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Taxation

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351 records in US in 1978

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Bill· HRH.R. 12846 (95th)referred

A bill to amend the Internal Revenue Code of 1954 to clarify the application of the investment tax credit to certain enclosures or structures used for the housing, raising, or feeding of poultry or their produce.

United States · United States Congress · 24 May 1978

Amends the Internal Revenue Code to allow a ten percent investment tax credit for the construction of enclosures or structures used exclusively for the housing, raising, or feeding of poultry or their produce.

Bill· HRH.R. 12842 (95th)referred

A bill to amend the Internal Revenue Code of 1954 to provide a more equitable estate tax treatment of joint interests in farm and closely-held business property.

United States · United States Congress · 24 May 1978

Amends the Internal Revenue Code to allow a surviving spouse to treat as furnished consideration, for estate tax purposes, up to a 50 percent share of any joint farm or small business property which was unpaid for at the time of marriage, determined at the rate of two percent a year if such spouse actually participates in the operation of such farm or small business.

Bill· HRH.R. 12851 (95th)referred

A bill to amend the Internal Revenue Code of 1954 to provide that a taxpayer receiving a disability pension may, upon reaching age 65, continue to exclude a portion of such pension from taxable income.

United States · United States Congress · 24 May 1978

Amends the Internal Revenue Code to permit the recipient of a disability pension to elect to exclude a portion of such pension from his taxable income after he has reached age 65. Delays the starting date for annuity payments until the first taxable year in which a recipient of a disability pension decides not to make an election to exclude disability benefits from his taxable income.

Bill· HRH.R. 12828 (95th)referred

A bill to amend the Internal Revenue Code of 1954 to exclude from the definition of an unrelated trade or business qualified convention and trade show activities carried out by an organization described in section 501(c)(3).

United States · United States Congress · 23 May 1978

Amends the Internal Revenue Code to permit tax-exempt organizations to conduct conventions and trade show activities designed to educate individuals engaged in a particular industry about new products and services or new rules or regulations affecting such industry without subjecting such exempt organization to the unrelated business tax.

Bill· HRH.R. 12838 (95th)referred

A bill to amend part A of title IV of the Social Security Act to provide additional fiscal relief for States and political subdivisions with respect to the costs of certain welfare programs.

United States · United States Congress · 23 May 1978

Amends Title IV, part A (Aid to Families with Dependent Children) of the Social Security Act to extend the period in which States will receive additional Federal financial assistance for programs under such Title. Increases to 50,000,000 the ceiling on total funds allocable among the States beginning in the first quarter after September 30, 1978.

Bill· HRH.R. 12839 (95th)referred

A bill to amend the Internal Revenue Code of 1954 to provide individuals a credit against income tax for amounts paid or incurred for certain State and local individual income taxes and to repeal the deduction for State and local general sales taxes.

United States · United States Congress · 23 May 1978

Amends the Internal Revenue Code to allow a credit against the tax liability of an individual equal to 70 percent of the State and local income taxes paid by such individual in a taxable year. Limits the allowable credit to 25 percent of such individual's tax liability. Disallows tax deductions for State and local individual income taxes and for State and local general sales taxes.

Bill· HRH.R. 12826 (95th)referred

Technical Correction of Section 1034(d)

United States · United States Congress · 23 May 1978

Technical Correction of Section 1034(d) - Amends the Internal Revenue Code to provide that gain from the sale of a taxpayer's residence will not be deferred if within one year (instead of 18 months) before the date of such sale, the taxpayer sold his principal residence at a gain, and such gain was not recognized for income tax purposes.

Bill· SS. 3125 (95th)referred

A bill to amend the Internal Revenue Code of 1954 with respect to the treatment of an involuntary conversion of real property to which the special farm valuation provisions of the Federal estate tax apply.

United States · United States Congress · 22 May 1978

Amends the Internal Revenue Code to limit, at the taxpayer's election, the recapture of estate taxes not paid on specially valuated farm real property in cases of involuntary conversions to so much of the amount realized on the conversion as is not reinvested in replacement property. Provides for an upward adjustment the carried-over basis of such property to the extent that additional estate taxes are assessed.

Bill· HRH.R. 12801 (95th)referred

Tax Consistency Act

United States · United States Congress · 19 May 1978

Tax Consistency Act - Amends the Internal Revenue Code to reduce corporate tax rates to 16 percent of the first $25,000 of taxable income and 18 percent of so much of the taxable income that exceeds $25,000. Reduces the surtax to 22 percent of the amount that exceeds the surtax exemption. Establishes a permanent $50,000 surtax exemption for all corporations except certain controlled corporations. Repeals the investment tax credit. Eliminates the tax exemption for (1) interest earned on industrial development bonds issued to governmental units and tax-exempt organizations; (2) interest on bonds issued for the construction of specified facilities and for industrial parks; and (3) interest earned on certain small issues of industrial development bonds. Eliminates the declining balance and sum of the years-digit methods of computing allowable depreciation expense. Limits deductions for such depreciation to amounts determined by a replacement cost straight line method, as formulated by this Act, or by any other consistent method which does not yield an amount which exceeds the total amount allowed under the replacement cost straight line method during the first two-thirds of the property's useful life. Repeals the allowance for deductions with respect to the amortization of any certified pollution control facility based on a period of 60 months. Repeals the allowance for deductions of intangible drilling and development costs for oil and gas wells. States that the last taxable year in which financial institutions may use the percentage method of computing additions to bad debt reserves shall be the taxable year beginning before 1979 instead of 1988 as is currently provided. Repeals the existing percentages allowed for depletion of mines, wells, and specified natural deposits, and the percentages allowed for oil and gas wells. Specifies those treatment processes for mineral deposits which are considered mining, and those which are not so considered, for the purposes of the percentage depletion allowance. Repeals special capital gains treatment of income from certain coal and iron ore operations. Repeals the allowance for special deductions for domestic corporations which do business in North, Central, or South America, or in the West Indies, and derive a certain percentage of their gross income from outside the United States. Repeals provisions allowing special tax treatment for Domestic International Sales Corporations (DISC). Repeals provisions of the Mercent Marine Act of 1936 which permit domestic shipping companies to exclude from gross income amounts deposited in the capital construction fund for the purpose of building new vessels. Establishes a tax credit for contributions to an employee stock ownership plan. Limits such credit to one half of one percent to the taxpayer's liability for the taxable year. Sets forth requirements for the establishment of such plans.

Bill· HRH.R. 12789 (95th)referred

A bill to amend the Internal Revenue Code of 1954 to exempt certain taxicabs from the Federal excise taxes on gasoline and other motor fuels.

United States · United States Congress · 18 May 1978

Amends the Internal Revenue Code to exempt taxicabs from the Federal excise tax on gasoline, diesel and special motor fuels. Defines "taxicabs" as land vehicles with a passenger capacity of less than ten adults, including the driver. Defines "taxicab services" as nonscheduled passenger land transportation for a fixed fare operated by a person who is licensed by the appropriate authority to provide such services and is not prohibited by any law from doing so. Renders the tax exemption inapplicable to vehicles purchased or manufactured in 1978 or later or vehicles which do not meet fuel economy standards under the Motor Vehicle Information and Cost Savings Act. Authorizes the Secretary of the Treasury to repay to the operator of an eligible taxicab any tax imposed upon the purchase of gasoline or other motor fuels which are exempt from the excise tax under this Act.

Bill· HRH.R. 12792 (95th)referred

Taxpayers Bill of Rights Act

United States · United States Congress · 18 May 1978

Taxpayers' Bill of Rights Act - Requires the Secretary of the Treasury to prepare, for distribution to taxpayers, brief but comprehensive pamphlets which set forth in nontechnical terms: (1) the rights and obligations of taxpayers during an audit; (2) the procedures which the Internal Revenue Service may use in enforcing revenue laws; and (3) the procedures by which a taxpayer may appeal adverse decisions, prosecute refund claims, and file taxpayer complaints. Requires a copy of such pamphlet to accompany the first communication from the Service to any taxpayer regarding tax liability. Establishes within the Internal Revenue Service an Office of Taxpayer Services, directed by an Assistant Commissioner of Internal Revenue, whose primary responsibilities shall include: (1) assisting taxpayers with information about tax returns, audits corrections, appeals procedures, and payment or document location; and (2) receiving and evaluating complaints of improper, abusive, or inefficient service by Internal Revenue Service personnel. Authorizes the Assistant Commissioner for Taxpayer Services to issue a Taxpayer Assistance Order prohibiting the Secretary, for up to 60 days after such issuance, from taking any assessment, collection, or other action adverse to a taxpayer if the Assistant Commissioner determines that such taxpayer is suffering from an unusual, unnecessary, or irreparable loss as a result of such action. Prescribes criminal penalties for: (1) any investigation by employees of the United States in connection with Federal tax laws which inquires into the beliefs, associations, or activities of any individual which are not directly related to such tax laws; or (2) the maintenance of any records containing information derived from such an investigation. Creates a civil cause of action for any taxpayer aggrieved by a prohibited investigation, or by the deprivation of any civil rights. Permits the award of a judgment of costs, including reasonable attorney's fees, to a prevailing taxpayer in any proceeding before the Tax Court. Requires the Internal Revenue Service, upon a taxpayer's request, to conduct any interview regarding a deficiency assessment in the taxpayer's residence or place of business, at a reasonable time convenient to the taxpayer. Requires the officer or employee conducting such interview to warn the taxpayer that: (1) he has a right to remain silent; (2) any statement he makes may be used against him; and (3) he has the right to the presence of an attorney. Exempts certain income producing property from levy for nonpayment of taxes. Directs the Comptroller General of the United States to establish, and to report annually to Congress on, a program to provide for a continuing audit and investigation of the efficiency, uniformity, and equity of the administration of the internal revenue laws of the United States.

Bill· HRH.R. 12770 (95th)referred

A bill to amend the Internal Revenue Code of 1954 to exclude from gross income amounts received as prizes in connection with the New York State Olympic lottery.

United States · United States Congress · 17 May 1978

Makes findings concerning the unavailability in the United States of adequate training facilities for athletes competing in the XII Olympic Winter Games. Amends the Internal Revenue Code to exclude from gross income prizes won in the New York State olympic lottery established pursuant to the New York State Tax Laws to raise revenue for the maintenance of the sports facilities constructed at Lake Placid.

Bill· HRH.R. 12762 (95th)referred

Pollution Control Facilities Tax Incentives Act

United States · United States Congress · 17 May 1978

Pollution Control Facilities Tax Incentives Act - Amends the Internal Revenue Code to allow taxpayers to elect a 12-month amortization period or a 20 percent investment tax credit for new pollution control facilities.

Bill· HRH.R. 12760 (95th)referred

A bill to amend the Internal Revenue Code of 1954 to disregard, in the valuation for estate tax purposes of certain items created by the decedent during his life, any amount which would not have been capital gain if such item had been sold by the decedent at its fair market value.

United States · United States Congress · 17 May 1978

Amends the Internal Revenue Code to provide that artistic compositions, copyrights, and the like shall not be included in the estate tax valuation of the creator's estate.

Resolution· HRESH.Res. 1188 (95th)passed

A resolution providing for the consideration of the bill H.R. 10929 to authorize appropriations during the fiscal year 1979, for procurement of aircraft, missiles, naval vessels, tracked combat vehicles, torpedos, 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, to authorize the military training loads, and to authorize appropriations for civil defense, and for other purposes.

United States · United States Congress · 17 May 1978

Sets forth the rule for the consideration of H.R. 10929 (Military weapons and personnel).

Bill· HRH.R. 12725 (95th)referred

A bill to amend section 2040 of the Internal Revenue Code of 1954 to provide that a spouse's services shall be taken into account in determining whether that spouse furnished adequate consideration for jointly held property for purposes of qualifying for an exclusion from the Federal estate tax.

United States · United States Congress · 15 May 1978

Amends the Internal Revenue Code to qualify services performed by a surviving spouse as consideration for purposes of excluding portions of jointly held property from a decedent's taxable estate.

Bill· HRH.R. 12717 (95th)referred

A bill to amend the Internal Revenue Code of 1954 to eliminate the adjusted gross income limitation on the credit for the elderly, to increase the amount of such credit, and for other purposes.

United States · United States Congress · 15 May 1978

Amends the Internal Revenue Code to: (1) remove the adjusted gross income limitation on the credit for the elderly; (2) increase the amount of the credit; and (3) provide an annual cost-of-living adjustment for the credit.

Bill· HRH.R. 12715 (95th)referred

A bill to repeal the carryover basis provisions added by the Tax Reform Act of 1976.

United States · United States Congress · 15 May 1978

Amends the Internal Revenue Code to repeal the carryover basis provisions enacted by the Tax Reform Act which provide that beneficiaries receiving property from a decedent's estate will retain the decedent's basis in the property. Restores prior law which "stepped up" or "stepped down" the property's basis to its market value at the time of death without imposing tax consequences on the appreciation or depreciation the property underwent while held by the decedent.

Bill· HRH.R. 12711 (95th)referred

Individual Housing Act

United States · United States Congress · 12 May 1978

Individual Housing Act - Amends the Internal Revenue Code to allow individuals an income tax deduction of up to $2,500 annually and $10,000 in a lifetime for contributions to an individual housing account. Makes such accounts tax exempt and allows distributions from such an account to be tax free if such distributions are used exclusively for the purchase of a principal residence for the distributee.

Bill· SS. 3065 (95th)referred

Investment Incentive Act

United States · United States Congress · 11 May 1978

Investment Incentive Act - Amends the Internal Revenue Code to restore part of the pre-1969 tax treatment of capital gains by repealing the capital gains item of tax preference for the minimum tax; lowering the corporate alternative tax to 25 percent of net capital gain; and lowering the alternative individual tax to 25 percent of net capital gain.

Bill· SS. 3057 (95th)referred

A bill to amend the Internal Revenue Code of 1954 to provide relief to residential and certain institutional users of refined petroleum products in the event of a Presidential adjustment of imports of petroleum.

United States · United States Congress · 11 May 1978

Amends the Internal Revenue Code to allow a tax credit for increases in the cost of refined petroleum products due to the imposition of duties or fees on such products by the President pursuant to the Trade Expansion Act of 1962. Limits eligibility for such credit to residential users, hospitals, churches, and educational institutions. Limits the amount of allowable credit to $75 for an individual taxpayer. Reduces the amount of allowable credit by 75 percent of the amount by which the adjusted gross income of such individual exceeds $20,000. Authorizes the Secretary of the Treasury to refund in advance one-fourth of the taxpayer's tentative credit under this Act for the taxable year.

Bill· HRH.R. 12680 (95th)referred

A bill to amend section 2040 of the Internal Revenue Code of 1954 to provide that a spouse's services shall be taken into account in determining whether that spouse furnished adequate consideration for jointly held property for purposes of qualifying for an exclusion from the Federal estate tax.

United States · United States Congress · 11 May 1978

Amends the Internal Revenue Code to qualify services performed by a surviving spouse as consideration for purposes of excluding portions of jointly held property from a decedent's taxable estate.

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