows a corporation to file an application for refund of overpayment of estimated income tax at any time during the taxable year. Provides a special rule for treatment of net operating loss adjustments in the case of new corporations. Increases the minimum credit on accumulated earnings from $150,000 to $500,000. Redefines "section 1244 stock" to mean common stock in a corporation if: (1) such corporation during its preceding taxable year derived more than 50 percent of its aggregate gross receipts from sources other than royalties, rents, dividends, interest, annuities, and sales or exchanges of stock or securities; and (2) the equity capital of such corporation does not exceed $1,000,000. Increases the losses on section 1244 stock which may be treated as ordinary losses (rather than capital losses) from $25,000 to $50,000.
United States · United States Congress · 20 May 1976
Denies the benefits of the foreign tax credit, under the Internal Revenue Code, to any taxpayer, or a member of a controlled group which includes the taxpayer, who is determined by the Secretary of the Treasury to have participated in or cooperated with the boycott of Israel, with respect to income, war profits, or excess profits taxes paid or accrued to any country which requires such participation or cooperation as a condition of doing business within that country. Denies DISC benefits to any Domestic International Sales Corporation that the Secretary of Treasury determines has participated in or cooperated with the boycott of Israel. Requires taxpayers with foreign source income derived directly or indirectly from sources within a country which requires participation in or cooperation with the boycott of Israel as a condition of doing business with or within such country to report such fact to the Secretary of the Treasury, who shall make a determination whether the taxpayer participated in or cooperated with the boycott of Israel for the taxable year.
United States · United States Congress · 20 May 1976
Authorizes any amount received from appropriated funds as a scholarship by a member of a uniformed service who is receiving training under the Armed Forces Health Professions Scholarship Program from an educational institution to be continued to be treated as a scholarship, excludable from gross income under the Internal Revenue Code.
United States · United States Congress · 20 May 1976
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. 11909) to authorize appropriations for the Indian Claims Commission for fiscal year 1977. Directs 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 Interior and Insular Affairs, the bill shall be read for amendment under the five-minute rule. States that it shall be in order to consider the amendment in the nature of a substitute recommended by the Committee on Interior and Insular Affairs now printed in the bill as an original bill for the purpose of amendment under the five-minute rule and all points of order against said substitute for failure to comply with the provisions of clause 7, rule XVI are hereby waived. Directs the Committee, at the conclusion of the consideration of the bill for amendment, to rise and report the bill to the House with such amendments as may have been adopted, and any Member may demand a separate vote in the House on any amendment adopted in the Committee of the Whole to the bill or to the committee amendment in the nature of a substitute. Provides that 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 with or without instructions. States that after the passage of H.R. 11909, the Committee on Interior and Insular Affairs shall be discharged from the further consideration of the bill S. 2981, 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. 11909 as passed by the House.
United States · United States Congress · 19 May 1976
Increases the estate tax exemption for taxable estates under the Internal Revenue Code from $60,000 to $200,000 of the value of the gross estate. Increases the limitation on the aggregate marital deduction to 50 percent of the adjusted gross value of the estate, plus $100,000. Allows an executor to value farmland, woodland, and scenic open land at its current use value rather than at its fair market value.
United States · United States Congress · 19 May 1976
Amends the Internal Revenue Code to allow as a credit against the personal income tax an amount equal to five percent of the rental payments made by a taxpayer for his principal residence. Limits such credit to $50 for an individual and $75 for a married couple filing a joint return.
United States · United States Congress · 18 May 1976
Amends the Internal Revenue Code to provide that a person engaged in the trade or business of putting sitters in touch with individuals who wish to employ them shall not be treated, for Federal employment tax purposes, as the employer of such sitters (and such sitters shall not be treated as employees of such person) if such person does not pay the salary or wages of the sitters and is compensated by the sitters or the persons who employ them on a fee basis. States that for purposes of this Act the term "sitters" means individuals who furnish personal attendance, companionship, or household care services to children or to individuals who are elderly or disabled.
United States · United States Congress · 18 May 1976
Amends the Internal Revenue Code to provide a $5,000 tax exclusion from gross income for any amount received as an annuity, pension, or other retirement benefit. Limits the exclusion to $5,000 for married couples as well as individuals.
United States · United States Congress · 18 May 1976
Amends the Internal Revenue Code to exclude from the definition of a "capital asset", property used in, or related to, a taxpayer's trade or business, which was provided to or acquired by him at no cost to him.
United States · United States Congress · 18 May 1976
Decreases the excise tax imposed on each private foundation which is exempt from taxation under the Internal Revenue Code from four percent to two percent of the net investment income of such foundation.
United States · United States Congress · 18 May 1976
Sets the applicable percentage for determining the minimum investment return for purposes of the Internal Revenue Code tax on failure to distribute income by a private foundation at five percent.
United States · United States Congress · 18 May 1976
Estate Tax Adjustment Act - Establishes new estate tax rates, under the Internal Revenue Code, applicable to deaths occurring on or after October 1, 1980. Provides transition rates of estate taxation. Sets new amounts for the state death taxes credit applicable to deaths occurring on or after October 1, 1980. Provides transitional amounts for such credit. Increases the estate tax exemption from $60,000 to $150,000, effective October 1, 1980. Gradually, increases from $30,000 to $40,000 the estate tax exemption for the estates of nonresidents not citizens. Eliminates the aggregate amount limitation on estate tax deductions for bequests to a surviving spouse. Allows the full amount of gifts to a spouse to be deducted in computing taxable gifts rather than the present one-half. Provides that if the aggregate amount of gifts for one quarter does not exceed $100,000 no gift tax return need be filed in that quarter unless it is the fourth calendar quarter. Provides that if the value of an interest in a closely held business which is included in determining the gross estate of a decedent exceeds either (1) 35 percent of the value of the gross estate of such decedent, or (2) 50 percent of the taxable estate of such decedent, but does not exceed $600,000 the executor may elect to: (1) defer the payment of part or all of the estate tax, and (2) pay part or all of the tax in two or more (but not exceeding 20) equal installments.
United States · United States Congress · 17 May 1976
Amends the Internal Revenue Code to allow a tax deduction for State and local taxes paid or incurred for the rental of a dwelling unit. States that for purposes of this Act the term "dwelling unit" means a housing unit occupied by a tenant as a principal residence, and excludes a facility (such as a hotel or motel room) which is occupied by a transient on a short-term or temporary basis.
United States · United States Congress · 17 May 1976
Amends the Internal Revenue Code to exempt nonprofit volunteer firefighting or rescue organizations from the excise tax on sales of special fuels, automotive parts, petroleum products, and communication services.
United States · United States Congress · 17 May 1976
Amends the Internal Revenue Code to extend the term of office of a judge of the Tax Court beyond a 15 year term until whichever of the following occurs first; (1) his successor is qualified, (2) he retires or otherwise relinquishes office, or (3) the expiration of the 60 day period following the end of his normal term. Provides that a judge of the Tax Court with 12 years of service as such and a total of at least 35 years of Federal service shall receive retired pay as if he had served a full 15 year term on the Tax Court. Makes widowers of Tax Court judges eligible for pensions on an equal basis with widows. Excludes a Tax Court judge's service as a member of Congress or in the Armed Forces in calculating the amount of a survivor's annuity. Provides that annuities payable to survivors of Tax Court judges shall be increased when Civil Service annuities are increased due to cost-of-living rises. Allows the Tax Court to waive its filing fee. Authorizes the Court to designate a commissioner to act as chief commissioner. Provides that in Tax Court cases involving $2,500 or less and which are assigned to be heard by a commissioner of the Tax Court, the Tax Court may authorize a commissioner to make the report of the Tax Court and make the decision of the Court with respect to such proceedings. Provides that the Tax Court need not follow civil service laws with regard to the appointment of employees. Authorizes the Tax Court to extend by 30 days the period for filing a petition.
United States · United States Congress · 17 May 1976
Amends the Internal Revenue Code to allow members of volunteer firefighting organizations to deduct the cost of firefighting-related clothing expenses.
United States · United States Congress · 13 May 1976
Authorizes to be appropriated to carry out the provisions establishing the Privacy Protection Study Commission of the Privacy Act of 1974 $2,000,000 for fiscal years 1976 and 1977 without fiscal year limitation (previously $1,500,000 was authorized to be appropriated for fiscal years 1975, 1976 and 1977 with a $750,000 expenditure limit for any one fiscal year).
United States · United States Congress · 13 May 1976
State and Local Fiscal Assistance Act Amendments - Deletes present provisions of the State and Local Fiscal Assistance Act of 1972 requiring the use of revenue sharing funds for priority expenditures only. Authorizes to be appropriated specified sums for the period July 1, 1976, through September 30, 1976; fiscal year 1977, 1978, 1979, 1980, and 1981; and the period October 1, 1981, through December 31, 1981. Modifies the Act to conform to the periods for which this Act authorizes appropriations. Decreases the amount of revenue sharing payments allocated to any unit of local government from the present rate of 50 percent of the sum of such governments adjusted taxes and its transfer payment receipts by steps of five percent each year until, by the beginning of fiscal year 1980, such payments will be 25 percent of such taxes and transfers. Permits tax payments made to special service districts serving citizens within the area of a local government to be treated as adjusted taxes of such local government for purposes of computing such local governments revenue sharing entitlement. Requires each State or unit of local government which receives revenue sharing funds to report annually to the Secretary of the Treasury with respect to that governments revenue and expenditures for the past year. Repeals provisions of the Act which require that such annual report set forth proposed uses of revenue sharing funds to be received and specific requirements that such reports detail how past revenue sharing funds were spent. States that if the present requirement that such annual report be published in a State-wide newspaper results in costs which are excessive in relation to the amount of entitlement of a unit of local government, or where other means of publicizing the report are more appropriate, then such reports shall be made public in accordance with regulations prescribed by the Secretary of the Treasury. Repeals the requirement of the Act that laborers and mechanics working on construction projects financed by revenue sharing funds be paid at a rate equal to those rates prevailing in the area of the construction site.
United States · United States Congress · 13 May 1976
Amends the Internal Revenue Code to allow a deduction to individuals who rent their principal residences for a portion of the real property taxes paid or accrued by their landlord.
United States · United States Congress · 13 May 1976
Amends the Internal Revenue Code to provide an optional credit against the estate tax of $40,000, if a qualified closely held business is included in the value of the gross estate of the decedent. States that for purposes of this Act the term "qualified closely held business" means a trade or business which meets specified requirements, including: (1) the interest held by the decedent on his date of death satisfied the Internal Revenue Code's definition of a closely held business; (2) the value of the decedent's interest in such trade or business which is included in determining the value of the gross estate exceeds 75 percent of the value of the gross estate of such decedent reduced by the deductions allowable; and (3) the trade or business was the principal trade or business in which the decedent or his relative was engaged for each taxable year during the five-year period ending with the date of decedent's death. Allows the recapture of the credit granted by this Act upon the occurrence of specified events, including any sale, exchange, or other disposition of all or any part of the interest in a qualified closely held business to any person other than a relative of the transferor except a transfer solely for the purpose of providing a security interest. Allows the Secretary of the Treasury to require the posting of a bond securing the payment of any amounts subject to recapture.
United States · United States Congress · 13 May 1976
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. 12679) to amend the Public Health Service Act to extend for three fiscal years assistance programs for health services research and statistics and programs for assistance to medical libraries. 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. Directs the Committee, at the conclusion of the consideration of the bill for amendment, to rise and report the bill to the House with such amendments as may have been adopted. States that 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 · 13 May 1976
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. 12677) to extend for three fiscal years the programs of assistance under the Comprehensive Alcohol Abuse and Alcoholism Prevention, Treatment, and Rehabilitation Act of 1970, and for other purposes. Directs 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. Requires the committee, at the conclusion of the consideration of the bill for amendment, to 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. Provides that after the passage of H.R. 12677, the Committee on Interstate and Foreign Commerce shall be discharged from the further consideration of the bill S. 3184, 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. 12677 as passed by the House.
United States · United States Congress · 12 May 1976
Broadened Stock Ownership Act - Provides that for purposes of the Internal Revenue Code the term "broadened stock ownership plan" means a trust created or organized in the United States for the exclusive benefit of an individual or his beneficiaries which meets specified requirements, including: (1) contributions will not be accepted for the taxable year in excess of $1,500 on behalf of any individual; (2) the trust is designed to invest solely in common stock of domestic corporations; (3) contributions received by the trustee during a particular taxable year will be allocated to a separate class year account; and (4) the interest of an individual in each class year account may not be paid or distributed before the end of the seventh taxable year following that year in which such class year account was established, except in the case of death or disability. States that the term "broadened stock ownership annuity" means a contract for a variable annuity, issued by an insurance company which meets specified requirements similar to those of the stock ownership trust above. Provides that a trust created or organized in the United States by an employer for the exclusive benefit of his employees or their beneficiaries, or by an association of employees for the exclusive benefit of its members or their beneficiaries, shall be treated as a broadened stock ownership, but only if the trust meets the requirements of such a plan as stated above and also provides a separate accounting for the interest of each employee or member. Exempts broadened stock ownership plans from taxation. Provides that any amount paid by an employer to a broadened stock, ownership plan or annuity shall be included in an individuals gross income. Allows an individual to deduct from his gross income amounts paid in cash during the taxable year by or on behalf of such individual to a broadened stock ownership plan or annuity. Stipulates that no deduction shall be allowed for the two taxable years succeeding the taxable year in which a payment or distribution from such a plan or annuity which is taxable to the individual under this Act is made. Stipulates that the deduction allowable to an individual under this Act may not exceed an amount equal to 15 percent of the compensation included in his gross income for such taxable year, or $1,500, whichever is less, multiplied by a fraction, the denominator of which is $20,000 and the numerator of which is $20,000 minus the excess of such compensation over $20,000. Provides that any amount received from a class year account established more than seven years before the taxable year in which the amount is received, and any amount paid or distributed on account of the death of the individual for whose benefit the broadened stock ownership plan or annuity was created, shall be included in gross income in the year received and treated as a long term capital gain. Makes technical and conforming amendments to the Internal Revenue Code.
United States · United States Congress · 12 May 1976
Amends the Internal Revenue Code to prohibit a State or political subdivision thereof from including in a corporation's gross income for purposes of a State or local income tax, any amounts with respect to such corporation's ownership of stock or securities in a foreign corporation unless such amounts are includible in the gross income of the corporation for purposes of the Federal income tax.