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Bill· HRH.R. 9221 (94th)referred
United States · United States Congress · 1 August 1975
Imposes, under the Internal Revenue Code, an excess profits tax of 42 percent on the income of corporations engaged in oil production and refining reduced by an amount equal to the base period taxable income divided by 3 and the energy development deduction. Provides that base period taxable income shall be the taxable income for calendar years 1971, 1972, and 1973 without taking into account specified deductions. Provides that the energy development deduction of any corporation is the excess of energy development expenditures over the corporation's average base period energy development expenditures.
Bill· HRH.R. 9251 (94th)referred
United States · United States Congress · 1 August 1975
Denies the charitable deduction under the Internal Revenue Code for contributions of qualified governmental publications by treating such publications as not being capital assets.
Bill· HRH.R. 9248 (94th)referred
United States · United States Congress · 1 August 1975
Religious and Charitable Donors' Tax Justice Act - Allows an income tax credit under the Internal Revenue Code equal to 50 percent (and up to $500) of the amount allowed as a charitable deduction. Disallows a claim of a tax deduction when such tax credit is claimed.
Bill· HRH.R. 9226 (94th)referred
United States · United States Congress · 1 August 1975
Excludes from gross income under the Internal Revenue Code the amounts of farm loans cancelled under the Consolidated Farm and Rural Development Act as the result of disaster losses.
Bill· HRH.R. 9239 (94th)referred
United States · United States Congress · 1 August 1975
Increases the amount of the refunds of the nonhighway use gasoline excise tax paid to local transit systems by 2 or 3 times, depending on the original tax rate.
Bill· HRH.R. 9228 (94th)referred
United States · United States Congress · 1 August 1975
Authorizes appropriations, under the Elementary and Secondary Education Act of 1965, for purposes of educational research and training for fiscal years 1977 and 1978, of such sums as are necessary to increase the allotments to States to the level of funding those States received for fiscal year 1974 for the programs consolidated under title IV (Educational Research and Training) of such Act.
Bill· HRH.R. 9202 (94th)referred
United States · United States Congress · 1 August 1975
Stipulates that Members of Congress may not, for purposes of State income tax laws, be treated as residents of any State other than the State from which they were elected. (Amends 4 U.S.C 113)
Bill· HRH.R. 9191 (94th)referred
United States · United States Congress · 1 August 1975
Small Business Investment Company Tax Act - Exempts small business investment companies from the passive investment income test as a condition of eligibility to elect not to be taxed as a corporation under the Internal Revenue Code. Provides a tax deduction for investments made by small business investment companies in small business concerns. Allows small business investment companies to be shareholders in subchapter "S" corporations (corporations electing to be taxed as partnerships). Authorizes small business investment companies to add to their bad debt reserves at the close of a taxable year an amount sufficient to increase the reserve to 10 percent of the loans outstanding. Provides a deduction for dividends paid on preferred stock to small business investment companies.
Bill· HJRESH.J.Res. 616 (94th)referred
United States · United States Congress · 1 August 1975
Constitutional Amendment - Provides that, except in time of war or economic emergency declared by the Congress, expenditures of the Government may not exceed the revenues of the Government during any fiscal year.
Bill· SS. 2241 (94th)referred
United States · United States Congress · 31 July 1975
Utility Tax Deductibility Act - Allows as a deduction under the Internal Revenue Code State and local public utility taxes paid by consumers.
Bill· HRH.R. 9180 (94th)referred
United States · United States Congress · 31 July 1975
Increases the estate tax exemption allowed under the Internal Revenue Code from $60,000 to $125,000. Increases the limitation on the aggregate marital deduction to $100,000. Provides that, for purposes of the tax imposed with respect to any decedent holding an interest in a qualified farm or business, a deduction is allowed from the value of the taxable estate in the amount of: (1) $75,000; or (2) the value of the decedent's interests in any qualified farm or business, whichever is less. States that a "qualified farm or business" means a trade or business, including farming, in the management or operation of which there has been material participation by the decedent or the decedent's spouse (determined without regard to the activities of any agent) throughout any five calendar years ending during the eight year period which ends an the decedent's death.
Bill· HRH.R. 9179 (94th)referred
United States · United States Congress · 31 July 1975
Imposes a tax equal to 40 percent of the excess profits of corporations engaged in the production of petroleum and pretroleum products for each taxable year which begins during a three-year period following enactment of this Act. Sets forth the computation formula for the excess profits deduction for a taxable year.
Bill· HRH.R. 9158 (94th)referred
United States · United States Congress · 31 July 1975
States that an individual is not required to take into account the cancellation of any part of a disaster loan made under the Small Business Act, or of an emergency loan made under the Consolidated Farm and Rural Development Act, for purposes of determining gross income and the amount of the deduction allowable under the Internal Revenue Code for a loss attributable to a disaster occurring during calendar years 1972 or 1973.
Bill· HRH.R. 9163 (94th)referred
United States · United States Congress · 31 July 1975
Imposes, under the Internal Revenue Code, an excess profits tax of 42 percent on the income of corporations engaged in oil production and refining reduced by an amount equal to the base period taxable income divided by 3 and the energy development deduction. Provides that base period taxable income shall be the taxable income for calendar years 1971, 1972, and 1973 without taking into account specified deductions. Provides that the energy development deduction of any corporation is the excess of energy development expenditures over the corporation's average base period energy development expenditures.
Bill· HRH.R. 9138 (94th)referred
United States · United States Congress · 31 July 1975
Provides that property used in, or related to, a taxpayer's business which was acquired at no cost to him shall not be a capital asset for purposes of taxation under the Internal Revenue Code.
Bill· HRH.R. 9127 (94th)referred
United States · United States Congress · 31 July 1975
Broadens the definitions of the terms "surviving spouse" and "head of household" for purposes of the income tax imposed under the Internal Revenue Code. Provides that taxpayers may qualify for a refund on the basis of such broadened definitions for taxable years after 1967 by making application within one year of the date of enactment of this Act.
Bill· SS. 2219 (94th)passed
United States · United States Congress · 30 July 1975
Extends the authorization for appropriations under the Central, Western, and South Pacific Fisheries Development Act through fiscal year 1979. Increases such authorization from $3,000,000 to $4,000,000 annually.
Law· SS. 2230 (94th)open
United States · United States Congress · 30 July 1975
Authorizes appropriations for the Board for International Broadcasting for fiscal year 1976. Authorizes the President to furnish to Turkey defense articles and services for which contracts were signed on or before February 5, 1975, under the Foreign Military Sales Act. Provides that such authorization be effective only while Turkey observes the cease fire and neither increases its forces on Cyprus nor transfers any United States supplied arms thereto. Requests the President to discuss with Greece that country's needs for economic and military assistance and to report findings to Congress. Limits the authority of the President to suspend the ban on military assistance to the suspension of the ban with respect to equipment determined to be necessary to enable Turkey to fulfill her responsibilities as a member of the North Atlantic Treaty Organization. Directs the President to report to Congress on progress made toward achieving a negotiated solution of the Cyprus problem. Requires Congressional review of any proposed sale of any defense article or service for $25,000,000 or more before the issuance of any letter of offer to sell pursuant to the Foreign Military Sales Act.
Bill· HRH.R. 9067 (94th)reported
United States · United States Congress · 30 July 1975
Title I: Wildlife Restoration Fund - Extends the period during which States may expend funds apportioned to them for wildlife restoration projects under the Federal Aid in Wildlife Restoration Act. Authorizes States to use funds apportioned to them under specified provisions of such Act for the purpose of paying not more than 75 percent of the cost of a hunter education program, or a public target range program, or both. Stipulates that the non-Federal share of the cost of any such program may be derived from license fees paid by hunters, but not from moneys derived by the State through any other Federal grant program. Title II: Tax on Sale of Component Parts of Firearm Ammunition - Imposes a tax of 11 percent, to be paid by the manufacturer, upon component parts of ammunition (including, but not limited to, cartridge cases, primers, bullets, shots, wads and powders) for firearms (including pistols and revolvers).
Bill· HRH.R. 9073 (94th)referred
United States · United States Congress · 30 July 1975
Provides that the advertising of alcoholic beverages is not a deductible business expense under the Internal Revenue Code.
Bill· HRH.R. 9069 (94th)referred
United States · United States Congress · 30 July 1975
Stipulates that whenever the United States Government, including any department or agency thereof, has legal title to any improved real property which is leased, loaned, or otherwise made available to and used by any private individual, association, or corporation in connection with a business conducted for profit, the Government shall pay to the appropriate local taxing authorities, on the date on which real property taxes become due, an amount equal to the amount of the real property tax which would be payable to each such State or local taxing authority if legal title to such real property were held by a private individual, association, or corporation. Provides that no such payment shall be made with respect to any real property of any of the following categories: (1) real property taxable by any State or local taxing authority under any provision of law, or with respect to which any payment in lieu of taxes is payable under any other provision of law; (2) real property owned by any private individual, association, or corporation would be exempt from real property tax under the constitution or laws of the State in which the property is situated; and (3) real property used or held primarily for the rendition of service to or on behalf of the local public, including (but not limited to) the following categories of real property, courthouses, post offices, and other property used for purposes incidental to postal operations, and federally owned airports maintained and operated by the Civil Aeronautics Administration.
Bill· HRH.R. 9061 (94th)referred
United States · United States Congress · 30 July 1975
Allows a tax deduction under the Internal Revenue Code for State and local public utility taxes.
Bill· HRH.R. 9049 (94th)referred
United States · United States Congress · 30 July 1975
Exempts, under the Internal Revenue Code, nonprofit volunteer firefighting or rescue organizations from the Federal excise taxes on gasoline, diesel fuel, and special fuels. Exempts such organization from the tax on communication services.
Bill· HRH.R. 9075 (94th)referred
United States · United States Congress · 30 July 1975
Authorizes the withholding of State and city income taxes from the pay of members of the Armed Forces. Sets forth the conditions to be met by governmental units withholding taxes under this Act. (Adds 37 U.S.C. 1010).
Bill· HRH.R. 9042 (94th)referred
United States · United States Congress · 30 July 1975
Allows specified percentage tax deductions under the Internal Revenue Code, for the cost of acquiring recycled solid waste materials during the taxable year. Provides, in lieu of any allowable depreciation deduction, for the amortization of the cost basis of solid waste recycling facilities over a period of 60 months.
Resolution· HRESH.Res. 654 (94th)passed
United States · United States Congress · 30 July 1975
Provides that immediately upon the adoption of this resolution, clause 2, rule XXVIII to the contrary notwithstanding, it shall be in order to consider the conference report on the bill (H.R. 4723) authorizing appropriations for the National Science Foundation for fiscal year 1976.
Bill· SS. 2207 (94th)referred
United States · United States Congress · 29 July 1975
Directs that in computing the total number of civilian personnel authorized in any fiscal year for the Department of Defense or any military department thereof, there shall be excluded from such computation civilian personnel engaged in industrially funded activities.
Bill· SS. 2213 (94th)referred
United States · United States Congress · 29 July 1975
Exempts from Federal income tax imposed under the Internal Revenue Code public utilities which furnish electrical power.
Bill· HRH.R. 9016 (94th)referred
United States · United States Congress · 29 July 1975
Increases the amount of the deduction allowed under the Internal Revenue Code for household and dependent care services necessary for gainful employment to the amount of the earned income of the taxpayer or his spouse, whichever is lesser. Provides that when one spouse is a student, the earned income limitation amount shall be that of the other spouse. Allows an individual to take such deduction whether or not the individual itemizes his deductions.
Bill· HRH.R. 8989 (94th)reported
United States · United States Congress · 28 July 1975
Indian Tribal Governmental Tax Status Act - Expresses the findings of Congress, including that exemption of Indian Tribal governments from specified taxes would be consistent with the Federal laws and treaties recognizing the governmental status of such tribes. Provides for such exemption under provisions of the Internal Revenue Code relating to: (1) retirement income; (2) contributions to candidates for public office; (3) interest on governmental obligations; (4) scholarships and fellowship grants; (5) charitable contributions; (6) services and facilities tax; (7) other taxes on sales and services; (8) gasoline used on farms; (9) taxation on employee annuities; (10) transfers for public, charitable, and similar religious uses; (11) retailers' and manufacturers' excise tax; and (12) specified gasoline and lubricating oil taxes.
Bill· HRH.R. 8948 (94th)passed
United States · United States Congress · 25 July 1975
Requires the Comptroller General to make audits of the Internal Revenue Service in the Treasury Department. Directs the Comptroller General to report annually to the Congress on the results of such audits.
Bill· HRH.R. 8945 (94th)referred
United States · United States Congress · 25 July 1975
Disallows, under the Internal Revenue Code, any business expense tax deduction for any expense incurred for the transportation of any person by commercial airplane or railroad train in excess of the coach class fare ticket as determined by the Civil Aeronautics Board and the Interstate Commerce Commission, respectively.
Bill· HRH.R. 8925 (94th)referred
United States · United States Congress · 25 July 1975
Exempts from the tax on the use of a taxable aircraft under the Internal Revenue Code any person who holds a certificate as an agricultural aircraft operator, whose aircraft is equipped for agricultural operations, and who uses it primarily for such agricultural operations. Grants to an aerial applicator the right to any payment, credit, or refund under the Internal Revenue Code with respect to the use of any liquid as a fuel in an aircraft by such aerial applicator, who was the ultimate purchaser thereof, and who has obtained a waiver in writing from an operator of the farm of his right to any such payment.
Bill· HRH.R. 8921 (94th)referred
United States · United States Congress · 25 July 1975
States the findings of the Congress that rapid urbanization has made the ability of all citizens to move quickly and cheaply an urgent national goal, and that new Federal assistance for urban mass transportation is imperative if efficient, safe and convenient transportation is to be achieved. Title I: Urban Mass Transportation Revenue Act of 1973 - Establishes an Urban Ground Mass Transportation Trust Fund. Requires the Secretary of the Treasury to transfer from the general fund of the Treasury to the trust fund amounts appropriated for the trust fund under this Act. Authorizes the appropriation from the general fund of the Treasury to the trust fund such repayable advances of money necessary to provide the trust fund with initial capital. Requires the Secretary to make an annual report to the Congress on the financial condition and the results of the operations of the trust fund. Requires the Secretary to invest the portion of the trust fund not required to meet current withdrawals. Authorizes expenditures from the trust fund, and sets limitations on such expenditures. Title II: Internal Revenue Amendments - Imposes the following new Federal Excise taxes to provide revenues for the trust fund: (1) a separate tax of one cent a gallon on gasoline sold by any producer or importer after June 30, 1973; (2) a separate tax of one cent a gallon on other highway fuels (e.g. diesel fuel, benzol benzene, naphtha, and liquefied petroleum gas); and (3) a tax of 10 percent of the price of ground mass public transportation vehicles and a tax equivalent to 8 percent of the price of parts and accessories (other than tires and inner-tubes) for ground mass public transportation vehicles sold after June 30, 1973.
Bill· HRH.R. 8940 (94th)referred
United States · United States Congress · 25 July 1975
Increases to $1,200 the personal income tax exemptions of a taxpayer under the Internal Revenue Code (including the exemption for a spouse, the exemptions for dependents, and the additional exemptions for old age and blindness). Increases the amounts of the withholding exemptions applicable for purposes of the collection of income tax at the source in order to reduce the amount withheld at the source.
Bill· HRH.R. 8939 (94th)referred
United States · United States Congress · 25 July 1975
Provides that expired unused investment credits shall be treated as refundable overpayments of tax under the Internal Revenue Code if applied for on or before March 15 (April 15 in the case of a person other than a corporation) of the succeeding taxable year.
Bill· SS. 2175 (94th)referred
United States · United States Congress · 24 July 1975
Provides under the Internal Revenue Code for an increase in the amount of the corporate surtax exemption from $50,000 to $100,000. Provides for annual adjustments of such amount to reflect changes in the Consumer Price Index.
Bill· SS. 2172 (94th)referred
United States · United States Congress · 24 July 1975
Makes permanent specified amendments to the Internal Revenue Code effected by the Tax Reduction Act of 1975, including: (1) the increase in the low income allowance; (2) the increase in the percentage standard deduction; (3) the $30 credit allowed for each personal exemption; (4) the credit against earned income; (5) the increase from $50,000 to $100,000 on the dollar limitation on used property; (6) the increase in the corporate surtax exemption from $25,000 to $50,000; and (7) the reduction in the normal corporate tax rate from 22 percent to 20 percent on the first $25,000 of net income.
Bill· HRH.R. 8881 (94th)referred
United States · United States Congress · 24 July 1975
Farm Tax Equity Act - Limits, under the Internal Revenue Code, deductions with respect to a taxpayer engaged in the business of farming to: (1) the gross income of the business for the taxable year; and (2) in the case of an individual or a bona fide family farm corporation, the higher of $10,000 or the amount of special deductions allowed by this Act, or for any other taxpayer, the amount of special deductions. Prohibits the application of such deductions when the taxpayer uses specified accounting methods. Defines terms used in this Act.
Bill· HRH.R. 8904 (94th)referred
United States · United States Congress · 24 July 1975
Stipulates that Members of Congress may not, for purposes of State income tax laws, be treated as residents of any State other than the State from which they were elected. (Amends 4 U.S.C 113)
Bill· HRH.R. 8874 (94th)referred
United States · United States Congress · 24 July 1975
Excludes from gross income under the Internal Revenue Code any pension or annuity received under a public retirement system.
Bill· HRH.R. 8895 (94th)referred
United States · United States Congress · 24 July 1975
Increases to 15 cents per mile the standard mileage allowance, under the Internal Revenue Code, which may be used in determining the amount of the deduction allowed for expenses paid or incurred for the operation of an automobile in connection with the rendition of services to a charitable organization.
Bill· HRH.R. 8850 (94th)referred
United States · United States Congress · 23 July 1975
Defines the term "agricultural" under the Internal Revenue Code with respect to the exemption from the tax on corporations. States that such term includes the art or science of cultivating land, harvesting crops or marine resources, or raising of livestock.
Bill· HRH.R. 8860 (94th)referred
United States · United States Congress · 23 July 1975
Provides that a State legislator shall be eligible for the tax deduction under the Internal Revenue Code for living expenses (up to $300) presently allowed to members of Congress.
Bill· HRH.R. 8852 (94th)referred
United States · United States Congress · 23 July 1975
Provides, under the Internal Revenue Code, that where compensation is paid an employee by two or more employers, one of the employers may, by notice to the Secretary of the Treasury and by agreement with the other employer or employers, elect to have the taxes imposed under the Federal Insurance Contributions Act and the Federal Unemployment Tax Act apply to so much of the compensation paid by such employer for such calendar year as does not exceed the maximum amount of compensation with respect to such taxes. States that in such case the liability of the other employer or employers shall be limited to the tax applicable to the difference, if any, between the compensation paid by the electing employer and the maximum amount of compensation to which such taxes apply, if paid by a single employer.
Bill· HRH.R. 8840 (94th)referred
United States · United States Congress · 23 July 1975
Provides that a State legislator shall be eligible for the tax deduction under the Internal Revenue Code for living expenses (up to $300) presently allowed to members of Congress.
Resolution· HCONRESH.Con.Res. 357 (94th)referred
United States · United States Congress · 23 July 1975
Expresses the sense of the Congress that the Internal Revenue Service and the Congress should take action to simplify the Federal income tax forms. Calls upon the States and local governments which impose income taxes to model their forms upon the Federal income tax forms.
Bill· HRH.R. 8789 (94th)referred
United States · United States Congress · 22 July 1975
Provides under the Internal Revenue Code that members of a Reserve component of the Armed Forces will not be disqualified from taking the deduction for retirement savings because of their participation in the Armed Forces retirement system.
Bill· HRH.R. 8818 (94th)referred
United States · United States Congress · 22 July 1975
Extends to all unmarried individuals the full tax benefits of income splitting now enjoyed by married individuals filing joint returns. Provides the same income tax rate tables to all individuals, whether married and filing separately or unmarried. States that such income tax treatment shall become effective after December 31, 1975.
Bill· HRH.R. 8799 (94th)referred
United States · United States Congress · 22 July 1975
Authorizes the taxpayer, under the Internal Revenue Code, to elect to carryback any net operating loss for a number of taxable years equal to which such loss could have been carried forward. Provides that such election may be revoked by the taxpayer at any time within 60 months after the close of the taxable year in which the election was made. Requires taxpayers using the election authorized by this Act, if he or she is obligated to repay any loan guaranteed by the Emergency Loan Guarantee Board, to pay the amount of any refund to the lender on such a loan. Authorizes, in cases of corporate reorganizations, acquiring corporations to use operating losses of loss corporations to the extent that the taxable income of the acquiring corporation is attributable to one or more trades or businesses conducted by the acquiring corporation substantially the same as such trades or businesses were conducted by the loss corporation prior to such reorganization.