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Bill· HRH.R. 7930 (96th)referred
United States · United States Congress · 18 August 1980
Amends the Internal Revenue Code to allow individuals age 65 or over an income tax credit for the real property taxes, or 25 percent of the rent (exclusive of charges for utilities, furnishings, and services) paid on their principal residence. Limits the credit to $300, or $150 for married individuals filing separately. Reduces the allowable credit by the amount that the taxpayer's adjusted gross income exceeds $6,500. Extends the credit to married individuals filing jointly where either spouse has attained age 65. Provides that the credit allowed by this Act shall not affect the taxpayer's allowable income tax deductions for real property taxes.
Resolution· HCONRESH.Con.Res. 398 (96th)referred
United States · United States Congress · 18 August 1980
Expresses the sense of the Congress that legislation providing for withholding of Federal income tax from dividends and interest will not be enacted.
Bill· SS. 3032 (96th)referred
United States · United States Congress · 6 August 1980
Amends the Internal Revenue Code to allow a credit against the income tax for married individuals equal to the amount of tax imposed on their taxable earned income in excess of the sum of the amounts of tax that would have been imposed on each such individual if he or she were an unmarried individual (other than a surviving spouse or a head of household). Allows only half the full credit amount to each spouse if each files a separate return.
Bill· SS. 3030 (96th)referred
United States · United States Congress · 6 August 1980
Commuter Transportation Energy Efficiency Act of 1980 - Title I: Individual Income Tax Credit - Amends the Internal Revenue Code to allow a credit against the income tax in an amount equal to 15 percent of the cost of acquiring a qualified commuter highway vehicle. Provides for apportionment of such credit among joint acquirers. Requires a minimum three-year use of such vehicle, under penalty of recapture of such credit in the year of any cessation of such use or other disposition of the vehicle. Describes the qualifications of such vehicle, which must be at least van-size. Title II: Exclusion of Qualified Transportation Income From Gross Income - Amends the Internal Revenue Code to exclude from the gross income of an employee amounts paid or reimbursed by the employer for the cost of commuting to and from work on public transportation. Excludes, in addition, any services provided, or amounts contributed, by an employer in connection with a ride-sharing program that assists employees in locating and starting car pools. Excludes from gross income any compensation received by a driver in a car pool from other individuals in such car pool. Title III: Business Energy Investment Credit - Amends the Internal Revenue Code to set the energy percentage for van pool vehicles at ten percent, thus making them eligible for a 20 percent investment tax credit. Excludes from the 80 percent commuting mileage requirement the number of miles the regularly scheduled driver uses such vehicle for personal purposes, if the driver is not the taxpayer. Title IV: Employer's Tax Credit for Qualified Ride-Sharing Programs - Amends the Internal Revenue Code to allow a credit against the income tax of an employer for administrative expenses paid or incurred in connection with the operation of a ride-sharing commuter program for employees. Determines such credit by multiplying the average number of such employer's employees during the taxable year by a specified amount keyed to the percentage of employees participating in the program. Title V: Gasoline Tax Deduction - Amends the Internal Revenue Code to allow an income tax deduction for Federal, State, and local taxes, including import fees that increase prices, on the sale of gasoline, diesel fuel, and other motor fuels used as a fuel in a ride-sharing commuter vehicle. Describes the qualifications for such vehicle. Requires the Secretary of the Treasury to publish tables to assist taxpayers in computing such deduction.
Bill· SS. 3008 (96th)referred
United States · United States Congress · 1 August 1980
Amends the Internal Revenue Code to make the investment tax credit for railroad property refundable. Requires each person receiving such refund to establish a separate account for amounts so received. Limits withdrawal from such account except to pay for: (1) acquisition of railroad property; (2) normal maintenance, rehabilitation, or capital improvements in connection with railroad property; or (3) assessments of the railroad retirement tax on employers. Directs the Secretary of the Treasury to cover for lost revenues due to such refunds out of crude oil windfall profit tax receipts.
Bill· SS. 3004 (96th)referred
United States · United States Congress · 1 August 1980
Amends the Internal Revenue Code to make the investment tax credit for railroad property refundable. Requires each person receiving such refund to establish a separate account for amounts so received. Limits withdrawal from such account except to pay for: (1) acquisition of railroad property; (2) normal maintenance, rehabilitation, or capital improvements in connection with railroad property; or (3) assessments of the railroad retirement tax on employers. Directs the Secretary of the Treasury to cover for lost revenues due to such refunds out of crude oil windfall profit tax receipts.
Bill· SS. 3006 (96th)referred
United States · United States Congress · 1 August 1980
Industrial Energy Efficiency and Fuel Conversion Tax Incentive Act of 1980 - Amends the Internal Revenue Code to allow an additional 20 percent investment tax credit for qualified industrial energy property. Provides for up to a three-year carryback and a one-year carryover of any excess credit amounts. Defines "qualified industrial energy property" as any depreciable equipment used by the taxpayer as an integral part of modification to, or replacement of, all or part of an existing facility, process, or item of equipment, but only if the modification or replacement results in the utilization of less energy per unit of output and does not increase the amount of oil and natural gas consumed. Requires such property either: (1) to result directly in energy savings; (2) to result in conversion to a substance other than oil or natural gas, or a derivative, as a fuel or feedstock; or (3) to be part of, physically attached to, or otherwise directly associated with such energy saving property. Limits such credit to: (1) 20 percent of the qualified investment; or (2) $55 for each barrel of energy saved by the investment. Defines barrel of energy as equal to 5,800,000 Btu's. Disallows such credit if it amounts to less than $11 for each barrel of oil or oil equivalent saved per year.
Bill· SS. 3000 (96th)referred
United States · United States Congress · 31 July 1980
Savings and Investment Incentive Act of 1980 - Amends the Internal Revenue Code with respect to the partial exclusion from gross income of interest and dividends received by individuals to increase the exclusion by specified increments over five years to: (1) $200 ($400 for a joint return); plus (2), by January 1, 1985, 25 percent of the excess over $200 (or $400) of interest and dividends as does not itself exceed $50,000.
Bill· HRH.R. 7909 (96th)referred
United States · United States Congress · 31 July 1980
Amends the Internal Revenue Code to allow an income tax credit of 25 percent of the qualified research and experimental expenditures paid or incurred by a taxpayer in connection with his trade or business. Defines "qualified research and experimental expenditures" as those business-related expenditures which are currently deductible under provisions of the Internal Revenue Code, but limits the scope of such expenditures to technological research designed to develop or improve products or services. Excludes expenditures for research or experimentation in the social sciences or humanities, government-funded research, or research carried on in the taxpayer's behalf. Limits the amount of expenditures eligible for the credit to those which exceed 100 percent of the annual average of such expenditures for the immediately preceding three years. Provides for a three-year carryback and seven-year carryover of unused credits.
Bill· HRH.R. 7901 (96th)referred
United States · United States Congress · 31 July 1980
Amends the Internal Revenue Code to provide that an employee-participant in a tax-qualified plan of deferred compensation shall not lose eligibility for the income tax deduction for contributions to an individual retirement account if such employee separates from service with an employer during the taxable year and there is no increase in such employee's vested accrued benefit derived from employer contributions under such plan.
Bill· HRH.R. 7910 (96th)referred
United States · United States Congress · 31 July 1980
States Congressional findings with respect to the need to increase the productivity of American industry and to provide more realistic depreciation schedules for American industry. States the purpose of this Act as the establishment of a system for the adjustment of depreciation schedules to aid American industries. Establishes a National Council for Industrial Innovation and Reconstruction (Council). Requires the Council and the Secretary of the Treasury to seek information and advice from the private sector with respect to depreciation schedules and their impact on specific industries and their workers. Directs the Secretary to form representative industry advisory committees for the purpose of obtaining expert advice and information on depreciation reform. Specifies that provisions of the Federal Advisory Committee Act shall apply to the Council and all advisory committees formed by the Secretary. Provides for the confidentiality of trade secrets and privileged commercial or financial information which is submitted to the Council by the private sector. Requires the Council to hold public hearings during the first calendar quarter of 1980, 1981, and 1982 on depreciation schedules then in effect and on requests for adjustments to such schedules. Directs the Secretary to review the recommendations of the Council. Limits the amount of revenue loss from such adjustments in the depreciation schedules to $15,000,000 for a specified five year period. Sets forth factors which the Council and the Secretary shall consider in making their recommendations for adjustments to the depreciation schedules. Directs the Secretary to submit a report to Congress on the impact of this Act in encouraging the modernization, structural adjustment, and expansion of American industry.
Bill· HRH.R. 7906 (96th)referred
United States · United States Congress · 31 July 1980
Small Business Participating Debentures Act of 1980 - Amends the Internal Revenue Code to apply long-term capital gains treatment to amounts actually paid to a taxpayer in respect to a small business participating debenture which constitute the distribution of a share of the earnings of the issuer. Defines "small business participating debenture" (SBPD) as a written debt instrument issued by a qualified small business which: (1) is a general obligation of such business; (2) bears interest at not less than specified by the Secretary of the Treasury; (3) has a fixed maturity; (4) grants no voting or conversion rights in the business to the purchaser; and (5) provides for the payment of a share of the issuer's total earnings. Limits "qualified small business" to one (whether or not incorporated): (1) whose equity capital does not exceed $25,000,000; (2) the face value of all of whose outstanding SBPD's does not exceed $1,000,000; and (3) which has no outstanding securities subject to regulation by the Securities and Exchange Commission. Treats members of a controlled group of corporations as a single taxpayer. Denies capital gains treatment where the taxpayer is a "related party" to the SBPD issuing corporation. Treats losses on small business participating debentures as ordinary losses. Allows an interest expense deduction for interest and share-of-earnings payments made on such debentures.
Bill· HRH.R. 7898 (96th)referred
United States · United States Congress · 31 July 1980
First-Year Capital Cost Recovery Act of 1980 - Amends the Internal Revenue Code to allow a first-year income tax deduction for a specified percentage of the basis of property used in a trade or held for the production of income (recovery property). Excludes from the category of recovery property: (1) property placed in service before January 1, 1981; (2) residential rental property; and (3) property eligible for amortization. Directs the Secretary of the Treasury to prescribe tables for the classification of types of recovery property into not more than 30 categories. Provides for an annual 20 percent phase-in of the full recovery property percentage beginning in 1981. Disqualifies capital cost recovery property from investment tax credit treatment and from additional first-year depreciation. Requires the recapture as ordinary income excess depreciation from recovery property which is subsequently sold or exchanged. Exempts accelerated depreciation on recovery property from classification as an item of tax preference for purposes of computing the minimum tax.
Bill· SS. 2998 (96th)referred
United States · United States Congress · 30 July 1980
Small Business Investment Act of 1980 - Amends the Internal Revenue Code to increase from 15 to 25 the maximum number of shareholders a subchapter S corporation may have. Ends the requirement that an employer furnish a W-2 wage report upon termination to any employee whose employment is terminated before the close of the calendar year. Requires issuance of such interim report only upon timely request by such employee, and then within 30 days after receipt of such request. Allows a credit against the individual income tax for incentive stock (original issue common or preferred stock) acquired in a domestic corporation whose equity capital does not exceed $15,000,000 immediately before the unrestricted public offering of such stock. Specifies the amount of such credit to be an amount equal to the sum of: (1) ten percent of the first $10,000 of such taxpayer's adjusted basis; plus (2) five percent of any other amount of such adjusted basis. Limits such credit to $3,000 annually ($6,000 in the case of a married individual filing a joint return). Provides a transitional limit of $1,500 ($3,000 for a joint return) for 1981. Creates a category of incentive stock options for employees, who would not be required to pay tax at the time such an option is exercised and would receive capital gains treatment on the proceeds of any subsequent sale of such stock. Denies the employer any deduction with respect to such stock either at the time of option exercise or at the time of subsequent sale. Requires the issuance of any such option, with shareholder approval, at 100 percent of fair market value. Accepts any stock later determined to be undervalued if issued with a good faith effort to make such issue at not less than fair market value. Allows exercise of such option up to ten years after issuance, and in any sequence. Limits long-term capital gain treatment to the sale of incentive stock held by the employee at least two years after the grant of the option and one year after exercise. Subjects any such stock sold within two years after option grant to ordinary income treatment. Requires an employee to remain an employee continuously from grant to three months prior to exercise. Prohibits the employee from owning more than ten percent of the voting power or value of the stock of the company unless the option price is at least 110 percent of fair market value. Allows a corporation engaged in certain market making activities a deduction from gross income for additions to a reserve for gains for such activities during the taxable year. Defines "market making activities" as the purchase and sale of over-the-counter equity securities by a dealer in securities, or any specialist permitted to act as a dealer, who holds himself out as being willing to buy and sell over-the-counter equity securities for his own account on a regular or continuing basis. Limits eligible securities to over-the-counter equity securities of corporations which, on the last day of the taxable year of the taxpayer preceding the taxable year of the sale or exchange, had $25,000,000 or less of equity securities in such corporation outstanding. Restricts the availability of such deduction to a reserve which has no more than $1,000,000 as of the close of the taxable year, after specified required adjustments. Prohibits any deduction if the amount of the additions to the reserve for the taxable year exceeds 30 percent of the fair market value of average monthly inventory positions carried for market making activities by the taxpayer during such year. Increases from $150,000 to $250,000 ($200,000 for 1981) the minimum credit against the accumulated earnings tax for corporations. Increases the cost of used equipment eligible for the investment tax credit: (1) in general, from $100,000 to $200,000 ($150,000 for 1981); and (2) for a married individual filing a separate return, from $50,000 to $100,000 ($75,000 for 1981). Permits a taxpayer who is required to change his method of accounting pursuant to Revenue Ruling 80-60 (inventory valuation) and Revenue Procedure 80-5 to effect such change only for taxable years beginning after December 31, 1979. Exempts from the excise taxes on gasoline, diesel and special motor fuels any such fuels used in connection with intercity, local and school buses. Allows a taxpayer to elect not to recognize a certain amount of gain from the sale of small business stock, if the proceeds of such sale are used to purchase other small business stock within 18 months. Limits recognition to that portion of any gain in excess of the cost of such other stock. Requires the reduction of the basis of any such subsequently purchased stock by the amount of gain not recognized. Limits small business stock to stock in businesses whose equity capital does not exceed $15,000,000. Reduces the corporate tax rate schedule as follows: (1) from 17 percent to 15 percent of the first $25,000 of income; (2) 30 percent of income between $50,000 and $100,000 (currently $75,000); (3) 40 percent of income between $100,000 and $150,000 (currently, between $75,000 and $100,000); and (4) 46 percent of income in excess of $150,000 (currently $100,000).
Bill· HRH.R. 7877 (96th)referred
United States · United States Congress · 30 July 1980
Amends the Internal Revenue Code to allow a credit or refund of crude oil windfall profit taxes to any qualified royalty owner for any portion of such tax paid in connection with qualified royalty production between February 29, 1980, and January 1, 1981. Limits such credit to $1,000. Provides for allocation of such credit among family members and among stockholders in qualified family farm corporations. Denies an income tax deduction where such credit or refund is allowable. Reduces the adjusted base price of crude oil for purposes of computing the windfall profit tax by .8 percent for fiscal year 1981.
Bill· HRH.R. 7888 (96th)referred
United States · United States Congress · 30 July 1980
Amends the Internal Revenue Code to enumerate certain conditions whereby meals furnished by an employer to an employee may be considered furnished for the convenience of the employer, and thus qualify as tax excludible for the employee, even if such meals are furnished off the business premises of the employer.
Bill· HRH.R. 7880 (96th)referred
United States · United States Congress · 30 July 1980
Amends the Internal Revenue Code to allow State legislators an income tax deduction for travel expenses away from home. Limits such deduction to the sum of the amounts determined by multiplying each legislative day of such individual during the taxable year by the amount generally allowable with respect to such day to Federal employees for per diem while away from home but serving in the United States ($35).
Bill· HRH.R. 7875 (96th)referred
United States · United States Congress · 30 July 1980
Free Enterprise Zone Act - Title I: Designation of Private Jobs and Enterprise Zones - Amends the Internal Revenue Code to provide for the designation of private jobs and enterprise zones, for a 20 year period, by local governments or by State governments on behalf of local governments subject to the approval of the Secretary of Commerce, for purposes of extending the tax incentives provided by title II of this Act to employers and employees within such designated zones. Specifies that the Secretary may only approve the designation of such zones if: (1) the area is within the jurisdiction of the designating local government; (2) the boundary of the area is continuous; (3) the area has a population of at least 2,000, or is an Indian reservation; and (4) the area meets specified unemployment and poverty requirements. Requires designating local governments, as a condition of the Secretary's approval, to effect a permanent real property tax reduction in their respective jurisdictions, which is not less than 50 percent of the current effective rate. Expresses the sense of the Congress that in the case of any application for designation of an area in a private jobs and enterprise zone as a foreign trade zone: (1) the Foreign Trade Zone Board should expedite the application process; and (2) the Board, in evaluating such application, should consider not only the current economic conditions within the zone, but also future development to be expected as a result of the incentives provided by this Act. Title II: Tax Incentives - Amends the Internal Revenue Code to eliminate social security taxes in designated private jobs and enterprise zones. Reduces the rate of tax on the capital gains of corporations in such zones and eliminates capital gains taxes for individual taxpayers in such zones. Exempts gain from the sale or exchange of property used in a business in a private jobs and enterprise zone from the computation of the minimum tax. Reduces the rate of tax on the income of corporations whose workforce comprises at least 50 percent of individuals working in a private jobs and enterprise zone (qualifying businesses). Authorizes accelerated depreciation for qualifying business (straight line method based on a one year useful life). Allows a full investment tax credit for such property despite election of such accelerated depreciation. Permits qualifying businesses to elect to use a cash method of accounting. Allows a ten year carryover of net operating losses for qualifying businesses. Exempts private jobs and enterprise zones, which are certified by the Secretary, from the application of the minimum wage law and the Occupational Safety and Health Act. Title III: Effective Date - Specifies effective dates for provisions of this Act which apply to income tax, social security taxes, and tax procedure and administration.
Bill· HRH.R. 7871 (96th)referred
United States · United States Congress · 30 July 1980
Amends the Internal Revenue Code to increase from ten to eleven percent the rate of the earned income credit. Increases the maximum allowable dollar amount of such credit and the income eligibility ceiling. Repeals provisions of the Social Security Act which include the earned income credit in determining entitlement to (Aid for Dependent Children and Supplemental Security Income) benefits under such Act.
Bill· HRH.R. 7872 (96th)referred
United States · United States Congress · 30 July 1980
Amends the Internal Revenue Code to increase from $20,000 to $75,000 the amount of the earned income tax exclusion for Americans working abroad. Repeals the income tax deduction for expenses of Americans living abroad.
Bill· HRH.R. 7886 (96th)referred
United States · United States Congress · 30 July 1980
Amends the Internal Revenue Code to allow an income tax deduction for adoption expenses on the same basis as deductions are currently allowed for medical or dental expenses.
Bill· HRH.R. 7870 (96th)referred
United States · United States Congress · 30 July 1980
IRA Work and Savings Incentive Act of 1980 - Amends the Internal Revenue Code to allow individual taxpayers an income tax credit equal to 50 percent of their contributions to individual retirement accounts for a taxable year. Limits the amount of such credit to the lesser of $3,000 or the compensation includible in the taxpayer's gross income for the taxable year. Specifies that no credit may be allowed for contributions made to the account of any individual who has reached age 59 1/2. Permits certain limited amounts of employer contributions to a simplified employee pension plan to qualify for the credit. Increases the dollar limitation on the income tax deduction for contributions to pension plans for the self-employed from $7,500 to $10,000. Increases the amount of the income tax deduction for contributions to an individual retirement account to the lesser of $3,000 or the taxpayer's compensation which is includible in his gross income. Requires an individual to be between the ages of 59 1/2 and 70 1/2 in order for contributions made to such individual taxpayer's retirement account to qualify for the retirement savings tax deduction.
Bill· HRH.R. 7860 (96th)referred
United States · United States Congress · 29 July 1980
Amends the Internal Revenue Code to extend to 36 months the rollover period for nonrecognition of gain on the sale of principal residences sold in 1980 and to 24 months for those sold in 1981 (currently, such rollover period is 18 months prior to or following the date of sale).
Resolution· HRESH.Res. 758 (96th)passed
United States · United States Congress · 29 July 1980
Waives certain points of order against the bill H.R. 7831 (Department of Transportation funding).
Bill· SS. 2981 (96th)referred
United States · United States Congress · 28 July 1980
Amends the Internal Revenue Code to apply long-term capital gains treatment to amounts actually paid to a taxpayer in respect of a small business participating debenture, which constitute the distribution of a share of the earnings of the issuer. Defines "small business participating debenture" (SBPD) as a written debt instrument issued by a qualified small business which: (1) is a general obligation of the business; (2) bears interest at not less than the rate prescribed by the Secretary of the Treasury; (3) has a fixed maturity; (4) grants no voting or conversion rights in the business to the purchaser; and (5) provides for the payment of a share of the issuer's earnings. Limits "qualified small business" to one (whether or not incorporated): (1) whose equity capital does not exceed $25,000,000; (2) the face value of all of whose outstanding SBPD's does not exceed $1,000,000; and (3) which has no outstanding securities subject to regulation by the Securities and Exchange Commission. Treats members of a controlled group of companies as a single taxpayer. Denies capital gains treatment where the taxpayer is "related" to the SBPD-issuing company, having at least a ten percent interest in it. Treats losses on such debentures as ordinary losses. Allows an interest expense deduction for interest and share-of-earnings payments made on such a debenture.
Bill· SS. 2983 (96th)referred
United States · United States Congress · 28 July 1980
Venture and Equity Capital Revitalization Act of 1980 - Amends the Internal Revenue Code to increase the capital gains deduction for individuals from 60 percent of the net capital gain to 75 percent.
Bill· SS. 2982 (96th)referred
United States · United States Congress · 28 July 1980
Employees Stock Ownership Improvements Act of 1980 - Amends the Revenue Act of 1978 and the Internal Revenue Code to establish, without expiration dates, a credit against the corporate income tax for contributions by an employer to an employee stock ownership plan (ESOP). Sets the amount of such credit at a sum equal to the amount transferred to such a plan, not to exceed the taxpayer's income tax liability. Excludes certain taxes from the calculation of such liability. Provides for the carryover of any credit in excess of such liability. Denies such credit to certain regulated public utilities. Denies business expense, production of income expense, or contribution to deferred-payment plan deductions for amounts required to be transferred to a tax credit ESOP. Provides for an additional tax credit for contributions to certain ESOPs. Allows an income tax deduction to an employer for any dividend paid with respect to employer securities held by a tax credit ESOP, if the dividend is distributed to the employees participating in the plan. Deems contributions, bequests, or similar transfers of employer securities, under certain conditions, to a tax credit ESOP as a deductible charitable contribution. Allows an employer to take advantage of the investment tax credit even though he or she contributes employer securities to an ESOP with an aggregate value of less than one percent of the qualified investment. Allows an employer unlimited deductions for qualified matching employee contributions on behalf of its employees made to a tax credit ESOP. Excludes from the gross income of a tax credit ESOP participant any lump-sum distribution of employer securities (not to exceed $5,000) made from a qualified trust which is part of a tax credit ESOP. Prescribes the use of investing stock acquired by a tax credit ESOP. Allows an employer an income tax deduction for contributions to an ESOP which owns all, or substantially all, of the outstanding qualifying employer securities of such employer, and such contributions are applied to the repayment of principal and interest on a loan incurred by the plan for the purpose of acquiring such securities. Limits the deductible amount for principal contributions to a maximum 25 percent of the compensation otherwise paid or accrued to all employees under the plan for the taxable year. Makes no limit on the amount deductible for interest contributions. Exempts such an ESOP from the limitations otherwise imposed on annual additions to an employee stock ownership plan. Provides for nonrecognition of any long-term capital gain from the sale of small business stock to an ESOP, except to the extent that the taxpayer's sale price exceeds the cost of small business stock purchased by the taxpayer within 18 months after the date of such sale.
Bill· HRH.R. 7851 (96th)referred
United States · United States Congress · 28 July 1980
Retailer Inventory Reform Act of 1980 - Amends the Internal Revenue Code to permit retail stores to use price indexes published by the Bureau of Labor Statistics when reporting income under the LIFO method of accounting. Requires the Bureau of Labor Statistics to prepare such price indexes in the same manner as they were prepared in 1979. Prohibits the use of unappropriated funds for the preparation and publication of such indexes.
Bill· HRH.R. 7847 (96th)referred
United States · United States Congress · 28 July 1980
Amends the Internal Revenue Code to allow an income tax deduction equal to 130 percent of the cost of natural gas used on a farm for farming purposes.
Bill· HRH.R. 7848 (96th)referred
United States · United States Congress · 28 July 1980
Amends the Internal Revenue Code to allow an employer an income tax deduction for contributions to an employee stock ownership plan (ESOP) which owns all, or substantially all, of the outstanding qualifying employer securities of such employer, and such contributions are applied to the repayment of principal and interest on a loan incurred by the plan for the purpose of acquiring such securities. Limits the deductible amount to a maximum 25 percent of the compensation otherwise paid or accrued to all employees under the plan for the taxable year. Allows any ESOP to retain its qualified status even though it provides for cash distributions and denies any participant the right to demand a distribution in the form of employer securities. Exempts such an ESOP from the limitations otherwise imposed on annual additions to an employee stock ownership plan. Allows such an ESOP to elect irrevocably to use the book value as the fair market value of employer's securities for the purpose of determining the value of participants' accounts under the plan. Exempts from the requirement that employer securities must stay in the plan securities distributed as a benefit to a participant as the result of a transaction in which the employer ceases to be a member of a controlled group of corporations with the corporation whose stock constitutes employer securities under the plan.
Bill· HRH.R. 7844 (96th)referred
United States · United States Congress · 28 July 1980
Amends the Internal Revenue Code to permit the executor of an estate, in calculating the value of the gross estate, to elect to disregard that portion of the value of any copyright, or literary, musical, or artistic work created by a decedent which would have been ordinary income if such work had been sold by the decedent at its fair market value.
Bill· HRH.R. 7846 (96th)referred
United States · United States Congress · 28 July 1980
Capital Investment Incentive Act of 1980 - Amends the Internal Revenue Code to increase from 60 percent to 70 percent the noncorporate capital gains deduction from gross income. Reduces from 28 percent to 21 percent the corporate alternative minimum tax rate on capital gains.
Bill· SS. 2969 (96th)referred
United States · United States Congress · 24 July 1980
Real Estate Construction and Rehabilitation Tax Incentives Act of 1980 - Title I: Capital Cost Recovery Treatment of New Section 1250 Property - Amends the Internal Revenue Code to require a 20-year straight line depreciation of depreciable real property placed into service after the effective date of this Act. Provides transitional rules for property already in service. Excepts from such 20-year requirement low-income rental housing, which must undergo a 15-year straight line depreciation. Title II: Investment Tax Credit for Section 1250 Property - Permits a taxpayer, in lieu of the new depreciation schedule set forth in title I of this Act, to elect to take a one-time ten percent investment tax credit. Limits such credit to property placed in service between January 1, 1981 and December 31, 1984. Requires recapture, in whole or in part, if the property is sold within five years after being placed in service. Directs the Secretary of the Treasury to report to Congress by January 1, 1984, on the effectiveness and efficiency of this title as an incentive for the construction of new section 1250 property. Title III: Deduction of Construction Period Interest and Taxes - Repeals current law requiring amortization of construction period interest and taxes. Allows the taxpayer to elect: (1) to treat the unamortized balance of such interest and taxes as chargeable to capital account; or (2) to deduct such unamortized balance for the first taxable year ending after December 31, 1980. Title IV: Extension and Expansion of Existing Incentives - Repeals expiration dates, thus making permanent Code provisions: (1) permitting rapid amortization of rehabilitation expenses for low-income rental housing; (2) prohibiting accelerated depreciation for new structures built on historic sites; (3) providing for favorable depreciation of rehabilitated historic property; (4) encouraging the removal of architectural barriers; and (5) prohibiting deductions for the demolition of historic structures. Provides for rapid amortization of rehabilitation expenses for all residential rental housing (currently such rapid amortization is limited to low-income rental housing). Increases: (1) from $3,000 to $5,000 the minimum depreciable per unit expenditure; and (2) from $20,000 to $30,000 the maximum depreciable per unit expenditure. Title V: Condominium and Cooperative Cost Reduction - Denies capital gains treatment for proceeds from the sale of dwelling units converted from rental housing to condominium or cooperative housing, unless the terms and conditions of such sales have been negotiated with, and agreed to by, an organization representing at least 51 percent of the dwelling units occupied or sublet by tenants as of the date all tenants received notice of proposed conversion. Allows nonrecognition of up to 50 percent of the long term capital gain from the qualified sale of residential rental property if the taxpayer: (1) has used such property in his or her trade or business; and (2) within 24 months after such sale enters into a binding contract for the construction of section 1250 residential rental property. Requires reduction of the nonrecognition portion of such gain by one-half of the amount (if any) by which the proceeds of the sale exceed the cost of construction of the new residential real property. Limits "qualified sale" to a sale where: (1) not less than 50 percent of the dwelling units are sold to purchasers of low or moderate income, or the entire property is sold to a qualified tenants' organization; and (2) there is substantial likelihood that the overall economic character of dwelling unit owners will remain the same as the units are sold to subsequent purchasers. States that the basis of newly constructed rental property shall not be reduced by the amount of unrecognized capital gain. Directs the Secretary to consult with the Secretary of Housing and Urban Development in developing regulations to carry out this title. Title VI: Removal of Impediments to New Real Property Development - Excepts depreciable real property investments from the limitation on the deduction of investment indebtedness interest for individuals. Allows the current deduction of certain pre-opening expenses incurred in the development of section 1250 real property, so long as they occur within 24 months before the property's placement in service. Permits application to the Secretary for a period longer than 24 months if appropriate. Permits advance refunding of tax-exempt housing bonds, and use of the proceeds of such bonds to remove existing first liens to allow rehabilitation. Title VII: Effective Dates - Sets January 1, 1981 as the effective date of this Act.
Bill· SS. 2967 (96th)referred
United States · United States Congress · 24 July 1980
Family Enterprise Estate and Gift Tax Equity Act - Amends the Internal Revenue Code to increase the unified credit against the estate and gift taxes from $47,000 to $155,800 by specified annual increments through 1985. Increases from $175,000 to $500,000, by specified annual increments through 1985, the minimum gross estate requiring filing of a return. Repeals the existing limitations on the marital deduction for gift and estate taxes. Increases from $3,000 to $6,000 the annual gift tax exclusion. Permits disabled individuals and those receiving social security benefits to meet existing material participation requirements with respect to the special use valuation of certain farms and other real property, if an individual has materially participated in the operation of the farm or business for five out of the eight years preceding the year in which he or she becomes disabled or eligible for such benefits. Permits the spouse of a decedent to meet such requirements if the spouse has actually managed the farm or business for ten years preceding the decedent's death, or takes over active management upon the decedent's death. Permits the owner of a woodland to qualify for the special use valuation if he or she has actively managed the property for ten years prior to death. Reduces from 15 to ten years the length of time a qualified property must be held following the decedent's death before it can be disposed of without incurring a recapture of estate tax benefits. Permits active management rather than material participation as a test for qualification for the estate for spouses, children under 21, students, and disabled individuals who receive property from a decedent who qualified for special use valuation. Repeals the $500,000 limitation on the reduction of the value of qualified real property permitted for application of the special use valuation. Allows like kind exchanges of property without loss of special use valuation qualification. Allows net crop share rentals to qualify for the special use valuation as well as cash rentals. Authorizes the step-up basis of assets recaptured because of loss of the special use valuation. Repeals the requirement that an heir elect special treatment for involuntary conversions of qualified real property, thus making such treatment automatic upon such a conversion. States that gifts made within three years of a decedent's death shall be valued as of the time of transfer rather than as of the date of death. Authorizes an individual to elect to pay a gift tax rather than use the unified tax credit. Eliminates the alternative extension of time for payment of the estate tax where the estate consists largely of an interest in a closely held business. Allows installment payment election if the value of the interest in the closely held business is either 35 percent of the value of the gross estate, or 50 percent of the taxable estate. Allows payment of an installment within six months after the due date without penalty. Allows a disclaimer of an interest in property for estate tax purposes in specified circumstances where such disclaimer does not result in the passing of the interest concerned under the applicable State law.
Bill· SS. 2959 (96th)referred
United States · United States Congress · 24 July 1980
Amends the Internal Revenue Code to permit an income tax deduction from gross income for fees, court costs, attorney's fees, and other necessary expenses incurred in the adoption of a child.
Bill· SS. 2966 (96th)referred
United States · United States Congress · 24 July 1980
Extends the program of awarding energy allowances to applicants needing assistance from June 30, 1980, until September 30, 1980.
Bill· HRH.R. 7821 (96th)referred
United States · United States Congress · 24 July 1980
Amends the Internal Revenue Code to treat specified retailers of natural gas as independent producers for purposes of the crude oil windfall profit tax.
Bill· HRH.R. 7819 (96th)referred
United States · United States Congress · 24 July 1980
Amends the Internal Revenue Code to allow taxpayers an income tax credit for the purchase price of a new highway vehicle purchased between May 31, 1980 and June 1, 1981, which is a 1979 model year or later and which is manufactured in the United States. Limits the amount of such credit to $500. Allows a $750 tax credit for the purchase of a highway vehicle which has a fuel economy which is 20 percent greater than the average fuel economy standard. Specifies that the income tax credit is available only for the purchase of one highway vehicle.
Bill· HRH.R. 7811 (96th)referred
United States · United States Congress · 24 July 1980
Amends the Internal Revenue Code to increase from $20,000 to $75,000 in 1980 (with inflation adjustments in 1981 and thereafter) the earned income exclusion for U.S. citizens working abroad who are bona fide residents of a foreign country. Repeals the requirement that, as a condition of their employment, such individuals reside in a hardship area. Reduces from 17 to 11 months the residency requirement for such exclusion. Waives such requirement if the Secretary of the Treasury determines that such individuals were required to leave a foreign country because of war, civil unrest, or other adverse conditions before the end of the 11 month period, and that they would have otherwise met such residency requirement. Provides for an income tax exclusion for the value of employer-provided lodging in a camp in cases where satisfactory housing is not generally available. Reduces from 17 to 11 months the foreign residency requirement with respect to the deduction for certain housing expenses of living abroad.
Bill· HRH.R. 7826 (96th)referred
United States · United States Congress · 24 July 1980
Home Purchase Incentive Act of 1980 - Amends the Internal Revenue Code to allow individual taxpayers an income tax deduction for cash contributions to an individual housing account. Limits the amount of such deduction to $3,000 for a taxable year and to $15,000 for all taxable years. Specifies no maximum yearly income for eligibility for the deduction. Permits a maximum of 20 percent of the contribution to an individual housing account to be from unearned income. Allows only one account per family unit and permits only one account to be applied against the purchase of a single residence. Defines "individual housing account" as a trust created or organized in the United States for the exclusive benefit of an individual taxpayer and such taxpayer's spouse in purchasing a principal residence. Sets forth requirements for the establishment and maintenance of an individual housing account. Grants tax-exempt status upon an individual housing account trust. Excludes from the gross income of a trust beneficiary amounts distributed from a trust which are used exclusively in connection with the purchase of a principal residence for the beneficiary. Sets forth rules for the tax treatment of a trust and distributions from a trust in the case of divorce, improper distributions from a trust, and contributions to a trust in excess of the allowable amount. Prescribes a penalty equal to ten percent of the payments from a trust which are made for purposes other than the purchase of a principal residence. Requires the trustee of an individual housing account to file informational returns with the Secretary of the Treasury as required. Prescribes penalties for failure to file such returns.
Resolution· HRESH.Res. 750 (96th)passed
United States · United States Congress · 24 July 1980
Waives certain points of order against the bill H.R. 7724 (Department of the Interior funding).
Bill· SS. 2953 (96th)referred
United States · United States Congress · 23 July 1980
Amends the Internal Revenue Code to allow an employer an income tax deduction for contributions to an employee stock ownership plan (ESOP) which owns all, or substantially all, of the outstanding qualifying employer securities of such employer, and such contributions are applied to the repayment of principal and interest on a loan incurred by the plan for the purpose of acquiring such securities. Limits the deductible amount to a maximum 25 percent of the compensation otherwise paid or accrued to all employees under the plan for the taxable year. Allows any ESOP to retain its qualified status even though it provides for cash distributions and denies any participant the right to demand a distribution in the form of employer securities. Exempts such an ESOP from the limitations otherwise imposed on annual additions to an employee stock ownership plan. Allows such an ESOP to elect irrevocably to use the book value as the fair market value of employer's securities for the purpose of determining the value of participants' accounts under the plan. Exempts from the requirement that employer securities must stay in the plan securities distributed as a benefit to a participant as the result of a transaction in which the employer ceases to be a member of a controlled group of corporations with the corporation whose stock constitutes employer securities under the plan.
Bill· SS. 2954 (96th)referred
United States · United States Congress · 23 July 1980
Amends the Rural Development Act of 1972 to authorize appropriations for the small farm extension programs through fiscal year 1985. Sets forth the formula for the apportionment of such funds to the States.
Law· HRH.R. 7805 (96th)open
United States · United States Congress · 23 July 1980
Authorizes appropriations for the American Folklife Center for fiscal years 1982 through 1984.
Bill· HRH.R. 7804 (96th)referred
United States · United States Congress · 23 July 1980
Amends the Internal Revenue Code to exclude from gross income a corporate stock distribution to a stockholder based upon the reinvestment of stock dividends in the corporation by such stockholder pursuant to his election to participate in a qualified dividend reinvestment plan, as defined in this Act. Limits the amount of such exclusion to $1,500 per year. Establishes a rebuttable presumption that a distribution made by a corporation which purchases its common stock within one year of such distribution shall not be deemed a distribution pursuant to a qualified dividend reinvestment plan.
Bill· SS. 2949 (96th)referred
United States · United States Congress · 22 July 1980
Amends the Internal Revenue Code to provide for an annual inflation adjustment of the net income amount which a private foundation is required to distribute to avoid penalty taxes.
Bill· SS. 2948 (96th)referred
United States · United States Congress · 22 July 1980
Amends the Internal Revenue Code to eliminate adjusted net income as a standard for determining the amount which a private foundation is required to distribute in a taxable year.
Bill· SS. 2946 (96th)referred
United States · United States Congress · 22 July 1980
Amends the Internal Revenue Code to allow estates required to file estate tax returns before July 13, 1978, to elect the valuation of certain farm and other real property within 90 days after the later of: (1) the date of the enactment of this Act; or (2) the earliest date on which all necessary relevant regulations become final. Defines a "necessary regulation" as a regulation necessary in order for the executor to make a reasoned evaluation of whether or not to make such an election. Applies the provisions of this Act to estates of decedents dying after December 31, 1976.
Bill· HRH.R. 7788 (96th)referred
United States · United States Congress · 22 July 1980
Amends the Internal Revenue Code to tax income of married individuals filing tax returns separate from their spouses at the same rates applicable to unmarried individuals.
Bill· HRH.R. 7777 (96th)referred
United States · United States Congress · 21 July 1980
American Tax Reduction Act of 1980 - States as the purposes of this Act: (1) the reduction of the public debt; (2) the imposition of limits on Federal spending; (3) the inducement of Members of Congress to eliminate unnecessary Federal programs; (4) the reduction of individual income taxes; (5) tax relief for homeowners; and (6) the indexing of tax rates to reflect inflation of income. Title I: Individual Income Tax Rate Reductions - Amends the Internal Revenue Code to reduce individual and estate and trust income tax rates for 1980, 1981, and 1982, and to make a permanent reduction in such rates for years after 1982. Title II: Provisions Relating to Capital Gains - Reduces the alternative tax on capital gains to 15 percent of the net capital gain. Eliminates capital gains as an item of tax preference for purposes of the minimum and maximum tax. Repeals the alternative minimum tax schedule for capital gains of individual taxpayers which was enacted by the Revenue Act of 1978. Permits a taxpayer to elect to offset against taxable income all capital losses not in excess of taxable income. Permits a one-year carryover of losses in excess of taxable income. Eliminates the age requirement (55) for eligibility for the one-time $100,000 exclusion of gain from the sale of a principal residence. Title III: Provisions Relating to Indexing for Inflation - Requires cost-of-living adjustments to income brackets for purposes of the individual income tax and the normal tax on corporate income. Requires a similar adjustment to capital assets for purposes of determining gain or loss and to estates and gifts in determining the tax at the time of transfer. Replaces the corporate income tax rates with a graduated, five-tier schedule, imposing the uppermost (46 percent) marginal rate upon income in excess of $100,000. Title IV: Reduction in Federal Spending - Amends the Congressional Budget Act of 1974 to limit Federal spending to 18 percent of the gross national product by fiscal year 1984. Prohibits the consideration of any bill in Congress which would cause the spending limit to be exceeded. Title V: Reduction of the Public Debt - Amends such Act further to require the application of two percent of the annual Federal budget to the retirement of the Federal deficit.