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Bill· HRH.R. 13333 (94th)referred
United States · United States Congress · 27 April 1976
Amends the Internal Revenue Code to allow an individual whose amounts derived from activities not engaged in for profit exceeds the deductions attributable to such activities, and the amount of such excess is $500 or less, to elect to exclude such amounts from gross income. Prohibits such election if for two or more of the taxable years in the period of five consecutive years preceding the election year the amounts derived from activities not engaged in for profit exceeds the deductions allowable for such activities by more than $1,000.
Bill· HRH.R. 13346 (94th)referred
United States · United States Congress · 27 April 1976
Allows a tax credit, under the Internal Revenue Code, in an amount equal to the lesser of 20 percent of the qualified investment or $5,000,000, but the credit shall not exceed 50 percent of the liability for tax for the taxable year. Defines the term "qualified investment" to mean investment in tangible property located in a development area certified by the Secretary of Commerce as development property which is outside any standard metropolitan statistical area, the population of which exceeds 300,000. Recaptures such tax credit if property which was certified development property placed in service during either of the two preceding taxable years is disposed of or ceases to be certified development property with respect to the taxpayer. Allows any portion of the credit which exceeds the limitations to be carried back to the three preceding taxable years and carried forward to the seven taxable years following the unused credit year. Requires the Secretary of Commerce to report annually to the Congress with respect to the amount of and the economic effects of such tax credit.
Bill· HRH.R. 13313 (94th)referred
United States · United States Congress · 27 April 1976
Allows a tax credit, under the Internal Revenue Code, in an amount equal to the lesser of 20 percent of the qualified investment or $5,000,000, but the credit shall not exceed 50 percent of the liability for tax for the taxable year. Defines the term "qualified investment" to mean investment in tangible property located in a development area certified by the Secretary of Commerce as development property which is outside any standard metropolitan statistical area, the population of which exceeds 300,000. Recaptures such tax credit if property which was certified development property placed in service during either of the two preceding taxable years is disposed of or ceases to be certified development property with respect to the taxpayer. Allows any portion of the credit which exceeds the limitations to be carried back to the three preceding taxable years and carried forward to the seven taxable years following the unused credit year. Requires the Secretary of Commerce to report annually to the Congress with respect to the amount of and the economic effects of such tax credit.
Bill· HRH.R. 13338 (94th)referred
United States · United States Congress · 27 April 1976
Small Corporate Employers Retirement Pension Plans Act - Authorizes small corporate employees to establish a qualified trust or annuity plan under the Internal Revenue Code, by complying with the alternative plan which prescribes minimum participation standards, minimum vesting standards, and minimum funding standards different from those presently applicable to qualifying trusts. Allows an employer to take a tax deduction for contributions to an employees' trust or annuity in excess of 100 percent of such contribution, up to a contribution level of $25,000. Makes technical and conforming amendments.
Bill· HRH.R. 13352 (94th)referred
United States · United States Congress · 27 April 1976
Excludes dividends received from domestic corporations from the terms "foreign oil and gas extraction income" and "foreign oil related income" for purposes of taxation under the Internal Revenue Code.
Bill· HRH.R. 13340 (94th)referred
United States · United States Congress · 27 April 1976
Amends the Internal Revenue Code to allow a taxpayer to file a return of tax before the last day prescribed for filing such return without incurring any liability for the payment of tax until such last day.
Bill· HRH.R. 13306 (94th)referred
United States · United States Congress · 27 April 1976
Amends the Internal Revenue Code to allow a deduction to individuals who rent their principal residences for a portion of the real property taxes paid or accrued by their landlord.
Bill· HRH.R. 13311 (94th)referred
United States · United States Congress · 27 April 1976
Amends the Internal Revenue Code to allow an individual to take a tax deduction for the amount of the ordinary and necessary expenses paid or incurred by the individual during the taxable year for transportation between the individual's residence and his principal place of employment.
Resolution· HCONRESH.Con.Res. 620 (94th)referred
United States · United States Congress · 27 April 1976
Sets forth the congressional budget for the United States Government for the fiscal year 1977. Provides that the recommended level of Federal revenues is $363,000,000,000, and the amount by which the aggregate level of Federal revenues should be decreased is $14,800,000,000. States that the appropriate level of total new budget authority is $394,200,000,000. Establishes the appropriate level of the public debt at $661,275,000,000. Sets forth the appropriate level of new budget authority and the estimated budget outlays for each major functional category, including: (1) $112,000,000,000, for National Defense with outlays of $100,600,000,000: (2) $3,400,000,000 for International Affairs with outlays of $3,000,000,000; (3) $2,300,000,000 for Agriculture with outlays of $2,000,000,000; (4) $3,300,000,000 for Law Enforcement and Justice with outlays of $3,400,000,000; and (5) $5,000,000,000 for Revenue Sharing and General Purpose Fiscal Assistance with outlays of $5,000,000,000. Revises the congressional budget for the transition period beginning July 1, 1976 as follows: (1) recommends $86,000,000,000 as the level of Federal revenues; (2) sets $81,500,000,000 as the appropriate level of total new budget authority; (3) sets the appropriate level of total budget outlays at $86,000,000,000; (4) sets the appropriate level of the deficit in the budget at $0 and; (5) establishes the appropriate level of the public debt at $631,200,000,000. Sets the amount by which the temporary statutory limit on such debt should be increased at $4,000,000,000.
Resolution· HCONRESH.Con.Res. 619 (94th)referred
United States · United States Congress · 27 April 1976
Sets forth the congressional budget for the United States Government for the fiscal year 1977. Provides that the recommended level of Federal revenues is $363,000,000,000, and the amount by which the aggregate level of Federal revenues should be decreased is $14,800,000,000. States that the appropriate level of total new budget authority is $394,200,000,000. Establishes the appropriate level of the public debt at $661,275,000,000. Sets forth the appropriate level of new budget authority and the estimated budget outlays for each major functional category, including: (1) $112,000,000,000 for National Defense with outlays of $100,600,000,000; (2) $3,400,000,000 for International Affairs with outlays of $3,00,000,000; (3) $2,300,000,000 for Agriculture with outlays of $2,000,000,000; (4) $3,300,000,000 for Law Enforcement and Justice with outlays of $3,400,000,000 and; (5) $5,000,000,000 for Revenue Sharing and General Purpose Fiscal Assistance with outlays of $5,000,000,000. Revises the congressional budget for the transition period beginning July 1, 1976 as follows: (1) recommends $86,000,000,000 as the level of Federal revenues; (2) sets $96,300,000,000 as the appropriate level of total new budget authority; (3) sets the appropriate level of total budget outlays at $101,200,000,000; (4) sets the appropriate level of the deficit in the budget at $15,200,000,000 and; (5) establishes the appropriate level of the public debt at $646,200,000,000. Sets the amount by which the temporary statutory limit on such debt should be increased at $19,200,000,000.
Bill· SS. 3328 (94th)referred
United States · United States Congress · 26 April 1976
Exempts retirement systems, trusts, or funds of a State, a political subdivision of a State, or an agency or instrumentality of a State or a political subdivision of a State from the income taxes imposed under the Internal Revenue Code.
Bill· HRH.R. 13293 (94th)referred
United States · United States Congress · 26 April 1976
Authorizes any amount received from appropriated funds as a scholarship by a member of a uniformed service who is receiving training under the Armed Forces Health Professions Scholarship Program from an educational institution to be continued to be treated as a scholarship, excludable from gross income under the Internal Revenue Code for calendar years 1976, 1977, and 1978.
Bill· HRH.R. 13278 (94th)referred
United States · United States Congress · 26 April 1976
Provides that the first 60,000 barrels of beer brewed by a brewery in the United States producing less than 2,000,000 barrels annually for consumption shall be taxable under the Internal Revenue Code at a rate of $7 per barrel (as opposed to the flat rate of $9 per barrel presently imposed).
Bill· HRH.R. 13275 (94th)referred
United States · United States Congress · 26 April 1976
Amends the Internal Revenue Code to allow a deduction to individuals who rent their principal residences for a portion of the real property taxes paid or accrued by their landlord.
Bill· SS. 3316 (94th)referred
United States · United States Congress · 14 April 1976
Authorizes a taxpayer, under the Internal Revenue Code, to elect to treat qualified architectural and transportational barrier removal expenses which are paid or incurred during the taxable year as expenses which are not chargeable to capital account. Deems such expenses so treated as allowable tax deductible expenditures.
Bill· HRH.R. 13262 (94th)referred
United States · United States Congress · 14 April 1976
Amends the Internal Revenue Code to exempt farmers or farm operators from the highway use tax on heavy trucks if the farmer: (1) uses such vehicle primarily for farming purposes, and (2) is not a corporation with gross receipts in excess of $950,000 or with gross receipts more than 50 percent of which are from activities other than farming.
Bill· SS. 3307 (94th)referred
United States · United States Congress · 13 April 1976
Amends the Internal Revenue Code to allow a deduction to individuals who rent their principal residences for a portion of the real property taxes paid or accrued by their landlord.
Bill· HRH.R. 13209 (94th)referred
United States · United States Congress · 13 April 1976
Solar Energy Incentive Act - Allows an individual to take a tax credit, under the Internal Revenue Code, in an amount equal to 25 percent of the qualified solar heating and cooling equipment expenditures incurred by the taxpayer with respect to his principal residence to the extent such expenditures do not exceed $8,000, plus that portion of the qualified State or local real property taxes paid or accrued for the taxable year or accrued for the taxable year attributable to such solar heating and cooling expenditures. Authorizes an individual to take a tax deduction for a part of the acquisition costs of any qualified solar heating and cooling equipment for any residence. Limits such deduction to the lesser of ten percent of the acquisition costs or $800 or $400 for the third year of such acquisition.
Bill· HRH.R. 13234 (94th)referred
United States · United States Congress · 13 April 1976
Prohibits any business deduction, under the Internal Revenue Code, relating to expenses paid or incurred for the transportation of any person by commercial airplane or railroad in excess of an amount which is equal to the retail price of a coach class fare ticket on such airline or railroad, unless the use of first class accomodations was necessitated by the circumstances of the taxpayer's business activities or by a disability or handicap or because coach tickets were unavailable.
Bill· HRH.R. 13244 (94th)referred
United States · United States Congress · 13 April 1976
Legal Fees Reimbursement Act - Provides that in any legal action initiated by the Government, or in any action instituted by a taxpayer contesting the accuracy of a deficiency or claiming a refund of taxes paid where the taxpayer prevails or substantially prevails, the Government shall be liable for the reimbursement in full of all reasonable litigation expenses incurred by the taxpayer as a consequence of legal defense, under the Internal Revenue Code.
Bill· HRH.R. 13235 (94th)referred
United States · United States Congress · 13 April 1976
Amends the Internal Revenue Code to increase the amount of the estate tax exemption from $60,000 to $200,000. Increases the estate tax marital deduction to allow an aggregate deduction not to exceed $200,000 plus 50 percent of the value of the adjusted gross estate.
Resolution· HRESH.Res. 1150 (94th)referred
United States · United States Congress · 13 April 1976
Amends the Rules of the House of Representatives to provide that it is not in order to consider any bill, resolution, or amendment thereto, which provides an appropriation, or an authorization for an appropriation, for security assistance for a specified country in an aggregate amount of $100,000,000 or more for any fiscal year, if such bill or resolution also provides an appropriation, or an authorization for an appropriation, for security assistance for any other country for such fiscal year. Provides that in any case involving an allocation for a country of a portion of the aggregate ceiling under the Arms Export Control Act on credits which may be extended and the principal amount of loans which may be guaranteed under such Act, the portion of such ceiling allocated for such country shall be used in determining whether security assistance for such country is equal to or greater than $100,000,000, for purposes of this Rule.
Bill· SS. 3289 (94th)referred
United States · United States Congress · 12 April 1976
Excludes the value of any principal residence held by the decedent in determining the value of the estate on which such residence is located for purposes of the estate tax provisions of the Internal Revenue Code. Increases the limitation on the aggregate amount of marital deductions to 50 percent of the value of the adjusted gross estate, plus $100,000. Authorizes a five-year extension in the time for paying the first installment due from a taxpayer where the estate consists largely of an interest in a closely held business.
Bill· SS. 3294 (94th)referred
United States · United States Congress · 12 April 1976
Amends the Internal Revenue Code to allow a tax deduction for amounts paid by the taxpayer to an eligible educational institution for the tuition of the taxpayer, his spouse, or a dependent. Limits such deduction for tuition and fees paid with respect to an individual to an amount not to exceed $1,500.
Bill· SS. 3288 (94th)referred
United States · United States Congress · 12 April 1976
Amends the Internal Revenue Code with respect to the definition of the term "personal holding company income" to exclude from the term dividends or rents, and compensation which consists of the use of, or the right to use, tangible or intangible property of a corporation used in the active trade or business of a corporation of which 25 percent or more in value of the outstanding stock of the corporation is owned by an individual or trust entitled to use the tangible or intangible property.
Bill· HRH.R. 13181 (94th)referred
United States · United States Congress · 12 April 1976
Excludes dividends received from domestic corporations from the terms "foreign oil and gas extraction income" and "foreign oil related income" for purposes of taxation under the Internal Revenue Code.
Bill· HRH.R. 13183 (94th)referred
United States · United States Congress · 12 April 1976
Authorizes any taxpayer to elect to have any portion of any overpayment of tax or any contribution in money which the taxpayer forwards with the return for such taxable year, under the Internal Revenue Code, be available, as the taxpayer may designate on such return, for the National Endowment for the Arts or the National Endowment for the Humanities.
Resolution· HRESH.Res. 1144 (94th)passed
United States · United States Congress · 12 April 1976
Provides that upon the adoption of this resolution it shall be in order to move that the House resolve itself into the Committee of the Whole House on the State of the Union for the consideration of the bill (H.R. 12987) to authorize appropriations for fiscal year 1976, and for the period beginning July 1, 1976, and ending September 30, 1976, for carrying out title VI of the Comprehensive Employment and Training Act of 1973, and for other purposes, and all points of order against section 3 of said bill for failure to comply with the provisions of clause 5, rule XXI are hereby waived. Directs that after general debate, which shall be confined to the bill and shall continue not to exceed one hour, to be equally divided and controlled by the chairman and ranking minority member of the Committee on Education and Labor, the bill shall be read for amendment under the five-minute rule. States that, at the conclusion of the consideration of the bill for amendment, the Committee shall rise and report the bill to the House with such amendments as may have been adopted, and the previous question shall be considered as ordered on the bill and amendments thereto to final passage without intervening motion except one motion to recommit.
Bill· HRH.R. 13148 (94th)referred
United States · United States Congress · 9 April 1976
Stipulates that with regard to any obligation which is issued by, or in behalf of, any State or possession of the United States, any political subdivision of the foregoing, or the District of Columbia, the interest paid on such obligation and received by the purchase thereof shall be included in gross income, under the Internal Revenue Code. Directs the Secretary of the Treasury to pay to the issuer of such obligation such portion of the interest as is deemed appropriate taking into account current market yields on obligations of the issuer and on similar obligations.
Resolution· HCONRESH.Con.Res. 611 (94th)passed
United States · United States Congress · 9 April 1976
Sets forth the congressional budget for the United States Government for the fiscal year 1977. Provides that the recommended level of Federal revenues is $363,000,000,000, and the amount by which the aggregate level of Federal revenues should be decreased is $14,800,000,000. States that the appropriate level of total new budget authority is $452,261,000,000. Establishes the appropriate level of the public debt at $711,900,000,000. Sets forth the appropriate level of new budget authority and the estimated budget outlays for each major functional category including: (1) $112,000,000,000 for National Defense with outlays of $100,600,000,000; (2) $9,200,000,000 for International Affairs with outlays of $6,500,000,000; (3) $2,262,000,000 for Agriculture with outlays of $2,029,000,000; (4) $3,400,000,000 for Law Enforcement and Justice with outlays of $3,500,000,000; and (5) $7,347,000,000 for Revenue Sharing and General Purpose Fiscal Assistance with outlays of $7,351,000,000. Revises the congressional budget for the transition period beginning July 1, 1976 as follows: (1) recommends $86,000,000,000 as the level of Federal revenues; (2) sets $96,300,000,000 as the appropriate level of total new budget authority; (3) sets the appropriate level of total budget outlays at $101,200,000,000; (4) sets the appropriate level of the deficit in the budget at $15,200,000,000; and (5) establishes the appropriate level of the public debt at $646,200,000,000. Sets the amount by which the temporary statutory limit on such debt should accordingly be increased at $19,200,000,000.
Bill· SS. 3271 (94th)referred
United States · United States Congress · 8 April 1976
Authorizes a taxpayer who receives an interest in any proven oil or gas property to utilize the percentage depletion allowance with respect to the production of crude oil or natural gas attributable to such interest where the interest is transferred for other than a tax avoidance purpose, under the Internal Revenue Code. Stipulates that taxable income for the purpose of computing the limitation on percentage depletion allowances shall be computed without regard to the deduction for expenses incurred in connection with exploration for non-producing wells and expenses relating to intangible drilling and development costs.
Bill· SS. 3272 (94th)referred
United States · United States Congress · 8 April 1976
Excludes from gross income, under the Internal Revenue Code, interest received on qualified scholarship funding bonds. Defines the term "qualified scholarship funding bonds" as obligations issued by a not for profit corporation established and operated exclusively for the purpose of acquiring student loan notes incurred under the Higher Education Act. Excludes payments made by the Commissioner of Education from consideration in determining yields on student notes for the purposes of arbitrage bond treatment.
Bill· HRH.R. 13127 (94th)referred
United States · United States Congress · 8 April 1976
Authorizes, under the Internal Revenue Code, any individual who has attained the age of 65 to take a nonrefundable tax credit for a percentage of the amount of real property taxes or the amount of rent constituting real property taxes paid or accrued by the taxpayer during the taxable year. Defines the applicable percentage as 50 percent reduced by two percent for each $1,000 amount by which the adjusted gross income of such taxpayer exceeds $5,000.
Bill· SS. 3264 (94th)referred
United States · United States Congress · 7 April 1976
Solar Energy Incentive Act - Allows an individual to take a tax credit, under the Internal Revenue Code, in an amount equal to 25 percent of the qualified solar heating and cooling equipment expenditures incurred by the taxpayer with respect to his principal residence to the extent such expenditures do not exceed $8,000, plus that portion of the qualified State or local real property taxes paid or accrued for the taxable year attributable to such solar heating and cooling expenditures. Authorizes an individual to take a tax deduction for a part of the acquisition costs of any qualified solar heating and cooling equipment for any residence. Limits such deduction to the lesser of ten percent of the acquisition costs or $800 for the first two years of such acquisition, and five percent or $400 for the third year of such acquisition.
Bill· HRH.R. 13104 (94th)referred
United States · United States Congress · 7 April 1976
Amends the Internal Revenue Code to allow a deduction to individuals who rent their principal residences for a portion of the real property taxes paid or accrued by their landlord.
Resolution· HRESH.Res. 1134 (94th)passed
United States · United States Congress · 7 April 1976
Provides that upon the adoption of this resolution it shall be in order to move that the House resolve itself into the Committee of the Whole House on the State of the Union for the consideration of the bill (H.R. 12438) to authorize appropriations during the fiscal year 1977 for procurement of aircraft, missiles, naval vessels, tracked combat vehicles, torpedoes, and other weapons, and research, development, test, and evaluation for the Armed Forces, and to prescribe the authorized personnel strength for each active duty component and of the Selected Reserve of each Reserve component of the Armed Forces and of civilian personnel of the Department of Defense, and to authorize the military training student loads, and for other purposes. States that after general debate, which shall be confined to the bill and shall continue not to exceed four hours, to be equally divided and controlled by the chairman and ranking minority member of the Committee on Armed Services, the bill shall be read for amendment under the five-minute rule by titles instead of by sections. Directs that, at the conclusion of the consideration of the bill for amendment, the Committee shall rise and report the bill to the House with such amendments as may have been adopted, and the previous question shall be considered as ordered on the bill and amendments thereto to final passage without intervening motion except one motion to recommit.
Bill· HRH.R. 13065 (94th)referred
United States · United States Congress · 6 April 1976
Small Business Revitalization Act - Amends the Internal Revenue Code to provide graduated investment credit rates up to $50,000 of qualified investment, at which amount the current statutory rate shall apply. Establishes graduated corporate income tax rates culminating in a maximum rate of 25 percent of so much of the taxable income as exceeds $60,000. Increases the corporate surtax rate to 23 percent. Increases the corporate surtax exemption to $70,000. Authorizes taxpayers to elect the nonrecognition of gain on the sale or exchange of qualified small business property to the extent that the amount realized on such sale or exchange is reinvested during the reinvestment period in qualified small business property. Reduces the basis in the newly acquired qualified small business property by the amount of gain which is not recognized in the prior sale or exchange transaction. Allows the executor of an estate which includes an interest in a qualified closely held business which exceeds either 35 percent of the value of the gross estate or 50 percent of the value of the taxable estate, but is less than $300,000 to elect: (1) to pay the estate tax in up to 20 equal annual installments (presently ten); and (2) to defer the payment of the first installment until five years after the filing of the return. Defines the terms used in this Act. Makes technical and conforming amendments.
Bill· HRH.R. 13061 (94th)referred
United States · United States Congress · 6 April 1976
Amends the Internal Revenue Code to increase the percentage standard deduction to an amount equal to 20 percent of adjusted gross income but not to exceed (1) $3,000 in the case of a joint return or a surviving spouse, (2) $2,500 in the case of an unmarried individual, or (3) $1,500 in the case of a married individual filing a separate return.
Bill· HRH.R. 13045 (94th)referred
United States · United States Congress · 6 April 1976
Provides that the tax deduction, under the Internal Revenue Code, for charitable contributions of ordinary income property that is used by the donee solely for the care of the ill, the needy, or infants, which use is related to the donee's basis for tax exempt status, shall be reduced by only one-half of the amount of gain which would have been realized if the property contributed had been sold at its fair market value.
Bill· HRH.R. 13060 (94th)referred
United States · United States Congress · 6 April 1976
High Unemployment Area Tax Relief Act - Authorizes a taxpayer, under the Internal Revenue Code, to elect to take a tax deduction with respect to the amortization of the eligible amortizable basis of qualifying equipment based on a period of 60 months. Entitles such taxpayer to elect to take a tax deduction with respect to the amortization of the eligible amortizable basis of any qualifying facility based on a period equal to the lesser of one-half of the useful life of the facility or 120 months. Defines a qualifying facility as a structure which is subject to depreciation, which is located in a high unemployment area, and which constitutes a new facility, a distinct addition to an existing facility, or a substantial renovation of an existing facility. Defines qualifying equipment as specified depreciable property which when placed in service is located in a qualifying facility. Prohibits such election if the relocation of the qualifying facility or equipment resulted in a decrease in employment at the original location. Makes technical and conforming amendments.
Bill· SS. 3247 (94th)referred
United States · United States Congress · 5 April 1976
Decreases appropriation authorizations to the Energy Research and Development Administration for the fiscal year ending June 30, 1976, by reducing the amount authorized for additional facilities for enriched uranium production from $25,000,000 to $6,000,000. Authorizes additional appropriations of $35,000,000 to the Administration for the period from July 1, 1976, to September 30, 1976, for such additional facilities.
Bill· HRH.R. 13018 (94th)referred
United States · United States Congress · 5 April 1976
Increases the estate tax exemption for taxable estates under the Internal Revenue Code from $60,000 to $200,000 of the value of the gross estate. Increases the limitation on the aggregate marital deduction to 50 percent of the adjusted gross value of the estate, plus $100,000. Allows an executor to value farmland, woodland, and scenic open land at its current use value rather than at its fair market value.
Bill· HRH.R. 13036 (94th)referred
United States · United States Congress · 5 April 1976
Imposes a tax, under the Internal Revenue Code, upon the extraction of coal by any person from any place within the United States at the rate of one cent per ton of coal extracted. Directs the Secretary of the Interior to establish a program of compensation for damage caused by coal mine subsidence. Authorizes any person who claims to have sustained damage as a result of the subsidence of any coal mine located within the United States to apply to the Secretary of the Interior for a determination of the amount of such damage, if any, attributable to coal mine subsidence. Directs the Secretary of the Interior to pay an amount equal to one-half of such damage to such applicant out of an account established in the Treasury consisting of amounts credited from the excise tax on the extraction of coal.
Bill· HRH.R. 13023 (94th)referred
United States · United States Congress · 5 April 1976
Amends the Internal Revenue Code to allow a deduction to individuals who rent their principal residences for a portion of the real property taxes paid or accrued by their landlord.
Bill· HRH.R. 13011 (94th)referred
United States · United States Congress · 2 April 1976
Amends the Internal Revenue Code to allow an individual whose amounts derived from activities not engaged in for profit exceeds the deductions attributable to such activities, and the amount of such excess is $500 or less, to elect to exclude such amounts from gross income. Prohibits such election if for two or more of the taxable years in the period of five consecutive years preceding the election year the amounts derived from activities not engaged in for profit exceeds the deductions allowable for such activities by more than $500.
Bill· HRH.R. 12990 (94th)referred
United States · United States Congress · 2 April 1976
Allows an individual who has attained the age of 65 before the close of the taxable year to exclude up to $5,000 of interest received on savings from gross income under the Internal Revenue Code. Reduces the $5,000 limitation by so much of the adjusted gross income as exceeds $10,000. Requires married taxpayers to file a joint return to be eligible for the tax exclusion.
Bill· HRH.R. 12988 (94th)referred
United States · United States Congress · 2 April 1976
Increases the estate tax exemption for taxable estates under the Internal Revenue Code from $60,000 to $200,000 of the value of the gross estate. Increases the limitation on the aggregate marital deduction to 50 percent of the adjusted gross value of the estate, plus $100,000. Allows an executor to value farmland, woodland, and scenic open land at its current use value rather than at its fair market value.
Bill· SS. 3235 (94th)referred
United States · United States Congress · 1 April 1976
Allows a tax credit under the Internal Revenue Code in an amount equal to the sum of ten percent of the wages paid by the taxpayer to each eligible employee during each month for which the rate of unemployment is equal to or greater than six percent but less than six and one-half percent, plus an additional ten percent of the wages paid to each eligible employee during each month for each one-half of one percent for which the rate of unemployment is in excess of six and one-half percent. Limits the credit to no more than the amount of liability for tax. Allows a credit carryback, if the amount of the credit exceeds such limitation, to each of the three taxable years preceding the unused credit year. Allows a credit carryover to each of the seven taxable years following the unused credit year. Defines the terms used in this Act.
Bill· SS. 3236 (94th)referred
United States · United States Congress · 1 April 1976
Denies the benefits of the foreign tax credit, under the Internal Revenue Code, to any taxpayer, or a member of a controlled group which includes the taxpayer, who is determined by the Secretary of the Treasury to have participated in or cooperated with an international boycott, with respect to income, war profits, or excess profits taxes paid or accrued to any country which requires such participation or cooperation as a condition of doing business within that country. Denies DISC benefits to any DISC that the Secretary of the Treasury determines has participated in or cooperated with an international boycott. Requires taxpayers with foreign source income derived directly or indirectly from sources within a country which requires participation in or cooperation with an international boycott as a condition of doing business with or within such country to report such fact to the Secretary of the Treasury, who shall make a determination whether the taxpayer participated in or cooperated with an international boycott for the taxable year.
Resolution· SCONRESS.Con.Res. 109 (94th)passed
United States · United States Congress · 1 April 1976
Sets forth the congressional budget for the United States Government for fiscal year 1977. Provides that the appropriate level of total budget outlays is $412,600,000,000; and the appropriate level of total new budget authority is $454,900,000,000. Sets the appropriate deficit level at $50,200,000,000, and the recommended level of Federal revenues at $362,400,000,000. States that the appropriate level of the public debt is $711,500,000,000. Sets forth the appropriate level of new budget authority and the estimated budget outlays for each major functional category including: (1) $113,000,000,000 for National Defense; (2) $9,100,000,000 for International Affairs with outlays of $7,000,000,000; (3) $2,300,000,000 for Agriculture with outlays of $1,900,000,000; (4) $3,300,000,000 for Law Enforcement and Justice with outlays of $3,400,000,000; and (5) $7,300,000,000 for Revenue Sharing and General Purpose Fiscal Assistance with outlays of $7,400,000,000. Declares that for the transition quarter beginning on July 1, 1976, the appropriate level of total budget outlays is $102,200,000,000 and the appropriate level of total new budget authority is $95,800,000,000.