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301 records in US in 1979
United States · United States Congress · 20 September 1979
Sets forth the rule for the consideration of H.R. 5269 (Panama Canal funding).
United States · United States Congress · 20 September 1979
Sets forth the rule for the consideration of H.R. 2218 (Endangered Species Act funding).
United States · United States Congress · 20 September 1979
Sets forth the rule for the consideration of H.R. 4955 (Migration and refugee assistance).
United States · United States Congress · 20 September 1979
Sets forth the rule for the consideration of H.J. 404 (Continuing appropriations for fiscal year 1980).
United States · United States Congress · 19 September 1979
Amends the Internal Revenue Code to authorize the withdrawal of imported beer from customs custody and transfer in bulk containers or by pipeline to a brewery without payment of the excise tax. Makes the brewer liable for payment of such tax upon release of the beer from customs custody, and relieves the importer of his liability for such tax.
United States · United States Congress · 19 September 1979
Pollution Control Facilities Tax Incentives Act of 1979 - Amends the Internal Revenue Code to permit a taxpayer to elect a 12 month amortization period or an additional ten percent investment tax credit for pollution control facilities used in connection with a plant or other property in operation before January 1, 1971.
United States · United States Congress · 19 September 1979
Amends the Internal Revenue Code to increase the residential energy credit from 15 to 50 percent of energy conservation expenditures not in excess of $2,000. Qualifies energy efficient replacement furnaces or boilers and wood burning stoves for the residential energy credit. Allows an additional ten percent investment tax credit for small business investment in energy property. Includes "energy conservation expenditures" within the definition of energy property for purposes of the investment tax credit.
United States · United States Congress · 19 September 1979
Capital Cost Recovery Act of 1979 - Amends the Internal Revenue Code to revise the method for determining useful lives of business assets for purposes of computing allowable depreciation deductions. Replaces the asset depreciation range (ADR) method with a schedule of capital cost recovery periods for three classes of business property. Establishes capital cost recovery periods for the following classes of business property: (1) buildings and their structural components, ten years; (2) tangible property, five years; and (3) automobiles, taxis, and light-duty trucks (up to $100,000), three years. Allows a ten percent investment tax credit for buildings and tangible property, and a six percent credit for automobiles, taxis, and light duty trucks. Requires the recapture of depreciation amounts and investment tax credit amounts applicable to assets which are sold or otherwise disposed of prior to the expiration of the capital cost recovery period. Permits taxpayer to deduct less than the full allowance for capital cost recovery in any taxable year. Permits a carryover to succeeding taxable years of any unused depreciation amounts. Disqualifies capital cost recovery property from the allowance for first year depreciation. Treats amounts claimed as the capital cost recovery of noncorporate lessors as an item of tax preference for purposes of the minimum tax. Adopts as an accounting practice the "half year convention" under which investments eligible for capital cost recovery treatment or the investment tax credit which are made at any time during the taxable year are deemed to be made in the middle of such year.
United States · United States Congress · 18 September 1979
Amends the Internal Revenue Code to allow an individual a credit against the income tax for a portion of such individual's home heating costs. Sets the amount of such credit at 50 percent of the product of such costs multiplied by the percentage by which the appropriate heating price index exceeds the consumer price index. Establishes a $250 maximum credit ($125 in the case of a married individual filing a separate return). Treats unmarried individuals living together as one taxpayer, allowing each his or her ratable share of such credit. Directs the Secretary of the Treasury to promulgate regulations applying such credit to renters and to condominium and cooperative owners. Requires reduction of the amount of such credit by ten percent of the taxpayer's adjusted gross income in excess of $25,000 ($12,500 in the case of a taxpayer for whom the maximum credit is $125). Amends the Social Security Act to provide a comparable energy allowance of $200 per year to recipients of supplemental security income (SSI), and an energy cost assistance grant and an administrative allowance amounts to any State which distributed an energy cost assistance allowance to households receiving aid to families with dependent children. Specifies formulae for the computation of such State grant and allowance amounts. Requires annual adjustment of such grant and allowance amounts for increases in home heating costs. Denies the tax credit established by this Act to any individual receiving an energy cost assistance allowance. Requires the Secretary to use a Residential Heating Price Index for each State and for the Nation prepared by the Secretary of Energy on a monthly basis and published in the Federal Register.
United States · United States Congress · 18 September 1979
Amends the Internal Revenue Code to qualify small hydroelectric property, including fish passageways, for the investment tax credit against income tax. Makes such property eligible for a 20 percent credit in addition to the existing ten percent credit. Extends the period of qualification through December 31, 1985. Exempts small hydroelectric property from the public utility property depreciation deduction rules, at the taxpayer's election. Reduces the asset depreciation life of such property from 40-60 years to ten years for buildings and five years for equipment. Increases from one-and-a-half percent to four percent the annual asset guideline repair allowance percentage. Allows a 100 percent investment credit for any such property with a useful life of five years or more. Excludes from gross income the interest on State and local bonds funding small hydroelectric power generating projects.
United States · United States Congress · 18 September 1979
Amends the Internal Revenue Code to allow residential and institutional (hospitals, churches, or educational institutions) users of refined petroleum products a refundable income tax credit for the increase in price of such products due to deregulation of the oil industry. Directs the Secretary of the Treasury to determine the deregulation amount for petroleum products for each calendar quarter beginning after the effective date of oil deregulation. Limits the amount of such credit to $125 for a taxable year. Reduces the amount of such credit by .75 percent of the amount by which the taxpayer's adjusted gross income exceeds $25,000. Provides for advance payments of the deregulation credit on a quarterly basis upon the application of a taxpayer entitled to such credit.
United States · United States Congress · 18 September 1979
Amends the Internal Revenue Code to exclude from gross income up to $500 of interest income earned from a savings account.
United States · United States Congress · 18 September 1979
Sets forth the rule for consideration of H.J. 402 (Federal Trade Commission appropriations).
United States · United States Congress · 18 September 1979
Sets forth the rule for consideration of H.J. 399 (Continuing appropriations for fiscal year 1980).
United States · United States Congress · 18 September 1979
Sets forth the congressional budget for the United States Government for fiscal year 1980. States that: (1) the recommended level of Federal revenues is $518,000,000,000, and the amount by which the aggregate level of Federal revenues should be decreased is $14,000,000,000; (2) the appropriate level of total new budget authority is $600,000,000,000; (3) the appropriate level of total budget outlays is $518,000,000,000; (4) a balanced budget would be appropriate in fiscal year 1980 in light of economic conditions and other relevant data; and (5) the appropriate level of the public debt is $856,900,000,000, and the amount by which the statutory limit on such debt should accordingly be increased is $22,700,000,000. Reaffirms the commitment of Congress to find a way to relate accurately the outlays of off-budget Federal entities to the budget. Estimates such outlays to be $16,000,000,000 in fiscal year 1980. Sets forth the appropriate levels of new budget authority and estimated budget outlays for each major functional category of the budget in fiscal year 1980. Directs each standing committee of the House of Representatives which has jurisdiction over entitlement programs to include with its required March 15, 1980, report to the Budget Committee specific recommendations for funding mechanisms which would enable the Congress to exercise more fiscal control over such entitlements. Directs the Budget Committee to submit to the House such recommendations as it deems appropriate based on such reports.
United States · United States Congress · 17 September 1979
Alternative Energy Source and Conservation Tax Incentive Act of 1979 - Amends the Internal Revenue Code to increase from 15 percent to 50 percent (not to exceed $2,000) the percentage of qualified energy conservation expenditures allowable as a residential energy credit against an individual's income tax. Eliminates the limitation that such qualified expenditures be made only with respect to the taxpayer's principal residence. Raises from $2,200 to $5,000 the maximum amount of qualified renewable energy source expenditures allowable as a residential energy tax credit. Qualifies the differential cost of renewable energy source property which is a structural component of a building as one such expenditure. Extends eligibility for the residential energy tax credit to: (1) a landlord for installation of alternative energy equipment on rental residential property; and (2) a builder for installation of such equipment in a house built for sale (reserving such builder the option to pass such credit through to the first purchaser). Applies such credit to lease payments on such equipment (so long as the lessor certifies that he has not taken the credit himself). Permits a homeowner to file an amended return for his previous taxable year and receive such credit against the previous year's taxes for eligible energy expenditures in his current taxable year. Extends the tax credit for photovoltaic systems to homeowners. Revises the eligibility for such credit of the costs of drilling geothermal wells (but only if no deduction is taken for intangible drilling and development costs). Extends coverage of the ten percent business investment tax credit to all solar and wind energy property, including structural modifications and components. Allows an additional 20 percent energy investment tax credit for solar, wind, and geothermal expenditures. Makes hydroelectric properties (other than dams) eligible for such additional 20 percent credit. Makes wind-powered mechanical energy eligible for both credits. Makes utilities and private enterprises eligible: (1) for the additional 20 percent credit for purchase and installation of all wind and solar equipment; and (2) for a further ten percent credit for purchase and installation of cogeneration equipment. Makes heat pumps (including water well heat pumps) eligible for the 15 percent residential conservation credit and the ten percent energy tax credit for business. Extends the expiration date for such credits through fiscal year 2000. Increases the current four cents per gallon to a 40 cents per gallon exemption from the Federal special fuels diesel and gasoline excise taxes for each gallon of alcohol sold in an alcohol-gasoline (gasohol) mixture, and extends the expiration date of such exemption through fiscal year 2000. Allows a credit against income tax for any amount in excess of the excise taxes refunded or credited pursuant to such exemption. Includes the amount of such income tax credit in gross income for the applicable year. Requires the Secretary of the Treasury's annual gasohol report to Congress to include: (1) a calculation of the need for continued gasohol incentives (and the appropriate level); and (2) a comparison of the cost of alcohols produced from corn, wheat, wood and other substances. Allows van pools operated by non-employers (third parties or owner-operators) to take the same ten percent investment tax credit currently available to employers only.
United States · United States Congress · 17 September 1979
Amends the Internal Revenue Code to provide that employers may not be required to make deposits (or other payments) of social security taxes or withholding of tax amounts earlier than currently required by regulation.
United States · United States Congress · 17 September 1979
Makes appropriations to the Federal Trade Commission for the period from October 1, 1979, until an appropriation for the Commission is enacted into law, or November 15, 1979, whichever first occurs, for continuing the activities conducted by the Commission during fiscal year 1979. Prohibits the use of such appropriations for promulgating rules concerning deceptive acts or practices affecting commerce. Permits such appropriations to be used without regard to specified provisions setting forth time limitations for the submission and approval of apportionments. States that any expenditures made pursuant to this Act shall be charged to the appropriations for the Commission whenever it is enacted into law.
United States · United States Congress · 14 September 1979
Motor Fuel Conservation Act of 1979 - Establishes the Motor Fuels Conservation Trust Fund within the Treasury of the United States. Appropriates to such Fund the amounts received by the Treasury from surtaxes on diesel fuel and gasoline. Directs the Secretary of the Treasury to: (1) hold such Fund; (2) report to Congress on the operations and financial conditions of such Fund; and (3) invest such portion of such Fund as is not required to meet current withdrawals. Stipulates that such investments be made only in interest-bearing obligations of the United States or in obligations guaranteed as to both principal and interest by the United States. Allocates to each State from such Fund an amount equal to the surtax on the sale of diesel fuel or gasoline within that State during each fiscal year. Stipulates that such amounts be: (1) returned to the residents of such State paying such surtax, to the extent practical; and (2) used to assist public mass transporation systems within such State. Imposes a surtax on the sale of diesel fuel and gasoline. Adjusts such tax for inflation. Makes such tax effective on sales after December 31, 1979.
United States · United States Congress · 14 September 1979
Amends the Internal Revenue Code to allow homeowners a nonrefundable income tax credit for expenses paid or incurred to make alterations to their residences for the purpose of making such residences more accessible to, and usable by, a handicapped individual who is either the taxpayer, his spouse, or a dependent of the taxpayer. Limits the amount of such credit, for each such handicapped individual, to the lesser of $1,000 or an amount which, when added to previous year's credits, does not exceed $5,000. Reduces the amount of such credit by one-half of the amount by which the adjusted gross income of the taxpayer exceeds $20,000 ($35,000 in the case of married individuals filing jointly). Defines "handicapped individual" as any individual who has a medically identifiable mental or physical impairment which can be expected to result in death or which can be expected to last for a continuous period of at least 12 months, and which substantially limits one or more of the major life activities of such individual. Requires the handicapped individual to live in the principal residence for which the alterations are made for not less than a nine month period during the taxable year.
United States · United States Congress · 14 September 1979
Amends the Internal Revenue Code to include in the gross income of an individual the interest received on any mortgage revenue bond except: (1) State and local government-secured bonds substantially all the proceeds of which are to be used directly or indirectly to provide residences for veterans; and (2) certain low-and moderate-income housing bonds issued by a State or an otherwise qualified housing agency. Restricts the latter exception to issues whose proceeds are used to assist households with an annual income not in excess of 95 percent of the applicable median income, or not in excess of 150 percent of such median income if the mortgage loan (or other owner-financing) is for a single-family, owner-occupied residence in a designated Neighborhood Strategy area. Requires 75 percent of the bond issue proceeds to finance homes with a maximum 90 percent loan-to-value ratio. Limits the aggregate authorized face value of such an issue to: (1) $250 times the number of individuals in the bond issue area; or (2) five percent of the total amount of mortgage loans made in such area during the three years preceding the year of issue. Specifies additional restrictions on the use of loans financed by such issue.
United States · United States Congress · 14 September 1979
Motor Fuel Conservation Act of 1979 - Establishes the Motor Fuels Conservation Trust Fund within the Treasury of the United States. Appropriates to such Fund the amounts received by the Treasury from surtaxes on diesel fuel and gasoline. Sets forth the procedures for the transfer of such amounts. Directs the Secretary of the Treasury to: (1) hold such Fund; (2) report to Congress on the operations and financial conditions of such Fund; and (3) invest such portion of such Fund as is not required to meet current withdrawals. Stipulates that such investments be made only in interest-bearing obligations of the United States or in obligations guaranteed as to both principal and interest by the United States. Directs the Secretary of the Treasury to: (1) prepare and submit to Congress a plan reducing the Federal tax burden on specified persons by the amount of surtax such persons are projected to pay within a fiscal year; (3) increase food stamp benefits for specified persons by the amount of surtax such persons are projected to pay within a fiscal year; (3) transfer from such Fund to the Federal Old-Age and Survivors Insurance Trust Fund an amount equal to the reduction of taxes resulting from such plan; and (4) transfer to the general fund of the Treasury an amount equal to the reduction in income taxes or increase in food stamp benefits resulting from such plan. Imposes a surtax on the sale of diesel fuel and gasoline. Adjusts such tax for inflation. Makes such tax effective on sales after December 31, 1979.
United States · United States Congress · 14 September 1979
Amends the Internal Revenue Code to allow an additional income tax exemption for a taxpayer or spouse who is deaf or deaf-blind.
United States · United States Congress · 14 September 1979
Amends the Internal Revenue Code to exclude from gross income up to $1,500 ($3,000 for joint returns) of the interest earned on savings accounts in banks, savings associations, or credit unions.
United States · United States Congress · 14 September 1979
Amends the Internal Revenue Code to exclude from gross income up to $100 of the interest earned on savings accounts in financial institutions which are authorized to make residential home mortgage loans, home rehabilitation loans, home improvement loans, or home energy loans.
United States · United States Congress · 14 September 1979
Appropriates such amounts as may be necessary in fiscal year 1980 to continue Federal activities for which specified appropriations Acts will not have been enacted prior to September 30, 1979. Funds such activities in the same manner and amounts provided for in such Acts. States that if the Senate and the House of Representatives have both passed appropriations for an activity but in differing amounts, the lesser amount or more restrictive authority shall apply in the continuing appropriations. Declares that if an appropriations Act has passed only one House or if an activity has been funded in only one version of an Act passed by both Houses, the continuing appropriations shall not exceed the rate provided by the one House or the current rate, whichever is lower. Makes continuing appropriations for activities provided for in the Departments of Labor, and Health, Education, and Welfare and Related Agencies Appropriations Act, 1980, (H.R. 4389) at the rate agreed to in conference. Provides continuing appropriations for activities conducted in fiscal year 1979 and provided for in the Department of Defense Appropriation Act, 1979, at the current rate or the rate of the budget estimate, whichever is lower. Continues appropriations for the Legislative Branch at the rate provided in H.R. 4390 as reported June 7, 1979. Limits pay increases to five and one-half percent notwithstanding other provisions of law. Appropriates sums at the current rate to continue the breeder reactor demonstration project or project alternative of the Department of Energy. Appropriates such sums as may be necessary to continue specified activities which were conducted in fiscal year 1979 but have not been provided for in fiscal year 1980. Establishes the funding rate for continuing appropriations to the Department of State for migration and refugee assistance. Makes continuing appropriations for the Department of Transportation at the current rate or the rate of the budget estimate, whichever is lower. Authorizes the Panama Canal Commission to incur obligations at the rate provided for in H.R. 4440 as reported on June 13, 1979. Declares that the appropriations contained in this resolution shall remain available for expenditure until: (1) enactment of an appropriation for any activity provided for in this resolution; (2) enactment of the applicable appropriations Act without any provision for such an activity; or (3) December 31, 1979, whichever first occurs. Authorizes the use of appropriations contained in this resolution without regard to the time limitations for submission and approval of apportionments required by law. Prohibits the use of appropriations to initiate or resume any activity for which funds were not available in fiscal year 1979. Authorizes the apportionment of appropriated funds on a deficiency basis indicating the need for a supplemental appropriation to the extent necessary to permit payment of pay increases granted pursuant to law. Prohibits the use of funds made available in fiscal year 1980 to the Department of Defense - Civil, Department of the Army, Corps of Engineers - Civil, in connection with the acquisition of land or easements near the four lake projects in the Yazoo Basin, Mississippi, pending the submission to Congress of the plan specified in the conference report accompanying H.R. 4388. Authorizes the use of continuing appropriations by the Appalachian Regional Commission at the rate provided in the applicable appropriations Act, notwithstanding the termination date of the Appalachian Regional Development Act of 1965.
United States · United States Congress · 14 September 1979
Authorizes the Clerk and the Sergeant at Arms of the House of Representatives to enter into agreement with any city to withhold city income tax in the case of each Member and employee of the House of Representatives who is subject to such income tax and who voluntarily requests such withholding. Prohibits any Member or employee from having in effect with a city at any time more than one request for withholding, and such Member or employee may not have more than two such requests in effect with respect to different cities during any one calendar year. Allows a Member or employee to change the city designation or revoke any request for such withholding.
United States · United States Congress · 14 September 1979
Sets forth the congressional budget for the United States Government for fiscal year 1980. Sets the recommended level of Federal revenues for such year at $519,500,000,000. Recommends an increase of $5,300,000,000 in the aggregate level of Federal revenues. States that the appropriate level of total new budget authority for fiscal year 1980 is $632,557,000,000. Sets the appropriate level of total budget outlays at $548,725,000,000. States that a budget deficit of $29,225,000,000 for fiscal year 1980 would be appropriate in light of economic conditions. Sets the appropriate level of the public debt at $886,125,000,000 in fiscal year 1980 with an increase in the statutory debt limit of $56,125,000,000. Reaffirms the commitment of Congress to find a way to relate accurately the outlays of off-budget Federal entities to the budget. Estimates such outlays to be $16,000,000,000 in fiscal year 1980. Sets forth the appropriate levels of new budget authority and estimated budget outlays for each major functional category of the budget in fiscal year 1980. Directs each standing committee of the House of Representatives which has jurisdiction over entitlement programs to include with its required March 15, 1980, report to the Budget Committee specific recommendations for funding mechanisms which would enable the Congress to exercise more fiscal control over such entitlements. Directs the Budget Committee to submit to the House such recommendations as it deems appropriate based on such reports.
United States · United States Congress · 13 September 1979
Amends the Internal Revenue Code to extend tax-exempt status to veterans' organizations whose membership consists of at least 75 percent past or present members of the Armed Forces of the United States (combat or noncombat veterans), with the remaining membership consisting substantially of cadets or spouses, or widows or widowers of Armed Forces personnel or cadets.
United States · United States Congress · 13 September 1979
Extends from December 31, 1979, through December 31, 1980, the present moratorium on administrative actions by the Internal Revenue Service pursuant to Revenue Ruling 76-453 with respect to the tax treatment of commuting expenses and fringe benefits.
United States · United States Congress · 13 September 1979
Panama Canal Appropriations Authorization Act, Fiscal Year 1980 - Authorizes appropriations from the Panama Canal Commission Fund for the use of the Panama Canal Commission for maintaining and operating the Panama Canal. Authorizes appropriations to such Commission for improvements of facilities and capital liabilities of the Panama Canal Company and Canal Zone Government. Establishes ceilings on the appropriations for specified improvements. Prohibits appropriations to or for such Commission in excess of the revenues to be deposited in the Panama Canal Commission Fund during that fiscal year. Permits continuing contracts for programs as long as any such contract does not exceed in the aggregate the total amount for each specified program. Requires any spending authority to be provided in advance in appropriation Acts.
United States · United States Congress · 13 September 1979
Amends the Internal Revenue Code and title II of the Social Security Act with respect to an individual who has attained age 65 to provide for: (1) a reduced OASDI tax rate and a zero hospital tax rate on self-employment income; and (2) a full credit or refund of any FICA taxes and certain other employment taxes paid on wages received in or after the month of such 65th birthday.
United States · United States Congress · 13 September 1979
Amends the Internal Revenue Code to increase the gift tax exclusion to $6,000.
United States · United States Congress · 13 September 1979
Self-employed Tax Status Clarification Act of 1979 - Amends the Internal Revenue Code to specify standards for determining whether certain individuals qualify as independent contractors for purposes of social security taxation. Treats an individual as an independent contractor if such individual: (1) controls the total number of his work hours; (2) does not maintain a principal place of business, or if so, such place of business is not provided, or not provided rent-free, by the person for whom such individual performs services; (3) has substantial investment in his business and earns income based upon sales or output rather than upon number of hours worked; and (4) performs services pursuant to a written contract and is provided written notice of his responsibility with respect to income and self-employment taxes; (5) has a substantial investment in the assets used to perform such service, either through ownership or under a lease, and bears responsibility for their maintenance and the principal burden of their operating costs; and (6) performed similar services for five or more payors during the preceding calendar year, and objective circumstances indicate that such individual can reasonably expect to perform services for five or more payors during the taxable year. Amends Title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to provide coverage for services performed by an individual who qualifies as an independent contractor under the standards established by this Act. Requires the Secretary of the Treasury to report to the appropriate congressional committees not later than January 1, 1984, on the compliance of individuals covered by this Act with the income reporting and tax paying requirements of the Code.
United States · United States Congress · 13 September 1979
Tax Reduction Act of 1979 - Reduces individual income tax rates for taxable years 1979, 1980, and 1981. Makes the 1981 rate reduction permanent. Reduces the corporate income tax rates. Increases the corporate surtax exemption to $100,000.
United States · United States Congress · 13 September 1979
Solar Energy Incentive Tax Act of 1979 - Amends the Internal Revenue Code to allow an additional 40 percent investment tax credit for solar energy property. Extends the termination date for such credit to December 31, 1985. Increases the residential energy credit for renewable energy source expenditures to 50 percent of such expenditures up to $10,000. Qualifies solar energy property which performs more than one energy-related function for the residential energy credit.
United States · United States Congress · 13 September 1979
Appropriates funds for the Community Services Administration for the energy crisis intervention program for fiscal year 1980.
United States · United States Congress · 12 September 1979
Amends the Internal Revenue Code to provide a tax exclusion from personal income earned abroad by an individual performing qualified charitable services for a tax-exempt employer created or organized in the United States. Limits such exclusion to an amount not to exceed a figure computed on a daily basis at an annual rate of $20,000. Sets a formula for the maximum amount of exclusion for an individual who performs such charitable services and also performs other services while residing in a camp located in a hardship area.
United States · United States Congress · 11 September 1979
Amends the Internal Revenue Code with respect to the method of valuing farms for estate tax purposes to provide that, if there is no comparable land from which the average annual gross rental may be determined but there is comparable land from which the average net share rental may be determined, then the existing valuation formula shall be applied by substituting "average net share rental" for "average gross cash rental. Defines net share rental as the excess of: (1) the value of the produce received by the lessor under a lease of the land on which such produce is grown, over (2) the cash operating expenses (including real estate taxes) of growing such produce which, under the lease, are paid by the lessor.
United States · United States Congress · 11 September 1979
Constitutional Amendment - Limits the increase of total budget outlays of the United States Government during any fiscal year to a percentage equal to the percentage increase in the gross national product during the previous calendar year. Stipulates that if the inflation rate exceeds three percent annually the increase in total outlays shall be reduced by one-fourth the difference between the inflation rate and three percent. Requires any surplus in total revenues received by the Government to be used to reduce the public debt. Allows the limit on total outlays to be changed by a three-quarters vote of both Houses of Congress, or to meet an emergency declared by the President. Continues Federal aid programs to States and local governments for a period of six years. Prohibits Congress authorizing any United States agency from requiring that a State or local government engage in additional or expanded activities without compensation equal to the additional costs.
United States · United States Congress · 10 September 1979
Amends the Tax Reform Act of 1976, as amended by the Tax Reduction and Simplification Act of 1977, to postpone the effective dates of certain changes in Federal income tax exclusions for sick pay from December 31, 1976, to December 31, 1977, or from January 1, 1977, to January 1, 1978, as the case may be.
United States · United States Congress · 10 September 1979
Amends the Internal Revenue Code to repeal the disability and income requirements for the sick pay exclusion enacted by the Tax Reform Act of 1976, and to restore prior law. Makes such repeal retroactive to January 1, 1978.
United States · United States Congress · 10 September 1979
Crude Oil Windfall Profit Tax Act of 1979 - Amends the Internal Revenue Code to impose an excise tax on the windfall profit from taxable crude oil removed during each taxable period. Sets the amount of such tax at: (1) 75 percent of the windfall profit on each barrel of tier 1 oil and tier 2 oil; and (2) 60 percent of such profit on each barrel of tier 3 oil. Defines: (1) tier 1 oil as domestic crude oil which would have been subject to the lower tier ceiling price if the pre- June, 1979 controls had continued; (2) tier 2 oil as domestic crude oil which would have been subject to the upper tier ceiling price if the pre-June, 1979 controls had continued; and (3) tier 3 oil as stripper oil, oil from marginal properties, or other oil which is neither tier 1 or tier 2 oil. Exempts from such windfall tax newly discovered oil, incremental tertiary oil, heavy crude oil, and oil produced on a property after December, 1984, which is in excess of a base level computed according to a specified formula. Defines windfall profit as the excess of the removal price of a barrel of crude oil over the sum of the adjusted base price of such barrel and the amount of the severance tax adjustment computed according to a prescribed formula. Requires the purchaser of a barrel of taxable crude oil to collect the tax on it from the producer. Requires the purchaser (or the operator of the well from which the barrel is purchased, if purchaser and operator so elect) to furnish the taxpayer- producer with a monthly statement containing: (1) the amount of the oil so purchased; (2) the removal price of such oil; (3) the base price and adjusted base price; (4) the amount of the taxpayer's liability for such oil; and (5) any other information the Secretary of Energy may require. Requires the taxpayer-producer to keep such records as the Secretary may require. Prescribes criminal penalties for willful failure to furnish the information required in such monthly statement. Requires that similar information be furnished to partners and to beneficiaries of estates and trusts, but prescribes no particular criminal penalty for willful failure to do so. Establishes in the Treasury of the United States the Energy Trust Fund, for deposit of appropriations equivalent to the amount of windfall taxes collected under this Act. Requires investment of a portion of such fund in interest-bearing obligations of the United States only. Directs the President to report to Congress not later than January 1, 1983, on the effect of decontrol of oil prices and the windfall profit tax on: (1) domestic oil production; (2) foreign oil imports; (3) profits of the oil industry; (4) inflation; (5) employment; (6) economic growth; (7) Federal revenues; and (8) national security.
United States · United States Congress · 10 September 1979
Amends the Internal Revenue Code to exclude from gross income of any individual who has attained the age of 65 the first $5,000 of income, including any amount received as a pension or annuity, which would otherwise be included in such gross income.
United States · United States Congress · 10 September 1979
Extends, through December 31, 1980, the existing prohibition on the issuance of regulations by the Internal Reveunue Service on the taxation on fringe benefits.
United States · United States Congress · 10 September 1979
United States Olympic Development Fund Checkoff Act of 1979 - Amends the Internal Revenue Code to permit taxpayers to designate on their income tax returns that either $1 of any tax refund or $1 of any contribution which the taxpayer forwards with his tax return shall be payable to the United States Olympic Development Fund. Establishes the United States Olympic Development Fund under the auspices of the Secretary of the Treasury for the receipt of tax contributions and payments to the United States Olympic Development Fund. Directs the United States Olympic Committee to use such funds for a program to expand and improve amateur athletics in the United States. Requires reports on the expenditure of such funds to be submitted by the United States Olympic Committee and the President's Council on Physical Fitness and Sports.
United States · United States Congress · 10 September 1979
Amends the Internal Revenue Code to increase the unified tax credit for both estate and gift taxes from $47,000 to $70,800 over a five-year phase-in period, with annual adjustments for each succeeding year after such period.
United States · United States Congress · 7 September 1979
Amends the Internal Revenue Code to include in gross income the interest on any mortgage revenue bonds which are unsecured by any Federal, State, or local obligations. Excepts from such inclusion interest on any mortgage revenue bond issued as part of a bond issue substantially all of the proceeds of which are to be used in any State or local government housing, redevelopment, or renewal program with respect to which the bond issuer makes a program contribution equal to at least five percent of the aggregate authorized face amount of such issue. Defines the kinds of payments covered by the term "program contribution".
United States · United States Congress · 7 September 1979
Amends the Internal Revenue Code to qualify passive solar energy property for the residential energy tax credit.
United States · United States Congress · 7 September 1979
Amends the Internal Revenue Code to allow individual taxpayers an income tax deduction for cash contributions to a handicapped dependent support fund. Limits the dollar amount of such deduction to $1,500 in calendar year 1980 with inflation adjustments to such amount in succeeding taxable years. Defines "handicapped dependent support fund" as an irrevocable trust created for the exclusive benefit of a dependent of a taxpayer who is a handicapped individual. Sets forth requirements for the establishment and operation of the trust fund. Exempts handicapped dependent support trusts from income taxation.