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Bill· SS. 2718 (97th)open
United States · United States Congress · 1 July 1982
Amends the Internal Revenue Code to revise requirements for the tax exclusion of interest on industrial development bonds. Increases to $10,000,000 the amount of bonds which qualify as tax-exempt small issues or tax-exempt pollution control bonds. Exempts issues from such limitation if substantially all of the proceeds are used to provide facilities located in economically distressed areas or adjacent areas. Specifies requirements relating to poverty and population for designation as a distressed area. Disqualifies industrial development bonds from the small issue exemption if ten percent or more of the proceeds are used to finance certain private or commercial recreation facilites. Requires bond issuing authorities to conduct public hearings prior to the approval and issuance of any small issue industrial development bond. Requires the Governor of a State to report to the Secretary of the Treasury annually beginning in 1984 on bonds issued during the preceding year. Requires that elected officials in the local jurisdiction approve bond issues. Provides that property financed with tax-exempt industrial development bonds shall not be eligible for accelerated cost recovery. Requires that such property be depreciated using the straight line method over specified recovery periods. Provides that in-house research and experimental expenditures shall not be taken into account for purposes of determining the aggregate face value of industrial development bonds which otherwise qualify for the small issue exemption. Treats composite issues of bonds as a single issue of obligation separate from other obligations if the other obligations are issued separately. Limits arbitrage rules for small issues and pollution control bonds. Permits the financing of district heating or cooling facilities with tax- exempt bonds. Specifies that interest on certain industrial development bonds may be excluded from gross income if such bonds are used for the local furnishing of gas (previously just electric) energy.
Bill· SS. 2707 (97th)open
United States · United States Congress · 30 June 1982
Amends the Internal Revenue Code to increase from $2,000,000 to $10,000,000 the average annual gross receipts for small businesses which elect to use one inventory pool for income tax accounting purposes.
Bill· SS. 2703 (97th)open
United States · United States Congress · 30 June 1982
Amends the Internal Revenue Code to allow an income tax deduction for cash and other personal property contributions to a savings account created or organized exclusively for the purpose of paying the higher or vocational educational expenses of the taxpayer or the taxpayer's child. Limits the amount of such deduction to $2,000 per year, adjusted for inflation. Limits eligibility for such deduction to the taxpayer or the taxpayer's dependent child unless such child has attained age 21 or has attended an institution of higher education as a full-time student for more than four weeks in the year of his twenty-first birthday. Excludes distributions from such an account from the gross income of the payee so long as such distributions are used to defray the beneficiary's tuition, fees, books and supplies, and reasonable living expenses. Specifies sanctions for the use of account funds for other than such educational purposes. Treats qualified distributions as income to the beneficiary for the taxable year in which the beneficiary attains age 25, and for each of the following nine years, in successive apportionments equal to ten percent of the total amount of such distributions.
Bill· SS. 2698 (97th)open
United States · United States Congress · 30 June 1982
Amends the Internal Revenue Code to revise requirements for the tax exclusion of interest on industrial development bonds. Increases to $20,000,000 the amount of bonds which qualify as tax-exempt small issues. Exempts issues from such limitation if substantially all of the proceeds are used to provide facilities located in economically distressed areas, a distressed rural county, or adjacent areas. Specifies requirements relating to poverty and population for designation as a distressed area. Disqualifies industrial development bonds from the small issue exemption if ten percent or more of the proceeds are used to finance certain private or commercial recreation facilities. Requires bond issuing authorities to conduct public hearings prior to the approval and issuance of any small issue industrial development bond. Requires the Governor of a State to report to the Secretary of the Treasury annually beginning in 1984 on bonds issued during the preceding year. Requires that elected officials in the local jurisdiction approve bond issues. Provides that property financed with tax-exempt industrial development bonds shall not be eligible for accelerated cost recovery. Requires that such property be depreciated using the straight line method over specified recovery periods. Provides that in-house research and experimental expenditures shall not be taken into account for purposes of determining the aggregate face value of industrial development bonds which otherwise qualify for the small issue exemption. Treats composite issues of bonds as a single issue of obligations separate from other obligations if the other obligations are issued separately. Limits arbitrage rules for small issues and pollution control bonds. Permits the financing of district heating or cooling facilities with tax-exempt bonds.
Bill· SS. 2687 (97th)open
United States · United States Congress · 29 June 1982
Title I: Changes in Tax Treatment of Partial Liquidations and of Certain Distributions of Appreciated Property - Amends the Internal Revenue Code to repeal provisions which allow distributions made in partial liquidation of a corporation to be treated as part payment in exchange for the shareholder's stock (i.e. capital gains) rather than taxed as dividends at ordinary income tax rates. Repeals provisions for the nonrecognition of gain and loss by a corporation on distributions of property in partial liquidation (thereby limiting nonrecognition to complete liquidations). Provides that redemptions of stock from noncorporate shareholders attributable to a corporation's ceasing to conduct an active trade or business shall be treated as an exchange and not taxed as a dividend. Repeals the definitional section on partial liquidations. Specifies that a distribution shall be considered as in complete liquidation if it is one of a series of distributions in redemption of all of a corporation's stock under a plan. Directs the Secretary of the Treasury to prescribe regulations to ensure that the repeal of the special tax treatment for partial liquidations is not circumvented through the use of other Code provisions. Disallows the nonrecognition of gain by a corporation which distributes appreciated property in redemption of its stock in the case of: (1) complete redemptions of the stock of a ten-percent shareholder; (2) redemptions of stock of a 50 percent or more subsidiary of the redeeming corporation; (3) distributions pursuant to antitrust judgments; and (4) certain distributions by bank holding companies to taxable organizations. Title II: Certain Stock Purchases Treated as Asset Purchases - Repeals provisions under which property distributed to an acquiring corporation in the liquidation of an acquired subsidiary receives a stepped-up basis. Allows a purchasing corporation to elect to treat a targeted corporation as having sold all of its assets in a 12-month liquidation and then reincorporated (thereby requiring depreciation and investment tax credit recapture). Specifies that acquisitions by a purchasing corporation shall include acquisitions by affiliated corporations.
Bill· SS. 2690 (97th)open
United States · United States Congress · 29 June 1982
Amends the Internal Revenue Code to provide for the percentage of completion, completed contract, or any other accounting method which clearly reflects income from the performance of contracts which normally require more than 12 months to complete. Sets forth rules for the severance or aggregation of contracts, for the treatment of a contract as completed and for the treatment of contract costs. Directs the Secretary of the Treasury to prescribe regulations for the determination of the earnings and profits of a corporation which uses the completed contract method of accounting.
Bill· SS. 2686 (97th)open
United States · United States Congress · 29 June 1982
Amends the Internal Revenue Code to revise the rules for the computation of the alternative minimum tax.
Bill· SS. 2689 (97th)open
United States · United States Congress · 29 June 1982
Amends the Internal Revenue Code to provide that when a publicly-traded corporation purchases its own stock, or the stock of an affiliate, the purchase shall be taxed as a distribution of property to the shareholders of the corporation.
Bill· SS. 2688 (97th)open
United States · United States Congress · 29 June 1982
Amends the Internal Revenue Code to provide that, for purposes of determining income of a corporate debtor from discharge of indebtedness, the corporation shall be treated as having satisfied the indebtedness with an amount of money equal to the fair market value of any stock transferred to the creditor in satisfaction of the debt.
Bill· HRH.R. 6725 (97th)open
United States · United States Congress · 28 June 1982
Corporate Takeover Tax Act of 1982 - Title I: Changes in Tax Treatment of Partial Liquidations and of Certain Distributions of Appreciated Property - Amends the Internal Revenue Code to repeal provisions which allow distributions made in partial liquidation of a corporation to be treated as part payment in exchange for the shareholder's stock (i.e. capital gains) rather than taxed as dividends at ordinary income tax rates. Repeals provisions for the nonrecognition of gain and loss by a corporation on distributions of property in partial liquidation (thereby limiting nonrecognition to complete liquidations). Provides that redemptions of stock from noncorporate shareholders attributable to a corporation's ceasing to conduct an active trade or business shall be treated as an exchange and not taxed as a dividend. Repeals the definitional section on partial liquidations. Specifies that a distribution shall be considered as in complete liquidation if it is one of a series of distributions in redemption of all of a corporation's stock under a plan. Directs the Secretary of the Treasury to prescribe regulations to ensure that the repeal of the special tax treatment for partial liquidations is not circumvented through the use of other Code provisions. Disallows the nonrecognition of gain by a corporation which distributes appreciated property in redemption of its stock in the case of: (1) complete redemptions of the stock of a ten-percent shareholder; (2) redemptions of stock of a 50 percent or more subsidiary of the redeeming corporation; (3) distributions pursuant to antitrust judgments; and (4) certain distributions by bank holding companies to taxable organizations. Title II: Certain Stock Purchases Treated as Asset Purchases - Repeals provisions under which property distributed to an acquiring corporation in the liquidation of an acquired subsidiary receives a stepped-up basis. Allows a purchasing corporation to elect to treat a target corporation as having sold all of its assets in a 12-month liquidation and then reincorporated (thereby requiring depreciation and investment tax credit recapture). Specifies that acquisitions by a purchasing corporation shall include acquisitions by affiliated corporations.
Bill· SJRESS.J.Res. 206 (97th)open
United States · United States Congress · 24 June 1982
Directs the Secretary of the Treasury to review, propose, and submit to Congress at least three alternative simplified Federal income tax systems with a single tax rate.
Bill· HRH.R. 6693 (97th)open
United States · United States Congress · 24 June 1982
Small Issue Industrial Development Bond Reform Act of 1982 - Amends the Internal Revenue Code to disqualify industrial development bonds (IDBs) for the small issue tax exemption if a substantial amount of proceeds of such bonds are used to finance restaurants, certain office buildings, shopping centers, or entertainment or recreation facilities. Requires bond issuing authorities to conduct public hearings prior to the approval and issuance of any small issue industrial development bond. Requires the Governor of a State to report to the Secretary of the Treasury annually beginning in 1984 on bonds issued during the preceding year. Increases to $15,000,000 the amount of industrial development bonds used for economically distressed areas which qualify as tax-exempt small issues. Permits the financing of office buildings, restaurants, stores or shopping centers in such areas. Specifies requirements relating to poverty for designation as a qualified distressed area. Provides that capital research and experimental expenditures shall not be taken into account for purposes of determining the aggregate face value of industrial development bonds which otherwise qualify for the small issue exemption. Suspends temporary Internal Revenue Service regulations which prohibit pooled issues of bonds for projects located in only one State with respect to bonds sold after August 23, 1981. Sets forth transitional rules and effective dates.
Bill· HRH.R. 6706 (97th)open
United States · United States Congress · 24 June 1982
Amends the Internal Revenue Code to repeal the special provisions allowing Members of Congress an increased living expense deduction.
Bill· HRH.R. 6715 (97th)open
United States · United States Congress · 24 June 1982
Caribbean Basin Investment Incentive Tax Act of 1982 - Amends the Internal Revenue Code to allow an income tax credit in an amount equal to 30 percent of the cost of qualified business insurance for new business activities in designated Caribbean countries. Defines "qualified business insurance" as: (1) expropriation insurance; (2) inconvertibility insurance; (3) war damage and other political risk insurance; and (4) currency rate fluctuation insurance. Sets forth special rules relating to the designation of Caribbean countries. Authorizes the President to designate certain countries as beneficiary countries. Lists the countries which the President may designate. Restricts such a designation under specified circumstances. Limits such credit to the amount of the taxpayer's tax liability. Allows a three year carryback and a 15 year carryover of any unused portion of such credit.
Bill· HRH.R. 6689 (97th)referred
United States · United States Congress · 24 June 1982
Rural Enterprise Zone Act of 1982 - Title I: Designation of Rural Enterprise Zones - Provides for the designation of rural enterprise zones, for a period not to exceed 15 years and subject to the approval of the Secretary of Commerce, by local governments, State governments on behalf of local governments, or certain persons acting with the consent of the local governments, for purposes of extending the tax incentives and regulatory flexibility measures provided by titles II and III of this Act. Permits the Secretary to approve the designation of a zone only if the area: (1) is within the jurisdiction of the designating local government; (2) has a continuous boundary; (3) is located outside of a standard metropolitan statistical area or is otherwise determined to be rural by the Secretary; (4) has a population of at least 600, comprises an incorporated separate jurisdiction, or is an Indian reservation; (5) contains no prime agricultural lands; and (6) meets specified unemployment and poverty requirements used under the urban development action grant program. Requires persons seeking approval of an area designation to submit a plan which documents commitment, analyzes costs and benefits, and: (1) describes planned local efforts to increase employment and encourage area economic development; (2) guarantees the ability of any government with jurisdiction over the area to manage the zone; (3) describes existing areas development efforts; (4) demonstrates the geographic, population, and unemployment and income features set forth in this Act; and (5) describes the planned use of existing Federal resources for economic development. Terminates the authority of the Secretary to approve zone designations after a three-year period. Sets forth maximum numbers of such designations. Prescribes grounds for giving preference in decisions to designate rural enterprise zones. Directs the Secretary to contract with the person requesting approval of an area designation for the management of the area. Expresses the sense of the Congress that in the case of any application for designation of a foreign trade zone within a rural enterprise zone: (1) the Foreign-Trade Zone Board should expedite the application process; (2) the Board, in evaluating such application, should consider future development to be expected as a result of the incentives provided by this Act; and (3) the Board should provide technical assistance to the applicants. Title II: Tax Incentives - Subtitle A: Capital Gains Tax Rates - Amends the Internal Revenue Code to reduce the alternative tax on capital gains and increase the capital gains deduction. Permits enterprise zone property to remain qualified for purposes of the revised capital gains treatment after a designation of a rural enterprise zone has terminated. Exempts gains from the sale or exchange of property used in certain businesses conducted largely in rural enterprise zones (qualified businesses) from the computation of the minimum tax. Removes as an item of tax preference accelerated depreciation of real property used in such a business, even though such property may be characterized as recovery property. Allows a taxpayer to elect to have gain from the sale or exchange of a capital asset recognized only to the extent that the proceeds exceed the cost of property used in a rural enterprise zone which is purchased within one year of such sale. Prescribes a three-year statute of limitations for the assessment of any deficiency attributable to such gain. Subtitle B: Deduction for Investment in Certain Businesses - Allows an income tax deduction for investment in qualified businesses. Subtitle C: Targeted Jobs Credit Increased in Rural Enterprise Zones - Increases the amount of the income tax credit for employment of certain new employees (targeted jobs credit) in the case of members of targeted groups with respect to whom at least 50 percent of the services performed for the employer are performed in a rural enterprise zone or who are residents of such a zone. Subtitle D: Credit for Certain Contributions - Allows an income tax credit for five percent of a taxpayer's payment for the provision of certain community development services in a rural enterprise zone. Subtitle E: Miscellaneous - Permits any qualified business to elect to use the cash receipts and disbursements method of accounting without regard to any inventory requirements if its gross receipts do not exceed $1,500,000 in any prior taxable year. Prescribes a minimum bad debt reserve for taxpayers who finance the provision of goods and services to qualified businesses. Title III: Regulatory Flexibility - Revises the definition of "small entity," for purposes of the analysis of regulatory functions, to include qualified businesses (as defined in this Act), designating governments, and nonprofit enterprises operating within rural enterprise zones.
Bill· HRH.R. 6723 (97th)referred
United States · United States Congress · 24 June 1982
Scientific Research, Education, and Technical Equipment Act - Amends the Internal Revenue Code to increase from 65 to 100 percent the corporate income tax credit for the cost of certain basic research performed by colleges, universities, and certain research organizations and for scientific education. Sets special rules for grants made to certain research funds. Disqualifies subchapter S corporations, personal holding companies, and personal service corporations for the credit. Allows an income tax credit for ten percent of the qualified costs of sharing scientific and technical equipment with an education or other nonprofit organization. Revises requirements for the deduction for contributions of research equipment to certain educational institutions. Allows a tax deduction for the value of services provided under a standard service contract with a qualified organization in connection with a research and education contribution. Limits the deduction to 150 percent of the costs of the taxpayer in providing such services.
Bill· HRH.R. 6721 (97th)referred
United States · United States Congress · 24 June 1982
Amends the Internal Revenue Code to increase the allowable amount of the income tax deduction for contributions to an individual retirement account by the amount of any qualified separation benefit paid to a law enforcement officer or firefighter to the extent such benefit is includible in the gross income of the individual for the taxable year. Defines "qualified separation benefit" as the amount: (1) which becomes payable on account of the recipient's separation from service; and (2) which is attributable to accumulated sick leave or vacation or holiday pay (or similar amounts) earned for service as a law enforcement officer or firefighter.
Bill· HRH.R. 6707 (97th)referred
United States · United States Congress · 24 June 1982
Amends the Internal Revenue Code to exempt from the crude oil windfall profit tax any crude oil from an economic interest held by the United States.
Bill· HRH.R. 6701 (97th)referred
United States · United States Congress · 24 June 1982
Educational Opportunity and Equity Act of 1982 - Amends the Internal Revenue Code to allow an income tax credit in an amount equal to 50 percent of the tuition paid to an elementary or secondary educational institution for any dependents who have not attained the age of 20. Limits such credit to: (1) $100 in 1983 (2) $300 in 1984; and, (3) $500 in 1985 and thereafter. Reduces such limit by specified percentages of the amount by which the adjusted gross income of the taxpayer exceeds $50,000 ($25,000 in the case of a married individual filing a separate return). Reduces such limits by any amounts paid to the taxpayer or his dependents as scholarships or other financial assistance. Disallows such credit for tuition paid to schools found to maintain racially discriminatory policies. Requires all educational institutions which receive tuition payments for which such credit is taken to file with the Secretary of Treasury a statement, subject to the penalties for perjury, declaring that the institution does not follow a racially discriminatory policy. Requires a taxpayer claiming such credit to attach a copy of such statement to the income tax return. Authorizes the Attorney General, upon the filing of a petition alleging racial discrimination, to bring an action for declaratory judgment against an educational institution to determine whether the institution has followed a racially discriminatory policy.
Bill· HRH.R. 6708 (97th)referred
United States · United States Congress · 24 June 1982
Amends the Internal Revenue Code to exclude from gross income any income, gains, or other amounts derived by an eligible foreign pension plan from qualified investments in residential real property.
Bill· HRH.R. 6704 (97th)referred
United States · United States Congress · 24 June 1982
Amends the Mortgage Subsidy Bond Tax Act of 1980 to provide additional transitional authority to West Hartford, Connecticut, to issue mortgage subsidy bonds for financing owner- occupied residences.
Bill· HRH.R. 6700 (97th)referred
United States · United States Congress · 24 June 1982
Amends the Internal Revenue Code to extend the targeted jobs tax credit from 1982 to 1987. Treats as members of a targeted group certain individuals who either: (1) exhausted rights to extended unemployment compensation during 1982 or 1983; or (2) exhausted rights to regular benefits during 1982 or 1983 and who are eligible for trade readjustment allowances. Repeals the requirement that youths participating in qualified cooperative education programs be economically disadvantaged. Sets forth special rules for the treatment of reemployed individuals.
Bill· HRH.R. 6692 (97th)referred
United States · United States Congress · 24 June 1982
Amends the Internal Revenue Code to grant tax-exempt status to organizations providing dependent care for the purpose of enabling individuals to be gainfully employed. Requires that the services provided by such an organization must be available to the general public.
Bill· HRH.R. 6698 (97th)referred
United States · United States Congress · 24 June 1982
Small Business Investment Incentive Act - Amends the Internal Revenue Code to grant individuals an income tax deduction for purchases, up to $15,000, of small business corporation stock which is sold under a plan conforming to requirements specified by this Act. Defines "small business corporation" as a subchapter S corporation which is actively engaged in a trade or business and which is not a personal service corporation. Specifies requirements for the sale of small business corporation stock under this Act, including requirements that the corporation's aggregate sales price for stock may not exceed $250,000, that stock must be purchased with cash, and that the proceeds from the sale of such stock be used by the small business corporation in the active conduct of its trade or business. Permits taxpayers who do not itemize deductions to deduct from gross income purchases of small business stock which qualify under this Act.
Bill· HRH.R. 6694 (97th)referred
United States · United States Congress · 24 June 1982
Private-School Non-Discrimination and Due Process Act of 1982 - Amends the Internal Revenue Code to prohibit the granting of tax-exempt status to private schools which have been judicially determined to have racially discriminatory policies as to students. Denies income tax and estate and gift tax deductions for any contributions or gifts made to such schools. Defines "racially discriminatory policy as to students" as a policy of intentionally denying admission to, expelling, or providing separate classifications for students on the basis of race, color, or national origin. Excludes from such definition: (1) an admissions policy of a school which limits its students to, or grants preferences to, members of a particular religious organization or belief; and (2) any policy, program, or other activity of a school which is limited to members of a particular religious organization, or which is required by any sincerely held religious belief. Prohibits the Secretary of the Treasury from revoking or denying the tax-exempt status of a private school on the grounds that such school discriminates on the basis of race as to students unless a court of the United States, in a civil action for a declaratory judgment brought by the Secretary, has found that such school has a racially discriminatory policy as to students. Sets forth the procedure to be followed by the Secretary in obtaining a declaratory judgment. Provides that the Secretary must prove, by clear and convincing evidence, that a private school has adopted a racially discriminatory policy as to students. Requires that no adverse action be taken until a school has exhausted appeals. Provides that the district court in which the action for declaratory judgment is brought shall retain jurisdiction and shall reinstate the tax-exempt status of a private school upon a finding that such school no longer has a racially discriminatory policy as to students. Allows the award of costs and attorney's fees to a prevailing school in an action for declaratory judgment brought against it.
Bill· HRH.R. 6684 (97th)referred
United States · United States Congress · 24 June 1982
States that no Internal Revenue Service regulations determining whether an interest in a corporation is to be treated as stock or indebtedness shall apply to an instrument issued before 180 days after the regulations are submitted to Congress. Requires that any such proposed regulations shall be consistent with the findings of Congress set forth in this Act if the Secretary of the Treasury chooses to adopt them.
Bill· SS. 2673 (97th)reported
United States · United States Congress · 23 June 1982
Educational Opportunity and Equity Act of 1982 - Amends the Internal Revenue Code to allow an income tax credit in an amount equal to 50 percent of the tuition paid to an elementary or secondary educational institution for any dependents who have not attained the age of 20. Limits such credit to: (1) $100 in 1983; (2) $300 in 1984; and (3) $500 in 1985 and thereafter. Reduces such limits by specified percentages of the amount by which the adjusted gross income of the taxpayer exceeds $50,000 ($25,000 in the case of a married individual filing a separate return). Reduces such limits by any amounts paid to the taxpayer or his dependents as scholarships or other financial assistance. Disallows such credit for tuition paid to schools found to maintain racially discriminatory policies. Requires all educational institutions which receive tuition payments for which such credit is taken to file with the Secretary of the Treasury a statement, subject to the penalties for perjury, declaring that the institution does not follow a racially discriminatory policy. Requires a taxpayer claiming such credit to attach a copy of such statement to the income tax return. Authorizes the Attorney General, upon the filing of a petition alleging racial discrimination, to bring an action for declaratory judgment against an educational institution to determine whether the institution has followed a racially discriminatory policy.
Bill· HRH.R. 6676 (97th)referred
United States · United States Congress · 23 June 1982
Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act and the Internal Revenue Code to exempt taxpayers who have attained age 65 from social security taxation (employees' and self-employment tax).
Bill· HRH.R. 6669 (97th)referred
United States · United States Congress · 23 June 1982
Amends the Internal Revenue Code to allow an investment tax credit for modifications to chlor-alkali electrolytic cells.
Bill· HRH.R. 6672 (97th)referred
United States · United States Congress · 23 June 1982
Amends the Internal Revenue Code to allow pensioners under a public retirement system and other retirees aged 65 or over a $10,000 exclusion from gross income for any amount received as an annuity, pension, or other retirement benefit.
Bill· HRH.R. 6668 (97th)referred
United States · United States Congress · 23 June 1982
Amends the Internal Revenue Code to exclude from gross income any amount received by reason of the discharge of a home mortgage loan.
Bill· HRH.R. 6662 (97th)referred
United States · United States Congress · 23 June 1982
Amends the Internal Revenue Code to allow an income tax deduction for the current fair market value of a literary, musical, or artistic composition created by the personal efforts of the taxpayer and contributed to a charitable organization. Disallows a fair market value deduction for a contribution of property which was produced while the taxpayer was a Government officer or employee if such property arose out of the performance of the taxpayer's duties.
Bill· HRH.R. 6654 (97th)open
United States · United States Congress · 22 June 1982
Amends the Internal Revenue Code to authorize the Secretary of the Treasury to prescribe regulations exempting retirees or individuals over age 65 from interest penalties with respect to any underpayment of estimated tax. Requires that such underpayment be due to reasonable cause (defined to include mistake or ignorance of the law) and not to willful neglect.
Bill· HRH.R. 6645 (97th)open
United States · United States Congress · 22 June 1982
Urgent Supplemental Appropriations Act, 1982 - Title I: Chapter I - Makes supplemental appropriations for FY 1982 to the Department of Labor by funds transfers for: (1) the Employment and Training Administration; (2) the Employment Standards Administration; and (3) the Bureau of Labor Statistics. Makes supplemental appropriations for FY 1982 to the Department of Health and Human Services by a transfer of funds to the Office of the Inspector General. Makes supplemental appropriations for FY 1982 to the Department of Education for student loan insurance. Chapter II - Rescinds specified funds appropriated to the Department of Housing and Urban Development for FY 1982 for annual contributions for assisted housing. Transfers specified funds appropriated to the Department for FY 1982 for the public housing program, including contract authority for assistance in financing the development or acquisition of low-income housing for Indian families, modernization of existing low-income housing projects, and construction and substantial rehabilitation of housing units. Requires the Secretary to include in the determination of the fair market rental of low-income housing a debt service factor reflecting the lesser of 14 percent, or one-half percent below the rate of interest on the permanent instrument sold to finance the project. Prohibits the Secretary, with respect to newly constructed and substantially rehabilitated low-income housing projects, from imposing a percentage or other arbitrary limitation on the cost and rent increases resulting from increased construction costs. Prohibits the termination of a reservation of contract authority for any low-income housing project because of the project's inability to obtain firm financing, unless such termination occurs no less than 24 months following the initial reservation of contract authority for the project. Makes supplemental appropriations for FY 1982 to the Department for: (1) payments for operation of low-income housing projects; and (2) the Government National Mortgage Association. Makes supplemental appropriations for FY 1982 to the Environmental Protection Agency for construction grants. Chapter III - Makes supplemental appropriations for FY 1982 to the Civil Aeronautics Board for payments to air carriers. Makes supplemental appropriations for FY 1982 to the Interstate Commerce Commission for payments for directed rail service. Chapter IV - Makes supplemental appropriations for FY 1982 to the Department of the Treasury for: (1) the Bureau of Government Financial Operations; and (2) the Bureau of Alcohol, Tobacco and Firearms. Makes supplemental appropriations for FY 1982 to the Merit Systems Protection Board and the U.S. Tax Court. Chapter V - Makes supplemental appropriations for FY 1982 to the National Oceanic and Atmospheric Administration for operations, research, and facilities. Chapter VI - Makes supplemental appropriations for FY 1982 to the Department of Agriculture for the food stamp program. Title II - General Provisions - Prohibits any part of any appropriation contained in this Act from remaining available for obligation beyond July 20, 1982, unless expressly so provided.
Resolution· HRESH.Res. 509 (97th)passed
United States · United States Congress · 22 June 1982
Sets forth the rule for the consideration of H.R. 5831 (Farm and rural development programs lending limits).
Bill· SS. 2653 (97th)referred
United States · United States Congress · 18 June 1982
Amends the Internal Revenue Code to increase from $10,000 to $15,000 the limitation on the income tax deduction for interest paid or accrued on investment indebtedness for individuals who invest in a corporation or partnership and who control such corporation or partnership through an employee ownership plan.
Bill· SS. 2647 (97th)open
United States · United States Congress · 17 June 1982
Amends the Internal Revenue Code to revise requirements for the deduction of expenses incurred in attending a convention, seminar, or other meeting held on a domestic cruise ship documented under the laws of the United States. Imposes special reporting requirements on taxpayers who claim such deduction.
Bill· SS. 2639 (97th)open
United States · United States Congress · 17 June 1982
Amends the Internal Revenue Code to treat use of a family farm or business by a family member of an heir to such property as a qualified use for purposes of the special use valuation provisions of the estate tax if such use occurred while the heir qualified under the special use valuation provisions or had attained age 65.
Bill· SS. 2643 (97th)referred
United States · United States Congress · 17 June 1982
Amends the Internal Revenue Code to permit married individuals an election to file joint returns or to file as unmarried individuals and be subject to applicable tax rates.
Bill· SS. 2642 (97th)open
United States · United States Congress · 17 June 1982
Comprehensive Mining Reclamation Reserve Act of 1982 - Amends the Internal Revenue Code to allow surface mine operators to establish a reserve for mining land reclamation costs and to deduct additions to such reserve.
Bill· SS. 2646 (97th)referred
United States · United States Congress · 17 June 1982
Small Issue Industrial Development Bond Reform Act of 1982 - Amends the Internal Revenue Code to disqualify industrial development bonds (IDBs) for the small issue tax exemption if more than 25 percent of the proceeds of such bonds are used to finance automobile sales and service facilities, restaurants, or entertainment or recreation facilities. Requires bond issuing authorities to conduct public hearings prior to the approval and issuance of any small issue industrial development bond. Requires the Governor of a State to report to the Secretary of the Treasury annually beginning in 1984 on bonds issued during the preceding year. Requires that an elected official of the municipality approve bond issues. Increases to $25,000,000 the amount of industrial development bonds used for economically distressed areas which qualify as tax-exempt small issues. Specifies requirements relating to average income, housing stock, out migration, and tax base for designation as a qualified distressed area. Provides that research and experimental expenditures shall not be taken into account for purposes of determining the aggregate face value of industrial development bonds which otherwise qualify for the small issue exemption. Excludes from gross income interest received on industrial development bonds used to finance a qualified Federal facility in an economically distressed area or an area eligible for urban development action grants. Requires the Secretary of the Treasury to study and report to specified congressional committees on the use of small issue industrial development bonds and the operation of this Act. Permits separate treatment of portions of certain issues if the separate face amount of each portion is determinable, for purposes of the restrictions on pooled issues contained in Revenue Ruling 81-216. Sets forth effective dates for this Act. Includes as an exempt activity, the acquisition of an existing air or water pollution control facility with the proceeds of an obligation issued by a qualified regional pollution control authority.
Bill· HRH.R. 6630 (97th)open
United States · United States Congress · 17 June 1982
Amends the Internal Revenue Code to revise requirements for the tax exclusion of interest on industrial development bonds. Increases to $10,000,000 the amount of bonds which qualify as tax-exempt small issues or tax-exempt pollution control bonds. Exempts issues from such limitation if substantially all of the proceeds are used to provide facilities located in economically distressed areas or adjacent areas. Specifies requirements relating to poverty and population for designation as a distressed area. Disqualifies industrial development bonds from the small issue exemption if ten percent or more of the proceeds are used to finance certain private or commercial recreation facilities. Requires bond issuing authorities to conduct public hearings prior to the approval and issuance of any small issue industrial development bond. Requires the Governor of a State to report to the Secretary of the Treasury annually beginning in 1984 on bonds issued during the preceding year. Requires that elected officials in the local jurisdiction approve bond issues. Provides that property financed with tax-exempt industrial development bonds shall not be eligible for accelerated cost recovery. Requires that such property be depreciated using the straight line method over specified recovery periods. Provides that in-house research and experimental expenditures shall not be taken into account for purposes of determining the aggregate face value of industrial development bonds which otherwise qualify for the small issue exemption. Treats composite issues of bonds as a single issue of obligations separate from other obligations if the other obligations are issued separately. Limits arbitrage rules for small issues and pollution control bonds. Permits the financing of district heating or cooling facilities with tax- exempt bonds. Specifies that interest on certain industrial development bonds may be excluded from gross income if such bonds are used for the local furnishing of gas (previously just electric) energy.
Bill· HRH.R. 6627 (97th)referred
United States · United States Congress · 17 June 1982
Amends the Internal Revenue Code to base the civil penalty for tax fraud on only the portion of the underpayment which is due to fraud rather than on the entire underpayment.
Bill· HRH.R. 6640 (97th)referred
United States · United States Congress · 17 June 1982
Amends the Internal Revenue Code to exclude from gross income up to $7,500 ($15,000 for for joint returns) of the retired or retainer pay received by a member or former member of a uniformed service under a family protection plan or survivor benefit plan.
Bill· HRH.R. 6628 (97th)referred
United States · United States Congress · 17 June 1982
Requires that the Internal Revenue Code be amended to provide that after 1985 all income should be taxed at a rate of 15 percent or less. Sets forth guidelines for a new income tax scheme. Requires the Secretary of the Treasury to propose legislation to implement this Act.
Bill· HRH.R. 6638 (97th)referred
United States · United States Congress · 17 June 1982
Jobs Act of 1982 - Amends the Internal Revenue Code to grant employers a nonrefundable income tax credit for 50 percent of the first $10,000 of wages paid to certain unemployed workers residing in congressional districts designated as high unemployment areas.
Bill· HJRESH.J.Res. 514 (97th)referred
United States · United States Congress · 17 June 1982
Makes a supplemental appropriation for FY 1982 to the Department of Labor for specfied employment and training assistance under the Comprehensive Employment and Training Act, including youth employment and training and public service employment programs.
Bill· HRH.R. 6617 (97th)open
United States · United States Congress · 16 June 1982
Business Tax Reform Act of 1982 - Amends the Internal Revenue Code to repeal provisions which allow sale and lease back arrangements between corporations. Repeals the increased accelerated cost recovery schedules which were to become effective in 1985. Requires a basis reduction for investment tax credit property equal to the amount of the credit taken. Exempts certified historic structures from such recapture tax. Increases the recovery period for real property depreciation from 15 to 20 years.
Bill· HRH.R. 6605 (97th)referred
United States · United States Congress · 16 June 1982
Fewer-Mergers, Stronger Small Business Act of 1982 - Imposes an additional income tax on corporations who are parties to a merger involving a large corporate acquisition. Defines "large corporate acquisition" as the acquisition during a year of a controlling interest in another corporation if one of the corporation's gross income exceeds $200,000,000 and the other corporation's gross income is at least $10,000,000. Exempts acquisitions of insolvent corporations from such tax. Establishes in the treasury the Small Business Trust Fund. Appropriates to such fund taxes collected from large corporate acquisitions. Specifies that such fund shall be used for the small business innovation research project of the National Science Foundation and to lower the social security payroll tax on employers of 500 or less.
Bill· HRH.R. 6616 (97th)referred
United States · United States Congress · 16 June 1982
Amends the Internal Revenue Code to exclude from gross income certain public retirement benefits to the extent that such benefits do not exceed the maximum social security benefits minus the amount of social security actually received.