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Bill· HRH.R. 13400 (95th)referred
United States · United States Congress · 10 July 1978
Individual Housing Act - Amends the Internal Revenue Code to allow individuals an income tax deduction of up to $2,500 annually and $10,000 in a lifetime for contributions to an individual housing account. Makes such accounts tax exempt and allows distributions from such an account to be tax free if such distributions are used exclusively for the purchase of a principal residence for the distributee.
Bill· HRH.R. 13388 (95th)referred
United States · United States Congress · 10 July 1978
Amends the Internal Revenue Code to: (1) remove the adjusted gross income limitation on the credit for the elderly; (2) increase the amount of the credit; and (3) provide an annual cost-of-living adjustment for the credit.
Bill· SS. 3265 (95th)referred
United States · United States Congress · 29 June 1978
Amends the Internal Revenue Code to allow a taxpayer a single election to exclude from gross income the gain from the sale or exchange of the taxpayer's principal residence provided that the taxpayer has owned and used the property as his principal residence for at least 12 months. Eliminates the requirement that the taxpayer reach age 65 before the date of the sale or exchange.
Bill· SS. 3266 (95th)referred
United States · United States Congress · 29 June 1978
Federal System Reform Act - Title I: Office of Intergovernmental Affairs - Establishes the Office of Intergovernmental Affairs (OIA) in the Executive Office of the President to review and coordinate the administration of programs of grant assistance to State and local governments by Federal departments and agencies. Sets forth the duties and responsibilities of the Director of the OIA. Authorizes appropriations for fiscal years 1979 through 1981. Title II: State Incentive Grants - Authorizes the Director to: (1) make grants to States to analyze State policies toward distressed local governments; and (2) make grants to those States which have changed such policies to improve the fiscal posture of the distressed local governments. Authorizes appropriations for making such grants.
Bill· SS. 3268 (95th)referred
United States · United States Congress · 29 June 1978
Directs the Secretary of the Treasury and the Council of Economic Advisors to report to Congress on the impact of Federal, State, and local government taxation on the American economy. Requires that such report include an analysis of (1) the distribution of the tax burden according to income classes and (2) the effect of taxes on the pricing of goods and services, the determination of wages and fringe benefits, and the return on capital investment for holders of securities.
Bill· SS. 3264 (95th)referred
United States · United States Congress · 29 June 1978
Authorizes a State to apply, as the State's share of the funds in a Federal matching fund program or maintenance of effort requirement, the amount by which Federal income tax collections from such State were increased by the passage of a real property tax limitation provision of the State constitution.
Bill· HRH.R. 13378 (95th)referred
United States · United States Congress · 29 June 1978
Amends the Internal Revenue to exclude $100 of interest income from the gross income of an individual taxpayer.
Bill· HRH.R. 13347 (95th)referred
United States · United States Congress · 29 June 1978
IRA-Employer Plan Coordination Act - Amends the Internal Revenue Code to extend to participants in tax-exempt employer pension plans the income tax deduction for cash contributions to a retirement savings account. Limits such deduction to the excess of the lesser of $1,500 ($1,750 for spousal plans) or an amount equal to 15 percent of an individual's employment compensation for a taxable year, over the total amount of contributions to a tax-exempt private employer plan to which such individual has a nonforfeitable right to 100 percent of his accrued benefits. Reduces, by five percent, the allowable deduction for participants in a multiemployer defined benefit plan or a church plan. Disallows deductions for employees covered by government plans, owner-employees, officers of corporations maintaining a plan, ten percent shareholders, and individuals who have attained age 70 1/2. Disallows deductions for individuals who are otherwise qualified but who do not conform to methods prescribed by the Secretary of the Treasury for computing the total amount of plan contributions for a taxable year. Sets forth rules for the mandatory distribution of certain amounts from an individual retirement plan when an individual acquires a nonforfeitable right to 100 percent of his accrued benefits under a tax-exempt private employer plan. Requires an individual retirement account to contain a method for determining the taxable year in which specific contributions are made to it and the amount of income and loss which is attributable to a specific contribution for each taxable year.
Bill· HJRESH.J.Res. 1042 (95th)referred
United States · United States Congress · 29 June 1978
Constitutional Amendment - Directs the President to forecast the gross national product for each fiscal year and to ensure that the total expenditures proposed in the budget submitted to Congress for each fiscal year do not exceed 20 percent of such forecast.
Bill· HRH.R. 13336 (95th)passed
United States · United States Congress · 28 June 1978
Amends the Internal Revenue Code to exempt from the withholding of tax requirements for nonresident aliens commissions paid by a ship supplies to a nonresident alien employed by another nonresident alien, a foreign partnership, or a foreign corporation if such commissions derive from the sale of supplies used in the operation of ships.
Bill· HRH.R. 13335 (95th)open
United States · United States Congress · 28 June 1978
Amends Title IV, part A (Aid to Families with Dependent Children) of the Social Security Act to extend the period in which States will receive additional Federal financial assistance for programs under such Title. Increases to $50,000,000 the ceiling on total funds available among the States for such programs beginning in the first quarter after September 30, 1978. Subjects the single installment payment required for such assistance to specified limitations.
Bill· HRH.R. 13326 (95th)referred
United States · United States Congress · 28 June 1978
Amends the Internal Revenue Code to exempt taxpayers from the payment of interest or a penalty on tax deficiencies attributable to erroneous advice obtained in writing from an Internal Revenue Service Officer or employee acting in an official capacity.
Bill· HRH.R. 13328 (95th)referred
United States · United States Congress · 28 June 1978
Increase the amounts allocated to State and local governments under the State and Local Fiscal Assistance Act of 1972 by ten percent if such State and local governments fund public education from sources other than property taxes.
Bill· HRH.R. 13307 (95th)referred
United States · United States Congress · 28 June 1978
Investment Incentive Act - Amends the Internal Revenue Code to restore part of the pre-1969 tax treatment of capital gains by repealing the capital gains item of tax preference for the minimum tax; lowering the corporate alternative tax to 25 percent of net capital gain; and lowering the alternative individual tax to 25 percent of net capital gain. Directs the Comptroller General to report to Congress on the economic impact of this Act.
Bill· HRH.R. 13303 (95th)referred
United States · United States Congress · 28 June 1978
Amends the Internal Revenue Code to exempt taxpayers from the payment of interest on tax deficiencies attributable to erroneous advice obtained in writing from an Internal Revenue Service officer or employee acting in his official capacity.
Bill· SS. 3250 (95th)referred
United States · United States Congress · 27 June 1978
Amends the Internal Revenue Code to allow the investment tax credit for agricultural buildings and their structural components used exclusively for agricultural production, storage, and marketing.
Bill· HRH.R. 13298 (95th)referred
United States · United States Congress · 26 June 1978
Amends the Internal Revenue Code to allow certain individuals to compute the amount of the deduction for retirement savings on the basis of the earned income of their spouses.
Bill· HRH.R. 13294 (95th)referred
United States · United States Congress · 26 June 1978
Amends the Internal Revenue Code to permit the use of the percentage method in computing the depletion allowance for proven oil or gas properties which are transferred by an individual to a corporation if, as a result of such transfer, the individual does not own any interest in an oil or gas property and, immediately after such transfer, owns all of the outstanding stock of such corporation.
Bill· SS. 3241 (95th)referred
United States · United States Congress · 23 June 1978
Expanded Employee Stock Ownership Act - Amends the Internal Revenue Code to allow an investment tax credit equal to the greater of two percent of the cost of qualified depreciable investment property or one percent of the total compensation paid to employees who participate in a special employee stock ownership plan for corporations which establish such a stock ownership plan. Sets forth requirements for the establishment of a special employee stock ownership plan, including requirements that: (1) at least one-half of the employer securities transferred to a plan qualify as newly issued employer securities; (2) the plan provide for the allocation of employer securities to employee-participants on the basis of income; and (3) the plan provide each participant with a nonforfeitable right to stock allocated to his account. Excludes employee stock ownership plan annuities and certain other pension plan annuities (that are currently includible) from inclusion in the gross estate for purposes of the estate tax. Qualifies employee stock ownership plan participants for the retirement savings income tax deduction. Exempts plan participants from providing a put option (contract for the sale of supposed stock on a future day) for any securities distributed from a plan which permits such participants to receive cash instead of a distribution of securities. Grants an income tax deduction to employers for the payment of dividends with respect to employer securities and permits a deduction for certain bequests and charitable contributions to an employee stock ownership plan. Eliminates contributions made to an employee stock ownership plan as an item of tax preference for purposes of the minimum tax.
Bill· SS. 3239 (95th)referred
United States · United States Congress · 23 June 1978
Amends the Internal Revenue Code to provide that the amount of time which a taxpayer holds a principal residence, for purposes of the holding period requirements for the nonrecognition of gain from the sale of a principal residence by a taxpayer who has attained age 65, may be increased by the amount of time such taxpayer held a prior principal residence which was involuntarily converted through destruction, theft, seizure, requisition, or condemnation.
Law· HJRESH.J.Res. 1024 (95th)open
United States · United States Congress · 23 June 1978
Makes supplemental appropriations of $57,145,000 for salaries and expenses of the Agricultural Stabilization and Conservation Service of the Department of Agriculture. Permits the transfer to and merger with this sum of $23,391,000 from the Commodity Credit Corporation.
Bill· SS. 3218 (95th)referred
United States · United States Congress · 22 June 1978
Amends the Internal Revenue Code to permit holders of life insurance policies to receive tax free income under annuity contracts funded by segregated exempt-interest accounts in which 50 percent of the assets of such accounts consists of tax-exempt State or local government securities. Disallows tax deductions for expenses and interest incurred by life insurance companies in the maintenance of such exempt-interest asset accounts.
Bill· SS. 3223 (95th)referred
United States · United States Congress · 22 June 1978
Amends the Internal Revenue Code to confer tax-exempt status on a general stock ownership plan (GSOP) maintained by the United States, a State, or a locality to enable its residents to purchase corporate securities. Sets forth requirements relating to the residency of GSOP participants, distributions of stock to participants, and the limitations on ownership of any corporation's GSOP stock (ten shares) which a sponsoring jurisdiction must incorporate in its stock ownership plan. Defers taxation on stock transferred to a GSOP participant until such participant sells or exchanges the stock. Defers taxation on distributions made to a GSOP participant until such amounts are actually paid, and treats such amounts as dividends for purposes of income taxation. Allows an income tax deduction for payments to a general stock ownership plan by a corporation. Subjects a general stock ownership plan to the tax on prohibited transactions if a GSOP fails to make distributions as required under its plan. Exempts a general stock ownership plan from the tax on unrelated business activities. Excludes from gross income the interest paid on an industrial development bond obligation of a general stock ownership plan.
Bill· HRH.R. 13260 (95th)referred
United States · United States Congress · 22 June 1978
Product Liability Self-Insurance Act - Amends the Internal Revenue Code to allow a deduction to any business enterprise engaged in the manufacture, importation, distribution, lease, or sale of any product for contributions to its product liability loss reserve account and for amounts paid to a captive insurer (wholly or partially-owned by the taxpayer) for product liability insurance. Specifies the amount a taxpayer may deduct, based upon the ability of such taxpayer to obtain insurance through conventional channels. Disallows any deductions for product liability losses which do not exceed the sum of the total reserve funds in the taxpayer's account at the beginning of the taxable year plus the amount of deductible payments made by the taxpayer to the account during such year. Imposes penalties for the improper use of product liability reserve funds. Treats amounts accumulated in the taxpayer's product liability loss reserve account as amounts accumulated for reasonably anticipated business needs, for purposes of avoiding the accumulated earnings tax.
Bill· HRH.R. 13240 (95th)referred
United States · United States Congress · 22 June 1978
Amends the Internal Revenue Code to reduce the tax on the capital gains of individuals by repealing the capital gains item of tax preference for the minimum tax for taxable years beginning in 1979 and by lowering to 30 percent the rate on capital gains in excess of $50,000 for taxable years beginning after December 31, 1980. Restores the pre-1969 tax treatment of capital gains, beginning in taxable years after December 31, 1981, by lowering the corporate and individual alternate tax to 25 percent of the net capital gain.
Bill· HRH.R. 13239 (95th)referred
United States · United States Congress · 22 June 1978
Amends the Internal Revenue Code to provide that all amounts, compensation, goods and services received as National Research Service Awards under the Public Health Service Act since July 12, 1974, are excludable from gross income to the same extent as scholarships and fellowship grants. Provides a minimum period of limitations for refunds of taxes assessed on such amounts of one year commencing with the date of this enactment.
Resolution· HRESH.Res. 1247 (95th)passed
United States · United States Congress · 22 June 1978
Sets forth the rule for the consideration of H.R. 12931 (Foreign assistance appropriations).
Bill· HRH.R. 13205 (95th)referred
United States · United States Congress · 21 June 1978
Amends the Internal Revenue code to exclude from gross income statutory subsistence allowances received by State police officers between 1969 and 1978.
Bill· HRH.R. 13222 (95th)referred
United States · United States Congress · 21 June 1978
Amends the Internal Revenue Code by providing graduated corporate income tax rates ranging, over seven brackets, from a 16 percent rate on a corporation's first $25,000 income to a 45 percent rate on income over $150,000.
Bill· HRH.R. 13186 (95th)referred
United States · United States Congress · 19 June 1978
Amends the Internal Revenue Code to repeal the withholding tax requirements with respect to gambling winnings.
Bill· HRH.R. 13191 (95th)referred
United States · United States Congress · 19 June 1978
Amends the Internal Revenue Code by providing graduated corporate income tax rates ranging, over seven brackets, from a 16 percent rate on a corporation's first $25,000 income to a 45 percent rate on income over $150,000.
Bill· HRH.R. 13177 (95th)referred
United States · United States Congress · 16 June 1978
Amends the Internal Revenue Code by providing graduated corporate income tax rates ranging, over seven brackets, from a 16 percent rate on a corporation's first $25,000 income to a 45 percent rate on income over $150,000.
Bill· HRH.R. 13170 (95th)referred
United States · United States Congress · 16 June 1978
Amends the Internal Revenue Code to extend until January 1, 1984, the election to amortize, based on a 60-month period, expenditures to rehabilitate low- income rental housing.
Resolution· HRESH.Res. 1239 (95th)open
United States · United States Congress · 16 June 1978
Sets forth the rule for the consideration of H.R. 12931 (Foreign aid funding).
Bill· SS. 3204 (95th)referred
United States · United States Congress · 15 June 1978
Amends the Internal Revenue Code to provide that the occupational tax on wagering shall not apply in any State in which wagering is permitted by law.
Bill· HRH.R. 13157 (95th)referred
United States · United States Congress · 15 June 1978
Investment Incentive Act - Amends the Internal Revenue Code to restore part of the pre-1969 tax treatment of capital gains by repealing the capital gains item of tax preference for the minimum tax; lowering the corporate alternative tax to 25 percent of net capital gain; and lowering the alternative individual tax to 25 percent of net capital gain.
Bill· HRH.R. 13158 (95th)referred
United States · United States Congress · 15 June 1978
Investment Incentive Act - Amends the Internal Revenue Code to restore part of the pre-1969 tax treatment of capital gains by repealing the capital gains item of tax preference for the minimum tax; lowering the corporate alternative tax to 25 percent of net capital gain; and lowering the alternative individual tax to 25 percent of net capital gain.
Bill· HRH.R. 13147 (95th)referred
United States · United States Congress · 15 June 1978
Amends the Internal Revenue Code to allow a ten percent investment tax credit for the construction of enclosures or structures used exclusively for the housing, raising, or feeding of poultry or their produce.
Bill· HRH.R. 13137 (95th)referred
United States · United States Congress · 14 June 1978
Amends the Internal Revenue Code to exempt taxpayers from the payment of interest on tax deficiencies attributable to erroneous advice obtained in writing from an Internal Revenue Service officer or employee acting in his official capacity.
Resolution· HRESH.Res. 1236 (95th)passed
United States · United States Congress · 14 June 1978
Sets forth the rule for the consideration of H.R. 12928 (Water and energy funding).
Bill· SS. 3194 (95th)referred
United States · United States Congress · 13 June 1978
Prohibits the Internal Revenue Service from issuing any regulation between May 1, 1978, and December 1, 1979, providing for the inclusion of any fringe benefit in gross income for the purposes of taxation.
Law· HRH.R. 13125 (95th)open
United States · United States Congress · 13 June 1978
Title I: Agriculture Programs - Appropriates specified sums for fiscal year 1979 for programs of the Department of Agriculture, relating to production, processing and marketing and to farm income stabilization. Title II: Rural Development Programs - Appropriates specified sums for fiscal year 1979 for programs of the Department of Agriculture relating to rural development assistance and to conservation. Title III: Domestic Food Programs - Appropriates specified sums for fiscal year 1979 for the Food and Nutrition Service programs of the Department of Agriculture. Title IV: International Programs - Appropriates specified sums for fiscal year 1979 for the Foreign Agricultural Service and the Public Law 480 (Food for Peace) programs of the Department of Agriculture. Title V: Related Agencies - Appropriates specified sums for fiscal year 1979 for specified programs of the Food and Drug Administration of the Department of Health, Education, and Welfare, the Commodity Futures Trading Commission, and the Farm Credit Administration. Title VI: General Provisions - States limitations and prohibitions on the use of appropriations for specified purposes.
Bill· HRH.R. 13124 (95th)referred
United States · United States Congress · 13 June 1978
Individual Housing Act - Amends the Internal Revenue Code to allow individuals an income tax deduction of up to $2,500 annually and $10,000 in a lifetime for contributions to an individual housing account. Makes such accounts tax exempt and allows distributions from such an account to be tax free if such distributions are used exclusively for the purchase of a principal residence for the distributee.
Bill· HJRESH.J.Res. 993 (95th)referred
United States · United States Congress · 13 June 1978
Provides that within six months after the end of the first calendar year during which Proposition 13 is effective, and every year thereafter, the Secretary of the Treasury shall determine the amount of additional revenue collected by the United States Treasury as a result of Proposition 13. Provides that such amount shall be computed by determining, as nearly as practicable, the increase in the Federal income tax liability of taxpayers in California resulting from a decrease in the amount of property tax deductions available to such taxpayers. Earmarks such amount for a special national debt retirement fund and states that moneys from such fund shall be applied only to the retirement of the national debt. Directs the Secretary to utilize this procedure in other cases involving State property tax reductions, which the Congress determines to be similar.
Resolution· HRESH.Res. 1230 (95th)passed
United States · United States Congress · 13 June 1978
Sets forth the rule for the consideration of H.R. 12932 (Department of the Interior funding).
Resolution· HRESH.Res. 1229 (95th)passed
United States · United States Congress · 13 June 1978
Sets forth the rule for the consideration of H.R. 12927 (Military construction funding).
Bill· SS. 3191 (95th)referred
United States · United States Congress · 12 June 1978
Amends the Internal Revenue Code to change the tax exemption for wine produced for personal consumption to allow an adult to produce: (1) 200 gallons of wine for personal consumption per year if there are two or more adults in the household; or (2) 100 gallons for such consumption if there is only one adult in the household. Allows a tax exemption for beer produced by an adult for personal consumption in the amounts set forth above.
Bill· HRH.R. 13092 (95th)referred
United States · United States Congress · 12 June 1978
Amends the Internal Revenue Code to increase to $5,000 the jurisdictional ceiling on taxpayer disputes involving deficiencies or overpayments to which small tax case procedures will be applied in the United States Tax Court. Authorizes the chief judge of the Tax Court to assign small tax cases ($5,000 or less) to commissioners of the court. Authorizes a commissioner of the Tax Court to administer oaths and to procure the testimony of witnesses.
Bill· HRH.R. 13083 (95th)referred
United States · United States Congress · 12 June 1978
Amends the Internal Revenue Code to: (1) remove the adjusted gross income limitation on the credit for the elderly; (2) increase the amount of the credit; and (3) provide an annual cost-of-living adjustment for the credit.
Bill· HRH.R. 13077 (95th)referred
United States · United States Congress · 9 June 1978
Investment Incentive Act - Amends the Internal Revenue Code to restore part of the pre-1969 tax treatment of capital gains by repealing the capital gains item of tax preference for the minimum tax; lowering the corporate alternative tax to 25 percent of net capital gain; and lowering the alternative individual tax to 25 percent of net capital gain.