Records whose title is actually about this topic. Use a country filter if the list is still too broad.
Records
Bill· HRH.R. 7624 (96th)referred
United States · United States Congress · 19 June 1980
Amends the Internal Revenue Code to apply the excise tax on the sale of coal at the coal preparation plant. States that such tax shall not apply to a sale by the producer (at the mine) if: (1) the purchaser is a coal preparation plant or the coal is for resale by the purchaser to a second purchaser which is a coal preparation plant; (2) the coal preparation plant is located in the United States; and (3) no process has been applied for the separation of the coal from waste material mined with the coal.
Resolution· HRESH.Res. 721 (96th)passed
United States · United States Congress · 19 June 1980
Waives certain points of order against the bill H.R. 7593 (Legislative funding).
Resolution· HRESH.Res. 720 (96th)passed
United States · United States Congress · 19 June 1980
Waives certain points of order against the bill H.R. 7592 (Department of Defense military construction funding).
Resolution· HRESH.Res. 718 (96th)passed
United States · United States Congress · 19 June 1980
Provides for a procedure to concur in the Senate amendment to H.J.Res. 521 (Selective Service System funding).
Resolution· HRESH.Res. 719 (96th)passed
United States · United States Congress · 19 June 1980
Waives certain points of order against the bill H.R. 7590 (energy and water development funding).
Bill· SS. 2845 (96th)referred
United States · United States Congress · 18 June 1980
Amends the Internal Revenue Code to allow an individual an income tax deduction for expenses for legal services incurred by the taxpayer, his spouse and dependents, and not compensated by insurance or otherwise. Limits the amount of such deduction to the: (1) balance of such expenses which exceeds three percent of the taxpayer's adjusted gross income; plus (2) one-half of the expenses paid (not in excess of $150) for legal services insurance.
Bill· SS. 2842 (96th)referred
United States · United States Congress · 18 June 1980
Amends the Internal Revenue Code to allow the investment tax credit to certain individuals who purchase used depreciable business property used for farming purposes (including livestock used for breeding purposes) from a related party. Limits such allowance to the first sale of such property to a qualified individual.
Bill· HRH.R. 7612 (96th)referred
United States · United States Congress · 18 June 1980
Amends the Internal Revenue Code to provide that proceeds from identical wagers will not be aggregated for purposes of determining whether the excise tax on wagering should be withheld.
Bill· HRH.R. 7618 (96th)referred
United States · United States Congress · 18 June 1980
Amends the Internal Revenue Code to exempt from income taxation any income resulting from the transfer of stock to an individual exercising a stock option under an incentive stock option plan. Specifies that the optionee may not dispose of stock within two years after an option is granted nor within one year after the transfer of shares. Requires that the optionee be an employee of the corporation granting such option at all times during the period after an option is granted and for three months after such option is exercised. Defines "incentive stock option" as an option granted to an individual in connection with employment by a corporation to purchase stock of such corporation. Sets forth the following conditions for the granting of such options: (1) approval of a plan for granting options by the shareholders of the corporation; (2) the granting of options within ten years of either the adoption or approval of the plan; (3) the termination of the option after ten years; (4) an option price which is not less than the fair market value of the stock subject to such option; (5) the nontransferability of the option; and (6) the optionee may not hold more than ten percent of the stock of the corporation, unless the option price is at least 110 percent of the fair market value of the stock subject to the option and such option is terminable five years after it is granted.
Bill· HRH.R. 7614 (96th)referred
United States · United States Congress · 18 June 1980
Savings Incentive Act of 1980 - Amends the Internal Revenue Code to exclude from gross income up to $1,000 ($2,000 for joint returns) of the interest earned on savings accounts on deposit with a bank, mutual savings bank, or credit union. Disallows income tax deductions for interest paid on credit card debt.
Resolution· HRESH.Res. 715 (96th)passed
United States · United States Congress · 18 June 1980
Sets forth the rule for the consideration of H.R. 7584 (Departments of State, Justice, and Commerce, and the Judiciary funding).
Bill· SS. 2838 (96th)referred
United States · United States Congress · 17 June 1980
Amends the Internal Revenue Code with respect to the targeted jobs tax credit to permit participation in the targeted jobs tax credit program of all economically disadvantaged Vietnam-era veterans who have not retired from the Armed Forces at the rank of major or above, or its equivalent. Removes the current age limit on such participation.
Law· HRH.R. 7591 (96th)open
United States · United States Congress · 17 June 1980
Appropriates funds for agriculture, rural development, and related agencies programs for fiscal year 1981. Title I: Agricultural Programs - Appropriates funds for: (1) necessary expenses of the Office of the Secretary of Agriculture; (2) departmental administration; (3) governmental and public affairs; (4) necessary expenses of the Office of the Inspector General; (5) Office of the General Counsel; (6) Federal Grain Inspection Service; (7) science and education administration; (8) scientific activities overseas (special foreign currency program); (9) cooperative research; (10) extension activities; (11) technical information systems; (12) Animal and Plant Health Inspection Service; (13) buildings and facilities; (14) Food Safety and Quality Service; (15) funds for strengthening markets, income, and supply; (16) Economics, Statistics, and Cooperatives Service; (17) World Food and Agricultural Outlook and Situation Board; (18) Agricultural Marketing Service; (19) Transportation Office; (20) payments to states and possessions; (21) for the Agricultural Stabilization and Conservation Service; (22) Dairy and Beekeeper Indemnity Programs; (23) Federal Crop Insurance Corporation; (24) Federal Crop Insurance Corporation Fund; and (25) Commodity Credit Corporation. Title II: Rural Development Programs - Makes appropriations for: (1) Farmers Home Administration; (2) Rural Housing Insurance Fund; (3) Agricultural Credit Insurance Fund; (4) Rural Development Insurance Fund; (5) rural water and waste disposal grants; (6) very low-income housig repair grants; (7) rural housing for domestic farm labor; (8) Self-Help Housing Land Development Fund; (9) rural community fire protection grants; (10) rural development planning grants; (11) rural development grants; (12) Rural Electrification Administration; (13) Rural Electrification and Telephone Revolving Fund loan authorizations; (14) Rural Telephone Bank; (15 Rural Communication Development Fund; (16) Soil Conservation Service; (17) river basin surveys and investigations; (18) watershed planning; (19) resource conservation and development; (20) Great Plains conservation program; (21) Agricultural stabilization and conservation service; (22) agricultural conservation program; (23) rural clean water program; (24) forestry incentives program; (25) water bank program; and (26) emergency conservation program. Title III: Domestic Food Programs - Appropriates funds for: (1) child nutrition programs; (2) special milk program; (3) special supplemental food programs; (4) food stamp program; (5) food donations programs; and (6) food program administration. Title IV: International Programs - Makes appropriations for: (1) foreign agricultural service; (2) Office of International Cooperation and Development; and (3) Public Law 480 (under the Agricultural Trade Development and Assistance Act of 1954). Title V: Related Agencies Appropriates funds for the: (1) Food and Drug Administration; (2) Commodity Futures Trading Commission; and (3) Farm Credit Administration. Title VI: General Provisions - Makes funds authorized and appropriated to the Department of Agriculture for fiscal year 1981 available for: (1) the purchase of a specified number of passenger motor vehicles; (2) the hire of such vehicles; (3) uniforms or uniform allowances; and (4) certain research and service work contracts. Prohibits the use of such funds to make production or other payments to persons or corporations who harvest for illegal use, marihuana or other prohibited drug-producing plants. Permits advances of money to be made to chiefs of field parties. Limits the amount of obligations chargeable against the Working Capital Fund for fiscal year 1981. Limits the amount of the appropriations available for orientation and language training. Permits employees agencies within the Department to be utilized without reimbursement by other agencies within the Department.
Bill· HRH.R. 7601 (96th)referred
United States · United States Congress · 17 June 1980
Amends the Internal Revenue Code to allow, for estate and gift tax purposes, effective disclaimer of an interest created by a transfer of property made before November 15, 1958 if: (1) such disclaimer otherwise satisfies the requirements for such disclaimers; and (2) it is made within nine months following enactment of this Act, or within nine months after the disclaimant receives knowledge of such interest (but not later than December 31, 1991).
Bill· HRH.R. 7603 (96th)referred
United States · United States Congress · 17 June 1980
Amends the Internal Revenue Code to permit a taxpayer election to treat expenditures for pollution control facilities as a currently deductible expense (amortizable over a period of 60 months under existing law).
Bill· HRH.R. 7604 (96th)referred
United States · United States Congress · 17 June 1980
Amends the Internal Revenue Code to provide for the nonrecognition of gain from the sale of small business stock to an employee stock ownership plan if the proceeds from such a sale are reinvested in small business stock within 18 months of the date of the sale. Specifies that gain will be recognized to the extent that the proceeds of the sale exceed the cost of the subsequently purchased small business stock.
Bill· HRH.R. 7600 (96th)referred
United States · United States Congress · 17 June 1980
Amends the Internal Revenue Code to exclude from gross income interest earned on series EE U.S. savings bonds.
Bill· HRH.R. 7595 (96th)referred
United States · United States Congress · 17 June 1980
Amends the Internal Revenue Code and the Social Security Act to provide that social security taxes and income tax withholding shall not apply to chore service performed by an individual under an arrangement with a State program if: (1) only individuals over 65, or handicapped individuals, are eligible to receive such service; (2) such service consists only of housework, yardwork, meal preparation, or minor house repairs at the home of the recipient of the service or errands for food, clothing, medicine, or paying bills; and (3) 80 percent or more of such chore services for the calendar year can reasonably be expected to be performed by individuals putting in a maximum average of 20 hours per week. Treats such chore service as a trade or business, rather than as employment.
Bill· HRH.R. 7606 (96th)referred
United States · United States Congress · 17 June 1980
Employee Stock Ownership Improvements Act of 1980 - Amends the Internal Revenue Code to revise the existing tax treatment of employee stock ownership plans with respect to: (1) stock bonus plans which provide a cash distribution option to participants; (2) the limitation on annual additions to participant accounts under employee stock ownership plans; (3) valuation of employer securities in stock ownership plans; (4) participation of second tier subsidiary corporations in employee stock ownership plans; (5) rollover treatment for distributions from money purchase pension plans; (6) voting rights pass-through requirements for defined contribution plans; and (7) the application of cash or deferred arrangement rules to cafeteria plans.
Bill· HRH.R. 7598 (96th)referred
United States · United States Congress · 17 June 1980
Product Liability Partial Self-Insurance Act of 1980 - Amends the Internal Revenue Code to allow a deduction to any business enterprise engaged in the manufacture, importation, distribution, lease, or sale of any product for contributions to its product liability trust account and for amounts paid to a captive insurer (wholly or partially-owned by the taxpayer) for product liability insurance. Specifies the amount a taxpayer may deduct, based upon the ability of such taxpayer to obtain insurance through conventional channels. Disallows any deductions for product liability losses which do not exceed the sum of the total trust funds in the taxpayer's account at the beginning of the taxable year plus the amount of deductible payments made by the taxpayer to the account during each year. Imposes penalties for the improper use of product liability reserve funds. Treats amounts accumulated in the taxpayer's product liability trust account as amounts accumulated for reasonable anticipated business needs, for purposes of avoiding the accumulated earnings tax.
Resolution· HRESH.Res. 707 (96th)passed
United States · United States Congress · 13 June 1980
Sets forth the rule for the consideration of H.R. 7542 (budget rescissions and supplemental appropriations).
Resolution· HCONRESH.Con.Res. 364 (96th)referred
United States · United States Congress · 13 June 1980
Expresses the sense of Congress that the imposition of any withholding tax on interest and dividend payments would be detrimental to the American economy.
Bill· SS. 2825 (96th)referred
United States · United States Congress · 12 June 1980
Taxpayers' Bill of Rights Act - Amends the Internal Revenue Code to establish in the Internal Revenue Service the Office of Ombudsman, who shall be appointed by the President, with the advice and consent of the Senate, and shall be an advocate for taxpayers and taxpayers' rights. Requires the Ombudsman to: (1) assist taxpayers with information regarding tax liability, return preparation, audits, corrections, appeal procedures, and the location of documents or payments filed with the Service; (2) receive and evaluate complaints of improper, abusive, or inefficient service by Service personnel, and take action to correct such service; (3) issue Taxpayer Assistance Orders; and (4) prepare pamphlets explaining audit, appeal, and complaint rights and procedures. Provides for distribution of such pamphlets. Authorizes the Ombudsman, upon proper application by a taxpayer, to issue a Taxpayer Assistance Order prohibiting the Secretary of the Treasury for up to 60 days from taking adverse action against such taxpayer with respect to tax collection, jeopardy, bankruptcy, receiverships, discovery of liability and enforcement of title, or any other specifically described provision of law. Requires the Ombudsman, before issuing such an Order, to determine first that such taxpayer is suffering from an unusual, unnecessary, and irreparable loss as a result of the manner in which the internal revenue laws are being administered by the Secretary. Prohibits the Secretary from making a levy for unpaid tax without a court order issued by either a Federal judge or any judge of a State court of record within the district wherein the property (or right to property) to be levied upon is located. Specifies the standard for issuing such an order. Waives such court order requirement if the Secretary determines that the collection of tax is in jeopardy. Requires promulgation of all initial final regulations necessary to implement additions or amendments to the Internal Revenue Code within 18 months after enactment of such additions or amendments. Sets Federal Register publication as the earliest effective date of any regulation whose promulgation fails to meet such deadline. Permits a taxpayer to adopt on his or her return any reasonable position with respect to the issues for which the regulations have not been promulgated, so long as the due date for such return falls between the missed promulgation deadline and the actual date of promulgation. Sets the burden of proof on the taxpayer to show that his position is reasonable. Repeals the requirement that an individual make a declaration of estimated income tax. Ends the requirement that an employer furnish a W-2 wage report upon termination to any employee whose employment is terminated before the close of a calendar year. Requires issuance of such interim report only upon timely request by such employee. Defines "negligent or intentional disregard of rules and regulations" with respect to punishable misfeasance by professional tax return preparers to expressly exclude instances where a deficiency or other violation is due to: (1) reasonable and good faith mistakes of law or fact; (2) mathematical or clerical error; (3) failure to collect and verify relevant facts not furnished by the taxpayer; or (4) disregard of an Internal Revenue Service written determination when such determination does not pertain to the taxpayer in question.
Bill· SS. 2823 (96th)referred
United States · United States Congress · 12 June 1980
Urban Jobs and Enterprise Zone Act of 1980 - Title I: Designation of Private Jobs and Enterprise Zones - Amends the Internal Revenue Code to provide for the designation of private jobs and enterprise zones, for a ten-year period, by local governments, or by State governments on behalf of local governments subject to the approval of the Secretary of Commerce, for purposes of extending the tax incentives provided by title II of this Act to employers and employees within designated zones. Specifies that the Secretary may only approve the designation of such zones if: (1) the area is within the jurisdiction of the designating local government; (2) the boundary of the area is continuous; (3) the area has a population of at least 4,000, or is an Indian reservation; and (4) the area meets specified unemployment and poverty requirements. Requires designating local governments, as a condition of the Secretary's approval, to effect a permanent real property tax reduction in their respective jurisdictions, which is not less than 20 percent of the current effective rate. Requires any such property tax reduction to be disregarded for the purpose of determining the eligibility of a State or local government for Federal assistance or benefits. Expresses the sense of the Congress that in the case of any application for designation of an area in a private jobs and enterprise zone as a foreign trade zone: (1) the Foreign-Trade Zone Board should expedite the application process; (2) the Board, in evaluating such application, should consider not only the current economic conditions within the zone, but also future development to be expected as a result of the incentives provided by this Act; and (3) the Board should provide technical assistance to the applicants. Title II: Tax Incentives - Amends the Internal Revenue Code to reduce social security payroll taxes in designated private jobs and enterprise zones. States that such tax rate reductions shall not affect an individual's eligibility for social security benefits. Appropriates to the Federal Disability and Hospital Insurance Trust Funds general revenue amounts equivalent to the amount by which such taxes are reduced. Reduces the rate of tax on the capital gains of individuals and corporations in such zones. Exempts gain from the sale or exchange of property used in a business in a private jobs and enterprise zone from the computation of the minimum tax. Reduces the rate of tax on the income to corporations whose workforce comprises at least 50 percent of individuals working in a private jobs and enterprise zone (qualifying businesses). Authorizes accelerated depreciation for qualifying businesses (straight line method based on a three year useful life). Limits the basis for depreciation to $500,000. Allows a full investment tax credit for such property despite election of such accelerated depreciation. Permits qualifying businesses to elect to use a cash method of accounting if their gross receipts do not exceed $1,500,000 in any prior taxable year. Allows a ten year carryover of net operating losses for qualifying businesses. Title III: Effective Date - Specifies effective dates for provisions of this Act which apply to income tax, provisions which apply to social security payroll taxes, and provisions which apply to tax procedure and administration.
Bill· SS. 2826 (96th)referred
United States · United States Congress · 12 June 1980
Amends the Internal Revenue Code to exclude from gross income interest on qualified State-issued family farm homestead bonds, all of the proceeds of which are to be used to provide the acquisition of land or other property (including a principal residence) to be used for farming purposes. Limits financing under an approved State family farm homestead plan to families whose average income during the preceding five years is 115 percent or less of the median family income of the county of residence. Requires at least one member of the family to participate materially in the operation of the farm on a full-time basis. Prohibits any family member from owning any land which is used, or is capable of being used, for farming purposes. Limits: (1) the aggregate amount of financing made available to any family to a maximum of $250,000; (2) and the total number of acres which may be purchased from bond proceeds by any family to a maximum 160 acres. Directs the Secretary of Agriculture to establish annually for each State the maximum aggregate amount of obligations issuable. Directs the Farmers Home Administration to provide management and other financial assistance to States and individuals participating in any homestead plan.
Bill· SS. 2822 (96th)referred
United States · United States Congress · 12 June 1980
Amends the Internal Revenue Code to increase the maximum interest and dividend exclusion for individuals from $200 ($400 for a joint return) to $750 ($1,500 for a joint return) by increments between 1981 and 1984. Removes the current January 1, 1983 termination date for such exclusion, thus making it permanent.
Bill· HRH.R. 7561 (96th)referred
United States · United States Congress · 12 June 1980
Amends the Internal Revenue Code to eliminate the age requirement for the one-time exclusion of gain from the sale or exchange of a principal residence.
Bill· HRH.R. 7563 (96th)referred
United States · United States Congress · 12 June 1980
Urban Jobs and Enterprise Zone Act of 1980 - Title I: Designation of Private Jobs and Enterprise Zones - Amends the Internal Revenue Code to provide for the designation of private jobs and enterprise zones, for a ten-year period, by local governments, or by State governments on behalf of local governments subject to the approval of the Secretary of Commerce, for purposes of extending the tax incentives provided by title II of this Act to employers and employees within designated zones. Specifies that the Secretary may only approve the designation of such zones if: (1) the area is within the jurisdiction of the designating local government; (2) the boundary of the area is continuous; (3) the area has a population of at least 4,000, or is an Indian reservation; and (4) the area meets specified unemployment and poverty requirements. Requires designating local governments, as a condition of the Secretary's approval, to effect a permanent real property tax reduction in their respective jurisdictions, which is not less than 20 percent of the current effective rate. Requires any such property tax reduction to be disregarded for the purpose of determining the eligibility of a State or local government for Federal assistance or benefits. Expresses the sense of the Congress that in the case of any application for designation of an area in a private jobs and enterprise zone as a foreign trade zone: (1) the Foreign Trade Zone Board should expedite the application process; (2) the Board, in evaluating such application, should consider not only the current economic conditions within the zone, but also future development to be expected as a result of the incentives provided by this Act; and (3) the Board should provide technical assistance to the applicants. Title II: Tax Incentives - Amends the Internal Revenue Code to reduce social security payroll taxes in designated private jobs and enterprise zones. States that such tax rate reductions shall not affect an individual's eligibility for social security benefits. Appropriates to the Federal Disability and Hospital Insurance Trust Funds general revenue amounts equivalent to the amount by which such taxes are reduced. Reduces the rate of tax on the capital gains of individuals and corporations in such zones. Exempts gain from the sale or exchange of property used in a business in a private jobs and enterprise zone from the computation of the minimum tax. Reduces the rate of tax on the income of corporations whose workforce comprises at least 50 percent of individuals working in a private jobs and enterprise zone (qualifying businesses). Authorizes accelerated depreciation for qualifying businesses (straight line method based on a three year useful life). Limits the basis for depreciation to $500,000. Allows a full investment tax credit for such property despite election of such accelerated depreciation. Permits qualifying businesses to elect to use a cash method of accounting if their gross receipts do not exceed $1,500,000 in any prior taxable year. Allows a ten year carryover of net operating losses for qualifying businesses. Title III: Effective Date - Specifies effective dates for provisions of this Act which apply to income tax, provisions which apply to social security payroll taxes, and provisions which apply to tax procedure and administration.
Bill· HRH.R. 7559 (96th)referred
United States · United States Congress · 12 June 1980
Amends the Internal Revenue Code to require the Internal Revenue Service (IRS) to compare quarterly tax returns filed on July 15 of each calendar year with dividend and interest income informational returns (form 1099) filed by corporations and financial institutions for the preceding calendar year to determine whether a taxpayer is fully complying with reporting requirements for dividend and interest income. Requires the IRS, in the case of unreported dividend and interest income, to mail a notice to a noncomplying taxpayer within 60 days of a determination of tax deficiency. Requires such notice to state: (1) that the IRS has determined that there is unreported dividend or interest income and the amount of the tax deficiency; and (2) that failure to pay such tax deficiency within 45 days will result in a tax penalty equal to 100 percent of the deficiency unless the taxpayer proves that the tax deficiency does not exist. Requires the IRS, in the case of taxpayers with unreported dividend and interest income who have not filed a timely return, to mail a notice to such taxpayer stating: (1) that the IRS has received informational returns indicating that the taxpayer has received dividend and interest income; (2) that failure to pay tax on such income within 45 days will result in a tax penalty equal to 100 percent of the tax deficiency; and (3) failure to file an income tax return or an exemption certificate within 45 days will result in an addition to tax equal to 14 percent of the unreported dividend and interest income. Expresses the sense of Congress that: (1) the procedures for monitoring dividend and interest income established by this Act, if adequately funded, will substantially improve compliance with the income tax imposed on such income; and (2) adequate funding of such procedures is necessary to maintain the existing high level of voluntary compliance with the Federal income tax.
Bill· HRH.R. 7560 (96th)referred
United States · United States Congress · 12 June 1980
Amends the Internal Revenue Code to allow individual taxpayers a refundable income tax credit for the purchase of domestically manufactured fuel-efficient passenger automobiles acquired after June 12, 1980, and before January 1, 1988. Limits the amount of such credit to the lesser of ten percent of the cost of such automobile or $1,000. Limits the applicability of the credit to one automobile in a taxable year, and denies the credit to a taxpayer who has claimed such credit in any of the two immediately preceding taxable years. Permits a full ten percent investment tax credit for fuel-efficient automobiles without regard to the useful life of such automobiles.
Bill· HRH.R. 7556 (96th)referred
United States · United States Congress · 12 June 1980
Amends the Internal Revenue Code to reduce the rate of excise tax on: (1) highway vehicle tires from $.10 to $.0975 (and on or after October 1, 1984, to $.04875); and (2) other tires (except laminated tires) from $.05 to $.04875. Requires determination of any overpayment of such tax arising by reason of an adjustment for such reduction after the original sale pursuant to warranty, in accordance with principles set forth in regulations and rulings in effect on March 31, 1978. Applies this requirement to the adjustment of any tire between March 31, 1978, and January 1, 1983. Prohibits any credit or refund for adjustments after December 31, 1982.
Bill· HRH.R. 7566 (96th)referred
United States · United States Congress · 12 June 1980
Amends the Internal Revenue Code to revise the rules for the deductibility of expenses for attendance at a foreign convention. Requires a taxpayer, in order to deduct expenses incurred in attending any convention held outside the United States, its territories or possessions, Canada, Mexico, or Bermuda, to establish that the meeting was directly related to his or her business or to an income-producing activity and that it was as reasonable for the meeting to be held outside the allowable North American areas as within them. Directs the Secretary of the Treasury to promulgate regulations for determining the reasonableness of attending a convention outside the allowable North American areas. Disallows any income tax deduction for the expenses of attending a convention on a cruise ship.
Bill· HRH.R. 7562 (96th)referred
United States · United States Congress · 12 June 1980
Service Liability Partial Self- Insurance Act of 1980 - Amends the Internal Revenue Code to allow a deduction to any taxpayer furnishing professional design services for cash contributions to a tax-exempt service liability trust and for cash amounts paid to a captive insurer (wholly or partially-owned by the taxpayer) for service liability insurance. Defines service liability as liability for tort damages attributable to negligence in, breach of warranty regarding, or defects in the professional construction or modification design of buildings or structures on real property. Limits the allowable deduction: (1) for a taxpayer with a severe service liability problem to a maximum of $100,000, or one of two specified formula sums, whichever is least; and (2) for a taxpayer with no severe liability problem to a maximum of $25,000, or one of two formula sums, whichever is least. Penalizes unauthorized distributions from such accounts except for: (1) corrective withdrawal of excess contributions; (2) distributions when a change of circumstances renders continued maintenance of no trade or business purpose; (3) transfers of rollover amounts; (4) distributions following complete liquidation of the pertinent trade or business; and (5) certain sales deemed distributions. Limits investment of account assets to: (1) Federal public debt securities; (2) nondefaulted State or local obligations; (3) time or demand deposits in certain Federally insured financial institutions; or (4) any other investment asset permissible under law of the State where such account is organized. Treats service liability loss reserves as amounts accumulated for the reasonably anticipated needs of a business, for purposes of avoiding the accumulated earnings tax.
Resolution· HRESH.Res. 706 (96th)referred
United States · United States Congress · 12 June 1980
Expresses the sense of the House of Representatives that there should be no expansion of the Federal income tax withholding on interest and dividends.
Bill· SS. 2817 (96th)referred
United States · United States Congress · 11 June 1980
Build America Anew Act of 1980 - Amends the Internal Revenue Code to allow taxpayers engaged in a manufacturing business a nonrefundable income tax credit for a specified percentage of payroll costs paid by such taxpayers during the initial three year period of an employee's employment. Places dollar limitations on the amount of such credit for each of the three years. Defines "payroll costs" as direct labor costs paid or incurred by the taxpayer for the services of an employee in the United States at a manufacturing facility placed in use after March 1, 1980. Identifies as direct labor costs basic compensation, overtime, vacation and sick pay, and certain fringe benefits.
Bill· SS. 2813 (96th)referred
United States · United States Congress · 11 June 1980
Amends the Internal Revenue Code to allow a credit against the income tax in an amount equal to 15 percent of the cost of acquiring a qualified commuter highway vehicle. Provides for apportionment of such credit among joint acquirers. Requires a minimum three-year use of such vehicle, under penalty of recapture of such credit in the year of any cessation of such use or other disposition of vehicle. Describes the qualifications of such vehicle, which must be at least van-size.
Bill· SS. 2812 (96th)referred
United States · United States Congress · 11 June 1980
Amends the Internal Revenue Code to allow a credit against the income tax of an employer for administrative expenses paid or incurred in connection with the operation of a ride-sharing commuter program for his employees. Determines such credit by multiplying the average number of such employer's employees during the taxable year by a specified amount keyed to the percentage of employees participating in the program.
Bill· SS. 2811 (96th)referred
United States · United States Congress · 11 June 1980
Amends the Internal Revenue Code to allow an income tax deduction for Federal, State, and local taxes, including import fees that increase prices, on the sale of gasoline, diesel fuel, and other motor fuels used as a fuel in a ride-sharing commuter vehicle. Describes the qualifications for such vehicle. Requires the Secretary of the Treasury to publish tables to assist taxpayers in computing such deduction.
Bill· SS. 2818 (96th)referred
United States · United States Congress · 11 June 1980
Amends the Internal Revenue Code to provide that any income received or accrued by a tax-exempt mutual or cooperative electric or telephone company from qualified pole rentals, or by a cooperative telephone company from the sale of display listings in a directory furnished to company members, shall not be treated as unrelated business income subject to tax. Defines qualified pole rental as any rental of a pole (or other structure used to support wires) if: (1) such pole or structure is used by the telephone or electric company in providing telephone or electric services to its members; and (2) the use of such pole or structure pursuant to the rental is in connection with the transmission by wire of electricity or of telephone or other communications.
Bill· SS. 2814 (96th)referred
United States · United States Congress · 11 June 1980
Amends the Internal Revenue Code to increase from $20,000 to $50,000 annually the earned income exclusion for U.S. citizens working abroad who are bona fide residents of a foreign country. Reduces from 17 to 11 months the residency requirement for such exclusion, and also for the deduction for living expenses abroad. Repeals the hardship area deduction for U.S. citizens working abroad. Removes the requirement, for the qualified home leave travel expenses deduction, that such travel begin or end at the tax home or U.S. residence.
Bill· HRH.R. 7553 (96th)referred
United States · United States Congress · 11 June 1980
Amends the Internal Revenue Code to exempt from income taxation interest income received by a nonresident alien individual or foreign corporation on investments in a U.S. corporation or partnership, if such alien does not own, either directly or constructively, ten percent or more of the voting power of the corporation or ten percent or more of the capital or profits interest of the partnership. Sets forth criteria for determining the attribution of interests in such corporations or partnerships to a nonresident alien from other corporations, partnerships, or trusts. Provides for the denial of such tax exemption if the Secretary of the Treasury determines that the exchange of information between the United States and a foreign country is inadequate to enable the Secretary to identify the recipients of exempt interest income and that the exchange of such information is necessary to prevent evasion of taxes.
Bill· HRH.R. 7547 (96th)referred
United States · United States Congress · 11 June 1980
Amends the Internal Revenue Code to specify that the tax exclusion of the interest earned on industrial development bonds issued to finance airport construction shall apply as well to bonds for the financing of office space or computer facilities of a common carrier or charter carrier, which serves members of the general public, and which are located on or adjacent to an airport.
Bill· SS. 2805 (96th)referred
United States · United States Congress · 10 June 1980
Permits a taxpayer who is required to change his method of accounting pursuant to Revenue Ruling 80-60 (inventory valuation) and Revenue Procedure 80-5 to effect such a change only for taxable years beginning after December 31, 1979.
Bill· SS. 2808 (96th)referred
United States · United States Congress · 10 June 1980
Amends the Internal Revenue Code to impose an additional excise tax on imported automobiles manufactured in a foreign country imports of whose automobiles account for more than ten percent of the new automobiles sold in the United States for the most recent 12-month period for which data are available. Imposes such tax in each case also on parts or accessories sold in connection with such sales. Directs the Secretary of the Treasury to determine for each quarter such tax in an amount equivalent to the nontariff barrier for the same quarter imposed by the foreign country of manufacture on United States automobiles exported to such country. Defines "nontariff barrier" as any practice or procedure of a country which unreasonably burdens, restricts, or discriminates against United States automobiles in such country's automobile market. Includes commodity taxes, inspection or testing procedures, product approval requirements, and road or other excise taxes. Authorizes the President to waive such excise tax for any quarter (up to four consecutive quarters at a stretch) with respect to automobiles manufactured by any person if he determines that such person is making a good faith effort to ameliorate the imbalance in automobile trade between the United States and the country in which such person is located: (1) by limiting exports of his automobiles to the United States; (2) by manufacturing automobiles in the United States; or (3) by complying fully with all treaties and agreements with the United States respecting automobile trade. Specifies circumstances under which such waiver may be extended. Grants the Congress a veto over any such Presidential waiver by way of a disapproval resolution. Describes the procedure for exercising such veto. Requires the appropriation of amounts equivalent to such excise taxes into the Federal Old-Age and Survivors Insurance Trust Fund. Terminates the tax imposed by this Act after December 31, 1985.
Bill· SS. 2804 (96th)referred
United States · United States Congress · 10 June 1980
Social Security Tax Reduction Act of 1980 - Amends the Internal Revenue Code with respect to tax rates for old-age, survivors, and disability insurance: (1) on employees and employers, to increase the 1981 rate from 5.35 percent to 5.4 percent, the 1982 through 1984 rate from 5.4 percent to 5.45 percent, and the 1985 rate from 5.7 percent to 5.75 percent, but hold the 1986 through 1989 rate at the currently legislated 5.7 percent, and the post-1989 rate at 6.2 percent; (2) on the self-employed, to reduce the 1981 rate from 8.00 percent to 7.37 percent, but increase the 1982 through 1984 rate from 8.05 percent to 8.17 percent, and the 1985 rate from 8.55 percent to 8.62 percent, before holding the 1986 through 1989 rate at the currently legislated 8.55 percent, and the post-1989 rate at 9.3 percent. Reduces the rates of tax on employees, employers, and the self-employed for hospital insurance: (1) from 1.3 percent to .73 percent for 1981 through 1984; and (2) from 1.35 percent to .78 percent for 1985. Amends the Social Security Act to reduce the wage base for such taxes and to adjust the formulae for allocation of appropriations to the Disability and Hospital Insurance Trust Fund in order to maintain current levels. Provides for partial funding of hospital insurance program from general revenues.
Bill· HRH.R. 7541 (96th)referred
United States · United States Congress · 10 June 1980
Amends the Internal Revenue Code to postpone the recognition of losses, for income tax deduction purposes, which are generated from the sale of certain types of personal property (commodities other than those used in a taxpayer's business, evidences of indebtedness, and other types of personal property other than stock in a corporation) which are offset by the purchase of other personal property from which a gain is recognized. Provides that any loss which exceeds gain from the holding of such offsetting positions may not be recognized for the period during which a taxpayer holds such offsetting positions, plus 30 days. Provides that the running of the required holding period for capital assets shall be tolled during the same period. Defines "offsetting positions" to mean that there is a substantial reduction of the taxpayer's risk of loss from holding any position with respect to personal property because the taxpayer also holds one or more other positions with respect to personal property (commonly referred to as a "straddle"). Creates a rebuttable presumption that two or more positions are offsetting if the positions are customarily treated as straddles, the aggregate margin requirement for such positions is lower than the sum of the margin requirement for each such position, or there are other factors, as determined by the Secretary of the Treasury pursuant to regulations, which indicate that such positions are offsetting. Provides that obligations of the United States, a State or local government, or a U.S. possession, issued on a discount basis and payable without interest in less than one year shall be treated as capital assets in determining tax consequences of gain or loss with respect to such obligations.
Bill· HRH.R. 7539 (96th)referred
United States · United States Congress · 10 June 1980
Amends the Internal Revenue Code to extend the tax exclusion of interest on industrial development bonds to obligations issued to finance hazardous waste disposal facilities.
Bill· HRH.R. 7532 (96th)referred
United States · United States Congress · 10 June 1980
Amends the Internal Revenue Code to impose an additional excise tax on imported automobiles manufactured in a foreign country, when imports of such automobiles account for more than ten percent of the new automobiles sold in the United States for the most recent 12-month period for which data are available. Imposes such tax in each case also on parts or accessories sold in connection with such sale. Directs the Secretary of the Treasury to determine for each quarter such tax in an amount equivalent to the nontariff barrier for the same quarter imposed by the foreign country of manufacture on United States automobiles exported to such country. Defines "nontariff barrier" as any practice or procedure of a country which unreasonably burdens, restricts, or discriminates against United States automobiles in such country's automobile market. Includes commodity taxes, inspection or testing procedures, product approval requirements, and road or other excise taxes. Authorizes the President to waive such excise tax for any quarter (up to four consecutive quarters at a stretch) with respect to automobiles manufactured by any person if it is determined that such person is making a good faith effort to ameliorate the imbalance in automobile trade between the United States and the country in which such person is located: (1) by limiting exports of automobiles to the United States; or (2) by manufacturing automobiles in the United States. Specifies circumstances under which such waiver may be extended. Grants the Congress a veto over any such Presidential waiver by way of a disapproval resolution. Describes the procedure for exercising such veto. Requires the appropriation of amounts equivalent to such excise taxes into the Federal Old-Age and Survivors Insurance Trust Fund.
Bill· HRH.R. 7538 (96th)referred
United States · United States Congress · 10 June 1980
Amends the Internal Revenue Code to permit an income tax deduction from gross income for agency fees, court costs, attorney's fees, and other necessary expenses incurred in the adoption of a child.
Resolution· HRESH.Res. 699 (96th)reported
United States · United States Congress · 10 June 1980
Sets forth the rule for the consideration of H.R. 6783 (International Trade Commission, Customs Service, and Office of the U.S. Trade Representative funding).