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Bill· HRH.R. 5214 (96th)referred
United States · United States Congress · 7 September 1979
Amends the Marine Protection, Research, and Sanctuaries Act of 1972 to authorize appropriations for fiscal year 1980 to carry out the provisions of such Act with respect to: (1) the regulation of and research pertaining to ocean dumping; and (2) the acquisition, development, and operation of marine sanctuaries. Directs the Administrator of the Environmental Protection Agency to: (1) conduct research to determine means of ending the dumping into ocean waters of material unreasonably degrading the marine environment; and (2) promote the coordination of, and assist appropriate public and private entities in the conduct of, such research. Directs the Secretary of Commerce to issue necessary and reasonable regulations to implement the terms of the designation of marine sanctuaries and to provide that all permits, licenses, and other authorizations issued pursuant to any other authority shall be valid unless otherwise provided for by any marine sanctuary regulations. Directs the Secretary of Commerce and the Secretary of the Department in which the Coast Guard is operating to conduct such enforcement activities as are necessary and reasonable to carry out the designation of marine sanctuaries. Directs the Secretary of Commerce to transmit to the Congress a marine sanctuary designation at the time of its publication. Sets forth the form of concurrent resolution to be used by the Congress to disapprove all or part of a designation. Authorizes the issuance of limited permits for research involving the dumping of industrial waste into ocean waters if it is determined that: (1) the proposed dumping is necessary to conduct research; (2) the dumping will have minimal adverse impact; and (3) the potential benefits of such research will outweigh any such adverse impact. Requires a Federal agency which desires to dump material into the ocean from a location in certain foreign countries to obtain the concurrence of the Administrator of the Environmental Protection Agency before applying to that foreign country for an ocean dumping permit. Includes waters of Long Island Sound within the definition of "ocean waters" for purposes of such Act.
Bill· HRH.R. 5211 (96th)referred
United States · United States Congress · 7 September 1979
Amends the Internal Revenue Code to eliminate restrictions on the tax exclusion available to U.S. citizens residing in foreign countries with respect to the dollar limitation, treatment of community income, attribution rules, and meals and lodging furnished by an employer. Repeals provisions added by the Tax Reform Act of 1976 which allow income tax deductions for various expenses related to living abroad.
Bill· SS. 1719 (96th)referred
United States · United States Congress · 6 September 1979
Social Security Payroll Credit Act of 1979 - Amends the Internal Revenue Code to allow employers, employees, and self-employed individuals an income tax credit equal to 20 percent of the amount of social security taxes paid by such individuals in 1980 and 1981.
Bill· HRH.R. 5205 (96th)referred
United States · United States Congress · 6 September 1979
Amends the Internal Revenue Code to limit to 30 the number of shareholders in a corporation which has been an electing small business corporation under Subchapter S of the Code for a period of five consecutive taxable years. Provides that such corporations may have additional shareholders if, during such five year period, the number of shareholders exceeds 15 (but not in excess of 30) due to shareholder inheritance or stock transfers to lineal descendants.
Bill· HRH.R. 5201 (96th)referred
United States · United States Congress · 6 September 1979
Amends the Internal Revenue Code to extend until January 1, 1981, the date until which a State legislator may qualify for the income tax deduction for living expenses while engaged in legislative business away from his home district.
Bill· HRH.R. 5193 (96th)referred
United States · United States Congress · 6 September 1979
Amends the Internal Revenue Code to exclude from gross income up to $500 ($1,000 for married individuals filing jointly) of the interest earned on savings accounts in a bank, savings and loan association, or credit union.
Bill· HRH.R. 5204 (96th)referred
United States · United States Congress · 6 September 1979
Capital Cost Recovery Act of 1979 - Amends the Internal Revenue Code to revise the method for determining useful lives of business assets for purposes of computing allowable depreciation deductions. Replaces the asset depreciation range (ADR) method with a schedule of capital cost recovery periods for three classes of business property. Establishes capital cost recovery periods for the following classes of business property: (1) buildings and their structural components, ten years; (2) tangible property, five years; and (3) automobiles, taxis, and light-duty trucks (up to $100,000), three years. Allows a ten percent investment tax credit for buildings and tangible property, and a six percent credit for automobiles, taxis, and light duty trucks. Requires the recapture of depreciation amounts and investment tax credit amounts applicable to assets which are sold or otherwise disposed of prior to the expiration of the capital cost recovery period. Permits taxpayer to deduct less than the full allowance for capital cost recovery in any taxable year. Permits a carryover to succeeding taxable years of any unused depreciation amounts. Disqualifies capital cost recovery property from the allowance for first year depreciation. Treats amounts claimed as the capital cost recovery of noncorporate lessors as an item of tax preference for purposes of the minimum tax. Adopts as an accounting practice the "half year convention" under which investments eligible for capital cost recovery treatment or the investment tax credit which are made at any time during the taxable year are deemed to be made in the middle of such year.
Bill· HRH.R. 5198 (96th)referred
United States · United States Congress · 6 September 1979
Amends the Internal Revenue Code to exclude from gross income up to $500 of the interest earned on a savings account.
Bill· HRH.R. 5194 (96th)referred
United States · United States Congress · 6 September 1979
Amends the Internal Revenue Code to permit landlords to claim a residential energy credit for energy conservation expenditures with respect to rental properties if energy savings attributable to such expenditures are passed through to the tenants.
Bill· HRH.R. 5185 (96th)referred
United States · United States Congress · 5 September 1979
Amends the Internal Revenue Code to increase the amount of employees' death benefits that may be excluded from gross income from $5,000 to $20,000.
Bill· HRH.R. 5165 (96th)referred
United States · United States Congress · 5 September 1979
Prohibits the issuance of any regulations by the Internal Revenue Service on employer fringe benefits after April 30, 1979.
Bill· HRH.R. 5184 (96th)referred
United States · United States Congress · 5 September 1979
Amends the Internal Revenue Code to provide a tax exclusion from personal income earned abroad by an individual performing qualified charitable services for a tax-exempt employer created or organized in the United States. Limits such exclusion to an amount not to exceed a figure computed on a daily basis at an annual rate of $20,000. Sets a formula for the maximum amount of exclusion for an individual who performs such charitable services and also performs other services while residing in a camp located in a hardship area.
Bill· HRH.R. 5180 (96th)referred
United States · United States Congress · 5 September 1979
Amends the Internal Revenue Code to exempt conventions held in Mexico and Canada from the restrictions applicable to the income tax deduction for business expenses for attendance at a foreign convention.
Resolution· SCONRESS.Con.Res. 36 (96th)passed
United States · United States Congress · 24 August 1979
Sets forth the congressional budget for the United States Government for fiscal years 1980, 1981, and 1982. Sets the recommended levels of Federal revenues at: $514,700,000,000 for 1980; $603,600,000,000 for 1981; and $658,400,000,000 for 1982. Recommends increases in the aggregate levels of Federal revenues of $2,000,000,000 in fiscal year 1980 and $9,700,000,000 in fiscal year 1981. Recommends a decrease in such revenues of $38,700,000,000 in fiscal year 1982. States that the appropriate levels of total new budget authority for fiscal years 1980, 1981, and 1982 respectively are as follows: $632,200,000,000; $649,200,000,000; and $722,500,000,000. Lists the appropriate levels of total budget outlays for fiscal years 1980, 1981, and 1982 respectively as follows: $542,700,000,000; $588,600,000,000; and $632,800,000,000. States that a budget deficit of $28,000,000,000 for fiscal year 1980 would be appropriate in light of economic conditions. Recommends budget surpluses of $15,000,000,000 in fiscal year 1981 and $25,600,000,000 in fiscal year 1982. Sets the appropriate level of the public debt at: $887,400,000,000 in fiscal year 1980 with an increase in the temporary statutory debt limit of $57,400,000,000; $906,200,000,000 in fiscal year 1981 with an increase in the temporary statutory debt limit of $76,200,000,000; and $921,400,000,000 in fiscal year 1982 with an increase in the temporary statutory debt limit of $91,400,000,000. Sets forth the appropriate levels of new budget authority and estimated budget outlays for each major functional category of the budget in fiscal years 1980, 1981, and 1982. Directs each of the following congressional committees to reduce the budget authority and outlays for fiscal year 1980 contained in reported or enacted legislation within its jurisdiction to specified levels and to recommend legislative changes to the Budget Committee of the House which would accomplish such reductions: (1) the Committees on Appropriations of the House and Senate; (2) the Committees on Agriculture of the House and Senate; (3) the Committees on Armed Services of the House and Senate; (4) the Senate Committee on Environment and Public Works and the House Committee on Public Works and Transportation; (5) the Senate Committee on Finance and the House Committee on Ways and Means; (6) the Senate Committee on Governmental Affairs and the House Committee on Government Operations; and (7) the Committees on Veterans Affairs of the House and Senate. Requires such legislative recommendations to be made no later than September 25, 1979, or ten days after the completion of congressional action on this resolution, whichever first occurs.
Bill· SS. 1705 (96th)referred
United States · United States Congress · 3 August 1979
Amends the Internal Revenue Code to provide that a charitable contribution deduction shall not be denied to a taxpayer solely because of any benefit or service which is provided to the taxpayer or his family by the tax-exempt organization to which he contributes, except to the extent that such benefit or service is required as a condition of the contribution.
Bill· SS. 1697 (96th)referred
United States · United States Congress · 3 August 1979
All Savers Tax Incentive Act of 1979 - Amends the Internal Revenue Code to allow a nonrefundable income tax credit for up to $250 of the interest income earned by a taxpayer from a savings account on deposit in a residential finance institution during a taxable year. Defines "residential financial institution" as a bank, savings association, or credit union which provides mortgage financing for the purchase of residential housing. Allows an exclusion from gross income of interest income, in lieu of the credit provided by this Act. Limits the amount of such exclusion to $1,000.
Bill· SS. 1703 (96th)referred
United States · United States Congress · 3 August 1979
Amends the Internal Revenue Code to provide a tax exclusion from personal income earned abroad by an individual performing qualified charitable services for a tax-exempt employer. Limits such exclusion to an amount not to exceed a figure computed on a daily basis at an annual rate of $20,000. Sets a formula for the maximum amount of exclusion for an individual who performs such charitable services and also performs other services while residing in a camp located in a hardship area.
Bill· SS. 1668 (96th)passed
United States · United States Congress · 3 August 1979
Authorizes the appropriation of additional funds to the State Department for Migration and Refugee Assistance for fiscal years 1980 and 1981.
Bill· SS. 1691 (96th)referred
United States · United States Congress · 3 August 1979
Tax Court Improvement Act of 1979 - Establishes the United States Court of Tax Appeals, composed of all the Federal judicial circuits and comprised of eleven circuit judges. Directs the Chief Justice to designate one judge of each circuit to serve on such court (or, where necessary, a district judge of that circuit). Sets a term of three years for such judges. Authorizes the U.S. Court of Tax Appeals to sit in panels of more than three judges. Requires at least nine judges to hear a case en banc whenever six judges determine that it is in the interest of justice. Specifies factors for consideration in making such a decision. Requires the Director of the Administrative Office of the U.S. Courts to report to the President and the judiciary committees of Congress on or about January 1, 1985, concerning the implementation and effectiveness of the Court of Tax Appeals. Gives the Court of Tax Appeals exclusive jurisdiction in: (1) any appeal from a district court action based on internal revenue or for the recovery of any tax under the Federal Tort Claims Act; and (2) any appeal from the United States Tax Court. Requires the Director of the Administrative Office of the U.S. Courts to provide permanent accommodations for the Court only in the District of Columbia. Requires sessions of the Court to be held at least once per year in each of the circuits and at other times and places as the Court may select.
Bill· SS. 1688 (96th)referred
United States · United States Congress · 3 August 1979
Amends the Internal Revenue Code to prohibit any State, or political subdivision thereof, which imposes an income tax on a corporation from taking into account any amount of income belonging to, or attributable to, any foreign corporation which is also a member of an affiliated group to which the domestic corporation belongs, unless such amount is subject to Federal income tax. Prohibits any State, or political subdivision thereof, from taxing or otherwise taking into account a certain percentage (determined according to specified formulae) of any dividend received by a corporation from a foreign corporation (or by a domestic corporation treated as having received such a dividend). Allows such State, or political subdivision, to take into account only a tax for which a Federal foreign tax credit would be allowed.
Bill· SS. 1683 (96th)referred
United States · United States Congress · 3 August 1979
Amends the Internal Revenue Code to increase the annual gift tax exclusion to $6,000.
Bill· SS. 1694 (96th)referred
United States · United States Congress · 3 August 1979
Amends the Internal Revenue Code to increase the allowable amount of the income tax deduction for eliminating architectural and transportation barriers for the handicapped and aged from $25,000 to $100,000. Makes such tax deduction permanent.
Bill· SS. 1649 (96th)referred
United States · United States Congress · 2 August 1979
Airport and Airway Revenue Act of 1979 - Amends the Internal Revenue Code to revise the rate of tax imposed on fuel used in noncommercial aviation. Imposes a six percent tax on retail sales of such fuel used by an owner, lessee, or other operator of an aircraft (repealing the current seven cents per gallon tax). Reduces the airline ticket tax for individual travel from eight to two percent. Increases the tax rate for individual travel to five percent after September 30, 1990, and terminates such tax for the transportation of property by air after such date. Revises the tax on the use of civil aircraft for the period beginning on July 1, 1990, and ending on September 30, 1990. Amends the Airport and Airway Revenue Act of 1970 to extend the authorization of such tax levels and the life of the Airport and Airway Trust Fund from October 1, 1980, through October 1, 1990.
Bill· SS. 1645 (96th)referred
United States · United States Congress · 2 August 1979
Amends the Internal Revenue Code to allow a credit against the personal income tax for the amount (not to exceed $2,500) received by the individual as interest on savings accounts. Requires reduction of such credit by five percent of the amount by which the adjusted gross income of the taxpayer exceeds $20,000. Sets a minimum credit amount of $1,000. Requires adjustment of such dollar amounts according to a defined inflation adjustment factor. Authorizes the Secretary of the Treasury to prescribe regulations allocating interest credited to joint accounts.
Bill· SS. 1633 (96th)referred
United States · United States Congress · 2 August 1979
Amends the Internal Revenue Code to allow public utilities and home heating energy suppliers a refundable income tax credit for the cost of maintaining a program to supply home heating energy to the aged (age 60 or over) and the disabled (disability benefit recipients under the Social Security Act) at prices which are 25 percent lower than those prices charged other individuals. Specifies that such a program may qualify for the tax credit even if its prices exceed ten percent of the income of the eligible aged or disabled individual as long as such prices are less than 25 percent the cost at which energy is supplied to other individuals. Directs the Secretary of the Treasury to consult with the Secretary of Health, Education, and Welfare, the Administration on Aging, the administrators of various State public assistance programs, and the public utility commissions of the various States to devise a system for identifying eligible recipients and encouraging public utilities and home heating energy suppliers to establish programs for furnishing inexpensive energy for the age and disabled. Permits a taxpayer to apply for a tentative refund of any credit amount for which he is eligible under this Act at the end of the first quarter of the taxable year in which he qualifies.
Bill· SS. 1664 (96th)referred
United States · United States Congress · 2 August 1979
Amends the Internal Revenue Code to allow individual taxpayers an income tax credit for a specified portion of the cost of home heating oil purchased by such taxpayer for use in his principal residence. Limits the amount of such credit to $250 for a taxable year. Reduces the amount of such credit by five percent of the amount by which the adjusted gross income of the taxpayer exceeds $20,000, and by the amount of any State or Federal grant money received by the taxpayer for the purchase of home heating oil. Qualifies tenants for a certain amount of such credit based upon amount of rent paid.
Bill· SS. 1660 (96th)referred
United States · United States Congress · 2 August 1979
Amends the Federal Civil Defense Act of 1950 to implement a new civil defense program for the 1980's designed to: (1) enhance the survivability of the American people and its leadership; (2) enhance strategic nuclear deterrence and stability; (3) continue and strengthen the Nation's policy of relying on superior nuclear forces and conventional tactical forces; (4) include planning and population relocation during times of international and domestic crisis; and (5) utilize the structure and capabilities of the National Guard to the maximum extent practicable. Directs the President to carry out such program and specifies elements to be included in such program. Authorizes appropriations to carry out the provisions of this Act for each of the fiscal years 1980 through 1986. Requires the Director of the Federal Emergency Management Agency to study the feasibility of using the National Guard as the principal organizing and training unit for local civil defense activities and to study the feasibility of using organizations composed of veterans, and other appropriate groups and individuals, to help in developing, staffing, and carrying out civil defense plans during periods of emergency. Requires the Director to submit the results of such studies to Congress within one year.
Bill· SS. 1659 (96th)referred
United States · United States Congress · 2 August 1979
Amends the Internal Revenue Code to treat property which is placed in service after December 31, 1982, as energy property, for purposes of the investment tax credit, if such property qualifies as energy property and if the taxpayer is affirmatively committed on that date to its construction, reconstruction, erection, or acquisition. Defines "affirmative commitment" as (1) the completion of detailed engineering studies and the application for construction permits of licenses with local authorities; (2) the entry into a written, binding contract for the commencement of construction, reconstruction, or erection, or for the acquisition of the property; or (3) the placement of purchase orders for the acquisition of at least 50 percent of the total cost of all items of permanent equipment necessary for the construction, reconstruction, or erection of the property.
Bill· SS. 1638 (96th)referred
United States · United States Congress · 2 August 1979
Amends the Internal Revenue Code to permit a taxpayer election to amortize, on the basis of 60 months, business start-up expenditures incurred prior to the commencement of such business on an ongoing basis. Defines "start-up expenditures" as expenditures which are incurred in the investigation, formation, and creation of a trade or business, are chargeable to capital account, and are of a character which, if expended incident to the investigation, formation, and creation of a trade or business having a determinable life, would be amortized over such life.
Bill· SS. 1630 (96th)referred
United States · United States Congress · 2 August 1979
United States Olympic Development Fund Checkoff Act of 1979 - Amends the Internal Revenue Code to permit taxpayers to designate on their income tax returns that either $1 of any tax refund or $1 of any contribution which the taxpayer forwards with his return shall be payable to the United States Olympic Development Fund. Establishes the United States Olympic Development Fund under the auspices of the Secretary of the Treasury for the receipt of tax contributions and payment to the United States Olympic Development Fund. Directs the United States Olympic Committee to use such funds for a program to expand and improve amateur athletics in the United States. Requires reports on the expenditure of such funds to be submitted by the United States Olympic Committee and the President's Council on Physical Fitness and Sports.
Bill· HRH.R. 5141 (96th)referred
United States · United States Congress · 2 August 1979
Amends the Internal Revenue Code to allow a credit against the tax liability of an individual equal to 50 percent of the State and local income taxes paid by such individual in a taxable year. Limits the allowable credit to 20 percent of such individual's tax liability. Disallows tax deductions for State and local individual income taxes, State and local general sales taxes, and State and local gasoline taxes.
Bill· HRH.R. 5124 (96th)referred
United States · United States Congress · 2 August 1979
Amends the Internal Revenue Code to set forth rules for the allocation of amounts of oil and natural gas between shareholders and controlled corporations for purposes of computing the percentage depletion allowance.
Bill· HRH.R. 5105 (96th)referred
United States · United States Congress · 2 August 1979
Amends the Internal Revenue Code to exclude from gross income up to $100 ($200 for joint returns) of the interest income earned by individuals under the age of 65 and to exclude all interest income of individuals who have attained age 65.
Bill· HRH.R. 5101 (96th)referred
United States · United States Congress · 2 August 1979
Amends the Internal Revenue Code to increase the amount of the exclusion from gross income of dividends received by individuals from $100 to $200.
Bill· HRH.R. 5097 (96th)referred
United States · United States Congress · 2 August 1979
Small Business Capital Formation and Reinvestment Tax Act of 1979 - Amends the Internal Revenue Code to allow a taxpayer not to recognize certain amounts of gain from the sale or exchange of stock in any small business corporation, if during the one year period beginning on the date of such sale or exchange, the taxpayer purchases replacement property (stock in another small business corporation). Provides that the amount of gain that a taxpayer shall recognize shall be limited to the amount by which the sales price of the small business corporation stock exceeds the cost of the replacement property. Requires the reduction of the basis of the replacement property by the amount of gain which is not recognized under the terms of this Act. Provides for a three year statute of limitations on the assessment of gain from the sale or exchange of small business stock, beginning on the date that the Internal Revenue Service is notified of the purchase or intention not to purchase replacement property.
Bill· HRH.R. 5093 (96th)referred
United States · United States Congress · 2 August 1979
Amends the Internal Revenue Code to allow an income tax credit for individuals who perform voluntary services for public service organizations. Allows a credit equal to the greater of $2.90 for each hour of volunteer service or the minimum hourly wage which would apply for such service under the Fair Labor Standards Act. Limits the amount of such credit to $750 for a taxable year. Requires a volunteer to perform at least 50 hours of volunteer service in order to qualify for any credit. Defines "public service organizations" as organizations which are: (1) tax exempt charitable organizations or civic leagues; (2) public safety service organizations (including police, firefighting, ambulance, or civil defense service organizations); or (3) nonpartisan social welfare organizations which seek the advancement of human welfare through electoral or legislative reforms.
Bill· HRH.R. 5089 (96th)referred
United States · United States Congress · 2 August 1979
Constitutional Amendment - Limits the increase of total budget outlays of the United States Government during any fiscal year to a percentage equal to the percentage increase in the gross national product during the previous calendar year. Stipulates that if the inflation rate exceeds three percent annually the increase in total outlays shall be reduced by one-fourth the difference between the inflation rate and three percent. Requires any surplus in total revenues received by the Government to be used to reduce the public debt. Allows the limit on total outlays to be changed by a three-quarters vote of both Houses of Congress, or to meet an emergency declared by the President. Continues Federal aid programs to States and local governments for a period of six years. Prohibits Congress from authorizing any United States agency to require that a State or local government engage in additional or expanded activities without compensation equal to the additional costs.
Bill· HRH.R. 5085 (96th)referred
United States · United States Congress · 2 August 1979
Amends the Internal Revenue Code to exclude from the gross income of a nonresident alien amounts received as an annuity under a qualified annuity plan, or from a tax-exempt pension trust, if such amounts were payable by reason of personal services which were performed by such nonresident alien outside the United States, or within the United States for a foreign employer.
Bill· HRH.R. 5100 (96th)referred
United States · United States Congress · 2 August 1979
Amends the Internal Revenue Code to exclude from gross income up to $200 of the interest income received by a taxpayer for a taxable year.
Bill· HRH.R. 5096 (96th)referred
United States · United States Congress · 2 August 1979
Small Business Capital Formation Tax Act of 1979 - Amends the Internal Revenue Code to allow a taxpayer to elect to depreciate the full amount of qualified office and pollution control equipment in the taxable year in which such equipment is placed in service. Provides for the accelerated depreciation of motor vehicles (two year useful life) and investment tax credit property (five year useful life). Places limits on the amounts of the adjusted bases of properties which are eligible for accelerated depreciation under the terms of this Act: (1) $5,000 for qualified office equipment; (2) $25,000 for qualified pollution control equipment; (3) $15,000 for motor vehicles; and (4) $50,000 for investment tax credit property.
Bill· HRH.R. 5131 (96th)referred
United States · United States Congress · 2 August 1979
Amends the Internal Revenue Code to allow individual taxpayers a refundable income tax credit for public utility surcharges imposed upon such taxpayer under fuel adjustment clauses with respect to the purchase of electricity or natural gas for nonbusiness uses in the taxpayer's principal residence. Limits the amount of such credit to $200 for a taxable year.
Bill· HRH.R. 5123 (96th)referred
United States · United States Congress · 2 August 1979
Amends the Internal Revenue Code to provide that excess business holdings of private foundations (more than 20 percent of a corporation's stock) which were grandfathered by the Tax Reform Act of 1969 will not be deemed to be increased through the operation of the constructive ownership rules governing the acquisition of corporate assets by a controlled corporation if: (1) the acquiring corporation is engaged in an active trade or business; (2) the acquiring corporation's assets are substantial in relationship to the acquired corporation; and (3) the acquiring corporation is not being used by a private foundation as a vehicle to increase its business holdings.
Bill· HRH.R. 5084 (96th)referred
United States · United States Congress · 2 August 1979
Solar Energy Incentive Tax Act of 1979 - Amends the Internal Revenue Code to set the amount of the investment tax credit for solar energy property at 30 percent and to extend the expiration date for such credit and the credit for energy property other than solar energy property until December 31, 1985. Permits noncorporate lessors of solar energy property to qualify for the investment tax credit, if within the first 12 month period after the letting of such property the sum of business related income tax deductions with respect to such property exceeds 15 percent of the rental income produced by such property. Limits the amount of basis to which the investment tax credit is applicable to $10,000. Allows a residential energy credit for solar energy property if the original use of such property begins with the taxpayer as the lessee of such property. Allows a residential energy credit with respect to solar energy property to the extent such property performs a solar function. Allows the amortization of solar energy property based on a 36 month period.
Bill· HRH.R. 5119 (96th)referred
United States · United States Congress · 2 August 1979
Amends the Internal Revenue Code to allow an income tax credit for the hiring of unemployed individuals in a redevelopment area (designated as such under the Public Works and Economic Development Act of 1965).
Bill· HRH.R. 5076 (96th)referred
United States · United States Congress · 2 August 1979
Amends the Internal Revenue Code to prohibit any State, or political subdivision thereof, which imposes an income tax on a corporation from taking into account any amount of income belonging to, or attributable to, any foreign corporation which is also a member of an affiliated group to which the domestic corporation belongs, unless such amount is subject to Federal income tax. Prohibits any State, or political subdivision thereof, from taxing or otherwise taking into account a certain percentage (determined according to specified formulae) of any dividend received by a corporation from a foreign corporation (or by a domestic corporation treated as having received such a dividend). Allows such State, or political subdivision, to take into account only a tax for which a Federal foreign tax credit would be allowed.
Bill· HRH.R. 5094 (96th)referred
United States · United States Congress · 2 August 1979
Amends the Internal Revenue Code to allow a refundable income tax credit for the use of a passenger automobile for charitable purposes.
Bill· HRH.R. 5090 (96th)referred
United States · United States Congress · 2 August 1979
Energy Production Incentive Act of 1979 - Title I: Tax Provisions - Amends the Internal Revenue Code to allow nonrefundable income tax credit for the sum of the following energy production credits: (1) the nonconventional fuel production credit; (2) the credit for electricity produced from waste conversion processes; (3) the energy-saving car credit; (4) the solar home builders credit; (5) the energy patent income credit; and (6) the credit for alternate substances used as fuel. Establishes the amount of the credit for nonconventional fuel production at $3 per barrel of such fuel produced by the taxpayer. Defines "nonconventional fuel production at $3 per barrel of such fuel produced by the taxpayer. Defines "nonconventional fuel" as oil produced from shale or tar sands, synthetic oil or gasohol, and crude oil produced through the use of a steam recovery process. Sets the amount of the credit for electricity produced from waste conversion processes at five percent of the sum of income received from the sale of electricity, gaseous fuel, or steam produced as a result of such processes, plus the value of any such energy used by the taxpayer during the taxable year. Establishes the amount of the energy-saving car credit at ten percent of the cost of an automobile which has a fuel economy of at least 30 miles to a gallon or which is powered by a rechargeable battery or by a steam engine. Sets the amount of the credit for the sale of a solar home by the original seller at ten percent of its sale price, up to $8,000. Provides for a ten percent credit with respect to the excess cost of any alternate substances (other than oil or natural gas) which the taxpayer uses as fuel in connection with his trade or business. Permits a taxpayer to claim a tax credit or deduction for certain amounts of income received in connection with an energy patent held by the taxpayer. Limits income eligible for the credit to that income which is attributable to not more than two such patents. Extends the termination date of the energy tax credit to December 31, 1995. Increases to 20 percent the amount of the energy tax credit for equipment used to modify existing energy facilities to use alternate fuels. Allows a 20 percent energy tax credit for energy properties which produce alcohol for use as a fuel at a rate of at least 4,200 gallons per day. Allows the amortization of nonconventional fuel (within the meaning of this Act) producing facilities based on a period of 60 months. Title II: Other Provisions - Terminates the Department of Energy after January 1, 1984. Terminates any Federal law administered by such Department at any time after the date of enactment of this Act and before January 1, 1984. Exempts individuals from bond requirements in connection with the operation of a plant producing alcohol for use as fuel.
Bill· SS. 1621 (96th)referred
United States · United States Congress · 1 August 1979
Amends the Internal Revenue Code to allow a nonrefundable income tax credit equal to the investment tax credit rate for the purchase of equipment financing bonds. Limits the amount of such credit to $100 ($200 in the case of a joint return). Provides that the taxpayer must hold such equipment financing bonds for at least 84 months after purchase, or else pay a tax penalty in the year of sale of 150 percent of the amount allowed as a credit as a result of the purchase of such bonds. Defines "equipment financing bond" as a bond which is used to finance the purchase of property for which an investment tax credit is allowable.
Bill· SS. 1628 (96th)referred
United States · United States Congress · 1 August 1979
Old Oil Adjustment Tax and New Oil Deregulation Act of 1979 - Amends the Internal Revenue Code to impose an excise tax upon the windfall profits of producers of taxable crude oil which is extracted during each taxable period. Exempts producers from such tax whose production during any taxable period does not exceed the product of 3,000 barrels multiplied by the number of days during such period. Establishes the amount of such tax at 100 percent of the windfall profit on tier one and tier two oil, and 60 percent of the windfall profit on tier three oil. Provides for a 50 percent tax rate in the case of Sadlerochit oil which is tier three oil. Defines "taxable crude oil" as all domestic crude oil other than: (1) qualified Alaskan oil (crude oil produced from a well north of the Arctic Circle other than Sadlerochit oil); (2) newly discovered oil and incremental tertiary oil; and (3) stripper oil (as defined by the June 1979 energy regulations). Defines "tier one oil" as domestic crude oil which is lower tier oil (oil subject to the lower tier ceiling price rule of the June 1979 energy regulations), or would be lower tier oil if the base production control level for such oil were reduced for January 1980 and each month thereafter by one and one-half percent. Defines "tier two oil" as upper tier oil (oil subject to the upper tier ceiling price rule of the June 1979 energy regulations) other than tier one oil subject to base production control level reductions and Sadlerochit oil. Defines "tier three oil" as oil other than tier one and tier two oil. Defines "windfall profit" as the excess of the removal price (price per barrel) over the sum of the adjusted base price of a barrel (base price adjusted for inflation), plus the amount of the severance tax adjustment with respect to such barrel. Provides that the windfall profit on any barrel of crude oil shall not exceed the net income attributable to such barrel. Provides that the net income attributable to a barrel shall be determined for the taxable year by dividing the taxable income from the property which is attributable to taxable crude oil by the number of barrels of that oil produced from the property during the taxable year. Determines taxable income from the property attributable to taxable crude oil without regard to deductions for depletion, intangible drilling and development costs, and the windfall profit tax. Provides that taxable income shall be reduced by the deduction for cost depletion which would have been allowable if all intangible drilling costs had been capitalized and taken into account in computing cost depletion for the property for all periods. Prescribes a special rule for determining the taxable income limit in the case of certain transfers of proven oil or gas properties after 1978. Sets forth the base prices for the three tiers of crude oil subject to the March 1979 energy regulations. Provides for monthly increments beginning on November 1, 1986, for tier two oil of any grade for purposes of eliminating after December 31, 1990, the gap between the tier two base price and the tier three base price for such oil. Defines and sets forth base prices for newly discovered oil, Sadlerochit oil, and incremental tertiary oil. Exempts income from interests in oil production owned by State or local governments, or by public educational institutions from the windfall profits tax if such income is dedicated to public education. Requires oil producers to maintain such records with respect to oil production as the Secretary of the Treasury may require. Specifies that windfall profit tax returns must be filed not later than the last day of the second month following the close of the taxable period. Requires the purchaser of taxable crude oil to furnish to the individual responsible for the payment of the windfall profits tax a monthly statement containing information with respect to: (1) the amount of taxable crude oil purchased during such month; (2) the removal price of such oil; (3) the base price and the adjusted base price of such oil; (4) the amount of such taxpayer's liability for tax; and (5) other information which the Secretary may require. Imposes fines and criminal penalties for willful failure to provide such information. Requires each partnership, estate, and trust producing domestic crude oil for any taxable period to furnish to each partner or beneficiary a written statement showing: (1) the name of such partner or beneficiary; (2) information received by the partnership, trust, or estate from the purchaser of crude oil; and (3) each partner's or beneficiary's share from the sale of crude oil. Directs the President to submit to the Congress a report on the effect of decontrol of oil prices and the windfall profit tax on: (1) domestic oil production; (2) oil imports; (3) oil industry profits; (4) inflation; (5) employment; (6) economic growth; (7) Federal revenues; and (8) national security.
Bill· SS. 1620 (96th)referred
United States · United States Congress · 1 August 1979
Amends the Internal Revenue Code to increase from $100 to $1,000 the amount of the dividend exclusion from gross income.