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Bill· HRH.R. 13735 (94th)referred
United States · United States Congress · 12 May 1976
Solar Energy Incentive Act - Allows an individual to take a tax credit, under the Internal Revenue Code, in an amount equal to 25 percent of the qualified solar heating and cooling equipment expenditures incurred by the taxpayer with respect to his principal residence to the extent such expenditures do not exceed $8,000, plus that portion of the qualified State or local real property taxes paid or accrued for the taxable year or accrued for the taxable year attributable to such solar heating and cooling expenditures. Authorizes an individual to take a tax deduction for a part of the acquisition costs of any qualified solar heating and cooling equipment for any residence. Limits such deduction to the lesser of ten percent of the acquisition costs or $800 or $400 for the third year of such acquisition.
Bill· HRH.R. 13728 (94th)referred
United States · United States Congress · 12 May 1976
Amends the Internal Revenue Code to stipulate that in the case of any taxpayer to whom the Secretary of the Treasury or his delegate has issued a written determination with respect to any transaction or series of transactions the provisions of the Internal Revenue Code shall be applied with respect to such transaction or series of transactions in accordance with such interpretation unless: (1) such interpretation is no longer applicable by reason of a law enacted after such interpretation; (2) the taxpayer is notified by the Secretary that such determination has been revoked; or (3) there has been a material change in the facts upon which such determination was based. States that no revocation by the Secretary shall apply to transactions occurring prior to the date of the revocation.
Bill· SS. 3417 (94th)referred
United States · United States Congress · 11 May 1976
Amends the Internal Revenue Code to exclude from gross income of employees, contributions made by their employer to or under insurance plans which provide property and liability insurance coverages for the employees.
Bill· SS. 3405 (94th)referred
United States · United States Congress · 11 May 1976
Amends the Internal Revenue Code to provide that tax returns and tax reform information shall be confidential and shall not be disclosed under any circumstances except to such persons and for such purposes as are authorized by this Act. Provides that returns and return information, except with regard to taxes imposed on wagering and machine guns, shall be available to State tax agencies to the extent necessary for the administration of a specific tax law of a State and shall be used only for tax administration. Provides for disclosure of returns and information to the House Ways and Means Committee, the Senate Committee on Finance, and the Joint Committee on Internal Revenue Taxation upon written request of the chairman of the Committee for use in closed executive session. Authorizes disclosure to other Congressional committees upon written request of the chairman for use in closed executive session if the committee is authorized by a resolution of the House or Senate to inspect returns or return information. Authorizes the disclosure of returns and return information to the President if he submits to the Secretary of the Treasury a written request containing specified information. Provides for the disclosure of returns and return information to Federal officers and employees directly engaged in the preparation of any Federal administrative or judicial proceeding pertaining to the enforcement of a specific Federal statute not involving tax administration only if: (1) the taxpayer is or may be a party to such proceeding; (2) the taxpayer consents; or (3) the return or return information has a direct bearing on the outcome of such proceeding because of the existence of specified relationships between parties to the proceedings and the taxpayer. Authorizes the disclosure of returns and return information in any Federal or State judicial or administrative proceeding pertaining to tax administration or any judicial or administrative proceeding pertaining to a specified Federal statute not involving tax administration if: (1) the taxpayer is a party to such proceeding; (2) the taxpayer consents; (3) the return or return information may have a direct bearing on the outcome of such proceeding; (4) it is necessary to impeach the testimony of the taxpayer as a witness; (5) it is required by the Federal Rules of Criminal Procedure; (6) it is required by the United States Constitution. Provides for disclosure of specified return information to specified Federal agencies and officials if an individual is under consideration for appointment to a position in the executive or judicial branch of the Federal Government. Authorizes disclosure of taxpayer identity information to any Federal agency and to State and local welfare agencies for purposes of locating an individual with respect to whom a return has been filed. Provides that return information may be disclosed to the Justice Department to the extent necessary to answer an inquiry as to whether a juror in a Federal proceeding has, or has not, been investigated by the Treasury Department. Authorizes the disclosure of return information pertaining to violations of criminal laws to the Attorney General and to States. Directs the Secretary of the Treasury to maintain a record of all requests for inspection or disclosure of returns and return information, and of returns and return information inspected or disclosed under this Act. Provides that disclosures of returns or return information in violation of this Act shall be punished by a fine of not more than $5,000, or imprisonment for not more than one year, or both. Requires dismissal of the offender if he is an officer or employee of the United States.
Bill· SS. 3404 (94th)referred
United States · United States Congress · 11 May 1976
Broadened Stock Ownership Act - Provides that for purposes of the Internal Revenue Code the term "broadened stock ownership plan" means a trust created or organized in the United States for the exclusive benefit of an individual or his beneficiaries which meets specified requirements, including: (1) contributions will not be accepted for the taxable year in excess of $1,500 on behalf of any individual; (2) the trust is designed to invest solely in common stock of domestic corporations; (3) contribution received by the trustee during a particular taxable year will be allocated to a separate class year account; and (4) the interest of an individual in each class year account may not be paid or distributed before the end of the seventh taxable year following that year in which such class year account was established, except in the case of death or disability. States that the term "broadened stock ownership annuity" means a contract for a variable annuity, issued by an insurance company which meets specified requirements similar to those of the stock ownership trust above. Provides that a trust created or organized in the United States by an employer for the exclusive benefit of his employees or their beneficiaries, or by an association of employees for the exclusive benefit of its members or their beneficiaries, shall be treated as a broadened stock ownership, but only if the trust meets the requirements of such a plan as stated above and also provides a separate accounting for the interest of each employee or member. Exempts broadened stock ownership plans from taxation. Provides that any amount paid by an employer to a broadened stock ownership plan or annuity shall be included in an individuals gross income. Allows an individual to deduct from his gross income amounts paid in cash during the taxable year by or on behalf of such individual to a broadened stock ownership plan or annuity. Stipulates that no deduction shall be allowed for the two taxable years succeeding the taxable year in which a payment or distribution from such a plan or annuity which is taxable year in which a payment or distribution from such a plan or annuity which is taxable to the individual under this Act is made. Stipulates that the deduction allowable to an individual under this Act may not exceed an amount equal to 15 percent of the compensation included in his gross income for such taxable year, or $1,500, whichever is less, multiplied by a fraction, the denominator of which is $20,000 and the numerator of which is $20,000 minus the excess of such compensation over $20,000. Provides that any amount received from a class year account established more than seven years before the taxable year in which the amount is received, and any amount paid or distributed on account of the death of the individual for whose benefit the broadened stock ownership plan or annuity was created, shall be included in gross income in the year received and treated as a long term capital gain. Makes technical and conforming amendments to the Internal Revenue Code.
Bill· HRH.R. 13717 (94th)referred
United States · United States Congress · 11 May 1976
Amends the Internal Revenue Code to provide, in the case of a disabled individual, a deduction for expenses paid during the taxable year for transportation to and from work to the extent that such expenses do not exceed $750. Allows an additional exemption of $750 to a taxpayer or a spouse who is disabled.
Bill· HRH.R. 13690 (94th)referred
United States · United States Congress · 11 May 1976
Amends the Internal Revenue Code to provide that in the case of charitable contributions of property by a corporation, the amount of the charitable deduction need be reduced only by one-half of the amount of gain which would not have been long-term capital gain if the property contributed had been sold by the taxpayer at its fair market value, rather than the entire amount of such gain if: (1) the use of the property by the donee is related to its charitable function; (2) the property is not transferred by the donee for consideration; and (3) the taxpayer receives a written statement from the donee of conformance with the requirements of (1) and (2).
Bill· HRH.R. 13695 (94th)referred
United States · United States Congress · 11 May 1976
Small Business Tax Reduction Act - Allows as a tax credit against the tax imposed under the Internal Revenue Code an amount equal to ten percent of the social security taxes on employers paid during the taxable year by the corporation. Limits such credit to the amount of employer's tax paid on ten employees.
Bill· HRH.R. 13687 (94th)referred
United States · United States Congress · 11 May 1976
Small Business Growth and Job Creation Act - Title I: Small Business Independence and Continuation - Amends the Internal Revenue Code to establish graduated corporate income tax rates. Changes the holding period for capital assets from six months to one year. Establishes a new alternative tax on capital gains. Increases the estate tax exemption from $60,000 to $180,000. Establishes a new rate schedule for the estate tax. Increases the gift tax exclusion from $3,000 to $9,000, and the gift tax exemption from $30,000 to $90,000. Replaces the present gift tax schedule with a flat rate of 75 percent of whatever the estate tax on such a sum would be. Provides that a distribution of property by a corporation in redemption of stock to pay death taxes shall be treated as a distribution in full payment in exchange for the stock if all of the stock of such corporation which is included in determining the value of the decedent's gross estate is either, (1) more than 20 percent (generally, 35 percent), of the value of the gross estate of such decedent, or (2) more than 40 percent (generally, 50 percent) of the taxable estate of such decedent. Provides that if stock in a corporation is sold by a shareholder owning stock representing more than 30 percent of the fair market value of all outstanding stock of the corporation whose stock is being sold, the gain from such sale shall be recognized only to the extent that the taxpayer's sale price exceeds the cost of replacement property purchased by the taxpayer within two years. Defines "replacement property" as property which is held for the production of income or which is held for investment. Allows the executor of an estate involving an interest in a closely held business to elect to include in the value of the gross estate the decedent's basis in such business rather than the fair market value of such interest. States that the basis of property acquired from a decedent as to which such an election was made shall be the decedent's basis in such property rather than the fair market value of such interest. Allows the marital deduction of the estate tax to exceed 50 percent of the value of the adjusted gross estate when an interest in a specially defined small business is included in the estate. Title II: Small Business Growth Incentives - Allows a taxpayer to choose the cash method of accounting in any case where inventory is an income determining factor and the ending inventory for the taxable year does not exceed $200,000. Provides a deferred tax credit against taxable income for unincorporated businesses. Establishes a graduated investment tax credit. Amends the definition of a small business corporation to allow domestic corporations with up to 20 shareholders (presently, ten) to qualify for subchapter S treatment. Allows a small business to make a subchapter S election at any time during the taxable year. Allows to a business a credit equal to 50 percent of the wages paid during the taxable year to new employees, up to two employees and $20,000 for the taxable year. Allows a similar credit for new disadvantaged employees up to a maximum of $60,000 per taxable year. Allows the practical cost recovery method to be used in computing depreciation. Title III: Small Business Tax Simplification - Allows a corporation to file an application for refund of overpayment of estimated income tax at any time during the taxable year. Provides a special rule for treatment of net operating loss adjustments in the case of new corporations. Increases the minimum credit on accumulated earnings from $150,000 to $500,000. Redefines "section 1244 stock" to mean common stock in a corporation if: (1) such corporation during its preceding taxable year derived more than 50 percent of its aggregate gross receipts from sources other than royalties, rents, dividends, interest, annuities, and sales or exchanges of stock or securities; and (2) the equity capital of such corporation does not exceed $1,000,000. Increases the losses on section 1244 stock which may be treated as ordinary losses (rather than capital losses) from $25,000 to $50,000.
Bill· SS. 3397 (94th)referred
United States · United States Congress · 10 May 1976
Small Business Growth and Job Creation Act - Title I: Small Business Independence and Continuation - Amends the Internal Revenue Code to establish graduated corporate income tax rates. Changes the holding period for capital assets from six months to one year. Establishes a new alternative tax on capital gains. Increases the estate tax exemption from $60,000 to $180,000. Establishes a new rate schedule for the estate tax. Increases the estate tax exclusion from $3,000 to $9,000, and the gift tax exemption from $30,000 to $90,000. Replaces the present gift tax schedule with a flat rate of 75 percent of whatever the estate tax on such a sum would be. Provides that a distribution of property by a corporation in redemption of stock to pay death taxes shall be treated as a distribution in full payment in exchange for the stock if all of the stock of such corporation which is included in determining the value of the decedent's gross estate is either, (1) more than 20 percent (generally, 35 percent), of the value of the gross estate of such decedent, or (2) more than 40 percent (generally, 50 percent) of the taxable estate of such decedent. Provides that if stock in a corporation is sold by a shareholder owning stock representing more than 30 percent of the fair market value of all outstanding stock of the corporation whose stock is being sold, the gain from such sale shall be recognized only to the extent that the taxpayer's sale price exceeds the cost of replacement property purchased by the taxpayer within two years. Defines "replacement property" as property which is held for the production of income or which is held for investment. Allows the executor of an estate involving an interest in a closely held business to elect to include in the value of the gross estate the decedent's basis in such business rather than the fair market value of such interest. States that the basis of property acquired from a decedent as to which such an election was made shall be the decedent's basis in such property rather than the fair market value of such interest. Allows the marital deduction of the estate tax to exceed 50 percent of the value of the adjusted gross estate when an interest in a specially defined small business is included in the estate. Title II: Small Business Growth Incentives - Allows a taxpayer to choose the cash method of accounting in any case where inventory is an income determining factor and the ending inventory for the taxable year does not exceed $200,000. Provides a deferred tax credit against taxable income for unincorporated businesses. Establishes a graduated investment tax credit. Amends the definition of a small business corporation to allow domestic corporations with up to 20 shareholders (presently, ten) to qualify for subchapter S treatment. Allows a small business to make a subchapter S election at any time during the taxable year. Allows to a business a credit equal to 50 percent of the wages paid during the taxable year to new employees, up to two employees and $20,000 for the taxable year. Allows a similar credit for new disadvantaged employees up to a maximum of $60,000 per taxable year. Allows the practical cost recovery method to be used in computing depreciation. Title III: Small Business Tax Simplification - Allows a corporation to file an application for refund of overpayment of estimated income tax at any time during the taxable year. Provides a special rule for treatment of net operating loss adjustments in the case of new corporations. Increases the minimum credit on accumulated earnings from $150,000 to $500,000. Redefines "section 1244 stock" to mean common stock in a corporation if: (1) such corporation during its preceding taxable year derived more than 50 percent of its aggregate gross receipts from sources other than royalties, rents, dividends, interest, annuities, and sales or exchanges of stock or securities; and (2) the equity capital of such corporation does not exceed $1,000,000. Increases the losses on section 1244 stock which may be treated as ordinary losses (rather than capital losses) from $25,000 to $50,000.
Bill· HRH.R. 13677 (94th)referred
United States · United States Congress · 10 May 1976
Amends the Internal Revenue Code to provide that income to agricultural organizations derived from conducting of horse races and dog races shall not be unrelated business taxable income. Denies all deductions directly connected with such races for any taxable year.
Bill· HRH.R. 13662 (94th)referred
United States · United States Congress · 10 May 1976
Small Corporate Employers Retirement Pension Plans Act - Authorizes small corporate employees to establish a qualified trust, or annuity plan under the Internal Revenue Code, by complying with the alternative plan which prescribes minimum participation standards, minimum vesting standards, and minimum funding standards different from those presently applicable to qualifying trusts. Allows an employer to take a tax deduction for contributions to an employees' trust or annuity in excess of 100 percent of such contribution, up to a contribution level of $25,000.
Bill· HRH.R. 13633 (94th)referred
United States · United States Congress · 7 May 1976
Authorizes a taxpayer, under the Internal Revenue Code, to elect to treat qualified architectural and transportational barrier removal expenses which are paid or incurred during the taxable year as expenses which are not chargeable to capital account. Deems such expenses so treated as allowable tax deductible expenditures.
Bill· HRH.R. 13634 (94th)referred
United States · United States Congress · 7 May 1976
Authorizes a taxpayer, under the Internal Revenue Code, to elect to treat qualified architectural and transportational barrier removal expenses which are paid or incurred during the taxable year as expenses which are not chargeable to capital account. Deems such expenses so treated as allowable tax deductible expenditures.
Bill· HRH.R. 13635 (94th)referred
United States · United States Congress · 7 May 1976
Authorizes a taxpayer, under the Internal Revenue Code, to elect to treat qualified architectural and transportational barrier removal expenses which are paid or incurred during the taxable year as expenses which are not chargeable to capital account. Deems such expenses so treated as allowable tax deductible expenditures.
Bill· HRH.R. 13632 (94th)referred
United States · United States Congress · 7 May 1976
Authorizes a taxpayer, under the Internal Revenue Code, to elect to treat qualified architectural and transportational barrier removal expenses which are paid or incurred during the taxable year as expenses which are not chargeable to capital account. Deems such expenses so treated as allowable tax deductible expenditures.
Bill· HRH.R. 13625 (94th)referred
United States · United States Congress · 6 May 1976
Human Investment Tax Incentive Act - Allows a tax credit, under the Internal Revenue Code, in an amount equal to 20 percent of employee training expenses. Limits such credit to an amount not to exceed so much of the liability for tax as does not exceed $25,000, plus 50 percent of so much of the liability for tax as exceeds $25,000. Defines "employee training expenses" as the wages and salaries of employees enrolled in an apprenticeship program or a cooperative education program or the tuition and course fees paid by the taxpayer for improving the job-related skills of an employee.
Bill· HRH.R. 13609 (94th)referred
United States · United States Congress · 6 May 1976
Amends the Internal Revenue Code to eliminate in the case of taxpayers over age 65 the one percent floor on the deduction for medicine and drugs, and the three percent floor on the deduction for medical expenses.
Bill· HRH.R. 13622 (94th)referred
United States · United States Congress · 6 May 1976
Amends the Budget and Accounting Act of 1921 to require that all departmental budget requests made to the Office of Management and Budget with respect to any fiscal year along with any figures developed by subordinate officers of such departments be submitted to the Congress along with the President's budget for such year. Requires that officials of the Office of Management and Budget, when requested to do so by the appropriate committees of the Congress, testify before such committees on the President's budget and on such departmental budget requests.
Bill· SS. 3381 (94th)referred
United States · United States Congress · 5 May 1976
Jobs Creation Act - Allows as a tax credit under the Internal Revenue Code an amount equal to ten percent of the increase in the total amount of qualified savings deposits and investments of an individual. Stipulates that such credit shall not exceed $1,000. Increases the maximum tax deduction for retirement savings to $2,000. Excludes from gross income amounts received by an individual as dividends from domestic corporations. Allows a taxpayer to exclude from gross income up to $1,000 of gain from the sale or exchange of securities. Allows the nonrecognition of gain from the sale or exchange of qualified small business property, at the election of the taxpayer, to the extent that the amount realized on such sale or exchange is reinvested in qualified small business property by the taxpayer during the reinvestment period beginning one year before the date of the sale or exchange and ending one year after such date. Allows the executor of an estate which includes an interest in a qualified closely held business which exceeds either 35 percent of the value of the gross estate or 50 percent of the value of the taxable estate, but is less than $300,000 to elect: (1) to pay the estate tax in up to 20 equal annual installments (presently ten); and (2) to defer the payment of the first installment until five years after the filing of the return. Reduces the corporate normal tax rate to 20 percent. Reduces the corporate surtax rate to 22 percent. Increases the corporate surtax exemption to $100,000. Revises the procedure for the determination of the investment credit to provide graduated rates of 25 percent of the qualified investment to the extent that the qualified investment does not exceed $25,000; 20 percent of the qualified investment to the extent that the qualified investment exceeds $25,000 and does not exceed $50,000; plus 15 percent of the qualified investment to the extent that qualified investment exceeds $50,000. Increases the allowable percentage variation from any class life prescribed by the Secretary of the Treasury to 40 percent. Allows a taxpayer to elect to take a tax deduction for a capital recovery allowance on qualified tangible property in lieu of the depreciation allowance. Allows a taxpayer to elect a 12-month amortization period for pollution control facilities. Increases the exemption for specified small issues of industrial revenue bonds which allows the exclusion from gross income of investment received on such bonds to the extent that the bond issue does not exceed $10,000,000.
Bill· SS. 3378 (94th)referred
United States · United States Congress · 5 May 1976
Provides, under the Internal Revenue Code, that a distribution of property in redemption of stock to pay death taxes shall be treated as a distribution in full payment in exchange for the stock in the case of specified close corporations if all of the stock of such corporation which is included in determining the value of the decedent's gross estate is either (1) more than 20 percent (generally, 35 percent), of the value of the gross estate of such decedent, or (2) more than 40 percent (generally, 50 percent) of the taxable estate of such decedent.
Bill· HRH.R. 13561 (94th)referred
United States · United States Congress · 5 May 1976
Surplus School Conversion Act - Entitles taxpayers, under the Internal Revenue Code, to elect to take a deduction with respect to the amortization of any qualified school or hospital property based on a period of 180 months. Defines qualified school or hospital property to mean any building or other structure which is acquired by the taxpayer from a tax-exempt organization which used such structure to provide facilities for an educational institution or an institution which provided medical or custodial care. Makes technical and conforming amendments.
Bill· HRH.R. 13574 (94th)referred
United States · United States Congress · 5 May 1976
Amends the Internal Revenue Code to allow a deduction to individuals who rent their principal residences for a portion of the real property taxes paid or accrued by their landlord.
Bill· HRH.R. 13566 (94th)referred
United States · United States Congress · 5 May 1976
Amends the Internal Revenue Code to increase from $1,000,000 to $10,000,000 the exemption from industrial development bond treatment for qualified small issues, which exempts the interest paid on such bond issues from Federal taxation.
Bill· HRH.R. 13554 (94th)referred
United States · United States Congress · 5 May 1976
Amends the State and Local Fiscal Assistance Act of 1972 to increase the amount allocable to a State or local government by ten percent if such State or local government funds public education from sources other than the collection of property taxes. Authorizes to be appropriated such sums as may be necessary to carry out the purposes of this Act.
Bill· HJRESH.J.Res. 938 (94th)referred
United States · United States Congress · 5 May 1976
Amends the Revenue Adjustment Act of 1975 to provide that the section relating to corporate income tax shall refer to provisions of the Internal Revenue Code dealing with the normal tax on corporations rather than corporations in general.
Bill· SS. 3374 (94th)referred
United States · United States Congress · 4 May 1976
Amends the Interstate Commerce Act and the Federal Aviation Act to prohibit the withholding for income tax purposes by a State or subdivision thereof of compensation of common carrier employees whose residence is in a State which does not levy a State income tax.
Bill· SS. 3368 (94th)referred
United States · United States Congress · 4 May 1976
Interstate Taxation of Depositories Act - Title I: Jurisdiction to Tax - Allows States and political subdivisions to impose a doing-business tax on a depository bank which does business within such State or political subdivision. Title II: Maximum Percentage of Income, Receipts, or Capital Attributable to Taxing Jurisdiction - Provides an optional formula for apportioning such interstate tax, whereby a State may not impose for any taxable year on a depository taxable in more than one State a doing-business tax measured by an amount of net income, gross receipts, or capital in excess of the amount determined by multiplying the depository's base by an apportionment fraction: the numerator of which is the sum of the payroll factor and the receipts factor and the denominator of which is two. Provides that a depository may be taxed in more than one State if the requisite jurisdiction exists. Allows States to require combined reporting, including the combined base and apportionment factors of all corporations affiliated with such depository. Sets forth exceptions to this reporting requirement, including corporations incorporated outside of the United States. Defines the payroll and receipts factors which constitute the apportionment fraction. Excludes from net income and gross receipts: (1) dividends received from a corporation in which such depository owns at least 80 percent of the voting stock, or (2) all income which is considered income from sources outside the United States. Excludes from the capital of a depository investments in, and advancements to, affiliated corporations. Title III: Definitions and Miscellaneous Provisions - Defines the terms used in this Act. Prohibits discriminatory imposition of a doing-business tax on specified depositories.
Bill· HRH.R. 13533 (94th)referred
United States · United States Congress · 4 May 1976
Legal Fees Reimbursement Act - Provides that in any legal action initiated by the Government, or in any action instituted by a taxpayer contesting the accuracy of a deficiency or claiming a refund of taxes paid where the taxpayer prevails or substantially prevails, the Government shall be liable for the reimbursement in full of all reasonable litigation expenses incurred by the taxpayer as a consequence of legal defense, under the Internal Revenue Code.
Bill· HRH.R. 13530 (94th)referred
United States · United States Congress · 4 May 1976
Solar Energy Incentive Act - Allows an individual to take a tax credit, under the Internal Revenue Code, in an amount equal to 25 percent of the qualified solar heating and cooling equipment expenditures incurred by the taxpayer with respect to his principal residence to the extent such expenditures do not exceed $8,000, plus that portion of the qualified State or local real property taxes paid or accrued for the taxable year or accrued for the taxable year attributable to such solar heating and cooling expenditures. Authorizes an individual to take a tax deduction for a part of the acquisition costs of any qualified solar heating and cooling equipment for any residence. Limits such deduction to the lesser of ten percent of the acquisition costs or $800 or $400 for the third year of such acquisition.
Bill· HRH.R. 13548 (94th)referred
United States · United States Congress · 4 May 1976
Amends the State and Local Fiscal Assistance Act of 1972 to take into account transfers of funds from publicly owned public utilities in addition to revenues raised by State and local taxes when calculating the general tax factor for the purpose of computing State and local revenue sharing entilements.
Bill· HRH.R. 13532 (94th)referred
United States · United States Congress · 4 May 1976
Exempts from Federal income taxation, under the Internal Revenue Code, a corporation organized and operated for mutual purposes and without profit for the purpose of providing, either or both, reserve funds for, and insurance of, shares and deposits in credit unions which have no capital stock and are organized and operated for mutual purposes and not for profit.
Bill· HRH.R. 13513 (94th)referred
United States · United States Congress · 3 May 1976
Amends the Internal Revenue Code to allow a tax deduction for amounts paid during the taxable year for the education of the taxpayer or any dependent at an institution of higher education. Limits such deduction to $1,000 with respect to the education of any individual.
Bill· HRH.R. 13491 (94th)referred
United States · United States Congress · 30 April 1976
Authorizes a taxpayer to elect to exclude the gain from sale or exchange of property from gross income, under the Internal Revenue Code, if the taxpayer is disabled and if such property has been owned and used by the taxpayer as his principal residence for periods aggregating five years or more during the eight-year period ending on the date of the sale or exchange.
Bill· HRH.R. 13476 (94th)referred
United States · United States Congress · 30 April 1976
Denies the benefits of the foreign tax credit, under the Internal Revenue Code, to any taxpayer, or a member of a controlled group which includes the taxpayer, who is determined by the Secretary of the Treasury to have participated in or cooperated with the boycott of Israel, with respect to income, war profits, or excess profits taxes paid or accrued to any country which requires such participation or cooperation as a condition of doing business within that country. Denies DISC benefits to any Domestic International Sales Corporation that the Secretary of Treasury determines has participated in or cooperated with the boycott of Israel. Requires taxpayers with foreign source income derived directly or indirectly from sources within a country which requires participation in or cooperation with the boycott of Israel as a condition of doing business with or within such country to report such fact to the Secretary of the Treasury, who shall make a determination whether the taxpayer participated in or cooperated with the boycott of Israel for the taxable year.
Bill· SS. 3342 (94th)referred
United States · United States Congress · 29 April 1976
Exempts fraternal societies, orders, and associations operating under the lodge system from the status of private foundations for purposes of the Internal Revenue Code.
Bill· HRH.R. 13465 (94th)referred
United States · United States Congress · 29 April 1976
Solar Energy Incentive Act - Allows an individual to take a tax credit, under the Internal Revenue Code, in an amount equal to 25 percent of the qualified solar heating and cooling equipment expenditures incurred by the taxpayer with respect to his principal residence to the extent such expenditures do not exceed $8,000, plus that portion of the qualified State or local real property taxes paid or accrued for the taxable year or accrued for the taxable year attributable to such solar heating and cooling expenditures. Authorizes an individual to take a tax deduction for a part of the acquisition costs of any qualified solar heating and cooling equipment for any residence. Limits such deduction to the lesser of ten percent of the acquisition costs or $800 or $400 for the third year of such acquisition.
Bill· HRH.R. 13441 (94th)referred
United States · United States Congress · 29 April 1976
Authorizes a taxpayer, under the Internal Revenue Code, to elect to treat qualified architectural and transportational barrier removal expenses which are paid or incurred during the taxable year as expenses which are not chargeable to capital account. Deems such expenses so treated as allowable tax deductible expenditures.
Bill· HRH.R. 13462 (94th)referred
United States · United States Congress · 29 April 1976
Revises the Internal Revenue Code to provide that the allowable dollar amount of the tax deduction taken for a charitable contribution which is of a musical, artistic, or similar nature shall be the fair market value of such property at the time of contribution.
Bill· HRH.R. 13434 (94th)referred
United States · United States Congress · 29 April 1976
Small Business Tax Reduction Act - Allows as a tax credit against the tax imposed under the Internal Revenue Code an amount equal to ten percent of the social security taxes on employers paid during the taxable year by the corporation. Limits such credit to the amount of employer's tax paid on ten employees.
Bill· HRH.R. 13464 (94th)referred
United States · United States Congress · 29 April 1976
Amends the Internal Revenue Code of 1954 to extend until December 31, 1977, the period during which a member of a recognized religious sect or division thereof may apply for exemption from the tax on self-employment income if such member is opposed, because of his religious beliefs, to acceptance of the benefits of any insurance which makes payments in the event of death, disability, old-age, or retirement, or which makes payments for medical care.
Bill· SS. 3335 (94th)referred
United States · United States Congress · 28 April 1976
Authorizes any amount received from appropriated funds as a scholarship by a member of a uniformed service who is receiving training under the Armed Forces Health Professions Scholarship Program from an educational institution to be continued to be treated as a scholarship, excludable from gross income under the Internal Revenue Code for calendar year 1976, 1977, and 1978.
Law· HRH.R. 13367 (94th)open
United States · United States Congress · 28 April 1976
Fiscal Assistance Amendments - Allows the use of funds paid to State and local governments under the State and Local Fiscal Assistance Act of 1972 for nonpriority expenditures and for projects for which the Federal Government will provide additional matching funds. Extends the Act to September 30, 1980. Authorizes appropriations to the National Trust Fund under such Act as follows: (1) for the period January 1, 1977, through September 30, 1977, $4,987,500,000; (2) for fiscal years 1978, 1979, and 1980, $6,650,000,000 per year; (3) for noncontiguous States adjustments payments for the period January 1, 1977 through September 30, 1977, $3,585,000; and (4) for such adjustments payments for fiscal years 1978, 1979, and 1980, $4,780,000 per year. Requires that a local governmental unit provide specified services for its citizens before it can qualify to receive revenue sharing payments as a "unit of local government" under the Act. Requires that each governmental unit receiving revenue sharing payments report to the Secretary of the Treasury with respect to how it proposes to use such payments to be received in the comming year and how it used such payments received in the preceding year. Requires that such report explain all differences between proposed and actual uses of such payments. Requires that public hearings be held to give citizens the opportunity to comment on the possible uses of such payments before the forecast report is submitted to the Secretary. Requires that 30 days before such public hearings are conducted, the proposed State budget of a State receiving revenue sharing payments must be published and explained to the public. Requires that 30 days after the State budget of such State is adopted it be published with an explanation of it. Adds to the present prohibitions of discrimination in connection with the use of revenue sharing funds on the basis of race, color, national origin, or sex, discrimination on the basis of age or handicapped status. States that if the Secretary determines that discrimination prohibited by this Act exists with respect to the use of revenue sharing funds or if a State court, Federal court, or Federal or State administrative agency so finds, the Secretary must notify the Governor of the affected State and give him an opportunity to comply with this Act. States that if 90 days after such notice the Secretary finds that compliance has not been secured and an administrative law judge has not determined that the State will prevail on the merits of its case, the Secretary must suspend revenue sharing payments to the violating unit of government for up to 120 days. Requires the Secretary to terminate such payments if noncompliance is still found at the end of such 120 day period. Requires recipients of revenue sharing funds to conduct regular audits of its revenue sharing expenditures as required by the Secretary. Requires the Comptroller General to review the work of the Secretary with respect to such audits. Prohibits the use of revenue sharing funds for lobbying purposes.
Law· HRH.R. 13380 (94th)open
United States · United States Congress · 28 April 1976
Amends the Central, Western, and South Pacific Fisheries Development Act to extend the appropriation authorization through fiscal year 1979. Authorizes the appropriation of $3,000,000 for each fisscal year from 1977 through 1979.
Bill· HRH.R. 13396 (94th)passed
United States · United States Congress · 28 April 1976
Amends the Tariff Act of 1930 to authorize the appropriation for fiscal year 1977 of $11,339,000 for operation of the International Trade Commission; limits the size of the Commission staff; and authorizes the appropriation for each year after September 30, 1976, of such sums as may be necessary for increases in staff salaries and benefits. Sets forth regulations for the election and tenure of a chairman of the Commission and administration of the Commission. Directs the Commission to submit to Congress reports with respect to synthetic organic chemical export, import, and production until January 1, 1981.
Bill· HRH.R. 13399 (94th)referred
United States · United States Congress · 28 April 1976
Jobs Creation Act - Allows as a tax credit under the Internal Revenue Code an amount equal to ten percent of the increase in the total amount of qualified savings deposits and investments of an individual. Stipulates that such credit shall not exceed $1,000. Increases the maximum tax deduction for retirement savings to $2,000. Excludes from gross income amounts received by an individual as dividends from domestic corporations. Allows a taxpayer to exclude from gross income up to $1,000 of gain from the sale or exchange of securities. Allows the nonrecognition of gain from the sale or exchange of qualified small business property, at the election of the taxpayer, to the extent that the amount realized on such sale or exchange is reinvested in qualified small business property by the taxpayer during the reinvestment period beginning one year before the date of the sale or exchange and ending one year after such date. Allows the executor of an estate which includes an interest in a qualified closely held business which exceeds either 35 percent of the value of the gross estate or 50 percent of the value of the taxable estate, but is less than $300,000 to elect: (1) to pay the estate tax in up to 20 equal annual installments (presently ten); and (2) to defer the payment of the first installment until five years after the filing of the return. Reduces the corporate normal tax rate to 20 percent. Reduces the corporate surtax rate to 22 percent. Increases the corporate surtax exemption to $100,000. Revises the procedure for the determination of the investment credit to provide graduated rates of 25 percent of the qualified investment to the extent that the qualified investment does not exceed $25,000; 20 percent of the qualified investment to the extent that the qualified investment exceeds $25,000 and does not exceed $50,000; plus 15 percent of the qualified investment to the extent that qualified investment exceeds $50,000. Increases the allowable percentage variation from any class life prescribed by the Secretary of the Treasury to 40 percent. Allows a taxpayer to elect to take a tax deduction for a capital recovery allowance on qualified tangible property in lieu of the depreciation allowance. Allows a taxpayer to elect a 12-month amortization period for pollution control facilities. Increases the exemption for specified small issues of industrial revenue bonds which allows the exclusion from gross income of investment received on such bonds to the extent that the bond issue does not exceed $10,000,000.
Bill· HRH.R. 13384 (94th)referred
United States · United States Congress · 28 April 1976
Authorizes any amount received from appropriated funds as a scholarship by a member of a uniformed service who is receiving training under the Armed Forces Health Professions Scholarship Program from an educational institution to be continued to be treated as a scholarship, excludable from gross income under the Internal Revenue Code.
Bill· HRH.R. 13371 (94th)referred
United States · United States Congress · 28 April 1976
Solar Energy Incentive Act - Allows an individual to take a tax credit, under the Internal Revenue Code, in an amount equal to 25 percent of the qualified solar heating and cooling equipment expenditures incurred by the taxpayer with respect to his principal residence to the extent such expenditures do not exceed $8,000, plus that portion of the qualified State or local real property taxes paid or accrued for the taxable year or accrued for the taxable year attributable to such solar heating and cooling expenditures. Authorizes an individual to take a tax deduction for a part of the acquisition costs of any qualified solar heating and cooling equipment for any residence. Limits such deduction to the lesser of ten percent of the acquisition costs or $800 or $400 for the third year of such acquisition.
Bill· HRH.R. 13363 (94th)referred
United States · United States Congress · 28 April 1976
Stipulates that an individual who is a member of a Reserve component of the Armed Forces will not be disqualified from taking the retirement savings deduction, under the Internal Revenue Code, because of such individual's participation in the Armed Forces retirement system, unless such individual was called to active duty during such taxable year for a period in excess of 30 days.
Bill· HRH.R. 13364 (94th)referred
United States · United States Congress · 28 April 1976
Decreases the excise tax imposed on each private foundation which is exempt from taxation under the Internal Revenue Code from four percent to two percent of the net investment income of such foundation.