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Bill· SS. 1339 (99th)open
United States · United States Congress · 21 June 1985
Amends the Internal Revenue Code to exclude from gross income distributions from an individual retirement account or annuity to be used for the purchase of a principal residence for the taxpayer. Limits the aggregate amount which may be excluded to $10,000. Reduces the basis of any principal residence by the amount of distribution used for the purchase. Treats as ordinary income any gain realized on the sale of a principal residence to the extent of any amount of such distribution used for the purchase.
Bill· SS. 1341 (99th)open
United States · United States Congress · 21 June 1985
Agricultural Land Value Tax Act of 1985 - Amends the Internal Revenue Code to exclude from gross income the discharge of indebtedness from the conditional cancellation of certain farm loans. Exempts from the minimum tax capital gains realized on sales of farm property by insolvent farmers. Exempts from the additional estate tax on the nonqualified transfer or use of farm property by an heir any sale of farm property by an insolvent heir.
Bill· HRH.R. 2845 (99th)referred
United States · United States Congress · 21 June 1985
Directs the President to include within his FY 1988 budget submitted to the Congress a two-year Department of Defense proposed budget for FY 1988 and 1989. Directs the President to thereafter submit a proposed two-year budget for such Department every other year. Requires the Secretary of Defense, not later than July 1, 1986, to report to the Committees on Armed Services and on Appropriations of the Senate and House of Representatives on a proposed two-year budget cycle for the Department of Defense.
Bill· HRH.R. 2824 (99th)passed
United States · United States Congress · 20 June 1985
Amends the Farm Credit Act of 1971 to repeal the Federal income tax liability with respect to obligations of Federal intermediate credit banks, Federal land banks, and land bank associations.
Bill· HRH.R. 2830 (99th)referred
United States · United States Congress · 20 June 1985
Amends the Internal Revenue Code to allow individuals an income tax deduction for amounts paid to an individual medical care account. Provides that the maximum yearly contribution to such account is limited to the lesser of $2,000 or an amount equal to compensation includible in the individual's gross income for the taxable year. Limits married couples with only one partner working to a contribution of $2,250 each year. Provides that no deduction will be allowed for contributions to a medical care account if the beneficiary has attained the age of 70 and one-half before the close of the taxable year. Provides that amounts distributed out of an account will be included in the gross income by the distributee for the taxable year in which the distribution is received. Excludes rollover contributions from the gross income of the distributee if certain requirements are met. Provides rules relating to excess contributions and transfers incident to divorce. Exempts from taxation an individual medical care account unless such account ceases to be an individual medical care account by reason of certain actions. Imposes an additional ten percent penalty tax on distributions made to a distributee before the distributee attains the age 59 and one-half and does not use the amount for eligible medical care expenses. Exempts distributions or income inclusions from the ten percent penalty tax attributable to the taxpayer becoming disabled. Permits individuals who do not itemize deductions to deduct amounts contributed to individual medical care accounts. Imposes a penalty tax on excess contributions to individual medical care accounts, and a penalty tax for prohibited transactions with an individual medical care account. Imposes a penalty for failure to file certain reports.
Bill· HRH.R. 2825 (99th)referred
United States · United States Congress · 20 June 1985
Amends the Internal Revenue Code to limit an individual's deduction for State and local taxes to that amount of the taxes which exceeds one percent of the adjusted gross income of the taxpayer.
Bill· HRH.R. 2787 (99th)open
United States · United States Congress · 18 June 1985
Amends the Small Business Act to require the President to designate, within 60 days of the enactment of this Act, the agency (including the Department of Defense) with which a Government procurement contract shall be made by the Small Business Administration (SBA) under the provisions pursuant to which contracts are performed through subcontracts with socially and economically disadvantaged small businesses. Extends through FY 1988: (1) the program established by the Act under which contracts are set-aside for small businesses; and (2) the SBA's authority to waive the posting of bond with respect to such businesses.
Bill· HRH.R. 2793 (99th)referred
United States · United States Congress · 18 June 1985
Fairness for Adopting Families Act - Amends the Internal Revenue Code to limit the amount of the income tax deduction for the legal adoption of a child by a taxpayer to not exceed $5,000 ($7,000 in the case of an international adoption). Reduces the amount of the deduction for taxpayers whose taxable income exceeds $60,000. Expands such deduction to include all reasonable and necessary expenses which are directly related to a legal adoption of a child (current law restricts expenses to those incurred in the adoption of a child with special needs), if such adoption has been arranged by a State or local agency, a nonprofit agency, or through a private placement which does not violate a Federal or State law. Disallows such deduction for expenses of adoption by an individual of a child who is a child of such individual's spouse. Disallows such deduction for expenses in connection with artificial insemination, embryo transplantation, in vitro fertilization, or surrogate parenthood. Disallows such deduction for expenses incurred for travel outside the United States, unless such travel is required as a condition of the child's adoption, to assess the health and status of the child, or to escort the child back to the United States. Excludes from an employee's gross income any amounts paid on his behalf by an employer pursuant to an adoption assistance program. Establishes dollar amount and income amount limitations on such exclusion.
Bill· HRH.R. 2789 (99th)referred
United States · United States Congress · 18 June 1985
Provides that the ten percent penalty tax on taxable expenditures of private foundations shall not apply by reason of the failure to receive advance approval of procedures for making scholarship grants to an organization which: (1) was founded in 1881; (2) provides care and education for destitute and deserving orphan and needy children; and (3) during 1968 promulgated a plan for scholarship assistance and student emergency services program in conjunction with a county board of education.
Bill· HRH.R. 2779 (99th)open
United States · United States Congress · 17 June 1985
Raises the excludable capital expenditure limit on certain small issue industrial development bonds issued in connection with an urban development action grant under the Housing and Community Development Act of 1974.
Bill· HRH.R. 2770 (99th)referred
United States · United States Congress · 13 June 1985
Crane Tithe Tax Act of 1985 - Amends the Internal Revenue Code to repeal: (1) the corporate income tax; (2) the corporate minimum tax; (3) the tax on unrelated business income of tax-exempt organizations; (4) the tax on accumulated earnings of a corporation; (5) the personal holding company tax; (6) the alternative tax for certain mutual savings banks; (7) the tax on life insurance companies; (8) the tax on certain mutual insurance companies; (9) the tax on certain types of insurance companies; (10) the tax on regulated investment companies; (11) the tax on real estate investment trusts; and (12) the tax on income of foreign corporations connected with United States businesses. Revises the individual income tax to impose a ten percent tax on the earned income of an individual in excess of a $10,000 exemption amount. Provides for annual cost-of-living adjustment to such exemption amount. Defines "earned income" as: (1) wages, salaries, and other employee compensation; (2) the amount of net earnings from self-employment; and (3) the amount of dividends from a personal service corporation or which are otherwise directly or indirectly compensation for services. Exempts from earned income: (1) any amount received as a pension or annuity; and (2) tips. Provides for a general amnesty for any tax (or for penalties and interest with respect to such tax) for any taxable year ending on or before June 13, 1985. Repeals all specific exclusions from gross income, all deductions and all income tax credits to the extent related to the computation of individual income tax liability. Repeals the estate and gift taxes.
Bill· HRH.R. 2773 (99th)referred
United States · United States Congress · 13 June 1985
Amends the Internal Revenue Code to allow an income tax credit for expenses incurred for radon-reduction equipment installed in a principal residence. Sets the amount of such credit at 40 percent of such expenditures. Limits to $2,000 the amount of such expenditures which may be taken into account.
Bill· HRH.R. 2762 (99th)referred
United States · United States Congress · 13 June 1985
Amends the Internal Revenue Code to allow an energy investment tax credit of ten percent for equipment used for conversions to coal fuel and five percent for coal mining equipment. Terminates both credits after 1993. Allows a 12-month amortization period for pollution control facilities used in connection with a plant that uses coal as a principal fuel. (Present law allows such amortization over a five-year period.) Increases the income tax credit for increasing research activities from 25 percent to 50 percent for activities relating to coal mining or burning and to controlling pollutants caused by the burning of coal. Amends the Powerplant and Industrial Fuel Use Act of 1978 to require each executive agency to survey its electric powerplants and major fuel-burning installations in order to identify those which could result in substantial savings if converted to coal. Requires each executive agency to submit to the Office of Management and Budget an annual plan for the conversion of electric powerplants and major fuel-burning installations to coal. Repeals the 15 percent reduction in the depletion allowance for coal and iron ore.
Bill· HRH.R. 2763 (99th)referred
United States · United States Congress · 13 June 1985
Amends the Internal Revenue Code to repeal the capital gains tax on disposition of investments in U.S. real property by foreign citizens. Repeals the withholding of tax on dispositions of U.S. real property interests and the special reporting requirements with respect to U.S. real property interests.
Resolution· HRESH.Res. 200 (99th)passed
United States · United States Congress · 13 June 1985
Sets forth the rule for the consideration of H.R. 1872 (armed forces funding).
Bill· SS. 1291 (99th)open
United States · United States Congress · 12 June 1985
Amends the Tax Reform Act of 1969 to exempt from private foundation divestiture rules any private foundation owning 100 percent of the stock of a hotel corporation on May 26, 1969. Specifies additional requirements which the foundation and corporation must meet to qualify for the exemption.
Bill· SS. 1281 (99th)open
United States · United States Congress · 12 June 1985
Requires the Secretary of the Treasury to modify income tax regulations relating to accounting for long-term contracts to provide that: (1) the amount includible in gross income with respect to any Defense Department long-term contract shall not be less than a certain amount; and (2) the completed contract method may not be used with respect to Defense Department long-term contracts. Defines Defense Department long-term contract as: (1) any long-term contract to which the Defense Department is a party; or (2) a subcontract to such a contract. Excludes certain contracts from consideration as Defense Department long-term contracts. Sets forth rules for the determination of a taxpayer's gross receipts.
Bill· HRH.R. 2740 (99th)referred
United States · United States Congress · 12 June 1985
Tax Treatment of Americans Abroad Act - Amends the Internal Revenue Code to exclude from the gross income of certain U.S. citizens and residents abroad: (1) foreign earned income; (2) U.S. earned income attributable to a temporary presence in this country not exceeding a total of 183 days during the taxable year; (3) other income from sources without the United States; (4) other U.S. income not effectively connected with a U.S. trade or business; (5) U.S. capital gain net income while temporarily present in the United States; and (6) U.S. real property interest gain. Requires the U.S. citizen to establish the fact that he or she has been a bona fide resident of a foreign country or countries for an uninterrupted period which includes an entire year or requires a U.S. citizen or resident to be present in a foreign country or countries during at least 510 full days during any period of 18 consecutive months. Sets forth definitions and other special rules relating to the exclusion of income of U.S. citizens and residents abroad.
Bill· HRH.R. 2747 (99th)referred
United States · United States Congress · 12 June 1985
Taxpayer Contributions for Public Debt Reduction Act of 1985 - Amends the Internal Revenue Code to allow taxpayers to designate on their tax returns that income tax refunds shall be treated as contributions and used to reduce the public debt and that any cash contribution which the taxpayer includes with such return shall be used to reduce the public debt. Requires the transfer of amounts designated for this purpose to a special account to be used to reduce the public debt.
Bill· SS. 1271 (99th)open
United States · United States Congress · 11 June 1985
Intelligence Authorization Act for Fiscal Year 1986 - Title I: Intelligence Activities - Authorizes appropriations for FY 1986 for intelligence and intelligence-related activities in specified departments and agencies of the U.S. Government, including the Central Intelligence Agency (Agency) and the Department of Defense. Requires the Director of Central Intelligence or the Secretary of Defense to notify the appropriate congressional committees of any intent to spend funds other than as specifically authorized. Prohibits reprogramming or fund transfers except in restricted circumstances. Authorizes the Director of Central Intelligence to employ civilian personnel in excess of the ceiling for such personnel when necessary to the performance of important intelligence functions. Authorizes the National Security Agency to secure the design and construction of a research and engineering facility at their headquarters at Ft. Meade, Maryland. Title II: Intelligence Community Staff - Authorizes appropriations for the Intelligence Community Staff for FY 1986. Establishes an end strength ceiling of 233 full-time Intelligence Community Staff employees. Provides that the Intelligence Community Staff shall be administered in the same manner as the Central Intelligence Agency. Title III: Central Intelligence Agency Retirement and Disability System - Authorizes appropriations for FY 1986 for the Central Intelligence Agency Retirement and Disability Fund. Title IV: General Provisions - States that the authorization of appropriations by this Act shall not constitute authority for the conduct of any intelligence activity which is not otherwise authorized by the Constitution or laws of the United States. Allows increases in employee benefits as authorized by law. Title V: Facilitating Naturalization of Certain Foreign Intelligence Sources - Amends the Immigration and Nationality Act to provide for the waiver of certain requirements and the naturalization of eligible petitioners who have made extraordinary contributions to the national security of the United States or to the conduct of U.S. intelligence activities. Title VI: Administrative Provisions - Authorizes the Secretary of Defense to use the proceeds from counterintelligence operations to offset the expenses incurred by such operations. Provides for the acceleration of retirement benefits for certain Central Intelligence employees working in unhealthful posts. Directs the Secretary of State to apply the terms, limitations, restrictions, or conditions of the Foreign Missions Act of 1982 to all individuals on secondment to the United Nations. Title VII: Diplomatic Equivalence and Reciprocity - Diplomatic Equivalence and Reciprocity Act of 1985 - Limits the number of members of the diplomatic mission of the Soviet Union in the United States to the number of U.S. nationals admitted to the Soviet Union as diplomatic or consular personnel. Requires the Secretary of State and the Attorney General to report to Congress within six months on the implementation of this policy.
Resolution· HRESH.Res. 196 (99th)passed
United States · United States Congress · 11 June 1985
Sets forth the rule for the consideration of H.R. 1409 (military construction operations).
Bill· SS. 1270 (99th)open
United States · United States Congress · 10 June 1985
Amends the Internal Revenue Code to repeal the volume cap and certain other restrictions applicable to qualified veterans' mortgage bonds. Repeals the termination on March 15, 1987, of the exception for certain established programs from the denial of tax exemption to consumer loan bonds.
Bill· HRH.R. 2705 (99th)referred
United States · United States Congress · 10 June 1985
Amends the Internal Revenue Code to require that income tax refunds must be made to a taxpayer within 45 days after a tax return is filed.
Bill· SS. 1263 (99th)open
United States · United States Congress · 7 June 1985
Amends the Internal Revenue Code to provide that the reasonable addition for the taxable year to the reserve for bad debts of any bank shall be the amount necessary to bring the balance of the tax reserve for bad debts as of the close of the taxable year to an amount equal to the amount of the financial statement reserve for bad debts maintained by the taxpayer as of the close of such taxable year. Limits the amount of the additional bad debt reserve for any taxable year to the amount necessary to bring the balance of the tax reserve for bad debts up to 1.5 percent of total loans of the bank. Provides that the amount of the deduction allowed for any taxable year shall not exceed an amount equal to one-half of one percent of the total loans of the bank as of the close of the taxable year. Requires that the difference between the tax reserve for bad debts and the financial statement reserve for bad debts shall be brought into conformity over a period of six years.
Bill· SS. 1250 (99th)open
United States · United States Congress · 6 June 1985
Amends the Internal Revenue Code to extend the targeted jobs income tax credit for five years from 1985 to 1990. Includes as members of a targeted group handicapped individuals who are eligible to receive rehabilitative services. (Present law limits such group to handicapped individuals who have completed rehabilitative services.) Increases the eligibility period for supplemental security income (SSI) recipients and general assistance recipients to be included as members of a targeted group.
Bill· HRH.R. 2669 (99th)referred
United States · United States Congress · 5 June 1985
Makes supplemental FY 1985 appropriations for Department of Agriculture food distribution under the Temporary Emergency Food Assistance Act of 1983.
Resolution· HRESH.Res. 186 (99th)passed
United States · United States Congress · 5 June 1985
Waives points of order against the consideration of H.R. 2577 (supplemental appropriations).
Bill· HRH.R. 2657 (99th)referred
United States · United States Congress · 4 June 1985
Amends the Internal Revenue Code to disallow an income tax deduction for business expenses paid or incurred to advertise alcoholic beverages.
Resolution· HRESH.Res. 184 (99th)referred
United States · United States Congress · 4 June 1985
Expresses the sense of the House of Representatives that no tax reforms or revisions should be enacted that reduce or limit current tax benefits to employers or employees for employee health care, life insurance, education assistance, group legal services, unemployment insurance and compensation, workers' compensation and disability programs, and pension benefits. Declares that the House reaffirms its commitment to provide vital life support programs through tax exemptions.
Bill· SS. 1220 (99th)open
United States · United States Congress · 24 May 1985
Renewable Energy and Conservation Transition Act of 1985 - Title I: Extension of Business Energy Credits - Amends the Internal Revenue Code to extend the energy investment tax credit for solar energy property from 1985 to 1990. Sets the amount of such credit during such period at 15 percent for low temperature solar property and 25 percent for all other solar property. Extends the energy investment tax credit for wind property from 1985 to 1988. Sets the amount of such credit at: (1) ten percent during 1986 and 1987; and (2) five percent during 1988. Extends the energy investment tax credit for geothermal property and biomass property from 1985 to 1988. Extends the energy investment tax credit for ocean thermal property from 1985 to 1990. Revises the definition of "solar property" for purposes of such tax credit. Sets forth special rules for geothermal equipment to qualify for such credit. Title II: Affirmative Commitment Rule to Extend the Business Credit for Certain Long-Term Projects - Extends the time period during which an affirmative commitment must be made in order for long-term energy projects to be eligible for the energy investment tax credit. Allows such an extension: (1) from 1990 to 1993 for solar energy property; (2) from 1988 to 1990 for geothermal energy property; and (3) from 1985 to 1990 for hydroelectric generating property. Title III: Extension of Residential Energy Credits - Extends the residential energy income tax credit for solar renewable energy property from 1985 to 1990. Phases out such credit over such period of time. Provides that solar hot water systems and active space heating systems must meet certain additional standards in order to qualify for such credit. Extends the residential energy income tax credit for wind renewable energy property from 1985 to 1988. Phases out such credit over such period of time. Extends the residential energy income tax credit for geothermal renewable energy property from 1985 to 1988. Phases out such credit over such period of time. Revises the definition of geothermal deposits for purposes of such credit. Revises the definition of energy conservation expenditures for purposes of the residential energy income tax credit to limit the amounts taken into account to $700. Limits the energy conservation income tax credit to taxpayers with an adjusted gross income of less than $30,000. Title IV: Effective Date - Sets forth the effective date of this Act.
Bill· SS. 1221 (99th)open
United States · United States Congress · 24 May 1985
Amends the Internal Revenue Code to extend for two years from 1985 to 1987 the income tax exclusion for amounts received under qualified group legal services plans. Limits to $300 the amount of employer contributions to such a plan which may be excluded.
Bill· SS. 1211 (99th)open
United States · United States Congress · 23 May 1985
Health Equity and Fairness Act of 1985 - Amends the Internal Revenue Code to limit the amount of an employer's contribution to a health benefit plan which may be excluded from an employee's gross income. Provides that the limit above which employer paid premiums would be taxable for individuals would be $100 per month for an employee with single coverage and $250 per month for an employee with family coverage. Requires this limit to be adjusted yearly to reflect the change in the implicit price deflater of the gross national product (the change in the GNP adjusted for inflation). Sets forth definitions and special rules relating to the operation of this contribution limitation. Provides that any amount considered to be an excess employer contribution to a health plan for an employee shall be treated as paid in cash to such employee at the close of such month, and shall not be treated as paid under a health or similar plan to the employer. Provides rules for safe harbor provisions for employers with self-insured health plans. Requires an employer to withhold, and be liable for, payment of any tax required to be withheld or paid with respect to excess employer contributions. Allows a deduction for payment to a qualified health benefit plan by individuals who are not covered by any health benefit plan. Limits the deductions to $100 per month for individual coverage and $250 per month for family coverage. Requires the qualified health benefit plan to include payment for physician and hospital inpatient and outpatient services reasonable and necessary for the diagnosis and treatment of illness or injury. Prohibits the plan from including exclusions or restrictions on coverage based upon prior medical conditions. Requires the qualified plan to provide catastrophic expense protection. Prohibits the cancellation of coverage for any reason based on the status or action of the covered individual, other than non-payment of premiums. Must provide subscribers the option to cover dependents. Permits non-itemizing taxpayers to deduct the qualified health benefit plan payments in arriving at adjusted gross income. Requires an employer health benefit plan to provide catastrophic expenses protection and continuity of coverage protection. Sets forth the requirements for the catastrophic coverage and the continuity of coverage requirements. Subjects employers who are required to pay minimum wages, have 25 or more employees, and contribute to a health benefit plan for employees to these requirements. Exempts churches from these requirements. Imposes civil penalties on employers who knowingly fail to comply with these requirements.
Bill· SS. 1213 (99th)open
United States · United States Congress · 23 May 1985
Amends the Internal Revenue Code to provide for the nonrecognition of gain from the sale of farmland development rights under a qualified State farmland preservation program if the taxpayer purchases qualified farming property within 18 months of such sale. Excludes from gross income up to $100,000 of gain from the sale of farmland development rights by an individual who is age 55 or older. Allows a charitable contribution deduction for gain from the sale of farmland development rights to a State to the extent that the fair market value of such rights exceeds the amount actually received by the taxpayer.
Bill· SS. 1201 (99th)open
United States · United States Congress · 23 May 1985
Amends the Internal Revenue Code to extend the residential energy income tax credit for solar energy property for five years (from 1985 to 1990). Phases out the percentage of expenditures which may be taken into account for such credit between the years 1985 and 1990. Limits to $6,000 the maximum amount of expenditures for solar hot water systems which may be taken into account for purposes of such credit. Specifies additional standards which solar hot water systems and active space heating systems must meet in order to qualify for such credit. Increases and extends for five years (from 1985 to 1990) the energy investment tax credit for specified types of solar energy property.
Bill· HRH.R. 2620 (99th)referred
United States · United States Congress · 23 May 1985
College Athlete Education and Protection Act of 1985 - Amends the Internal Revenue Code to deny the deduction for a charitable contribution to an institution of higher education for use in the athletic program of such institution or to any other organization for use in supporting the athletic program of such institution unless for the 5-calendar-year period ending with the calendar year preceding the calendar year in which the contribution is made at least 75 percent of the scholarship athletes ceasing to be students at such school during such period receive a bachelor's degree after the completion of not more than five academic years.
Bill· HRH.R. 2627 (99th)referred
United States · United States Congress · 23 May 1985
Amends the Internal Revenue Code to repeal the volume cap and certain other restrictions applicable to qualified veterans' mortgage bonds. Repeals the termination on March 15, 1987, of the exception for certain established programs from the denial of tax exemption to consumer loan bonds.
Bill· HRH.R. 2629 (99th)referred
United States · United States Congress · 23 May 1985
Amends the Internal Revenue Code to disallow an investment tax credit for any skybox or other private luxury box at a sports facility and any property used in connection with such a skybox or luxury box. Denies an income tax deduction for the depreciation of any such skybox, luxury box, or related property. Treats as ordinary income any gain realized on the dispostion of any such skybox, luxury box, or related property. Repeals the exception for sports facilities from industrial development bond rules relating to the tax exclusion of interest on such bonds.
Bill· HRH.R. 2594 (99th)referred
United States · United States Congress · 23 May 1985
Ten Percent Flat Tax Rate Act - Title I: Ten Percent Tax Rate for Individuals; Tax Simplification - Amends the Internal Revenue Code to impose a tax on every individual equal to ten percent of the taxable income for the taxable year. Repeals the alternative minimum tax. Repeals the following tax credits: (1) interest on certain mortgages; (2) foreign tax credit; (3) tax withheld on wages; (4) tax withheld at source on nonresident aliens and foreign corporations; and (5) certain uses of gasoline and special fuels. Provides that only the following provisions relating to inclusions in and exclusions from gross income will apply to individuals: (1) certain death benefits provisions; (2) interest on certain governmental obligations; (3) mortgage subsidy bond provisions; (4) compensation for injuries and sickness; (5) amounts received under accident and health plans; (6) contributions by employer to accident and health plans; (7) rental value of parsonages; (8) scholarships and fellowship grants; (9) amounts received under insurance contracts for living expenses; (10) cafeteria plans; (11) certain foster care payments; and (12) fringe benefits provisions. Expands the exclusion of scholarships from gross income. Excludes from gross income amounts received or accrued by an individual on account of temporary, permanent, or total disablement and inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment. Repeals the taxation of Social Security and tier one railroad retirement benefits. Increases the allowance for the personal exemption from $1,000 to $2,000. Provides for the indexing of the personal exemption. Permits individuals to expense depreciable property rather than taking a depreciation deduction for such property. Disallows the following deductions for individuals: (1) losses; (2) amortization of pollution control facilities; (3) circulation expenditures; (4) research and experimental expenditures; (5) soil and water conservation expenditures; (6) depreciation or amortization of improvements made by lessee on lessor's property; (7) election to expense certain depreciable property; (8) expenditures by farmers for clearing land; (9) expenditures to remove architectural and transportation barriers to the handicapped and elderly; (10) amortization of reforestation expenditures; and (11) start-up expenditures. Repeals the individual deductions for medical and dental expenses and the deduction for two-earner married couples. Provides that individuals are only permitted to use cost depletion. Prohibits the use of the foreign tax credit by individuals. Repeals the deduction for capital gains for individuals and repeals the estate and gift taxes. Title II: Tax Amnesty - Provides for a one-time amnesty from criminal and civil tax penalties for taxpayers who: (1) file a written statement with specified information concerning any underpayment of tax; (2) pay the amount of such underpayment when filing the statement; and (3) within 30 days of notification of the amount of such interest or delinquency. Permits installment payments of tax due in certain cases. Disallows an amnesty period for taxpayers against whom a tax deficiency has already been assessed, who have committed fraud in seeking amnesty, or against whom a criminal investigation is pending. Establishes a special fund in the Treasury for taxes recovered under such amnesty program. Requires that revenues from such fund be used to offset possible revenue losses, if any, resulting from title I of this Act.
Resolution· SRESS.Res. 173 (99th)referred
United States · United States Congress · 22 May 1985
Expresses the sense of the Senate that any tax reform measure enacted by the Congress should restore the value of the personal exemption by increasing it to a minimum of $2,000, and the indexing of the personal exemption should be retained in order to prevent further erosion of its value to the American taxpayer.
Bill· HRH.R. 2590 (99th)referred
United States · United States Congress · 22 May 1985
Amends the Internal Revenue Code to allow individual taxpayers who rent their principal residences an income tax deduction for their proportionate share of the real property taxes paid by their landlords.
Bill· SS. 1183 (99th)open
United States · United States Congress · 21 May 1985
Amends the Internal Revenue Code to allow penalty-free withdrawals from individual retirement accounts used to pay expenses for: (1) care at a skilled nursing facility; (2) care at an intermediate care facility; and (3) any other licensed long-term care facility which provides nursing or custodial care.
Bill· SS. 1175 (99th)open
United States · United States Congress · 21 May 1985
Amends the Internal Revenue Code to waive issue date requirements and volume limitations for qualified veterans' mortgage bonds issued by a State that adopted a resolution relating to the Veterans Mortgage Bond Program on March 9, 1984, and ratified such resolution in 1984.
Bill· HRH.R. 2571 (99th)open
United States · United States Congress · 21 May 1985
REIT Tax Provisions Revision Act of 1985 - Amends the Internal Revenue Code to revise rules concerning the taxation of the income of shareholders of certain real estate investment trusts (REITs). Treats as ordinary income the gain on the sale or exchange of stock in a real estate investment trust to the extent of the amount of any recapture distribution previously received with respect to such stock. Defines "recapture distribution." Exempts REITs from the special rules for corporate tax preference items relating to the reduction in certain preference items. Increases the allowable selling price and number of sales of real estate assets by a REIT without imposition of the 100 percent prohibited transaction tax. Eliminates the independent contractor requirement for the management of rental property and use of foreclosure property which is owned by a REIT. Revises standards for the disqualification of a REIT as a personal holding company. Allows REITs to have wholly-owned subsidiaries. Revises rules disqualifying income in the form of rents or interest based on net income or profits of the tenant of a REIT. Excludes net operating losses carried over from prior years for purposes of computing the net capital gain of a REIT for the taxable year. Excludes net losses from prohibited transactions for purposes of computing REIT taxable income. Eliminates present requirements that a capital gain dividend must be designated as such in a written notice from a REIT to its shareholders within 30 days after the close of the REIT taxable year. Substitutes for such requirement a notice to the Secretary of the Treasury within 45 days after the close of the REIT taxable year. Allows the payment of dividends within 90 days after the close of the taxable year by a REIT without the imposition of the excise tax on REIT taxable income net distributed during the taxable year. Limits the penalty on a REIT making a deficiency dividend distribution due to adjustment of REIT taxable income. Excludes from REIT distribution requirements any noncash income recognized by a REIT under certain deferred payment and installment sales rules requiring the imputation of interest. Excludes from REIT distribution requirements any income recognized by a REIT upon a determination that an exchange of real property failed to meet the requirements for the nonrecognition of gain for exchanges solely in kind.
Bill· HRH.R. 2552 (99th)referred
United States · United States Congress · 21 May 1985
Amends the Internal Revenue Code to extend from January 31 to February 15 the date for filing the fourth installment of estimated tax for individuals.
Bill· HRH.R. 2551 (99th)referred
United States · United States Congress · 21 May 1985
Amends the Internal Revenue Code to provide that the interest on specified types of industrial development bonds shall be tax-exempt only if at least ten percent of the proceeds of such bonds are used directly or indirectly to purchase property or services from one or more underutilized small businesses. Authorizes the Secretary of the Treasury to reduce the ten percent requirement in certain circumstances. Requires that ten percent of the amount of tax-exempt governmental obligations issued in a State must be issued through underutilized brokerage houses.
Resolution· HRESH.Res. 177 (99th)passed
United States · United States Congress · 21 May 1985
Sets forth the rule for the consideration of H. Con. Res. 152 (congressional budget).
Resolution· HCONRESH.Con.Res. 154 (99th)referred
United States · United States Congress · 21 May 1985
Revises the concurrent resolution on the budget for FY 1985 and sets forth the first concurrent resolution on the budget for FY 1986 and the appropriate budgetary levels for FY 1987 and 1988. Recommends levels of Federal revenues of $736,200,000,000 for FY 1985, $794,200,000,000 for FY 1986, $866,000,000,000 for FY 1987, and $954,200,000,000 for FY 1988. Sets the amounts by which the aggregate levels of Federal revenues should be increased at zero for FY 1985, $1,500,000,000 for FY 1986, $1,700,000,000 for FY 1987, and $1,700,000,000 for FY 1988. Sets the amounts for Federal Insurance Contributions Act (FICA) revenues for hospital insurance within the recommended levels of Federal revenues at $44,800,000,000 for FY 1985, $50,900,000,000 for FY 1986, $56,100,000,000 for FY 1987, and $61,200,000,000 for FY 1988. Sets the amount for FICA revenues for old-age, survivors and disability insurance within the recommended levels of Federal revenues at $186,200,000,000 for FY 1985, $200,400,000,000 for FY 1986, $216,800,000,000 for FY 1987, and $248,000,000,000 for FY 1988. Sets the appropriate levels of total new budget authority at $1,055,500,000,000 for FY 1985, $1,060,000,000,000 for FY 1986, $1,129,100,000,000 for FY 1987, and $1,209,300,000,000 for FY 1988. States that the appropriate levels of total budget outlays are $949,300,000,000 for FY 1985, $970,800,000,000 for FY 1986, $1,021,600,000,000 for FY 1987, and $1,074,400,000,000 for FY 1988. Sets the amounts of the deficits in the budget which are appropriate in the light of economic conditions and all other relevant factors at $213,100,000,000 for FY 1985, $176,600,000,000 for FY 1986, $155,600,000,000 for FY 1987, and $120,200,000,000 for FY 1988. States that appropriate levels of the public debt are $1,857,400,000,000 for FY 1985, $2,089,700,000,000 for FY 1986, $2,320,700,000,000 for FY 1987, and $2,536,500,000,000 for FY 1988. Sets the amounts by which the statutory limits on such limit should be increased at $33,600,000,000 for FY 1985, and $232,300,000,000 for FY 1986, $231,000,000,000 for FY 1987, and $215,800,000,000 for FY 1988. Sets forth the appropriate levels of total Federal credit activity as follows: (1) $51,937,223,000 for new direct loan obligations, $68,805,405,000 for new primary loan guarantee commitments, and $41,251,600,000 for new secondary loan guarantee commitments for FY 1985; (2) $34,258,541,000 for new direct loan obligations, $74,036,605,000 for new primary loan guarantee commitments, and $43,107,900,000 for new secondary loan guarantee commitments for FY 1986; (3) $34,376,759,000 for new direct loan obligations, $76,966,574,000 for new primary loan guarantee commitments, and $44,904,200,000 for new secondary loan guarantee commitments for FY 1987; and (4) $34,172,944,000 for new direct loan obligations, $81,175,571,000 for new primary loan guarantee commitments, and $46,861,800,000 for new secondary loan guarantee commitments, for FY 1988. Sets forth the levels of budget authority, budget outlays, new direct loan obligations, and new loan guarantee commitments for each major functional category for FY 1985 through 1988. Requires certain House and Senate committees to report changes in laws within their jurisdictions sufficient to achieve savings of specified amounts of budget authority and outlays in FY 1986. Specifies changes in budget authority and outlays under laws within such committees' jurisdictions which the Congress finds necessary in FY 1987 and 1988 to achieve budget levels under this resolution. Requires such House committees to submit their recommendations to the House Budget Committee not later than 30 days after adoption of jurisdiction. Requires the House Budget Committee to report a reconciliation bill carrying out such recommendations without any substantive revision. Declares that, effective October 1, 1985, this concurrent resolution shall be deemed to be the second concurrent budget resolution for FY 1986 required to be reported under the Congressional Budget Act of 1974. Permits the enrollment of any bill or resolution providing new discretionary budget authority or new spending authority for FY 1986 if it would not cause the appropriate allocation for a committee to be exceeded. Terminates such provisions when the Congress completes action on a subsequent concurrent resolution on the budget for FY 1986. Prohibits the House of Representatives from considering any measure providing new budget authority, new entitlement authority, or new credit activity for FY 1986 within the jurisdiction of a committee until such committee makes the allocations or subdivisions required by the Congressional Budget Act. Declares that such prohibition shall not apply until 21 days of continuous session after the Congress completes action on this concurrent resolution.
Bill· HRH.R. 2548 (99th)referred
United States · United States Congress · 20 May 1985
Amends the Internal Revenue Code to provide that the amount of any contributions to any No Net Cost Tobacco Fund or any No Net Cost Tobacco Account shall be treated as a deductible expense which is not chargeable to a capital account. Provides that amounts subsequently received by the taxpayer in connection with no cost tobacco expenditures shall be included in the gross income of the taxpayer for the taxable year in which such amount is received. Provides that no amounts received by a No Net Cost Tobacco Fund or a No Net Cost Tobacco Account as either no net cost tobacco expenditures or interest or investment income on the balance in the Fund or Account shall be treated as income to the organization administering such Fund or Account.
Resolution· HCONRESH.Con.Res. 152 (99th)open
United States · United States Congress · 20 May 1985
Revises the concurrent resolution on the budget for FY 1985 and sets forth the first concurrent resolution on the budget for FY 1986 and the appropriate budgetary levels for FY 1987 and 1988. Recommends levels of Federal revenues of $736,050,000,000 for FY 1985, $794,100,000,000 for FY 1986, $866,000,000,000 for FY 1987, and $955,600,000,000 for FY 1988. Sets the amounts by which the aggregate levels of Federal revenues should be increased at zero for FY 1985, $1,450,000,000 for FY 1986, $1,700,000,000 for FY 1987, and $3,100,000,000 for FY 1988. Sets the amounts for Federal Insurance Contributions Act (FICA) revenues for hospital insurance within the recommended levels of Federal revenues at $44,800,000,000 for FY 1985, $51,000,000,000 for FY 1986, $56,100,000,000 for FY 1987, and $61,300,000,000 for FY 1988. Sets the amount for FICA revenues for old-age, survivors, and disability insurance within the recommended levels of Federal revenues at $186,150,000,000 for FY 1985, $200,700,000,000 for FY 1986, $216,850,000,000 for FY 1987, and $248,250,000,000 for FY 1988. Sets the appropriate levels of total new budget authority at $1,039,100,000,000 for FY 1985, $1,051,500,000,000 for FY 1986, $1,125,700,000,000 for FY 1987, and $1,205,300,000,000 for FY 1988. States that the appropriate levels of total budget outlays are $941,000,000,000 for FY 1985, $959,100,000,000 for FY 1986, $1,022,450,000,000 for FY 1987, and $1,073,650,000,000 for FY 1988. Sets the amounts of the deficits in the budget which are appropriate in light of economic conditions and all other relevant factors at $205,600,000,000 for FY 1985, $165,000,000,000 for FY 1986, $156,450,000,000 for FY 1987, and $118,050,000,000 for FY 1988. States that appropriate levels of the public debt are $1,857,400,000,000 for FY 1985, $2,089,700,000,000 for FY 1986, $2,320,700,000,000 for FY 1987, and $2,536,500,000,000 for FY 1988. Sets the amounts by which the statutory limits on such limit should be increased at $33,600,000,000 for FY 1985, $232,300,000,000 for FY 1986, $231,000,000,000 for FY 1987, and $215,800,000,000 for FY 1988. Sets forth the appropriate levels of total Federal credit activity as follows: (1) $51,950,000,000 for new direct loan obligations, $68,800,000,000 for new primary loan guarantee commitments, and $68,250,000,000 for new secondary loan guarantee commitments for FY 1985; (2) $38,050,000,000 for new direct loan obligations, $74,600,000,000 for new primary loan guarantee commitments, and $68,250,000,000 for new secondary loan guarantee commitments for FY 1986; (3) $37,000,000,000 for new direct loan obligations, $73,000,000,000 for new primary loan guarantee commitments, and $68,250,000,000 for new secondary loan guarantee commitments for FY 1987; and (4) $36,450,000,000 for new direct loan obligations, $76,900,000,000 for new primary loan guarantee commitments, and $68,250,000,000 for new secondary loan guarantee commitments for FY 1988. Sets forth the levels of budget authority, budget outlays, new direct loan obligations, and new loan guarantee commitments for each major functional category for FY 1985 through 1988. Sets forth revised budgetary levels reflecting both the unified budget and off-budget transactions for FY 1986 through 1987. Recommends revised levels of Federal revenues of $794,100,000,000 for FY 1986, $866,000,000,000 for FY 1987, and $955,600,000,000 for FY 1988. Sets the revised amounts by which the aggregate level of revenues should be increased at $1,450,000,000 for FY 1986, $1,700,000,000 for FY 1987, and $3,100,000,000 for FY 1988. Sets the revised amounts for FICA revenues for hospital insurance within the recommended levels of Federal revenues at $51,000,000,000 for FY 1986, $56,100,000,000 for FY 1987, and $61,300,000,000 for FY 1988. Sets the revised amount for FICA revenues for old-age, survivors and disability insurance within the recommended levels of Federal revenues at $200,700,000,000 for FY 1986, $216,850,000,000 for FY 1987, and $248,250,000,000 for FY 1988. Sets the revised levels of total new budget authority at $1,062,900,000,000 for FY 1986, $1,134,300,000,000 for FY 1987, and $1,212,800,000,000 for FY 1988. States that the revised levels of total budget outlays are $967,250,000,000 for FY 1986, $1,028,500,000,000 for FY 1987, and $1,080,000,000,000 for FY 1988. Sets the revised amounts of the deficits in the budget which are appropriate in light of economic conditions and all other relevant factors at $173,150,000,000 for FY 1986, $162,500,000,000 for FY 1987, and $124,400,000,000 for FY 1988. Sets forth the revised levels of budget authority and budget outlays for each major functional category. Requires certain House committees to report changes in laws within their jurisdictions sufficient to achieve savings of specified amounts of budget authority and outlays in FY 1986. Specifies changes in budget authority and outlays under laws within such committees' jurisdictions which the Congress finds necessary in FY 1987 and 1988 to achieve budget levels under this resolution. Requires such committees to submit to their recommendations to the House Budget Committee not later than 30 days after final action on this resolution. Requires the Budget Committee to report a reconciliation bill carrying out such recommendations without any substantive revision. Declares that, effective October 1, 1985, this concurrent resolution shall be deemed to be the second concurrent budget resolution for FY 1986 required to be reported under the Congressional Budget Act of 1974. Permits the enrollment of any bill or resolution providing new discretionary budget authority or new spending authority for FY 1986 if it would not cause the appropriate allocation for a committee to be exceeded. Makes exceptions for legislation that would cause budget authority and outlays for certain off-budget spending programs to be included in the unified budget. Terminates such provisions when the Congress completes action on a subsequent concurrent resolution on the budget for FY 1986. Expresses the sense of the Congress that: (1) the Office of Management and Budget should release and apportion to the States the amount appropriated for the Special Supplemental Food Program (WIC program) for FY 1985; (2) the Administration should call for the convening of an international monetary conference this year for the purpose of exploring options to stabilize currency exchange rates, reduce interest rates, promote maximum domestic and world economic growth, and help assure domestic price stability; and (3) budget functional totals should be reduced to reflect a limitation on the amount of social security benefits paid to illegal and nonresident aliens. Expresses the sense of the House of Representatives that tax reform should be adopted as soon as possible incorporating the following objectives; (1) responsiveness to market conditions; (2) simplicity of structure and lower marginal tax rates; (3) fair and equitable distribution of the tax burden; (4) a broader tax base; and (5) increased incentives for work, saving, and investment. Expresses the sense of the House of Representatives that: (1) each of its standing committees should review, on a continuing basis and when considering public bills or resolutions, those portions of the President's Private Sector Survey on Cost Control (Grace Commission report) pertaining to such committee's jurisdiction; and (2) each committee report on a public bill or resolution should contain an identification of each recommendation of the Survey to be implemented and the resulting estimated program cost savings or revenue enhancement and a statement setting forth the disposition of each recommendation pertaining to such bill or resolution.
Bill· SS. 1152 (99th)open
United States · United States Congress · 16 May 1985
Taxpayer Awareness and Enforcement Act of 1985 - Requires the Secretary of the Treasury to establish a taxpayer awareness program to inform the taxpaying public of: (1) the seriousness of cheating on one's taxes; (2) the effect tax evaders have on individual honest taxpayers and the country; (3) the renewed efforts of the Internal Revenue Service to be helpful and positive toward honest taxpayers; and (4) the benefits to honest taxpayers resulting from informing the Internal Revenue Service of the identity of dishonest taxpayers. Provides that such program will make extensive use of the media and direct-mail contracts. Authorizes appropriations for such effort. Increases both the civil and criminal tax penalties imposed for the avoidance of the tax laws. Requires a statement of tax compliance to be furnished by licensees, contractors, and borrowers of the Federal Government, stating that all Federal and State taxes have been paid prior to the expiration of any relevant due date. Requires the Federal agency to which the statement of compliance is submitted to furnish to the Secretary of Treasury the name and taxpayer identifying number of the person making such statement. Directs the Secretary of the Treasury to notify the relevant Federal agency of any false statements. Authorizes Federal agencies to impose sanctions in the instance of submission of false statements of tax compliance. Authorizes the Secretary of the Treasury to disclose taxpayer identity information to the press and other media with respect to any taxpayer who has willfully and knowingly: (1) failed to file tax returns; (2) disobeyed provisions of the tax code; (3) become delinquent in the payment of taxes in excess of $10,000; or (4) become subject to enforcement actions. Permits the contracting out of tax debt collections to collection agencies. Requires governmental units responsible for recording deeds of conveyance of real property to file a return in the form prescribed by the Secretary of the Treasury containing the name, address, and taxpayer identification number of the person designated as the grantor on the deed of conveyance, the amount of the consideration received, and any other information prescribed. Requires the Commissioner of Customs to make a return setting forth the entry of each article valued in excess of $5,000 and each amount of currency in excess of $5,000, entered by or on behalf of any individual during any calendar year. Describes the form and manner of such returns. Requires each individual whose name is set forth on such return to be furnished with a written statement showing the aggregate value of articles or currency entered by or on behalf of such individual, and other required information. Requires States to furnish the Secretary of the Treasury with information with respect to discrepancies in State and Federal tax information. Makes Federal tax information open to States without charge. Directs the Commissioner of Internal Revenue to establish a joint committee to identify innovative tax enforcement programs to be pursued jointly or separately by the various States and the Federal Government. Requires the committee to produce biennial reports for the President and the Congress. Authorizes appropriations for additional Internal Revenue Service employees and for procurement and implementation of automatic data processing equipment to be used to identify taxpayers who are intentionally disobeying the tax law. Exempts such equipment from certain approval processes for the procurement of that equipment.