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301 records in US in 1980
United States · United States Congress · 21 July 1980
Amends the Internal Revenue Code to increase from 16 to 19 the number of judges on the Tax Court.
United States · United States Congress · 21 July 1980
Amends the Internal Revenue Code to exclude from the gross income of individuals over age 65 amounts received on the redemption of any series E or series EE U.S. savings bonds which are held by such individuals for at least ten years.
United States · United States Congress · 21 July 1980
Amends the Internal Revenue Code to extend for one year provisions providing for refunds of Federal excise taxes on motor fuels used in certain limited passenger capacity, fuel-efficient taxicabs.
United States · United States Congress · 2 July 1980
Revenue Reconciliation Act of 1980 - Subtitle A: Taxation of Foreign Investment in United States Real Property - Foreign Investment in Real Property Tax Act of 1980 - Amends the Internal Revenue Code to impose on a nonresident alien or foreign corporation a tax of 28 percent of the excess over $5,000 (if any) of the net capital gains realized by the taxpayer during the taxable year from the sale of United States real property interests. Defines "U.S. real property interest" as either: (1) an interest in real property located in the United States; or (2) any interest (other than solely as a creditor) in any corporation, partnership, or trust which was in a U.S. real property holding organization (a business entity in which a controlling interest is held by ten or fewer individuals and of which U.S. real property interests constitute more than 50 percent of the fair market value of the organization) for up to five years prior to such sale. Includes within the term "interest in real property" fee ownership and co-ownership of land or improvements thereon, leaseholds of land or improvements, and options to acquire such leaseholds of land or improvements. States that nonrecognition provisions shall not apply to amounts realized on such sales, except as prescribed by the Secretary of the Treasury. Requires individuals who acquire a U.S. real property interest from a nonresident alien or a foreign corporation to withhold an amount equal to 28 percent of the amount realized on the transaction. Provides an exemption from such withholding requirement if: (1) the buyer knows the seller is a foreign person, or the seller of a property interest provides the buyer with notice which indicates that any tax liability with respect to the sale has been satisfied or does not exist; (2) the transaction involves the acquisition of stock in a corporation which is effected through the medium of an organized securities exchange; or (3) the transaction involves the sale of property used as a single family principal residence and the amount realized upon disposition does not exceed $150,000. Allows a credit against the income tax for any tax so withheld. Requires any entity holding United States real property interests to file an informational return for the calendar year in which such interests are held. Requires every entity making a return to furnish an informational statement, as prescribed by the Secretary, to each person who at any time during such year held an interest in such entity. Provides civil penalties for organizations which fail to file such returns. Overrides, for taxable years after December 31, 1984, tax treaties which would exempt foreign investors from the requirements established by this Act. Permits the Internal Revenue Service to inspect the books and records of a taxpayer to insure compliance with the requirements of this Act without regard to any restrictions on IRS inspections otherwise imposed by law. Subtitle B: Inclusion in Wages of FICA Taxes Paid by Employer - Includes in a taxpayer's wages the old-age, survivors, and disability insurance and hospital insurance taxes paid by the taxpayer's employer, unless such wages are for domestic service in the employer's private home, or for agricultural labor. Subtitle C: Telephone Tax - Extends the two percent telephone tax through 1981. Subtitle D: Cash Management - Requires any large corporation (which had taxable income of at least $1,000,000 for any of the three immediately preceding years) to pay at least 50 percent of its current year tax as estimated tax. Includes any minimum tax in such estimated tax payments. Increases from 80 percent to 85 percent the amount of estimated tax that must be paid to avoid penalties for underpayment. Subtitle E: Import Duty on Certain Imports of Ethyl Alcohol - Amends the Appendix to the Tariff Schedules of the United States to impose an import duty on ethyl alcohol imported for use as fuel. Subtitle F: Amendments Relating to Crude Oil Windfall Profit Tax - Allows a credit against or refund of crude oil windfall profit taxes to any qualified royalty owner for any portion of such tax paid in connection with qualified royalty production between February 29, 1980 and January 1, 1981. Limits such credit to $1,000. Provides for allocation of such credit among family members, and among stockholders in qualified family farm corporations. Denies an income tax deduction where such credit or refund is allowable. Reduces the adjusted base price of crude oil for purposes of computing the windfall profit tax by a multiple of .008 for fiscal year 1981.
United States · United States Congress · 2 July 1980
Tax Reduction and Job Creation Act of 1980 - Title I: Individual Tax Rates - Amends the Internal Revenue Code to reduce the tax rates for individuals for taxable years beginning in 1981. Title II: Deduction to Reduce the "Marriage Penalty" Tax - Allows a deduction to a married individual in an amount equal to ten percent (not to exceed $2,000) of the earned income of the spouse with the lesser income for the taxable year. Allows such deduction to one spouse if both earned the same amount of income. Title III: Incentives for New Plant and Equipment - Revises 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 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 a 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 the year. Title IV: Small Business Reduction - Reduces the corporate income tax rate to establish a new graduated schedule for small businesses. Sets such new schedule as the sum of: (1) 15 percent (currently 17 percent) of income $25,000 or under; (2) 20 percent of income between $25,000 and $50,000 (as currently); (3) 25 percent (currently $75,000); (4) 30 percent of income between $100,000 and $150,000; (5) 35 percent of income between $150,000 and $200,000; (6) 40 percent of income between $200,000 and $250,000 (currently, between $75,000 and $100,000); and (7) 46 percent of income exceeding $250,000 (currently, $100,000). Title V: Export Tax Incentive - Increases the earned income exclusion for United States citizens working abroad, who are bona fide residents of a foreign country, from an annual rate of $20,000 to: (1) $50,000; or (2) $65,000, if such persons have been working abroad for more than two years. Allows separate exclusions to married individuals who are both working overseas, although one's excess exclusion cannot be used income earned by the other. Allows an exclusion from gross income for housing expenses which exceed 20 percent of earned income (determined without regard to such allowance). Repeals current provisions of the Code allowing tax deductions to such persons for certain living expenses abroad.
United States · United States Congress · 2 July 1980
Individual Investment Act of 1979 - Amends the Internal Revenue Code to exclude from the gross income of an individual amounts contributed to a rollover account meeting the requirements of this Act. Defines such rollover account as a trust created or organized in the United States for the exclusive benefit of an individual or his beneficiaries. Requires such a trust: (1) to accept only cash or stock or securities of a domestic corporation contributed by such individual only; (2) to be a bank or other person satisfactory to the Secretary of the Treasury; (3) to invest trust funds in stock or securities of a domestic corporation or hold them in interest-bearing bank deposits; (4) to make the interest of the individual nonforfeitable in the balance of such rollover account; and (5) to permit the individual to elect, no more often than each taxable year, whether such rollover account shall be discretionary (with investment determined by the trustee) or self-directed (with investment directed by the individual). Requires the trustee of a rollover fund to establish on its books, without segregation of assets, a capital gain fund and a capital fund. Specifies the contents of each fund. Requires inclusion of any distribution from the capital gain fund as a long-term capital gain in the gross income of the recipient. Requires distribution of all ordinary income (interest and dividends received, plus net short-term capital gain) to the trustor and inclusion in the trustor's gross income for the taxable year in which such ordinary income was received by the trust. Requires inclusion of any amount paid or distributed from the account in the individual's gross income for the taxable year in which such payment or distribution is made. Requires any such payment or distribution from the account to be treated as made, first, from the capital gain fund, and second from the capital fund. Prohibits treatment of any payment or distribution as being made from a particular fund until the balance of any fund which precedes it in priority has been exhausted. Sets forth rules for the treatment of losses, security pledges, and transfers of account incident to divorce. Limits the number of rollover accounts which an individual may maintain to one at a time. Requires the trustee of such an account to keep appropriate records and to file annual returns with the Secretary.
United States · United States Congress · 2 July 1980
Social Security Payroll Credit Act of 1980 - Amends the Internal Revenue Code to allow employers, employees, and self-employed individuals an income tax credit equal to ten percent of the amount of social security taxes paid by such individuals in 1981 or 1982.
United States · United States Congress · 2 July 1980
Capital Investment Incentive Act of 1980 - Amends the Internal Revenue Code to increase from 60 percent to 70 percent the noncorporate capital gains deduction from gross income. Reduces from 28 percent to 21 percent the corporate alternative minimum tax rate on capital gains.
United States · United States Congress · 2 July 1980
Amends the Internal Revenue Code to exclude from gross income Federal grants for tuition and related expenses at institutions of higher education, even though the grant recipient is required to perform future service as a Federal employee. Deems service in a health manpower shortage area as Federal service. Amends the Revenue Act of 1978 to extend for one year the exclusion from gross income amounts received as National Research Service Awards.
United States · United States Congress · 2 July 1980
Amends the Internal Revenue Code to abolish the estate and gift taxes.
United States · United States Congress · 2 July 1980
Amends the Congressional Budget Act of 1974 to prohibit total budget outlays for any fiscal year after fiscal year 1980 from exceeding the total budget outlays for the preceding fiscal year by a greater percentage than the percentage increase in the gross national product in the preceding calendar year. Reduces further the permissible total budget outlays by percentages based upon the inflation rate and Federal grants to State and local governments. Permits: (1) an increase in the permissible total budget outlays if both Houses of Congress agree by a three-fourths vote; and (2) emergency outlays to be authorized if the President has declared an emergency and both Houses agree by a two-thirds vote. Prohibits requiring State or local governments to perform additional functions without compensation for necessary costs incurred in connection with such functions. Requires such compensation to have been authorized and included as a part of the permissible total budget outlays. Requires concurrent resolutions on the budget to include the estimated amount of grants to State and local governments, in the aggregate and as a fraction of total budget outlays, and any changes. Amends the Budget and Accounting Act, 1921, to require the Budget to be prepared in compliance with this Act. Directs the President to take necessary action to assure continuing compliance with this Act.
United States · United States Congress · 2 July 1980
Title I: Department of the Interior - Makes appropriations for fiscal year 1981 within the Department of the Interior for the: (1) Bureau of Land Management for management of lands and resources, acquisition, construction, and maintenance, payments in lieu of taxes, Oregon and California grant lands, range improvements, recreation development and facilities, service charges, deposits, and forfeitures, and miscellaneous trust funds; (2) Office of Water Research and Technology for salaries and expenses; (3) Heritage Conservation and Recreation Service for salaries and expenses, the Urban Park and Recreation Fund, the Land and Water Conservation Fund, and the Historic Preservation Fund; (4) U.S. Fish and Wildlife Service for resource management, the National Wildlife Refuge Fund, construction and anadromous fish, the Migratory Bird Conservation Account and recreation facilities operation and development; (5) National Park Service for operation of the National Park Service, construction, and recreation facilities; (6) Geological Survey for surveys, investigation, and research, and exploration of the National Petroleum Reserve in Alaska; (7) Bureau of Mines for mines and minerals and the Helium Fund; (8) Office of Surface Mining Reclamation and Enforcement for regulation and technology and the Abandoned Mine Reclamation Fund; (9) Bureau of Indian Affairs for operation of Indian programs, construction, road construction, the Alaska Native Fund, tribal trust funds, the Revolving Fund for Loans, and the Indian Loan Guaranty and Insurance Fund; (10) Office of Territorial Affairs for administration and the Trust Territory of the Pacific Islands; (11) Office of the Solicitor for salaries and expenses; and (12) Office of the Secretary for departmental management, construction management, and the Inspector General. Sets forth uses and the limitations on appropriations for the Bureau of Land Management, Heritage Conservation and Recreation Service, U.S. Fish and Wildlife Service, National Park Service, Geological Survey, Bureau of Mines, Bureau of Indian Affairs, and the Working Capital Fund. Makes appropriations available for emergencies, fire prevention, warehouses, services, and uniforms and allowances. Limits contracts for services issued byt he General Services Administration to one year. Prohibits the use of funds for the identification of lands in the Unique Wildlife Ecosystem Program. Authorizes the Secretary of the Interior to appoint an advisory group to study the effect of future growth and development on the national capital area. Title II: Related Agencies - Makes appropriations for fiscal year 1981 to the following agencies: (1) Forest Service within the Department of Agriculture for forest research, State and private forestry, National Forest System, construction and land acquisition, Youth Conservation Corps, acquisition of lands for specified national forests and to complete land exchanges, rangeland improvements, recreation facilities, and timber salvage sales; (2) Department of Energy for alternative fuels production (by a transfer of funds), fossil energy research and development, fossil energy construction, energy production, demonstration, and distribution, energy conservation, economic regulation, the Strategic Petroleum Reserve, and the Energy Information Administration; (3) Department of Health and Human Services for Indian health services and facilities; (4) Department of Education for Indian education; (5) Institute of Museum Services; (6) Navajo and Hopi Indian Relocation Commission for salaries and expenses; (7) Smithsonian Institution for salaries and expenses, museum programs and research (special foreign currency program), construction and improvements at the National Zoological Park, restoration and renovation of buildings, salaries and expenses at the National Gallery of Art and the Woodrow Wilson International Center for Scholars; (8) National Foundation on the Arts and Humanities for the National Endowment for the Arts for salaries and expenses and matching grants and the National Endowment for the Humanities for salaries and expenses and matching grants; (9) Commission of Fine Arts for salaries and expenses; (10) Advisory Council on Historic Preservation for salaries and expenses; (11) National Capital Planning Commission for salaries and expenses; (12) Franklin Delano Roosevelt Memorial Commission for salaries and expenses; (13) Pennsylvania Avenue Development Corporation for salaries and expenses, the Land Acquisition and Development Fund, and public development; and (14) Federal Inspector for the Alaska Gas Pipeline for permitting and enforcement. Sets forth uses for and restrictions on appropriations for the Forest Service, Department of Energy, Health Services Administration, and the National Foundation on the Arts and Humanities. Title III: General Provisions - Restricts the use of funds for: (1) sale of specified timber from Federal lands for export; (2) oil and natural gas leases within the Shawnee National Forest, Illinois, by noncompetitive bidding; (3) lobbying; (4) implementing, without State approval, regulations requiring the use of steel shot in connection with the hunting of waterfowl; or (5) obligation beyond the current fiscal year unless otherwise provided. Exempts Alaska from provisions of the Export Administration Act which require a validated license for the export of unprocessed western red cedar.
United States · United States Congress · 2 July 1980
Estate and Gift Tax Act of 1980 - Amends the Internal Revenue Code to: (1) increase from $47,000 to $155,800 the unified credit against the estate and gift tax; and (2) increase from $3,000 to $6,000 the gift tax exclusion.
United States · United States Congress · 2 July 1980
Amends the Internal Revenue Code to exempt independent producer oil and royalty owner oil from the windfall profit tax.
United States · United States Congress · 2 July 1980
Tax Equity Act of 1980 - Title I: Social Security Tax Credit - Amends the Internal Revenue Code to allow employees and self-employed individuals a refundable income tax credit for 15 percent of the social security taxes paid by such individuals during calendar years 1980 and 1981. Denies a business expense income tax deduction for such taxes to any taxpayer who claims such a credit. Title II: Small Business Corporate Income Tax Reduction - Reduces corporate income tax rates for businesses with taxable income of less than $200,000. Title III: Metropolitan Development Incentive Areas - Directs the Secretary of Housing and Urban Development to designate geographical areas which have demonstrated results, as determined by such Secretary pursuant to regulations, in providing housing and employment opportunities for persons of low and moderate income as metropolitan development incentive areas. Sets forth specific criteria for the designation of metropolitan development incentive areas. Provides for accelerated depreciation of tangible depreciable business property which is located in a metropolitan development incentive area. Disqualifies, for purposes of such accelerated depreciation, the following types of property: (1) livestock; (2) amortization property; (3) property depreciable on a basis other than time; (4) public utility property; and (5) leased property. Qualifies business property with a useful life of three years for the additional first-year depreciation allowance (currently, a six year useful life is required). Title IV: Incentives for Compliance with Voluntary Pay and Price Guidelines - Allows an income tax credit for compliance by corporations with voluntary pay and price guidelines published by the Council on Wage and Price Stability. Limits the amount of such credit to $1,000,000. Requires the Director of the Council on Wage and Price Stability to transmit to the Secretary of the Treasury information with respect to corporate compliance with pay and price guidelines. Allows individual taxpayers a refundable $100 income tax credit for compliance with such guidelines. Specifies that such taxpayer must have a full time occupation and not make more than $440,000 in any one job. Directs the Secretary to consult with the Director of the Council on Wage and Price Stability on regulations to implement such tax credit.
United States · United States Congress · 2 July 1980
Amends the Internal Revenue Code to allow an employer a refundable income tax credit for payment of compensation to an employee for periods during which such employee participates in armed forces summer camp training. Limits the amount of such credit to the amount which such employee would normally be paid for employment during such period, reduced by the amount of military pay which the employee receives at summer camp. Denies any tax credit for amounts which an employer pays as vacation or holiday pay.
United States · United States Congress · 2 July 1980
Small Savers and Small Investors Income Tax Amendments of 1980 - Amends the Internal Revenue Code to increase the aggregate income tax exclusion for interest and dividend income from $200 to $400 ($800 for joint returns). Increases the amount of such exclusion for elderly taxpayers (age 65 or older) to $3,000. Makes such tax exclusion permanent. Permits taxpayers to elect a refundable income tax credit of $600 in lieu of the tax exclusion for interest and dividend income.
United States · United States Congress · 2 July 1980
Tax Rate Reduction Act of 1980 - Title I: Individual Tax Rates - Amends the Internal Revenue Code to reduce individual income tax rates for calendar years 1981 through 1985, and permanently thereafter. Title II: Inflation Adjustments for Taxable Years Beginning After 1985 - Requires annual cost of living adjustments to income levels in each income tax bracket, beginning in calendar year 1985. Requires similar cost of living adjustments to the $1,000 personal tax exemption. Increases the minimum income levels at which a taxpayer is required to file an income tax return by providing that such levels shall be equal to the taxpayer's income tax exemption and zero bracket amount, adjusted for inflation.
United States · United States Congress · 2 July 1980
Expresses the sense of the Congress not to impose additional Federal income tax withholding on interest and dividends.
United States · United States Congress · 1 July 1980
Tax Exempt Mortgage Revenue Bond Act of 1980 - Amends the Internal Revenue Code to deny a tax exclusion for interest earned on State- or locally- issued mortgage revenue bonds, except such bonds as meet specified requirements. Requires mortgage revenue bonds qualified for such interest exclusion: (1) to finance owner-occupied residences exclusively; (2) to advance such financing only to individuals whose maximum annual income does not exceed 120 percent of the median family income for the statistical area where the residence is located; (3) to have as a limit to the aggregate amount of such bonds, when added to the aggregate amount of qualified mortgage bonds issued by the State and its political subdivisions during the same calendar year, not more than ten percent of the average annual sum of the amounts of all first mortgage loans made on owner-occupied residential real property located within such State during the preceding three calendar years; and (4) to provide for review by the responsible State agency of any issue made by a political subdivision, or by its housing financing agency, in order to determine the financial soundness of such issue. Provides transitional rules for obligations issued before January 1, 1982. Entitles any State housing agency to issue 50 percent of such mortgage revenue bonds, with the other 50 percent to be distributed among the local subdivisions as determined by the State legislature.
United States · United States Congress · 1 July 1980
Amends the Internal Revenue Code to allow a current investment tax credit against the alternative minimum tax to the extent that the amount of such credit is attributable to the active conduct of a trade or business.
United States · United States Congress · 1 July 1980
Amends the Internal Revenue Code, with respect to computing the limitation on the foreign tax credit for corporations, to exclude from the reckoning of capital gains any gain from the sale, exchange or other disposition of a patent, an invention, model, or design (whether or not patented), a copyright, a secret formula or process, or any other similar property right.
United States · United States Congress · 1 July 1980
Amends the Internal Revenue Code to exclude from the gross estate of an individual up to $500,000 of the value of an annuity under a qualified State judicial plan or any benefits payable thereunder. Defines "qualified State judicial plan" as a compulsory defined benefit plan for the exclusive benefit of judges or their beneficiaries. Provides that the designation of a beneficiary under a State judicial plan shall not be considered a transfer of property for purposes of the gift tax.
United States · United States Congress · 1 July 1980
Permits a taxpayer who is required to change his method of accounting pursuant to Revenue Ruling 80-60 (inventory valuation) and Revenue Procedure 80-5 to effect such a change only for taxable years beginning after December 31, 1979.
United States · United States Congress · 1 July 1980
Amends the Internal Revenue Code, with respect to the penalty for failure to pay tax due to negligence or intentional disregard of rules and regulations (but without intent to defraud), to change the amount of the penalty from five percent of the total underpayment to five percent of that part of the underpayment due to such negligence or intentional disregard of the rules and regulations.
United States · United States Congress · 30 June 1980
Amends the Internal Revenue Code to reduce the rate of excise tax on: (1) highway vehicle tires from $.10 to $.0975 (and on or after October 1, 1984, to $.04875); and (2) other tires (except laminated tires) from $.05 to $.04875. Requires determination of any overpayment of such tax arising by reason of an adjustment for such reduction after the original sale pursuant to warranty, in accordance with principles set forth in regulations and rulings in effect on March 31, 1978. Applies this requirement to the adjustment of any tire between March 31, 1978 and January 1, 1983. Prohibits any credit or refund for adjustments after December 31, 1982.
United States · United States Congress · 30 June 1980
Amends the Internal Revenue Code to allow an income tax credit of 25 percent of the qualified research and experimental expenditures paid or incurred by a taxpayer in connection with his trade or business. Defines "qualified research and experimental expenditures" as those business-related expenditures which are currently deductible under provisions of the Internal Revenue Code, but limits the scope of such expenditures to technological research designed to develop or improve products or services. Excludes expenditures for research or experimentation in the social sciences or humanities, government-funded research, or research carried on in the taxpayer's behalf. Limits the amount of expenditures eligible for the credit to those which exceed 100 percent of the annual average of such expenditures for the immediately preceding three years. Provides for a three-year carryback and seven-year carryover of unused credits.
United States · United States Congress · 30 June 1980
Title I: Amendments to the State and Local Fiscal Assistance Act of 1972 - Amends the State and Local Fiscal Assistance Act of 1972 to authorize appropriations to the State and Local Government Fiscal Assistance Trust Fund for fiscal years 1981, 1982, and 1983. Eliminates the State share of revenue sharing funds which are currently authorized under such Act. Title II: Amendments to the Internal Revenue Code of 1954 - Amends the Internal Revenue Code to allow individual taxpayers an income tax credit equal to 25 percent of the State and local real property taxes, personal property taxes, income taxes, and general sales taxes. Disallows the current income tax deduction for such taxes for taxpayers who claim a tax credit.
United States · United States Congress · 28 June 1980
Amends the Internal Revenue Code to exempt from the Federal Unemployment Tax Act officers and crewmembers of fishing vessels of up to 15 net tons if the area in which such vessel operates has fishing management regulations and catch limitations for vessels of from ten to 15 net tons which are the same as those regulations and limitations for fishing vessels under ten net tons.
United States · United States Congress · 28 June 1980
Amends the Internal Revenue Code to exempt from income taxation mutual deposit guaranty funds organized before January 1, 1963 (currently, only those funds organized before September 1, 1957 are so exempt). Applies this Act to taxable years ending after December 31, 1967.
United States · United States Congress · 27 June 1980
Amends the Internal Revenue Code to allow an income tax deduction for cash contributions made by an eligible employee to certain retirement savings and pension plans. Limits the amount of such deduction to the lesser of 15 percent of the employee's gross annual compensation or $7,500. Defines "eligible employee" as an employee who is an active participant for any part of the taxable year in: (1) a tax-exempt pension or profit-sharing plan; (2) an annuity plan; (3) a qualified bond purchase plan; (4) an individual retirement account or annuity or bond plan; (5) a group retirement trust maintained by a labor organization; or (6) a retirement plan established for its employees by the United States, by a State, or by a local political subdivision, or by an agency or instrumentality thereof.
United States · United States Congress · 27 June 1980
Amends the Internal Revenue Code to provide homebuilders with an income tax credit for the construction of residences which incorporate a passive solar energy system. Directs the Secretary of the Treasury, after consultation with the Secretaries of Energy and Housing and Urban Development, to prescribe regulations setting forth a solar construction credit table for purposes of determining the amount of the credit for which the incorporator of the solar energy system is eligible. Limits the dollar amount of such credit to $2,000 for calendar years prior to 1986 and phases out the amount of the credit by $500 decrements until 1989 when such credit terminates. Defines "passive solar energy system" as a system which contains a solar collection area, an absorber, a storage mass, a heat distribution method, and heat regulation devices. Requires such system to be installed in a new residence after September 30, 1980 and before January 1, 1989.
United States · United States Congress · 27 June 1980
Amends the Internal Revenue Code to extend from 18 to 24 months the period (rollover period) during which a taxpayer must reinvest the proceeds from the sale of a principal residence in a new residence in order to qualify for the nonrecognition of any gain from such sale.
United States · United States Congress · 27 June 1980
Amends the Internal Revenue Code to provide homebuilders with an income tax credit for the construction of residences which incorporate a passive solar energy system. Directs the Secretary of the Treasury, after consultation with the Secretaries of Energy and Housing and Urban Development, to prescribe regulations setting forth a solar construction credit table for purposes of determining the amount of the credit for which the incorporator of the solar energy system is eligible. Limits the dollar amount of such credit to $2,000 for calendar years prior to 1986 and phases out the amount of the credit by $500 decrements until 1989 when such credit terminates. Defines "passive solar energy system" as a system which contains a solar collection area, an absorber, a storage mass, a heat distribution method, and heat regulation devices. Requires such system to be installed in a new residence after September 30, 1980 and before January 1, 1989.
United States · United States Congress · 26 June 1980
Amends the Internal Revenue Code to extend from June 15, 1981, to January 1, 1986, the termination date for certain provisions of the Tax Reform Act of 1976 relating to the allowance of a deduction for the amortization of certain rehabilitation expenditures for certified historic structures.
United States · United States Congress · 26 June 1980
Directs the Senate Finance Committee to report to the Senate by September 3, 1980, a responsible, targeted anti- inflationary tax cut to take effect in 1981. Directs the Democratic Task Force on the Economy to recommend to the Senate a comprehensive economic policy at the earliest possible date.
United States · United States Congress · 26 June 1980
Amends the Internal Revenue Code to allow married individuals filing jointly an income tax deduction from gross income equal to ten percent of the earned income of the lower income spouse (or of one spouse if both incomes are the same). Limits the amount of such deduction to $1,500 for the taxable year.
United States · United States Congress · 26 June 1980
Amends the Internal Revenue Code to allow a refundable income tax credit for the purchase of a model year 1979 or later highway vehicle which is manufactured in the United States and is purchased by the taxpayer after May 31, 1980 and before June 1, 1981. Limits the amount of such credit to $750 and the applicability of the credit to one highway vehicle.
United States · United States Congress · 26 June 1980
Sets forth the rule for the consideration of H.R. 6386 (Legal Services Corporation funding).
United States · United States Congress · 25 June 1980
Tax Reduction - Job Creation Act - Title I: Individual Tax Rates - Amends the Internal Revenue Code to reduce income tax rates for each category of individual taxpayers. Title II: Incentives for New Plant and Equipment - 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 · 25 June 1980
Tax Reduction - Job Creation Act - Title I: Individual Tax Rates - Amends the Internal Revenue Code to reduce income tax rates for each category of individual taxpayers. Title II: Incentives for New Plant and Equipment - 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 taxpayers 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 · 24 June 1980
Amends the Internal Revenue Code to allow a refundable income tax credit for electric utility fuel surcharges incurred by a taxpayer in connection with a trade or business or for electricity used in such taxpayer's principal residence resulting from a shutdown of nuclear power generating facilities.
United States · United States Congress · 24 June 1980
Small Business Direct Expensing Act of 1980 - Amends the Internal Revenue Code to allow a taxpayer to elect to treat expenditures paid or incurred by him during the taxable year (not to exceed an aggregate of $10,000, or $5,000 in the case of a married person filing a separate return) for depreciable tangible property as expenses not chargeable to capital account (thus deductible as current business expenses). Limits such treatment to property purchased after December 31, 1980, for use in a trade or business. Disqualifies property acquired from a related person or another component member of the same controlled group of companies.
United States · United States Congress · 24 June 1980
Waives certain points of order against the bill H.R. 7631 (Department of Housing and Urban Development funding).
United States · United States Congress · 24 June 1980
Sets forth the rule for the consideration of H.R. 7051 (Department of the Treasury funding).
United States · United States Congress · 24 June 1980
Expresses the sense of the Congress that the United States not admit more than 650,000 immigrants, including refugees, in fiscal year 1980, and that the President shall submit to the Congress an annual U.S. immigration goal.
United States · United States Congress · 20 June 1980
Expresses the sense of the Congress with respect to the withholding of tax on interest income and dividends.
United States · United States Congress · 20 June 1980
Amends the Internal Revenue Code to permit the nonrecognition of gain from the sale or exchange of a taxpayer's principal residence even though the purchase price of a new residence is less than the adjusted sales price of the old residence. Specifies that the purchase price of the new residence may not be more than $100,000 less than the adjusted sales price of the old residence. Extends from 18 to 30 months the period (rollover period) during which a taxpayer must reinvest the proceeds from the sale of a residence in a new residence in order to qualify for the nonrecognition of gain from any such sale. Allows individual taxpayers an income tax deduction of up to $4,000 annually and $20,000 in a lifetime for cash contributions to an individual housing account established to finance the purchase of a principal residence for the taxpayer. Limits the allowable amount of the income tax deduction for interest paid on home mortgages to $150,000.
United States · United States Congress · 19 June 1980
Amends the Internal Revenue Code to exempt a certain portion of royalty owner oil production from the windfall profit tax. Limits the amount so exempted per quarter to ten barrels per day. Requires proportionate allocation of any production in excess of ten barrels per day between tier 1 oil, tier 2, and tier 3 oil, and within any tier on the basis of removal prices. Requires allocation of the ten barrel amount among royalty owners who are members of the same related group.
United States · United States Congress · 19 June 1980
Amends the Immigration and Nationality Act to provide for a one-House congressional veto of a Presidential determination to exceed the annual 50,000 refugee admission ceiling. Requires such a Presidential determination to be transmitted to both Houses of Congress.