Skip to content
PoliticalRepoPoliticalRepo

Subjects · US

Taxation

Records whose title is actually about this topic. Use a country filter if the list is still too broad.

351 records in US in 1981

All countriesSearch this topic

Records

Bill· HRH.R. 4199 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to provide individuals a refundable credit against income tax for maintaining a household a member of which is an individual who has attained the age of 65.

United States · United States Congress · 17 July 1981

Amends the Internal Revenue Code to allow a refundable income tax credit for household expenses to any taxpayer who maintains a household in which a dependent aged 65 or over resides. Limits such credit to $250 for each aged dependent for the taxable year.

Bill· HRH.R. 4194 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to allow a deduction for the purchase and installation of certain teletypewriters for use by individuals whose sight, hearing, or speech is impaired.

United States · United States Congress · 17 July 1981

Amends the Internal Revenue Code to allow an income tax deduction, not to exceed $200, for 50 percent of the cost of purchase and installation of teletypewriters for use by individuals whose sight, hearing, or speech is impaired.

Bill· HRH.R. 4182 (97th)referred

Fiscal Year 1981 Airport Development Authorization Act

United States · United States Congress · 16 July 1981

Fiscal Year 1981 Airport Development Authorization Act - Amends the Airport and Airway Development Act of 1970 to extend the airport development aid program through fiscal year 1981. Directs the Secretary of Transportation to obligate a specified sum for carrying out noise compatibility programs under the Aviation Safety and Noise Abatement Act of 1979. Authorizes the Secretary to approve certain applications for projects begun after September 30, 1980, and before the date of enactment of this Act.

Bill· HRH.R. 4178 (97th)open

A bill to amend the Internal Revenue Code of 1954 to allow the credit for production of natural gas from certain nonconventional sources only if such natural gas was sold at a lawful price without regard to section 107 and subtitle B of title I of the Natural Gas Policy Act of 1978.

United States · United States Congress · 16 July 1981

Amends the Internal Revenue Code to specify that the income tax credit for the production of natural gas from nonconventional sources shall apply to natural gas sold during the taxable year only if such gas is sold at a lawful price which is determined without regard to ceiling prices under the Natural Gas Policy Act of 1978.

Bill· HRH.R. 4174 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to repeal the limitations on industrial development bonds.

United States · United States Congress · 16 July 1981

Amends the Internal Revenue Code to remove certain restrictions on the exclusion from gross income of interest on industrial development bonds. Removes restrictions on the excludability of interest on bonds for irrigation dams and solid waste disposal facilities. Repeals requirements relating to the registration and guarantee of governmental obligations.

Bill· SS. 1485 (97th)open

A bill to amend the Revenue Act of 1978 to provide that, with respect to the amendments allowing the investment tax credit for single purpose agricultural or horticultural structures, credit or refund shall be allowed without regard to the statute of limitations for certain taxable years to which such amendments apply.

United States · United States Congress · 15 July 1981

Amends the Revenue Act of 1978 to provide that the credit or refund resulting from the qualification of single purpose agricultural or horticultural structures for the investment tax credit shall be allowed without regard to the statute of limitations or any rule of law (including res judicata) which may apply to taxable years to which the credit applies.

Bill· HRH.R. 4158 (97th)open

A bill to amend the Internal Revenue Code of 1954 to exclude from the income of an employee certain adoption expenses paid by an employer, to provide a deduction for adoption expenses paid by an individual, and for other purposes.

United States · United States Congress · 15 July 1981

Amends the Internal Revenue Code to provide an income tax exclusion for employees for benefits received from, or contributions of an employer to, an adoption expense plan. Defines "adoption expense plan" as a written plan of an employer to reimburse employees for adoption expenses. Allows an income tax deduction for adoption expenses incurred by a taxpayer, including legal fees, medical expenses, and transportation costs related to the adoption process. Permits nonitemizing taxpayers to claim such deduction for adoption expenses. Treats employer contributions to an adoption expense plan as a deductible business expense.

Bill· HRH.R. 4160 (97th)referred

A bill to protect taxpayers' privacy regarding third-party recordkeepers summoned to produce records of taxpayers and at the time to insure effective, efficient enforcement of Internal Revenue Service third-party summons.

United States · United States Congress · 15 July 1981

Amends the Internal Revenue Code with respect to a person entitled to notice of a summons to a third-party recordkeeper to produce records of such person: (1) to repeal the current right of such person to stay compliance with the summons; and (2) to authorize such person to move to quash the summons within 14 days after notice is given. Requires accompaniment of such motion by an affidavit stating the reasons that the records sought are not relevant to a legitimate tax inquiry or any other legal basis for quashing the summons. Requires any third party upon receipt of a summons to proceed to assemble the records requested and to be prepared to deliver them at the required time.

Bill· HRH.R. 4156 (97th)referred

Individual Housing Account Act of 1981

United States · United States Congress · 15 July 1981

Individual Housing Account Act of 1981 - Amends the Internal Revenue Code to allow an income tax deduction for cash contributions to a savings account created or organized for the benefit of the taxpayer (or the taxpayer and spouse if married) for the exclusive purpose of purchasing the taxpayer's first principal residence. Limits the maximum annual deduction to $2,500 ($5,000 for a married couple), with a maximum lifetime deduction of $25,000. Provides for a reduced maximum deduction in the case of individuals with income greater than $30,000. Exempts such accounts from income taxation. Excludes distributions from such account from gross income so long as they are used exclusively for the purchase of a first principal residence. Imposes a ten percent surtax on distributions from individual housing account which are not used for the purchase of a principal residence.

Bill· HRH.R. 4150 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to permit the cost of property installed to meet the requirements of occupational safety standards relating to cotton dust to be treated as an expense.

United States · United States Congress · 15 July 1981

Amends the Internal Revenue Code to allow a taxpayer to expense machinery and equipment placed in service after December 31, 1980, in connection with any plant or facility in operation before January 1, 1981, used to meet any cotton dust standards issued by the Occupational Safety and Health Administration.

Bill· HRH.R. 4146 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to limit the application of the subsidized energy financing limitations on certain tax credit to Federal subsidies, and for other purposes.

United States · United States Congress · 15 July 1981

Amends the Internal Revenue Code to remove from the subsidized energy financing limitation, for purposes of determining expenditures which qualify for the residential energy credit and the investment tax credit, energy financing received under State or local programs. Removes industrial development bond proceeds from the formula for reducing the qualified investment in energy property for purposes of the investment tax credit.

Bill· SS. 1479 (97th)open

A bill to amend the Internal Revenue Code of 1954 to exclude from the income of an employee certain adoption expenses paid by an employer, to provide a deduction for adoption expenses paid by an individual, and for other purposes.

United States · United States Congress · 14 July 1981

Amends the Internal Revenue Code to provide an income tax exclusion for employees for benefits received from, or contributions of an employer to, an adoption expense plan. Defines "adoption expense plan" as a written plan of an employer to reimburse employees for adoption expenses. Allows an income tax deduction for adoption expenses incurred by a taxpayer, including legal fees, medical expenses, and transportation costs related to the adoption process. Permits nonitemizing taxpayers to claim such deduction for adoption expenses. Treats employer contributions to an adoption expense plan as a deductible business expense.

Bill· SS. 1472 (97th)open

A bill to amend the Internal Revenue Code of 1954 to exclude the value of certain research and experimental expenditures from the aggregate face amount of certain small issues of industrial development bonds.

United States · United States Congress · 14 July 1981

Amends the Internal Revenue Code to provide that business-related research and experimental expenditures shall not be taken into account for purposes of determining the aggregate value of industrial development bonds which otherwise qualify for the small issue exemption.

Bill· SS. 1469 (97th)open

Theatrical Production Investment Tax Credit Act of 1981

United States · United States Congress · 14 July 1981

Theatrical Production Investment Tax Credit Act of 1981 - Amends the Internal Revenue Code to qualify theatrical productions, to the extent of the taxpayer's ownership interest, for the investment tax credit. Excludes from the definition of "theatrical production" any presentation primarily for use on television or radio or in a night club or film. Specifies that the qualified investment, for purposes of calculating the credit, shall be 66 2/3 percent of the production costs incurred for presentation of the production in the United States and prior to its actual opening.

Bill· SS. 1478 (97th)open

Dependent Care Amendments Act of 1981

United States · United States Congress · 14 July 1981

Dependent Care Amendments Act of 1981 - Amends the Internal Revenue Code to increase the rate of the income tax credit for household and dependent care expenses, based upon family income. Makes such credit refundable. Increases the amount of allowable dependent care expenses eligible for the credit. Permits the dependent care credit for the care of dependents under the age of 15 in day care centers and for the care of handicapped dependents outside the home who return to the taxpayer's household each day. Imputes a minimum level of earned income to individuals engaged in business on a substantially full-time basis (35 hours a week) for purposes of insuring eligibility for the household and dependent care credit in cases where the taxpayer has little or no income for the taxable year. Grants tax-exempt status to organizations providing dependent care services to the general public. Excludes from the gross income of the employee the value of any household and dependent care services furnished by the employer. Allows the employer an income tax credit for expenses paid or incurred for household and dependent care services. Provides for amortization of certain expenditures made for child care facilities.

Bill· HRH.R. 4139 (97th)referred

A bill to amend the Congressional Budget Act of 1974 to require a two-thirds vote in both the House and the Senate for the adoption of a budget resolution which includes or would result in a Federal deficit of more than 2 percent, to require that any such resolution contain language either expressly affirming the necessity of such deficit or attributing an equal amount of deficit (in the form of unspecified budget outlays) to one or more future fiscal years, to impose similar requirements upon the passage of any bill that would add to such deficit, and for other purposes.

United States · United States Congress · 14 July 1981

Amends the Congressional Budget Act of 1974 to require a two-thirds vote of both Houses of Congress for the adoption of a budget resolution which includes or would result in a Federal deficit of more than two percent. Requires any such resolution to contain language which: (1) affirms the necessity of, and the specific amount of, the deficit; or (2) provides that an amount equal to the deficit is to be carried over to future fiscal years, when budget outlays shall be increased by an equal amount. Makes these provisions inapplicable in time of war or other national emergency declared by Congress.

Bill· HRH.R. 4124 (97th)open

All Savers Act of 1981

United States · United States Congress · 10 July 1981

All Savers Act of 1981 - Amends the Internal Revenue Code to exclude from gross income $1,000 ($2,000 for joint returns) of the interest earned on an All Savers Certificate.

Law· HRH.R. 4119 (97th)enacted

A bill making appropriations for Agriculture, Rural Development, and Related Agencies programs for the fiscal year ending September 30, 1982, and for other purposes.

United States · United States Congress · 9 July 1981

Makes appropriations for Agriculture, Rural Development, and Related Agencies programs for fiscal year 1982. Title I: Agricultural Programs - Appropriates funds for the following agricultural programs and services: (1) Office of the Secretary of Agriculture; (2) departmental administration; (3) governmental and public affairs and emergency preparedness; (4) Office of the Inspector General; (5) Office of the General Counsel; (6) Federal Grain Inspection Service (with limitations on administrative expenses); (7) Agricultural Research Service (including scientific activities overseas); (8) Cooperative State Research Service; (9) Extension Service; (10) National Agricultural Library; (11) Animal and Plant Health Inspection Service; (12) Food Safety and Inspection Service; (13) Economic Research Service; (14) Statistical Reporting Service; (15) Agricultural Cooperative Service; (16) World Agricultural Outlook Board; (17) Agricultural Marketing Service (with limitations on administrative expenses); (18) Packers and Stockyards Administration; and (19) Agricultural Stabilization and Conservation Service (including the dairy indemnity program). Authorizes the Federal Crop Insurance Corporation and the Commodity Credit Corporation to make expenditures, within specified limits, to carry out their respective programs. Title II: Rural Development Programs - Appropriates funds for rural development assistance as follows: (1) Farmers Home Administration; (2) Rural Electrification Administration; (3) Soil Conservation Service; and (4) Agricultural Stabilization and Conservation Service. Title III: Domestic Food Programs - Appropriates funds for programs of the Food and Nutrition Service, including child nutrition, the special milk program, and food stamps. Title IV: International Programs - Appropriates funds for: (1) the Foreign Agricultural Service (including an allotment from the Commodity Credit Corporation); (2) the Office of International Cooperation and Development; and (3) Public Law 480 (financing the sale of agricultural commodities for convertible foreign currencies). Title V: Related Agencies - Appropriates funds for the: (1) Food and Drug Administration; (2) Commodity Futures Trading Commission; and (3) the Farm Credit Administration (with limitations on administrative expenses). Title VI: General Provisions - Limits the expenditure of specified appropriations made by this Act.

Bill· HRH.R. 4093 (97th)open

Taxpayer Protection Act

United States · United States Congress · 9 July 1981

Taxpayer Protection Act - Amends the Internal Revenue Code to subject the Internal Revenue Service (IRS), in the collection of taxes, to provisions of the Fair Debt Collection Practices Act regarding communication and harassment in connection with debt collection. Prohibits the publication of any deficiency which has not been adjudged to be payable by a competent court. Permits individual taxpayers to bring a civil action in a U. S. district court for damages resulting from collection practices prohibited by this Act. Requires a Federal court order before property of a taxpayer may be levied upon for the collection of tax. Specifies that a showing of fraud or malfeasance or a misrepresentation, for purposes of modifying or reconsidering a closing agreement between an individual taxpayer and the Secretary of the Treasury, shall be taken into account only if such a showing or misrepresentation is determined by a competent court. Prohibits the Secretary from consenting to extend for more than one year the period for assessment of the income tax liability of any individual taxpayer. Requires the Secretary to prepare, for distribution to taxpayers, brief but comprehensive statements which set forth in nontechnical terms: (1) the rights and obligations of taxpayers during an audit; (2) the procedures which the IRS 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 statement to accompany any tax forms sent to taxpayers. 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 or organization; 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. Makes binding on the Secretary: (1) a tax return prepared for the taxpayer by an officer or employee of the IRS acting in his official capacity to provide such assistance; and (2) information or advice given to the taxpayer by such an officer or employee acting in his official capacity. Places the burden of proof, in administrative and judicial proceedings involving the IRS and a taxpayer, upon the IRS. Directs that all property of taxpayers, for purposes of the estate and gift tax, be valued at historical cost (original cost to the taxpayer or the basis of the property if it was not purchased). Prohibits the use in IRS personnel evaluations of amounts collected pursuant to audits or investigations. Precludes the Secretary from exercising any enforcement authority over churches or religious orders. Prohibits the audit of any group of taxpayers unless the Secretary has first met certain notice requirements or permitted members of the group to file an amended return. Requires the IRS, before securing the records of, or personal data concerning, any taxpayer, to: (1) notify the taxpayer in writing of the demand, the material sought, and the need for the material; (2) have commenced an action in a competent court against the taxpayer; and (3) have justified its need before the court consistent with the discovery rules of the Federal Rules of Civil Procedure. States that the IRS shall have no authority, in enforcing the tax obligations of any person, which is in conflict with the rights and privileges granted under the Constitution.

Bill· HRH.R. 4104 (97th)open

A bill to amend the Internal Revenue Code of 1954 to allow nonrecognition of gain on certain rollovers of principal residences where the cost of purchasing the new residence is less than the adjusted sales price of the old residence, to extend to sixty months the period for the rollover of a principal residence, to allow a deduction for contributions to savings accounts established for the purpose of purchasing a home, and to deny the interest deduction to the extent the interest if on home loans in excess of $150,000.

United States · United States Congress · 9 July 1981

Amends the Internal Revenue Code to allow, at the election of the taxpayer, a nonrecognition of gain on the sale of a residence to the extent that the cost of purchasing a new residence is not more than $100,000 less than the adjusted sales price of the old residence. Extends from 36 to 60 months the rollover period for nonrecognition of gain on the sale of a principal residence. Allows a deduction for cash contributions to a savings account created or organized for the benefit of the taxpayer (or the taxpayer and spouse if married) for the exclusive purpose of purchasing the taxpayer's principal residence. Limits the maximum annual deduction to $4,000, with a maximum lifetime deduction of $20,000. Exempts such accounts from income taxation. Excludes distributions from such accounts from gross income so long as they are used exclusively for the purchase of a principal residence. Imposes a ten percent surtax on distributions from individual housing accounts which are not used for the purchase of a principal residence. Prohibits the deduction of interest on that portion of home loans which exceeds $150,000.

Bill· HRH.R. 4088 (97th)open

Family Enterprise Estate and Gift Tax Equity and Reduction Act

United States · United States Congress · 9 July 1981

Family Enterprise Estate and Gift Tax Equity and Reduction Act - Amends the Internal Revenue Code to reduce the estate and gift tax rates. Increases the unified credit against the estate and gift taxes from $47,000 to $103,500 by specified annual increments through 1985. Increases from $175,000 to $600,000, by specified annual increments through 1985, the minimum gross estate requirement for filing of a return. Repeals the existing limitations on the marital deduction for gift and estate taxes. Permits an election by an executor to take into account a life estate which passes to a surviving spouse for purposes of determining the marital deduction. Includes amounts equal to the value of such interests in the estate of the surviving spouse for purposes of imposition of the estate tax. Increases from $3,000 to $10,000 the annual gift tax exclusion. Revises the definition of "qualified real property," for purposes of the special use valuation, to include: (1) real property which is put to a qualified use by a member of the decedent's family; (2) certain future interests; and (3) timber. Qualifies estates of decedents who were disabled or retired for the special use valuation if such decedents materially participated in the operation of the farm or business for five out of eight years preceding the year in which they became disabled or eligible for disability benefits under title II (Old Age, Survivors and Disability Insurance) of the Social Security Act. Permits the spouse of a decedent to use such valuation if the spouse has managed the farm or business for ten years preceding the decedent's death or takes over active management upon the decedent's death. Qualifies the owner of a woodland for the special use valuation if the owner or a member of the owner's family actively managed the property for ten years prior to the owner's death. Includes as property qualified for the valuation certain future and partial interests. Reduces from 15 to ten years the length of time a qualified property must be held and put to a qualified use following the decedent's death before it can be disposed of without incurring a recapture of estate tax benefits. Permits active management rather than material participation as a test for qualification of the estate for spouses, children under 21, students, and disabled individuals who receive property from a decedent who qualified for special use valuation. Modifies the formula for recapture upon partial disposition of qualified property to include in the calculation of the additional tax imposed the adjusted tax difference attributable to the property disposed of or ceased to be used for a qualified use. Repeals the $500,000 limitation on the aggregate decrease in the value of property to which the special use valuation is applied. Allows the like kind exchange of property without loss of special use valuation eligibility. Permits, for purposes of calculating the five-year period required for qualification of real property, the aggregation of periods with respect to exchange property with those with respect to property included in the gross estate. Repeals the requirement that an heir elect special treatment for involuntary conversions of qualified real property, thus making such treatment automatic upon such conversion. Applies the special use valuation provisions to: (1) property which passes to a trust all of the beneficiaries of which are members of the decedent's family without regard to whether any beneficiary has a present interest in the trust; and (2) property held by a trust in which the decedent has an interest which is includible in the decedent's estate and which passes to a qualified heir as though the decedent had a direct interest in the property. Alters the method of valuing farms and woodlands and provides an alternate discount method of valuation. Expands the definition of "member of the family," for purposes of determining special use valuation eligibility, to include members of a spouse's family. Permits a parent or fiduciary of a person under a legal disability to sign an agreement to the application of recapture provisions on behalf of such person. Specifies that the estate tax deduction for certain indebtedness of an estate shall not be reduced if the value of the property is determined by applying the special use valuation. States that gifts made within three years of a decedent's death shall be valued as of the time of transfer rather than as of the date of death. Allows an individual to elect to pay a gift tax rather than use the unified tax credit. Modifies the alternate extension of time for payment of the estate tax where the estate consists largely of an interest in a closely held business to: (1) allow an installment payment election if the value of the interest in the closely held business is either 25 percent of the value of the gross estate or 35 of the taxable estate; (2) alter the definition of "interest in a closely held business"; (3) increase to 50 percent the value of an interest disposed of which will accelerate the payment of tax; and (4) permit payment, but with a penalty, of an installment within six months after the due date. Revises rules for determining whether property qualifies as an interest in a closely held business with respect to property included in the gross estate which is transferred prior to death and ownership of assets leased to or used by a family-owned business. Revises rules regarding the qualification of corporate distributions of property in redemption of stock which is included in a decedent's gross estate. Removes the limitation on substantially disproportionate redemptions of stock of a corporation which is a closely held business. Revises the formula for determining whether such redemptions are substantially disproportionate and the rule for determining whether a shareholder's interest in a corporation is terminated. Applies the four percent rate of interest on estate tax payments extended under the alternate extension of time provisions to the entire amount of the tax to be paid. Allows a disclaimer of an interest in property for estate tax purposes in specified circumstances where such disclaimer does not result in the passing of the interest concerned under the applicable State law.

Bill· HRH.R. 4087 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to repeal the crude oil windfall profit tax on tier 2 oil and tier 3 oil, to phaseout the tax beginning October 1, 1981, and to provide that royalty owners shall be exempt from the tax.

United States · United States Congress · 9 July 1981

Amends the Internal Revenue Code to exempt tier 2 oil or tier 3 oil from the windfall profit tax. Advances the beginning of the phaseout of the tax to October, 1981. Exempts from the tax any domestic crude oil owned through a royalty interest.

Bill· HRH.R. 4092 (97th)referred

Taxpayers Bill of Rights Act

United States · United States Congress · 9 July 1981

Taxpayers' Bill of Rights Act - Requires the Secretary of the Treasury to prepare, for distribution to taxpayers, brief but comprehensive statements which set forth in nontechnical terms: (1) the rights and obligations of taxpayers during an audit; (2) the procedures which the Internal Revenue Service (IRS) 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 statement to accompany any tax forms sent to taxpayers. Amends the Internal Revenue Code to prescribe 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 or organization 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 IRS, 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. Makes binding on the Secretary: (1) a tax return prepared for the taxpayer by an officer or employee of the IRS acting in his official capacity to provide such assistance; and (2) information or advice given to the taxpayer by such an officer or employee acting in his official capacity. 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. Places the burden of proof, in administrative and judicial proceedings involving the IRS and a taxpayer, upon the IRS. Directs that all property of taxpayers, for purposes of the estate and gift tax, be valued at historical cost (original cost to the taxpayer or the basis of the property if it was not purchased). Prohibits the use in IRS personnel evaluations of amounts collected pursuant to audits or investigations. Requires the annual audit of the tax returns of IRS revenue agents and tax auditors. Requires a court order before property of a taxpayer may be levied upon for the collection of tax.

Bill· HRH.R. 4094 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to provide an additional 3 years for the completion of certain requirements necessary for the extension through 1990 of the energy investment tax credit for long-term projects.

United States · United States Congress · 9 July 1981

Amends the Internal Revenue Code, with respect to application of the energy percentage for purposes of the investment tax credit, to extend by three years the periods for completion of certain engineering and construction requirements necessary for the extension through 1990 of such credit for long-term projects.

Bill· SS. 1449 (97th)open

A bill to amend the Internal Revenue Code of 1954 to limit the application of the subsidized energy financing limitations on certain tax credits to Federal subsidies, and for other purposes.

United States · United States Congress · 8 July 1981

Amends the Internal Revenue Code to remove from the subsidized energy financing limitation, for purposes of determining expenditures which qualify for the residential energy credit and the investment tax credit, energy financing received under State or local programs. Removes industrial development bond proceeds from the formula for reducing the qualified investment in energy property for purposes of the investment tax credit.

Bill· SS. 1451 (97th)open

A bill to amend the Internal Revenue Code of 1954 with respect to the exemption from tax of veterans' organizations.

United States · United States Congress · 8 July 1981

Amends the Internal Revenue Code to extend tax-exempt status to veterans' organizations at least 75 percent of whose membership consists of past or present members of the armed forces of the United States (combat or noncombat veterans) and whose remaining membership consists substantially of cadets or spouses, widows, or widowers of armed forces personnel or cadets.

Bill· HRH.R. 4071 (97th)open

A bill to amend the Internal Revenue Code of 1954 to provide that the limitations of section 280A will not apply to rentals under shared equity financing arrangements.

United States · United States Congress · 8 July 1981

Amends the Internal Revenue Code to provide that the limitations placed on tax deductions for the business or rental use of a home shall not apply to rentals under shared equity financing arrangements. Defines "shared equity financing agreement" for purposes of this Act.

Resolution· HRESH.Res. 171 (97th)passed

A resolution waiving certain points of order against the bill (H.R. 4034) making appropriations for the Department of Housing and Urban Development, and for sundry independent agencies, boards, commissions, corporations, and offices for the fiscal year ending September 30, 1982, and for other purposes.

United States · United States Congress · 8 July 1981

Sets forth the rule for the consideration of H.R. 4034 (Department of Housing and Urban Development funding).

Bill· HRH.R. 4044 (97th)referred

A bill to prohibit the imposition of discriminatory State taxes with respect to natural gas.

United States · United States Congress · 26 June 1981

Prohibits a State, or any of its political subdivisions, from imposing a tax with respect to natural gas which discriminates against any out-of-State producers, transporters, consumers, distributors, or users of natural gas or which applies only to gas produced outside the territory of such State. Deems any tax as discriminatory if it results in a greater tax burden on interstate natural gas than on intrastate gas.

Bill· HRH.R. 4061 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to provide exemptions for childbirth or adoption.

United States · United States Congress · 26 June 1981

Amends the Internal Revenue Code to provide an additional personal tax exemption of $1,000 for each child born to, or adopted by, a taxpayer during the taxable year. Provides a $3,000 tax exemption in the case of: (1) a child who is born with a handicap; or (2) the adoption of a child (a) whose natural parents were not members of the same race or (b) who has attained the age of 6 or (c) who is handicapped. Allows an income tax deduction for adoption expenses of more than $500 paid or incurred by a taxpayer. Limits such deduction to $3,500 ($4,500 in the case of an international adoption).

Bill· HRH.R. 4059 (97th)referred

A bill to amend the Internal Revenue Code of 1954 to provide a credit or a deduction for maintaining a household which includes as a member a dependent who has attained the age of sixty-five, and to provide a deduction for amounts contributed under a trust established for a handicapped relative or a parent who has attained the age of sixty-five.

United States · United States Congress · 26 June 1981

Amends the Internal Revenue Code to allow a taxpayer to elect either an income tax credit of $250 or an income tax deduction of $1,000 for maintaining a household which includes as a member a dependent age 65 or over. Provides an income tax deduction for the amount contributed to a trust established to provide care to a handicapped relative or parent who has attained the age of 65. Limits the deduction to $3,000 for each beneficiary.

Bill· HRH.R. 4060 (97th)referred

Education Savings Account Act

United States · United States Congress · 26 June 1981

Education Savings Account Act - Amends the Internal Revenue Code to allow an income tax deduction from gross income for contributions of cash, stocks, bonds, or other securities to a savings account for the purpose of paying the educational expenses of the taxpayer or his dependent. Limits such deduction to $2,500 per calendar year adjusted for inflation. Prohibits the establishment of an account for the benefit of more than one individual. Prohibits an individual from being a beneficiary of more than one account. Excludes distributions from such accounts from the gross income of the contributors so long as they are used exclusively for the payment of tuition, fees and other expenses required for enrollment or attendance at an institution of higher education, a vocational school, a secondary school, or an elementary school. Specifies sanctions for the use of account funds for other than educational expenses. Treats qualified distributions as income to the beneficiary for the taxable year in which the amounts were paid. Allows the beneficiary to elect to include such amounts in gross income in the taxable year in which the beneficiary attains age 25 and for each of the following nine years, in successive apportionments equal to ten percent of the total amount of such distributions.

PreviousPage 7 of 8Next