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Bill· HRH.R. 7184 (93rd)referred
United States · United States Congress · 18 April 1973
Allows an income tax credit under the Internal Revenue Code for expenses (including tuition, fees, books, and supplies) paid by a taxpayer to any private nonprofit elementary or secondary school for the education of any dependent for whom the taxpayer is allowed an income tax exemption. Limits such credit for a taxpayer to the lesser of 100 percent of expenses or $200. Reduces expenses of higher education of any individual paid during the taxable year by an amout equal to 1 percent of the amount by which the adjusted gross income of the taxpayer exceed $19,000. Provides that any payment which is taken into account in determing the tax credit shall not result in a tax refund.
Bill· SS. 1598 (93rd)referred
United States · United States Congress · 17 April 1973
Allows a tax deduction, under the Internal Revenue Code, of $750, in the case of a disabled individual, for expenses for transportation to and from work. Provides an additional tax exemption of $750 for income tax purposes for a taxpayer or spouse who is disabled.
Bill· SS. 1613 (93rd)referred
United States · United States Congress · 17 April 1973
Provides, under the Internal Revenue Code, that in the case of a deduction as a charitable contribution by an individual any literary, musical, or similar property, which was created by the personal efforts of the taxpayer shall not be reduced by the amount of appreciation of such property and the whole amount of such a charitable contribution shall be taken into account and shall be treated as if the property contributed had been sold at its fair market value. (Amends 26 U.S.C. 170 (e))
Bill· HRH.R. 7126 (93rd)referred
United States · United States Congress · 17 April 1973
Sets forth provisions concerning the minimum tax for tax preferences, the taxation of capital gains, and the deductibility of certain amounts for interests, depletion, and State and local income taxes, under the Internal Revenue Code. Provides that the Secretary of the Treasury or his delegate shall, as soon as practicable but in any event not later than 90 days after the date of the enactment of this Act, submit to the Committee on Ways and Means of the House of Representatives a draft of any technical and conforming changes in the Internal Revenue Code of 1954 which are necessary to reflect throughout such Code the changes in the substantive provisions of law made by this Act. Imposes for each taxable year, with respect to the income of every person, a tax equal to 20 percent (instead of 10 percent) of the amount (if any) by which the sum of the items of tax preference exceeds $12,000 (instead of $30,000). States that in the case of an item of tax preference which is a deduction from gross income, the taxpayer may elect to waive the deduction of all or part of such item, and the amount so waived shall not be taken into account for purposes of this part. Declares that in the case of the death of a taxpayer, there shall be included in computing taxable income for the taxable period in which falls the date of his death the gains and losses which would be taken into account if the taxpayer had sold all property which is considered to have been acquired from or to have passed from the decedent taxpayer at a selling price equal to its fair market value at death, or, if an election is made, at a price equal to its fair market value on such date. Exempts household or personal effects whose fair market value is less than $2,000 and property which passes or has passed from the decedent to his surviving spouse. Includes in computing taxable income for the taxable period in which the transfer of property by gift was made, the gains and losses which would be taken into account if the taxpayer had sold the transferred property at a selling price equal to its fair market value at the time of the transfer. Exempts property transferred to a spouse, the first $1,000 of the amount of gain which would otherwise be taken into account and property subject to tax upon transfer to a charity. Increases to one year the holding period of capital assets. Allows as a credit against the tax imposed an amount equal to 40 percent of the State and local income taxes paid or accrued by the taxpayer during the taxable year. Reduces from 22 percent to 15 percent the percentage depletion rate. Allows as a deduction the amount of any interest paid or accrued with in the taxable year on indebtedness secured by property owned and used by the taxpayer as his principal residence during the taxable year.
Bill· HRH.R. 7113 (93rd)referred
United States · United States Congress · 17 April 1973
Excludes income from the issuance of options to buy or sell property from the definition of unrelated business income for income tax purposes. (Amends 26 U.S.C. 512(b)(5))
Bill· HRH.R. 7107 (93rd)referred
United States · United States Congress · 17 April 1973
Extends to all unmarried individuals the same tax treatment of income splitting now utilized by married individuals filing joint returns under the Internal Revenue Code. Directs the Secretary of the Treasury to prescribe and publish tables reflecting the amendments made by this Act which shall apply in lieu of the tables set forth in the Internal Revenue Code with respect to wages paid on or after the first day of the first month which begins more than 20 days after the date of the enactment of this Act.
Bill· HRH.R. 7094 (93rd)referred
United States · United States Congress · 17 April 1973
Provides, under the Internal Revenue Code, that gross income does not include any amounts received by an individual in the taxable year as a pension, annuity, or other benefit under a public retirement system, or any amounts received by an individual who is age 65 or over as a pension, annuity, or other retirement benefit under any other retirement plan, program, or system, to the extent that the aggregate of such amounts does not exceed $5,000.
Bill· HRH.R. 7096 (93rd)referred
United States · United States Congress · 17 April 1973
Provides under the Internal Revenue Code of 1954, that the personal exemption allowed a taxpayer for a dependent shall be available without regard to the dependent's income in the case of a dependent who is over 65. (Adds 151 (e) (1) (C)).
Bill· SS. 1581 (93rd)referred
United States · United States Congress · 16 April 1973
Requires the payment of interest by the United States on overpayments of tax under the Internal Revenue Code without regard to date of refund. (Amends 26 U.S.C. 6611 (e))
Bill· SS. 1596 (93rd)referred
United States · United States Congress · 16 April 1973
Provides that for purposes of the tax under the Internal Revenue Code on income of personal holding companies, the term "lending or finance business" shall not include the business of making loans, and so forth, with a maturity exceeding 120 months. (Amends 26 U.S.C. 542(d))
Bill· SS. 1595 (93rd)referred
United States · United States Congress · 16 April 1973
Provides that in the case of a charitable contribution of inventory, by a corporation or by an association taxable as a corporation, to an organization operated exclusively for religious, charitable, scientific, testing for public safety, literary, or educational purposes, and exempt from taxation, the income tax deduction under the Internal Revenue Code for such contribution shall be reduced by only half the reduction required as the amount of gain which would not have been long-term capital gain if the property contributed had been sold by the taxpayer at its fair market value. (Amends 26 U.S.C. 170(e))
Bill· HRH.R. 7074 (93rd)referred
United States · United States Congress · 16 April 1973
Provides, under the Internal Revenue Code, that gross income does not include any amount received as a pension, annuity, or similar benefit to the extent that such pension, annuity, or benefit is based on service which was performed as a full-time policeman or other law enforcement officer, or as a full-time fireman, in the employ of a Federal, State or local government or governmental entity. (Amends 26 U.S.C. 123)
Bill· HRH.R. 7053 (93rd)referred
United States · United States Congress · 16 April 1973
World Peace Tax Fund Act - Establishes within the Treasury of the United States a special trust fund to be known as the World Peace Tax Fund. Provides that any taxpayer who has qualified as a conscientious objector, or who declares that he or she is conscientiously opposed to participation in war, within the meaning of the Military Selective Service Act, shall qualify to designate the payment of his or her income taxes to the fund. Makes provisions for the designation of income, estate, or gift tax payments for transfer to the World Peace Tax Fund. Provides for the computation and publication of the percentage of annual expenditures for military purposes. Provides that this percentage portion of moneys in the Fund shall remain in the Fund to accrue interest, and that the remaining portion shall be transferred to the general fund of the Treasury of the United States, not to be appropriated for any military purposes. Establishes a Board ot Trustees of eleven members to authorize expenditures out of the Fund for research into peaceful solutions to international conflict, and for improvement of international conflict, and for improvement of international health, education, and welfare. Requires the Board to submit its budget to the Congress, report to the President and Congress annually, and provide a complete accounting of all funds received and disbursed according to this Act. Defines military purposes and activites for purposes of this Act.
Bill· HRH.R. 7075 (93rd)referred
United States · United States Congress · 16 April 1973
Allows a tax deduction under the Internal Revenue Code of not more than $750 for ordinary and necessary expenses paid during the taxable year for the repair or improvement of property used by the taxpayer as his principal residence. Permits any person who is the owner of rental housing and who rehabilitates or restores such housing to deduct the cost of such restoration, with respect to the amortization of the adjusted basis of such housing as so restored, based on a period of 60 months. Entitles any person who acquires rehabilitated or restored rental housing from a taxpayer who elected the amortization deduction and who did not discontinue the amortization deduction, to a deduction with respect to the adjusted basis of such facility based on the remaining amount of the 60 month period taken by the person who rehabilitated the house. Provides procedures for the election and termination of the amortization deduction and defines the terms used in this Act.
Bill· HRH.R. 7050 (93rd)referred
United States · United States Congress · 16 April 1973
Tax Equity Act - Title I: Capital Gains and Losses - Disallows the alternative tax on capital gains. Excludes from gross income so much of the gain on the sale or exchange of property held for more than twelve months as does not exceed the smaller of: (1) an amount equal to one-third of one percent of the adjusted basis of such property times the number of full months the property was held after the date it was held for twelve months; or (2) an amount equal to sixty percent of such adjusted basis of the property. States that capital losses with respect to a corporation shall be allowed only to the extent of gains for the taxable year from the sale or exchange of capital assets and property used in the trade or business. Provides that capital losses in the case of other taxpayers shall be allowed only to the extent of gains from the sale or exchange of capital assets and property used in a trade or business plus the taxable income of the taxpayer or $1000 ($500 in the case of a separate return of a married individual), whichever is smaller. Establishes criteria for determining capital loss carrybacks and carryovers. Defines the terms "capital gain", "capital loss", "net capital gain", and "net capital loss". Provides that if carryover basis property is acquired from a decedent dying after June 30, 1973, then the basis of such property in the hands of the person so acquiring it shall be the adjusted basis of the property immediately before the death of the decedent. Creates methods for adjusting such basis. Requires every executor to furnish information to the Secretary of the Treasury or his delegate regarding: (1) the name and last address of the decedent; (2) the name and address of each person acquiring property from the decedent; and (3) the adjusted basis of each such item in the hands of the decedent immediately before his death. States that amounts received by a seller as transferor of a patent shall be treated as royalties from such patent and not as gain from the sale or exchange of property. Title II: Income Derived from Extraction of Minerals - Terminates the depletion allowance for minerals effective after the taxable year ending December 31, 1973. Allows a taxpayer a deduction for income expenditures paid or incurred during the taxable year for the exploration or development of any mineral property. Removes the imposition of a maximum tax relating to the sale of oil or gas properties. Establishes criteria for determining income from mineral properties located outside the United States. Title III: Reform Measures Affecting Primarily Individuals - Imposes a fifty percent maximum tax rate on the income of individuals whose income exceeds $44,000. Allows a twenty-four percent tax credit for personal exemptions and nonbusiness deduction. Permits the President to adjust this percentage if he deems it to be in the public interest. Provides that income received during the taxable year by a child from a trust or dividends, interest, and royalties shall be included in the gross income of the parent and not the child of the parent who claims the child as an exemption. Eliminates the $100 dividend exclusion. Reduces from $25,000 to $5,000 the limitation on the deduction of interest on investment indebtedness. Disallows deductions in specified instances for expenses incurred while attending conventions outside the United States. Limits deductions for an individual engaged in farming. Provides that, in computing dividends, a distribution by a common parent corporation of a controlled group of corporations, the earnings and profits of the common parent corporation for the taxable year shall not be less than its share of the earnings and profits of the controlled group computed on a consolidated basis. Repeals the provision granting an exemption for earned income from foreign sources. Title IV: Reform Measures Affecting Primarily Corporations - Provides that the reasonable allowance for depreciation shall be computed on the basis of the expected useful life of property in the hands of the taxpayers. States that the depreciation deduction is not to exceed book depreciation and is to be limited to the amount recorded on books. Establishes criteria for computing limitations on dividends received deductions. Denies tax-free exchanges in the case of investment companies. Requires shareholders of any corporation to hold at least twenty percent of the total combined voting power of all classes of stock entitled to vote of the surviving, controlling, or acquiring corporation in order for the transaction to qualify as a reorganization. Provides that if a foreign corporation is a controlled foreign corporation for an uninterrupted period of thirty days or more during any taxable year, every person who is s United States shareholder of such corporation who owns stock in such corporation on the last day in such year on which such corporation is a controlled foreign corporation shall include in his gross income, for his taxable year in which or with which such taxable year of the corporation ends, his pro rata share of the corporation's earnings and profits for such year. Title V: Reforms Affecting Individuals and Corporations - Imposes, generally, in addition to other taxes, with respect to the income of every person, a tax of 10 percent of the amount (if any) by which the sum of the items of tax preference exceeds $12,000. Disallows, in the case of depreciable realty, the deduction for depreciation to the extent it would reduce the adjusted basis of the property at the end of the year below an amount equal to any mortgage indebtedness at the end of the year on the property minus the adjusted basis of the land allocable to such property. Makes provision for the treatment of charitable gifts of appreciated property and capital expenditures incurred in planting and developing fruit and nut groves. Repeals the tax exemption for ships under foreign flag. Title VI: Estate Tax Amendments - Imposes a tax on the transfer of the taxable estate of every decedent who was a citizen or resident of the United States at the time of his death. Provides that in the case of an estate of a decedent who made taxable gifts before death, a tax shall be imposed in an amount equal to the excess of: (1) a tax computed in accordance with the rate schedule set forth on the amount of the taxable estate increased by the amount of the adjusted inter vivos gifts; (2) a tax computed in accordance with such rate schedule on the amount of such adjusted inter vivos gifts as if the taxable estate were equal to such amount. Includes life insurance policies in the gross estate of a decedent. Title VII: State and Local Obligations - Repeals the exemption for interest on issues of State and local banks occurring after December 31, 1973. Provides that the United States shall pay fifty percent of the interest yield on each issue of State and local banks occurring after December 31, 1973.
Bill· HRH.R. 7055 (93rd)referred
United States · United States Congress · 16 April 1973
Authorizes, under the Food Stamp Act of 1964, as amended, appropriations for the four fiscal years subsequent to the fiscal year ending June 30, 1973.
Bill· HRH.R. 7047 (93rd)referred
United States · United States Congress · 16 April 1973
Allows an income tax exclusion under the Internal Revenue Code, in an amount not exceeding the maximum social security benefit payable in the taxable year involved, for retirement income received by a taxpayer under a public retirement system or under any other system if the taxpayer is at least 65 years of age. (Amends 26 U.S.C. 124)
Bill· HRH.R. 6997 (93rd)referred
United States · United States Congress · 16 April 1973
Increases the credit against tax for retirement income. under the Internal Revenue Code and coordinates it with the maximum social security retirement benefits. Provides that this Act is to become effective for taxable years beginning after December 31, 1972. (Amends 26 U.S.C. 37)
Bill· HRH.R. 7064 (93rd)referred
United States · United States Congress · 16 April 1973
Requires each preparer of income tax returns who does such for compensation to file an annual report with the Secretary of the Treasury, stating: (1) the name and address and the taxpayer identification number of each taxpayer for whom the preparer, during the 12-month period ending June 30, prepared a return of the tax imposed by chapter 1 of the Internal Revenue Code; (2) the business address and the home address of the preparer and his taxpayer identification number; (3) the place at which all copies of the returns prepared by him during such period will be held by him for inspection by the Secretary or his delegate; (4) if any such returns were prepared by him in his capacity as the employee, agent, or licensee of another person, the name, address, and taxpayer identification number of such other person and his relationship to such person; and (5) such other information as may be required under regulations promulgated by the Secretary or his delegate. Sets forth criminal penalties for violation of this section. Provides that each tax return shall disclose the name, address, and the taxpayer identification number of the preparer. States that if any person is convicted after the date of enactment of this Act of filing a false or fraudulent tax return, or of assisting in the preparation of any such return, it shall be unlawful after the date of conviction for such person to prepare for compensation the tax return of another taxpayer. (Adds 26 U.S.C. 6058, 7217)
Bill· HRH.R. 7052 (93rd)referred
United States · United States Congress · 16 April 1973
Allows a tax credit under the Internal Revenue Code against the Federal income tax for State and local real property taxes or an equivalent portion of rent paid on their residences by individuals who have attained the age of 65. Provides that where an indivudal has attained the age of 65, there shall be allowed as a credit the amount of real property taxes paid which were imposed by a State or political subdivision on property owned and used by him as a principal residence or rent constituting such taxes as defined by the Internal Revenue Code. Allows payment by the U.S. Treasury to taxpayers to the extent of the difference between the credit and amount of such real property taxes where the tax imposed is less than real property taxes. Provides that the total credit payment for any taxable year shall not exceed $300 (or $150 in case of a single return). Reduces the amount of the credit allowed by the amount that the taxpayer's income exceeds $6,500 (or $3250 in the case of a married person filing a separate return). Directs that the credit be applied collectively in cases of joint ownership. Provides that where the joint return of the husband or wife is filed, the age requirement is met if either person is 65 or older. Apportions the credit allowed to cover only that part of a residence actually used by the taxpayer or that part of a farm not in excess of forty acres. Provides that an individual who is a tenant-stockholder in a cooperative housing corporation shall be treated as owning the house or apartment which he occupies and such person shall be treated as having paid real property taxes equal to the deduction allowable in direct proportion to taxes actually paid on a particular residence where during the taxable year there has been a change in residence. Provides that the term 'rent constituting property taxes" means an amount equal to 25 percent of the rent paid during a taxable year by the taxpayer for the right to occupy his dwelling (exclusive of charges for utilities, services, and furnishings). Reduces the amount of real property taxes paid by an individual by the amount of any refund given on such taxes. Provides that there shall be no assessment of interest charges where there has been an underpayment of taxes by an individual if the amount due is paid within sixty days after the taxpayer receives a refund of real property taxes which caused the underpayment. Specifies that deductions for State and local real property taxes shall not be affected by the credit allowed.
Bill· SS. 1550 (93rd)referred
United States · United States Congress · 12 April 1973
Excludes, under the Internal Revenue Code in the case of a physician, dentist, or optometrist who engages in the practice of medicine, dentistry, or optometry, respectively, in a physician shortage area the gross income at the election of the taxpayer of the adjusted gross practice income from such practice in such area to the extent of: (1) $20,000 during the first taxable year of such practice; (2) $15,000 during the second taxable year of such practice; (3) 10,000 during the third taxable year of such practice; (4) $7,500 during the fourth taxable year of such practice; and (5) $5,000 during the fifth taxable year of such practice. States that such exclusion shall apply to a physician, dentist, or optometrist with respect to practice in a physician shortage area only if he continuously engages in such practice for at least 2 years, commencing with the day on which he first engages in such practice. Provides that the Secretary of Health, Education, and Welfare shall, on or before November 1 of each year (beginning with 1972), certify the physician shortage areas (if any) in each State for the following calendar year. Sets forth criteria which the Secretary shall consider in making such certifications. Authorizes the Secretary to prescribe such regulations as may be necessary to carry out the purposes of this Act.
Bill· SS. 1555 (93rd)referred
United States · United States Congress · 12 April 1973
Provides that Federal income tax returns may be mailed free of postage. (Adds 39 U.S.C. 3406)
Bill· HRH.R. 6970 (93rd)referred
United States · United States Congress · 12 April 1973
Provides an itemized deduction under the Internal Revenue Code for individuals who rent their principal residences in an amount equal to 25 percent of the aggregate amount paid. (Adds 26 U.S.C. 219)
Bill· HRH.R. 6917 (93rd)referred
United States · United States Congress · 12 April 1973
Allows an income tax exclusion under the Internal Revenue Code, in an amount not exceeding the maximum social security benefit payable in the taxable year involved, for retirement income received by a taxpayer under a public retirement system or under any other system if the taxpayer is at least 65 years of age. (Amends 26 U.S.C. 124)
Bill· HRH.R. 6922 (93rd)referred
United States · United States Congress · 12 April 1973
Provides, under the Internal Revenue Code, that the designation of payments to the Presidential Election Campaign Fund shall be made on the front page of the taxpayer's income tax return form. Directs the Secretary of the Treasury to give extensive publicity to the Presidential Election Campaign Fund from January 1 to April 15 of each year.
Bill· HRH.R. 6913 (93rd)referred
United States · United States Congress · 12 April 1973
Provides, under the Internal Revenue Code, that in the case of an employer with 50 or fewer employees, old-age, survivors, and disability insurance, and Federal income tax withholding payments shall not be required more than one time. (Adds 26 U.S.C. 6302 (d))
Bill· HRH.R. 6928 (93rd)referred
United States · United States Congress · 12 April 1973
Establishes a formula for income averaging under the Internal Revenue Code in the event of a downward fluctuation in income.
Bill· HRH.R. 6896 (93rd)referred
United States · United States Congress · 12 April 1973
Provides, under the Internal Revenue Code, that the designation of payments to the Presidential Election Campaign Fund shall be made on the front page of the taxpayer's income tax return form. Directs the Secretary of the Treasury to give extensive publicity to the Presidential Election Campaign Fund from January 1 to April 15 of each year.
Resolution· HCONRESH.Con.Res. 197 (93rd)referred
United States · United States Congress · 12 April 1973
Makes it the sense of the Congress that the President should: (1) continue in operation the programs and activities authorized under the provisions of the Economic Opportunity Act of 1964, and in accordance with the provisions of that Act, utilizing fully funds appropriated by the Congress for such purposes, until and unless Congress determines otherwise; and (2) submit a revised budget requesting appropriations for economic opportunity programs and their administration under and in accordance with the provisions of the Economic Opportunity Act of 1964.
Resolution· HCONRESH.Con.Res. 196 (93rd)referred
United States · United States Congress · 12 April 1973
Directs the Joint Study Committee on Budget Control to report to the Congress, by bill or resolution, no later than June 1, 1973, its final recommendations with respect to any matters covered under its jurisdiction. Provides that such report shall include, but shall not be limited to : (1) procedures for improving congressional control of budgetary outlay and receipt totals, including procedures for establishing and maintaining an overall view of each year's budgetary outlays which is fully coordinated with an overall view of the anticipated revenues for that year; (2) procedures for the operation of a limitation on expenditures and net lending commencing with the fiscal year beginning July 1, 1973; and (3) procedures for limiting the authority of the President to impound or otherwise withhold funds authorized and appropriated by the Congress.
Bill· SS. 1537 (93rd)referred
United States · United States Congress · 11 April 1973
Exempts specified farm vehicles from the highway use tax under the Internal Revenue Code of 1954 to require that evidence of payment of such tax be shown on highway motor vehicles subject to tax by affixing a windshield sticker to such vehicles. (Adss 26 U.S.C. 4483(d), 4481(f))
Bill· SS. 1535 (93rd)referred
United States · United States Congress · 11 April 1973
Provides that in any proceeding before the Tax Court for the redetermination of a deficiency, the prevailing party may be awarded a judgment of costs to the same extent as is provided for civil actions brought against the United States. States that a judgment of costs entered by the Tax Court shall be treated, for purposes of this Act in the same manner: (1) as an overpayment of tax, in the case of a judgment of costs in favor of the petitioner, and (2) as an underpayment of tax, in the case of a judgment of costs against the petitioner. Provides that interest or penalty shall be allowed or assessed with respect to any judgment of costs. (Adds 26 U.S.C. 7465)
Bill· HRH.R. 6865 (93rd)referred
United States · United States Congress · 11 April 1973
Extends to all unmarried individuals the tax treatment of income splitting now utilized by married individuals filing joint returns under the Internal Revenue Code. Directs the Secretary of the Treasury to prescribe and publish tables reflecting the amendments made by this Act which shall apply in lieu of the tables set forth in the Internal Revenue Code with respect to wages paid on or after the first day of the first month which begins more than 20 days after the date of the enactment of this Act.
Bill· HRH.R. 6863 (93rd)referred
United States · United States Congress · 11 April 1973
Provides an income tax deduction under the Internal Revenue Code for the following amounts, not compensated for by insurance or otherwise for persons under 65: (1) the medical expenses for a parent over 65, who is not covered for hospital insurance benefits under Social Security; and (2) the amount by which other medical expenses exceed 3 percent of the adjusted gross income. Provides that if either taxpayer or spouse is over 65 and is not covered for hospital insurance benefits under the Social Security Act they may deduct: (1) medical expenses paid for the taxpayer, spouse or parent over 65; (2) the amount by which other medical expenses exceed 3 percent of the adjusted gross income; and (3) up to $150 or half of the medical insurance costs for the taxpayer, his spouse, and dependents. Directs that the deduction limitation for medicine and drugs shall not apply to amounts paid for the taxpayer and his spouse, if either is over 65, or for amounts paid for the parents over 65. (Amends 26 U.S.C. 213(A))
Bill· HRH.R. 6842 (93rd)referred
United States · United States Congress · 11 April 1973
Provides for the inclusion of .22 caliber rimfire ammunition in the catagories of ammunition for which persons holding a Federal license to do business as a firearms or ammunition importer, manufacturer, or dealer need not keep records on purchasers. (Amends 26 U.S.C. 4182(c))
Bill· HRH.R. 6855 (93rd)referred
United States · United States Congress · 11 April 1973
Allows an income tax credit under the Internal Revenue Code to an individual for tuition paid by him to any private nonprofit elementary or secondary school during the taxable year for the elementary or secondary education of any dependent. Provides that the amount allowable for the taxable year with respect to any dependent shall not exceed the lesser of: (1) 50 percent of the tuition paid by the taxpayer during the taxable year for the elementary or secondary education of such dependent, or (2) $300. Reduces the aggregate amount which would be allowable by an amount equal to $1 for each full $20 contained in the amount by which the adjusted gross income of the taxpayer (or, if the taxpayer is married, the adjusted gross income of the taxpayer and his spouse) for the taxable year exceeds $30,000. Limits examination of books and records of Church-controlled schools to the extent necessary to determine whether the school is a private nonprofit school within the meaning of the Act. Provides standing for taxpayers to sue to determine the constitutionality of this Act.
Bill· HRH.R. 6864 (93rd)referred
United States · United States Congress · 11 April 1973
Provides an income tax deduction under the Internal Revenue Code for the following amounts, not compensated for by insurance or otherwise, for persons under 65: (1) the medical expenses for a parent over 65; and (2) the amount by which other medical expenses exceed 3 percent of the adjusted gross income. Provides that if either taxpayer or spouse is over 65 they may deduct: (1) medical expenses paid for the taxpayer, spouse or parent over 65; (2) the amount by which other medical expenses exceed 3 percent of the adjusted gross income; and (3) up to $150 or half of the medical insurance costs for the taxpayer, his spouse, and dependents. Directs that the deduction limitation for medicine and drugs shall not apply to amounts paid for the taxpayer and his spouse, if either is over 65, or for amounts paid for the parents over 65. (Amends 26 U.S.C. 213(A))
Bill· SS. 1510 (93rd)referred
United States · United States Congress · 10 April 1973
Provides that the income tax deduction for a charitable contribution of a copyright, a literary musicial, or artistic composition, a letter of memorandum, or similar property by a taxpayer to a charitable organization as defined in the Internal Revenue Code shall be computed by decreasing by 75 percent the reduction amount computed under the Internal Revenue Code provisions relating to contributions of ordinary income and capital gain property. Requires such a taxpayer to receive from the donee of such property a written statement that the property represents material of historical or artistic significance and that the use by the donee will be related to the purpose constituting the basis for its exemption. Exempts from these provision, letters and other papers collected by a public official during his term of office. (Amends 26 U.S.C. 170(e))
Bill· SS. 1523 (93rd)referred
United States · United States Congress · 10 April 1973
Exempts clubs organized for pleasure, recreation and other nonprofitable purposes, substantially all of the activities of which are for such purposes and no part of the net earnings of which inures to the benefit of any private shareholder, from taxation under the Internal Revenue Code of 1954. States that for the purpose of determining the unrelated business income of such an organization deductions allowed corporations on certain dividends shall be treated as not directly connected with the production of gross income. Provides that such deductions allowed shall not be allowed to any organization which takes a deduction attributable to furnishing services, insurance, goods, or other items of value to members.
Bill· HRH.R. 6822 (93rd)referred
United States · United States Congress · 10 April 1973
Common Tax Audit Act - Provides, under the Internal Revenue Code, that all income tax returns filed shall be open to inspection by any common tax auditing agent appointed by two or more States pursuant to the provisions of this Act. (Amends 26 U.S.C. (3103(b)) Provides that, if permitted by its own laws, any State may designate the tax authorities of another State, or any commission or association of States, to conduct a tax audit of any business subject to the tax jurisdiction of one or more of the designating States.
Bill· HRH.R. 6801 (93rd)referred
United States · United States Congress · 10 April 1973
Provides that Federal employees and Members of Congress who marry after retirement and who elect to receive a reduced annuity at such time shall have the reduction restored during any period of non-marriage which occurs after retirement. (Amends 5 U.S.C. 8559(j)(2))
Bill· HRH.R. 6806 (93rd)referred
United States · United States Congress · 10 April 1973
Provides, under the Internal Revenue Code, that gross income does not include any amounts received by an individual in the taxable year as a pension, annuity, or other benefit under a public retirement system, or any amounts received by an individual who is age 65 or over as a pension, annuity, or other retirement benefit under any other retirement plan, program, or system, to the extent that the aggregate of such amounts does not exceed $5,000.
Bill· HRH.R. 6797 (93rd)referred
United States · United States Congress · 10 April 1973
Allows a tax credit under the Internal Revenue Code against the Federal income tax for State and local real property taxes or an equivalent portion of rent paid on their residences by individuals who have attained the age of 65. Provides that where an indivudal has attained the age of 65, there shall be allowed as a credit the amount of real property taxes paid which were imposed by a State or political subdivision on property owned and used by him as a principal residence or rent constituting such taxes as defined by the Internal Revenue Code. Allows payment by the U.S. Treasury to taxpayers to the extent of the difference between the credit and amount of such real property taxes where the tax imposed is less than real property taxes. Provides that the total credit payment for any taxable year shall not exceed $300 (or $150 in case of a single return). Reduces the amount of the credit allowed by the amount that the taxpayer's income exceeds $6,500 (or $3250 in the case of a married person filing a separate return). Directs that the credit be applied collectively in cases of joint ownership. Provides that where the joint return of the husband or wife is filed, the age requirement is met if either person is 65 or older. Apportions the credit allowed to cover only that part of a residence actually used by the taxpayer or that part of a farm not in excess of forty acres. Provides that an individual who is a tenant-stockholder in a cooperative housing corporation shall be treated as owning the house or apartment which he occupies and such person shall be treated as having paid real property taxes equal to the deduction allowable in direct proportion to taxes actually paid on a particular residence where during the taxable year there has been a change in residence. Provides that the term 'rent constituting property taxes" means an amount equal to 25 percent of the rent paid during a taxable year by the taxpayer for the right to occupy his dwelling (exclusive of charges for utilities, services, and furnishings). Reduces the amount of real property taxes paid by an individual by the amount of any refund given on such taxes. Provides that there shall be no assessment of interest charges where there has been an underpayment of taxes by an individual if the amount due is paid within sixty days after the taxpayer receives a refund of real property taxes which caused the underpayment. Specifies that deductions for State and local real property taxes shall not be affected by the credit allowed.
Bill· HRH.R. 6765 (93rd)referred
United States · United States Congress · 10 April 1973
Provides an additional entitlement of payments to local government units for public mass transportation and spell out the new ratio under the State and Local Fiscal Assistance Act. Authorizes appropriations for such purposes, out of the general funds of the Treasury of $800,000,000 for each of fiscal years 1973-1975, and for the period of July 1, 1976 to December 31,1976, $400,000,000.
Bill· HRH.R. 6766 (93rd)referred
United States · United States Congress · 10 April 1973
Allows a tax deduction under the Internal Revenue Code of not more than $750 for ordinary and necessary expenses paid during the taxable year for the repair or improvement of property used by the taxpayer as his principal residence. Permits any person who is the owner of rental housing and who rehabilitates or restores such housing to deduct the cost of such restoration, with respect to the amortization of the adjusted basis of such housing as so restored, based on a period of 60 months. Entitles any person who acquires rehabilitated or restored rental housing from a taxpayer who elected the amortization deduction and who did not discontinue the amortization deduction, to a deduction with respect to the adjusted basis of such facility based on the remaining amount of the 60 month period taken by the person who rehabilitated the house. Provides procedures for the election and termination of the amortization deduction and defines the terms used in this Act.
Bill· HRH.R. 6784 (93rd)referred
United States · United States Congress · 10 April 1973
Provides, under the Internal Revenue Code, that if a refund or credit of an overpayment, resulting from a taxpayer's failure to exclude amounts withheld for retirement, was not prevented on January 1, 1973, by the limitations relating to credits and refunds, or by operation of any other law, then a refund or credit of such payment may be allowed when a claim therefor is filed.
Bill· HRH.R. 6764 (93rd)referred
United States · United States Congress · 10 April 1973
Provides that the income tax deduction for a charitable contribution of a copyright, a literary musical, or artistic composition, a letter of memorandum, or similar property by a taxpayer to a charitable organization as defined in the Internal Revenue Code shall be computed by decreasing by 75 percent the reduction amount computed under the Internal Revenue Code provisions relating to contributions of ordinary income and capital gain property. Requires such a taxpayer to receive from the donee of such property a written statement that the property represents material of historical or artistic significance and that the use by the donee will be related to the purpose constituting the basis for its exemption. Exempts from these provisions, letters and other papers collected by a public official during his term of office. (Amends 26 U.S.C. 170(e))
Law· HJRESH.J.Res. 496 (93rd)open
United States · United States Congress · 10 April 1973
Makes supplemental appropriations for the fiscal year ending June 30, 1973, for the Civil Aeronautics Board for the payment of air carriers, $26,800,000; and the Veterans Administration for readjustment benefits, $468,000,000.
Bill· HRH.R. 6733 (93rd)referred
United States · United States Congress · 9 April 1973
Provides, under the Internal Revenue Code for the paying of interest to individual taxpayers who file returns before March 1 if the refund check is not mailed out within 30 days after the returned is filed. Requires the Internal Revenue Service to give specified information when making refunds. (Amends 26 U.S.C. 6611)
Bill· HRH.R. 6707 (93rd)referred
United States · United States Congress · 9 April 1973
Provides, under the Internal Revenue Code of 1954, for the inclusion in income of magazine sales for display purposes for the taxable year in which the taxpayer finally accounts for the returns of such magazines or periodicals pursuant to specified criteria. (Amends 26 U.S.C. 451)