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Bill· HRH.R. 2532 (99th)referred
United States · United States Congress · 16 May 1985
On-Site Day Care Privatization Act - Amends the Internal Revenue Code to allow an income tax credit to employers for the expenses of establishing and operating an on-site dependent care facility. Sets the amount of such credit at 15 percent of the expenses paid by an employer during the first year of operation of such a facility and ten percent of the wages paid to individuals performing dependent care services during the second year of operation of such a facility.
Bill· HRH.R. 2530 (99th)referred
United States · United States Congress · 16 May 1985
Revenue Enhancement and Protection Program Tax Act of 1985 - Title I: Amnesty from Criminal and Civil Penalties - Provides for a one-time amnesty from criminal and civil tax penalties for taxpayers who: (1) file a written statement with specified information concerning any underpayment of tax; (2) pay the amount of such underpayment when filing the statement; and (3) within 30 days of notification of the amount of interest payable on any tax delinquent amount, pay the full amount of such interest or deliquency. Permits installment payments of tax due in certain cases. Provides that where the taxpayer fails to pay the full amount of such interest or deliquency. Permits installment payments pays any installment that is due under the agreement pursuant to these provisions, the balance shall be due immediately. Disallows an amnesty period for a taxpayer who has made any representation in seeking amnesty which is false or fraudulent in any material respect or to which a Justice Department referral is in effect as of the time the statement for amnesty is filed. Specifies that the amnesty period shall be a three month consecutive period during 1986 chosen by the Secretary of the Treasury. Grants the amnesty treatment only to underpayments of Federal tax for taxable periods ending before January 1, 1984. Provides that no information disclosed to the Secretary of the Treasury in seeking amnesty may be disclosed or open to inspection to any State agency, body, or commission. Authorizes appropriations to the Secretary of the Treasury to provide publicity about the amnesty program. Title II: Compliance Provisions - Subtitle A: Increase in Compliance Personnel - Authorizes appropriations to the Secretary of the Treasury for revenue enforcement and compliance programs an amount equal to ten percent of the revenue attributable to the amnesty program. Authorizes appropriations for an additional 2,500 compliance personnel for the Internal Revenue Service. Subtitle B: Denial of Federal Contracts, Licenses, Etc. to Taxpayers With Tax Delinquent Accounts - Prohibits the award of any Federal contract to any person who has a tax delinquent account. Provides that no Federal business license may be issued with respect to any person who has a tax delinquent account. Requires the revocation of the Federal business license who has a tax delinquent account. Provides an exception to this rule for public health business licenses or business licenses specified in regulations issued by the Secretary of the Treasury. Subtitle C: Use of Private Collection Agencies - Permits the collection of taxes by private collection agencies. Subtitle D: Revision of Penalties - Imposes a tax penalty for: (1) failure to file information returns; (2) failure to file information statements; (3) failure to furnish required data; (4) failure to supply information on a return; and (5) filing false statements. Provides that the penalty for intentional disregard of any of the above requirements shall be ten percent of the gross proceeds or other amount required to be reported or $500, whichever is greater. Exempts the taxpayer from these penalties if the failure to comply with the provisions is due to reasonable cause and not to willful neglect. Subtitle E: Publicity on IRS Enforcement - Requires the Secretary of the Treasury to publicize the risks and consequences of noncompliance with the internal revenue laws, including seizures with respect to taxpayers owing large amounts of tax in such a way as to publicize such risks and consequences.
Resolution· HCONRESH.Con.Res. 151 (99th)referred
United States · United States Congress · 16 May 1985
Revises the concurrent resolution on the budget for FY 1985 and sets forth the first concurrent resolution on the budget for FY 1986 and the appropriate budgetary levels for FY 1987 and 1988. Recommends levels of Federal revenues of $736,200,000,000 for FY 1985, $794,200,000,000 for FY 1986, $866,000,000,000 for FY 1987, and $954,200,000,000 for FY 1988. Sets the amounts by which the aggregate levels of Federal revenues should be increased at zero for FY 1985, $1,500,000,000 for FY 1986, $1,700,000,000 for FY 1987, and $1,700,000,000 for FY 1988. Sets the amounts for Federal Insurance Contributions Act (FICA) revenues for hospital insurance within the recommended levels of Federal revenues at $44,800,000,000 for FY 1985, $50,900,000,000 for FY 1986, $56,100,000,000 for FY 1987, and $61,200,000,000 for FY 1988. Sets the amount for FICA revenues for old-age, survivors, and disability insurance within the recommended levels of Federal revenues at $186,200,000,000 for FY 1985, $200,400,000,000 for FY 1986, $216,800,000,000 for FY 1987, and $248,000,000,000 for FY 1988. Sets the appropriate levels of total new budget authority at $1,055,500,000,000 for FY 1985, $1,060,000,000,000 for FY 1986, $1,119,800,000,000 for FY 1987, and $1,189,300,000,000 for FY 1988. States that the appropriate levels of total budget outlays are $949,300,000,000 for FY 1985, $970,800,000,000 for FY 1986, $1,018,500,000,000 for FY 1987, and $1,064,300,000,000 for FY 1988. Sets the amounts of the deficits in the budget which are appropriate in the light of economic conditions and all other relevant factors at $213,100,000,000 for FY 1985, $176,600,000,000 for FY 1986, $152,500,000,000 for FY 1987, and $110,100,000,000 for FY 1988. States that appropriate levels of the public debt are $1,849,800,000,000 for FY 1985, $2,085,900,000,000 for FY 1986, $2,308,400,000,000 for FY 1987, and $2,512,300,000,000 for FY 1988. Sets the amounts by which the statutory limits on such limit should be increased at $26,000,000,000 for FY 1985, $236,100,000,000 for FY 1986, $222,500,000,000 for FY 1987, and $203,900,000,000 for FY 1988. Sets forth the appropriate levels of total Federal credit activity as follows: (1) $51,937,223,000 for new direct loan obligations, $68,805,405,000 for new primary loan guarantee commitments, and $41,251,600,000 for new secondary loan guarantee commitments for FY 1985; (2) $34,258,541,000 for new direct loan obligations, $74,036,665,000 for new primary loan guarantee commitments, and $43,107,900,000 for new secondary loan guarantee commitments for FY 1986; (3) $34,376,759,000 for new direct loan obligations, $76,966,574,000 for new primary loan guarantee commitments, and $44,964,200,000 new primary loan guarantee commitments, and $46,061,800,000 for new secondary loan guarantee commitments for FY 1987; and (4) $34,172,944,000 for new direct loan obligations, $81,175,571,000 for new secondary loan guarantee commitments for FY 1988. Sets forth the levels of budget authority, budget outlays, new direct loan obligations, and new loan guarantee commitments for each major functional category for FY 1985 through 1988. Requires certain Senate and House committees to report changes in laws within their jurisdictions sufficient to achieve savings of specified amounts of budget authority and outlays in FY 1986. Sets forth decreases in budget authority and outlays under laws within such committees' jurisdictions which the Congress finds necessary in FY 1987 and 1988 to achieve budget levels under this resolution. Requires such committees to submit their recommendations to the Committees on the Budget of their respective Houses not later than 30 days after adoption of this resolution. Requires the Budget Committees to report to the House and Senate a reconciliation bill carrying out such recommendations without any substantive revision. Declares that, effective October 1, 1985, this concurrent resolution shall be deemed to be the second concurrent budget resolution for FY 1986 required to be reported under the Congressional Budget Act of 1974. Permits the enrollment of any bill or resolution providing new discretionary budget authority or new spending authority for FY 1986 if it would not cause the appropriate allocation for a committee to be exceeded. Terminates such provisions when the Congress completes action on a subsequent concurrent resolution on the budget for FY 1986. Prohibits the House of Representatives from considering any measure providing new budget authority, new entitlement authority, or new credit activity for FY 1986 within the jurisdiction of a committee until such committee makes the allocations or subdivisions required by the Congressional Budget Act. Declares that such prohibition shall not apply until 21 days of continuous session after the Congress completes action on this concurrent resolution.
Bill· SS. 1146 (99th)open
United States · United States Congress · 15 May 1985
Amends the Tariff Act of 1930 to authorize appropriations for FY 1986 for the International Trade Commission. Amends the Customs Procedural Reform and Simplification Act of 1978 to authorize appropriations for FY 1986 for the U.S. Customs Service. Directs the Commissioner of Customs to use any savings resulting from administrative consolidations to strengthen the commercial operations of the Customs Service by increasing the number of inspector, import specialist, patrol officer, and other line operational positions. Amends the Trade and Tariff Act of 1984 to increase the number of airports where user fees can be charged for customs services. Authorizes the Secretary of the Treasury to use funds resulting from such fees to pay the expenses incurred by the Federal Government in providing customs services at such an airport. Prohibits using such funds for any other purpose. Extends until September 30, 1986, the requirement that the Commissioner of Customs must notify the Congress 90 days before initiating a certain reorganization or consolidation actions. Requires such notification to include: (1) a statement which sets forth in detail the factors taken into account in making the decision to take such action; and (2) an analysis of the community impact of such action. Amends the Tariff Act of 1930 to eliminate a statute of limitation on bringing certain negligence actions under such Act. Amends the Trade Act of 1974 to authorize appropriations for the Office of the United States Trade Representative for FY 1986.
Bill· SS. 1143 (99th)open
United States · United States Congress · 15 May 1985
Amends the Toxic Substances Control Act to authorize appropriations for FY 1986.
Bill· SS. 1144 (99th)open
United States · United States Congress · 15 May 1985
Authorizes appropriations to the Environmental Protection Agency for FY 1986 for environmental research, development, and demonstration activities authorized under: (1) the Clean Air Act; (2) the Federal Water Pollution Act; (3) the Safe Drinking Water Act; (4) the Solid Waste Disposal Act; (5) the Comprehensive Environmental Response, Compensation, and Liability Act (Superfund) (hazardous waste activities); (6) the Federal Insecticide, Fungicide, and Rodenticide Act; (7) the Public Health Service Act (radiation activities); (8) interdisciplinary activities provisions; (9) the Toxic Substances Control Act; (10) energy research programs; and (11) program management and support.
Resolution· SRESS.Res. 165 (99th)open
United States · United States Congress · 15 May 1985
Expresses the sense of the Senate that the President and the Secretary of the Treasury should exclude from any tax reform plan any proposal to impose a tax on the annual increase in the value of permanent life insurance.
Bill· HRH.R. 2528 (99th)referred
United States · United States Congress · 15 May 1985
Amends the Internal Revenue Code to provide that research and experimental expenditures of corporations, including personal holding companies, shall not be treated as items of tax preference for purposes of the minimum tax.
Bill· HRH.R. 2527 (99th)referred
United States · United States Congress · 15 May 1985
Amends the Internal Revenue Code to allow a refundable income tax credit for: (1) employment related dependent care expenses, plus (2) expenses for the respite care of a dependent. Sets the amount of such credit at 50 percent of the sum of such expenses. Reduces such percentage (but not below 20 percent) by one percent for each full $1,000 amount by which the taxpayer's adjusted gross income exceeds $11,000. Provides for cost-of-living adjustments to such adjusted gross income amount. Limits the amount of employment-related expenses and respite care expenses which may be taken into account for purposes of such credit. Allows such credit for expenses incurred for the care of: (1) a dependent of the taxpayer who is under the age of 15; (2) a dependent of the taxpayer who is physically or mentally incapable of caring for himself; or (3) a spouse who is incapable of caring for himself. Repeals present provisions relating to the income tax credit for dependent care expenses necessary for gainful employment.
Bill· HRH.R. 2529 (99th)open
United States · United States Congress · 15 May 1985
Amends the Internal Revenue Code to deny a business expense deduction for any amount paid as restitution or other damages for violation of the law involving fraud.
Bill· SS. 1130 (99th)open
United States · United States Congress · 14 May 1985
Small Business Tax Reform Act of 1985 - Amends the Internal Revenue Code to reduce the tax rates for corporations with taxable income below $125,000. Increases the dollar limitation with respect to the election to expense (current deduction) certain business assets. Permits a taxpayer who sells property to not recognize any gain realized on the sale to the extent that the amount realized from the sale is used to purchase a qualified small business investment within one year from the sale of the property. Requires the taxpayer to file an election for such treatment. Treats any exchange of property as a sale for purpose of the nonrecognition provision. Requires that the basis of the small business investment be reduced by the amount of the gain not recognized on the sale of the property. Extends the period of the statute of limitations with respect to assessment of tax relating to such sale or exchange. Permits an 80 percent capital gains deduction attributable to the sale of a small business equity investment held for at least four years. Permits the one-time of exclusion from income of gain from the sale of a substantial equity interest in a small business by an individual who has attained the age of 65. Requires the small business interest sold to have been a small business investment held by the taxpayer for ten years prior to the date of the sale or exchange. Provides special rules for such exclusion. Permits a taxpayer to elect to use the cash receipts and disbursement of accounting for a trade or business if: (1) the annual gross receipts do not exceed $2,000,000 for each of the three taxable years ending with the election year; and (2) the taxpayer was a qualified small business for each of such three taxable years. Provides that the Internal Revenue Service shall be subject to the Regulatory Flexibility Act.
Bill· SS. 1126 (99th)open
United States · United States Congress · 14 May 1985
Space Tax Investment Equity Act of 1985 - Amends the Internal Revenue Code to allow an investment tax credit for any tangible property which is predominantly used or operated in space and which is either a qualified spacecraft (a craft predominantly used or operated in space and controlled from locations within the United States) or is used or operated upon such a spacecraft. Treats any tangible property used in space as five-year depreciable property for purposes of the accelerated cost recovery system (ACRS). Allows an income tax credit for increasing research activities for research conducted in space. Treats income derived from commercial activity in space aboard a qualified spacecraft as income derived from sources within the United States.
Bill· SS. 1125 (99th)open
United States · United States Congress · 14 May 1985
On-Site Day Care Privatization Act - Amends the Internal Revenue Code to allow an income tax credit to employers for the expenses of establishing and operating an on-site dependent care facility. Sets the amount of such credit at 15 percent of the expenses paid by an employer during the first year of operation of such a facility and ten percent of the wages paid to individuals performing dependent care services during the second year of operation of such a facility.
Law· HRH.R. 2475 (99th)enacted
United States · United States Congress · 14 May 1985
Amends the Internal Revenue Code to reduce the imputation rate on seller-financed transactions from 120 percent to 100 percent of the Federal rate. Eliminates the separate testing rate for the determination of imputed interest. Directs the Secretary of the Treasury to make a determination of the Federal short-term, mid-term, and long-term rates on a monthly basis. Permits the use of a lower rate than the applicable Federal rate where such rate is based on the same principles as the applicable Federal rate and is appropriate for the term of the instrument. Provides that the rate used to test the adequacy of stated interest on the first $2,000,000 of seller financing cannot exceed nine percent. Provides that where the amount of seller financing is greater than $4,000,000, the test rate is 100 percent of the applicable Federal rate. Establishes a blended rate for sales between $2,000,000 and $4,000,000 equal to nine percent on an amount which phases out dollar-for-dollar as the amount of seller financing exceeds $2,000,000 and 100 percent of the applicable Federal rate on the excess. Provides that the $2,000,000 and $4,000,000 threshold amounts will be indexed for inflation after 1988. Allows the parties to elect to account for interest using the cash method of accounting where the transaction amount of seller-financing is not more than $2,000,000. Lengthens the recovery period for real property from 18 to 19 years.
Bill· HRH.R. 2496 (99th)referred
United States · United States Congress · 14 May 1985
Entrepreneur Incentive Act of 1985 - Amends the Internal Revenue Code to permit a taxpayer who sells a capital asset which has been held for more than six months to not recognize any gain realized on the sale to the extent that the amount realized from such sale is invested in a qualified small business investment within one year of such sale. Provides that the maximum amount of gain which may not be recognized cannot exceed $125,000 for the taxable year and all prior taxable years. Treats any exchange of property as a sale for purposes of the nonrecognition provisions. Prohibits the nonrecognition of gain to the extent the gain is ordinary income. Requires the basis of the small business investment to be reduced by the amount of gain not recognized on the sale of the property. Extends the period of statute of limitations with respect to assessment of tax relating to such sale or exchange. Permits a deduction for amounts paid by the taxpayer for the purchase of stock of a small business corporation from such corporation under a qualified stock purchase plan. Limits the deduction in a taxable year to $15,000 ($30,000 for a joint return). Requires a qualified stock purchase plan to: (1) sell no more than $250,000 in stock; (2) prohibits the purchase by a person which would result in such person owning more than 50 percent of the stock of the corporation; (3) sell stock only to new stockholders; (4) require the purchase of the stock with cash; (5) prohibit any distribution with respect to such stock for a three year period after the stock is purchased; (6) limit the transfer of such stock for three years after purchase; and (7) require the proceeds of such sales to be used in the conduct of an active trade or business of the corporation. Reduces the amount of income tax imposed on small business corporations by an amount equal to the lesser of the tax imposed on: (1) the amount of dividends paid by the corporation during the taxable year; or (2) $50,000. Provides a phase-out of this tax reduction for corporations with a taxable income in excess of $2,000,000. Requires the dividends, which are eligible for this provision, to be: (1) paid in cash; (2) pro rata, with no preference to any share of stock as compared with other shares of the same class, and with no preference of one class of stock over another except to the extent it is entitled to preference; and (3) not in redemption or in partial liquidation or corporate liquidation. Sets forth various rules relating to the reduction of the income tax liability. Permits an ordinary loss deduction for securities of a small business corporation which becomes worthless.
Bill· HRH.R. 2492 (99th)referred
United States · United States Congress · 14 May 1985
Amends the Internal Revenue Code to provide that an activity relating to the distribution of low cost articles (any article which has a cost not in excess of five dollars to the organization which distributes such item) by certain nonprofit organizations and veterans' organizations in connection with the solicitation of charitable contributions does not constitute an unrelated trade or business of such organization. Provides for a yearly inflation adjustment to the cost of the low cost articles which may be distributed.
Bill· HRH.R. 2480 (99th)referred
United States · United States Congress · 14 May 1985
Amends the Internal Revenue Code to increase the amount of the earned income tax credit from 11 percent to 16 percent of the first $5,000 of earned income. Provides for a phaseout of such credit for taxpayers with adjusted gross incomes between $11,000 and $16,000. Provides that governmental payments shall be disregarded for purposes of determining support and maintenance of a household. Provides that any refund of Federal income taxes or advance payment made to an individual by reason of the earned income credit shall not be taken into account as income for purposes of determining eligibility for benefits or assistance under any Federal program or any State or local program financed in whole or part with Federal funds. Provides for cost-of-living adjustments for the amount of the earned income credit and the phase-out thresholds of such credit beginning in 1987.
Bill· HRH.R. 2476 (99th)referred
United States · United States Congress · 14 May 1985
Junk Bond and Greenmail Tax Act of 1985 - Amends the Internal Revenue Code to disallow an income tax deduction for interest paid with respect to any acquisition junk bond or any amount paid as an acquisition commitment fee in connection with a plan to issue, service, or continue any acquisition junk bond. Defines an "acquisition junk bond" as a bond issued after a specified date pursuant to a plan of corporate acquisition which: (1) is subordinated to other obligations or has a rating which is below investment grade; and (2) is part of an issue having an aggregate issue price of $30 million or more. Prohibits federally insured financial institutions and employer retirement plans from acquiring such acquisition junk bonds. Treats "greenmail profits" as ordinary income rather than as capital gain. Defines "greenmail profits" as any gain realized on the sale or exchange of stock by a stockholder if: (1) the shareholder's holding period is less than two years; (2) during the two year period prior to the sale of such stock the shareholder or anyone acting on his behalf announced a public tender offer; and (3) the consideration received is materially different from that of any other shareholder with respect to stock in the same class as the stock sold or exchanged.
Bill· HRH.R. 2498 (99th)referred
United States · United States Congress · 14 May 1985
Alternate Energy Production Tax Act of 1985 - Amends the Internal Revenue Code to extend the residential energy income tax credit for solar energy property for five years (from 1985 to 1990). Phases out the percentage of expenditures which may be taken into account for such credit between the years 1986 and 1990. Limits to $6,000 the maximum amount of expenditures for solar hot water systems which may be taken into account for purposes of such credit. Specifies additional standards which solar hot water systems and active space heating systems must meet in order to qualify for such credit. Allows an income tax credit for the production of alternate energy which is sold by the taxpayer to an unrelated person during the taxable year. Allows such credit for alternate energy produced by: (1) solar equipment; (2) photovoltaic equipment; (3) wind equipment; (4) geothermal equipment; (5) ocean thermal energy or tidal power equipment; and (6) biomass equipment. Sets the amount of such credit based upon the type of equipment used to produce such energy. Sets forth certain limitations and adjustments to such credit.
Bill· HRH.R. 2477 (99th)referred
United States · United States Congress · 14 May 1985
Amends the Internal Revenue Code to provide that the zero bracket amount for heads of households shall be the same as the zero bracket amount for joint returns and surviving spouses.
Resolution· HRESH.Res. 169 (99th)passed
United States · United States Congress · 14 May 1985
Sets forth the rule for the consideration of H.R. 1872 (armed forces funding).
Resolution· HCONRESH.Con.Res. 147 (99th)referred
United States · United States Congress · 14 May 1985
Requires the first concurrent resolution on the budget for FY 1986 reported by the House and Senate Committees on the Budget to set forth new budget authority for FY 1986 not exceeding specified levels for major functional categories.
Bill· HRH.R. 2473 (99th)open
United States · United States Congress · 13 May 1985
Amends the Internal Revenue Code to deny a business expense deduction for any amounts paid as restitution or other damages for violation of the law involving fraud.
Bill· SS. 1115 (99th)open
United States · United States Congress · 9 May 1985
Form 1099 Paperwork Relief Act of 1985 - Amends the Internal Revenue Code to allow the inclusion of dividend payments with the required informational statement furnished to taxpayers receiving dividends. (Present law requires separate mailings of dividend payments and such informational statements.)
Bill· SS. 1118 (99th)open
United States · United States Congress · 9 May 1985
Amends the Internal Revenue Code to increase the rate of the earned income tax credit from 11 percent to 12 percent of the first $5,000 in earned income. Phases out such credit at a rate of 13.33 percent for incomes between $8,500 and $13,000. Provides for annual cost-of-living adjustments to the amount of such credit and the phase-out thresholds beginning in 1987. Provides that any refund of income tax due to the earned income credit shall not be taken into account for purposes of determining eligibility for benefits or assistance under any Federal program or any State or local program funded in whole or in part by Federal funds.
Bill· SS. 1120 (99th)open
United States · United States Congress · 9 May 1985
Amends the Internal Revenue Code to allow a wholesale distributor of beverages to deduct a reasonable addition to a reserve fund for refunds of beverage container deposits. Directs the Secretary of the Treasury to promulgate regulations which will limit the amount of the deduction allowable for the first year the taxpayer elects such procedure and specify the time and manner for such election. Makes such an election applicable to all subsequent taxable years unless the Secretary consents to a revocation of such election.
Bill· SS. 1112 (99th)open
United States · United States Congress · 9 May 1985
Tax Fairness for Families Act - Amends the Internal Revenue Code to increase the amount of the deduction allowed for the personal exemption from the current amount of $1,000 to $2,000.
Bill· SS. 1113 (99th)open
United States · United States Congress · 9 May 1985
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 income of 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: (1) the amount of the deduction for dividends paid by a corporation which has elected the Puerto Rico and possession tax credit for the taxable year; or (2) a certain percentage (determined according to specified formulae) of any dividend received from a domestic corporation which is not treated as income from sources within the United States (or a dividend received by a corporation from a foreign corporation). Provides that nothing in this Act shall subject any dividend, other income item, or portion thereof, to taxation if such taxation is otherwise prohibited by any law of the United States.
Bill· SS. 1117 (99th)open
United States · United States Congress · 9 May 1985
Amends the Federal Election Campaign Act of 1971 to authorize appropriations for the Federal Election Commission for FY 1986.
Bill· HRH.R. 2460 (99th)referred
United States · United States Congress · 9 May 1985
Fiscal Year 1986 Highway Amendments Act - Amends the law relating to Federal-aid highway projects to provide that obligations for substitute highway and mass transit projects for FY 1986 shall be paid out of the Highway Trust Fund. (Currently, substitute transit projects are funded from the general fund of the Treasury.) Provides that 25 percent of such funds shall be distributed at the discretion of the Secretary of Transportation, and the remaining 75 percent shall be apportioned on the basis of the Federal share of the cost to complete withdrawn interstate routes. Amends the Surface Transportation Assistance Act of 1982 to repeal authorizations for parkways and park highways out of the Highway Trust Fund for FY 1986.
Bill· HRH.R. 2461 (99th)open
United States · United States Congress · 9 May 1985
Directs the Secretary of Transportation to apportion the funds authorized to be appropriated for FY 1987 for expenditure on the National System of Interstate and Defense Highways. Directs the Secretary to use the apportionment factors from the Interstate Cost Estimate submitted to the Congress in January 1985.
Bill· HRH.R. 2456 (99th)open
United States · United States Congress · 9 May 1985
Amends the Arms Control and Disarmament Act to increase the authorized appropriations for FY 1985. Authorizes appropriations for FY 1986 and 1987. Provides that the Deputy Director of the U.S. Arms Control and Disarmament Agency shall be compensated at level III on the Executive Schedule. Provides that the Assistant Directors of such Agency shall be compensated at level IV on the Executive Schedule.
Bill· SS. 1102 (99th)open
United States · United States Congress · 8 May 1985
Business Transfer Tax Act of 1985 - Amends the Internal Revenue Code to impose a five percent tax on the sum of the net business receipts of the taxpayer, plus the customs value (including customs duties and any other duties) or the fair market value of imported property. Sets forth definitions of taxable net business receipts, business receipts, and business expenses. Formulates special rules for determining business receipts. Provides that various government entities and tax-exempt organizations are exempt from this five percent tax, except that the tax shall be imposed on the unrelated business income of tax-exempt organizations. Sets forth rules for filing returns, for estimated tax payments, and for overpayment of this tax. Provides that this five percent tax shall be imposed on the partnership rather than individual partners. Provides that no portion of any distribution by a partnership on account of such partner's interest in such partnership shall be taken into account in determining the taxable net business receipts of such partner. Provides that in the case of an S corporation, this tax shall be imposed on the corporation (and not on any shareholder). Specifies that no portion of any distribution by an S corporation to a shareholder on account of such shareholder's ownership of stock in such corporation shall be taken into account in determining the taxable net business receipts of such shareholder. Sets forth certain definitions and special rules. Allows the taxpayer a credit against the tax liability of the taxpayer for Federal Insurance Contributions Act taxes equal to the amount of the five percent tax on business receipts. Permits a credit for the amount of this five percent tax against the self-employment tax liability. Provides that an amount equal to the amount of the credit against the FICA taxes shall be transferred to the appropriate Social Security trust funds. Expresses the sense of the Senate that the net revenues arising from enactment of the business transfer tax shall be offset by reduction in individual marginal tax rates and incentives for individuals to save and invest.
Bill· SS. 1101 (99th)open
United States · United States Congress · 8 May 1985
Amends the Internal Revenue Code with respect to the exclusion from income of certain fringe benefits to provide that parents shall be accorded the same treatment as spouses and dependent children of employees.
Law· HRH.R. 2419 (99th)enacted
United States · United States Congress · 8 May 1985
Intelligence Authorization Act for Fiscal Year 1986 - Title I: Intelligence Activities - Authorizes appropriations for FY 1986 for intelligence and intelligence-related activities in specified departments and agencies of the U.S. Government, including the Central Intelligence Agency (Agency) and the Department of Defense. Authorizes appropriations for the Federal Bureau of Investigation to conduct activities to counter terrorism in the United States. Authorizes the Director of Central Intelligence to employ civilian personnel in excess of the ceiling for such personnel when necessary to the performance of important intelligence functions. Prohibits any funds appropriated by this Act from being used for covert assistance for military or paramilitary operations in Nicaragua. Title II: Intelligence Community Staff - Authorizes appropriations for the Intelligence Community Staff for FY 1986. Establishes an end strength ceiling of 233 full-time Intelligence Community Staff employees. Title III: Central Intelligence Agency Retirement and Disability System - Authorizes appropriations for FY 1986 for the Central Intelligence Agency Retirement and Disability Fund. Title IV: Provisions Relating to Intelligence Agencies - Amends the National Security Act of 1947 to require notice to the Intelligence and Appropriations Committees of the House of Representatives and of the Senate of expenditures for intelligence or intelligence-related activities in excess of authorized amounts. Requires that transfers by an intelligence agency of any items of military equipment or services worth more than $1,000,000 be reported in a similar fashion. Requires the Director of Central Intelligence to provide a report on the vulnerability of confidential United States Government activities abroad and the efforts by foreign powers to detect, monitor, or counter such activities. Title V: General Provisions - States that the authorization of appropriations by this Act shall not constitute authority for the conduct of any intelligence activity which is not otherwise authorized by the Constitution or laws of the United States. Allows increases in employee benefits as authorized by law.
Bill· HRH.R. 2438 (99th)referred
United States · United States Congress · 8 May 1985
Amends the Internal Revenue Code to repeal the taxation of social security benefits and tier I railroad retirement benefits.
Bill· HRH.R. 2432 (99th)referred
United States · United States Congress · 8 May 1985
Amends the Internal Revenue Code to establish an applicable test rate of nine percent for determining whether there is imputed interest in the case of seller-financed property. Permits a lower test interest rate of 80 percent of the Federal Treasury rate where such rates are lower than the nine percent test rate. Provides for a blended test rate for instances where the loan amount exceeds $4,000,000. Provides that in determining whether wraparound financing meets such testing rate, the test shall be applied to the net rate of interest on the seller's equity in the financing after deducting the existing third party financing. Authorizes the imputation of interest in seller-financed property sales of $4,000,000 or less of ten percent or 90 percent of the Federal Treasury rates, whichever is less, where the test interest rates have not been met. Allows for a blended imputed interest rate where the debt amount exceeds $4,000,000. Requires that all loan amounts from a single transaction or series of related transactions be aggregated for purposes of determining the loan amount. Provides that the imputed interest rules will not apply to assumptions of loans unless the terms and conditions of such debt obligations are modified in connection with the assumption. Repeals the provisions of the Code limiting the amount of interest expense a purchaser of personal use property may deduct for tax purposes. Excepts debt instruments arising from the sale or exchange of a residence from the imputed interest provisions where the obligor of the instrument uses the property as his other residence. Provides that the imputed interest rules shall not apply in the case of sales or exchanges of property where the borrowed amount does not exceed $4,000,000. Requires the interest on the obligation issued in connection with such sales or exchanges to be taken into account by both the buyer and the seller on the cash receipts and disbursement method of accounting unless both buyer and seller agree to use the accrual receipts and disbursement method of accounting.
Bill· HRH.R. 2428 (99th)referred
United States · United States Congress · 8 May 1985
Amends the Internal Revenue Code to allow an individual taxpayer an income tax deduction for contributions to a savings account established to pay the educational expenses (tuition, supplies, meals, and lodging) of the taxpayer's dependent child at an institution of higher education or a vocational school. Limits the amount of such deduction to $1,000 (adjusted for inflation) for each account per calendar year. Disallows any deduction for contributions to an account for individuals who have attained age 19. Provides that no account may have more than one beneficiary and that no individual may be a beneficiary of more than one account. Permits the deferral of income tax on income accumulated in such education savings accounts as long as such amounts are used exclusively for educational expenses. Specifies penalties for the use of account funds for other than educational purposes. Requires that the trustee of an education savings account file reports with the Secretary of the Treasury on the maintenance of the account. Imposes penalties for not filing required reports. Extends the deduction for contributions to an education savings account to taxpayers who do not otherwise itemize deductions. Excludes from the gross income of account beneficiaries any distributions from the account made on their behalf which are used for educational expenses.
Bill· HRH.R. 2424 (99th)referred
United States · United States Congress · 8 May 1985
Fair Share Minimum Tax Act of 1985 - Amends the Internal Revenue Code to provide for a single alternative minimum tax for both individuals and corporations. Imposes such tax on taxpayers having alternative minimum taxable income in excess of $70,000. Sets the amount of such tax at the excess of: (1) five-sixths of one percent for individuals or five-sixteenths of one percent for corporations for each $1,000 by which alternative minimum taxable income exceeds $70,000; over (2) the regular tax for the taxable year. Phases-out the deduction for individuals for alternative minimum tax itemized deductions by two percent for each $1,000 that minimum taxable income exceeds $100,000. Limits the itemized deduction for housing interest to interest paid for principal residences and allows an itemized deduction for State and local income and real property taxes. Repeals provisions relating to the present minimum tax on corporations. Modifies provisions relating to items of tax preference to provide that: (1) all depreciable property regardless of whether subject to a lease shall be included as a tax preference item; (2) present class life rather than accelerated cost recovery periods must be used for depreciable property; and (3) the net income offset for intangible drilling costs shall be disallowed. Adds as items of tax preferences for all taxpayers: (1) interest from newly issued tax-exempt securities; (2) gain on installment sales; (3) income attributable to life insurance, annuity, or endowment contracts; (4) net losses from activities in which an individual is not a material participant; and (5) certain deductions of life insurance companies. Provides that tax preferences which presently apply to personal holding companies shall apply to all corporations. Revises the method of calculating the tax preference for bad debt reserves and interest on debt to carry tax-exempt obligations for financial institutions. Adds as items of tax preference for corporations: (1) exempt foreign trade income; (2) deposits in, and earnings on, certain maritime construction funds; and (3) income received under completed contract accounting. Adds as items of tax preference for individuals: (1) untaxed portions of social security benefits; (2) earned income of citizens and residents living abroad; (3) the increase in nonforfeitable pension benefits; (4) the deduction for two-earner married couples; (5) health-related benefits excluded from gross income; and (6) employer contributions to group term life insurance. Revises requirements for the election to avoid minimum tax on qualified expenditures. Sets forth effective dates and transitional rules.
Bill· HRH.R. 2420 (99th)referred
United States · United States Congress · 8 May 1985
Amends the Internal Revenue Code to allow a deduction for the amount of the premiums paid on a life insurance contract the beneficiary of which is a trust established for the benefit of a disabled individual. Requires the insurance contract to be on the life of the taxpayer, the taxpayer's spouse, or a former spouse. Limits the amount of the insurance contract to $100,000. Sets forth rules for the establishment and operation of the trust for the benefit of a disabled individual. Provides that amounts distributed from such trust shall not be included in the gross income of the beneficiary of a qualified disabled individual's trust. Provides that the proceeds of the insurance contract shall be excluded from the estate of the taxpayer, and includes in the gross estate of the income beneficiary of the trust the remaining portion of the corpus attributable to the insurance contract and any accumulated income attributable to such amount. Sets forth a formula for computing the estate tax on this amount.
Bill· HRH.R. 2435 (99th)referred
United States · United States Congress · 8 May 1985
Amends the Internal Revenue Code to repeal the five percent threshold amount applicable to the allowance of the deduction for medical expenses.
Bill· HRH.R. 2433 (99th)referred
United States · United States Congress · 8 May 1985
Amends the Internal Revenue Code to provide that one-half of the cost of insurance paid by a self-employed taxpayer for medical care during the taxable year will be allowed as a business deduction.
Bill· HRH.R. 2429 (99th)referred
United States · United States Congress · 8 May 1985
Amends the Internal Revenue Code to allow individual taxpayers who have attained the age of 18 an income tax deduction for contributions (cash or readily tradeable securities) to a savings account established for the exclusive purpose of financing the taxpayer's first principal residence. Limits the aggregate amount allowable as a deduction under this Act to any individual for any taxable year to 15 percent of such individual's adjusted gross income. Provides that the amount allowable as a deduction to all taxpayers for amounts paid or transferred to a house savings account may not exceed $1,500 ($3,000 for accounts of married couples). Provides for a $15,000 maximum lifetime deduction ($30,000 for joint returns), with annual inflation adjustments. Limits to ten years the period during which deductible contributions may be made to housing savings accounts. Prohibits any individual from being a beneficiary of more than one account. Excludes distributions from a housing savings account from the gross income of its beneficiary if such distributions are used exclusively for the purchase of a principal residence. Exempts a housing savings account from taxation. Provides for the forfeiture of such exemption where the taxpayer uses the account for certain prohibited purposes. Imposes a penalty on distributions from an account which are used for a prohibited purpose. Requires the trustee of a housing savings account to file a report on the maintenance of the account. Imposes a penalty for the failure to file any required report.
Bill· HRH.R. 2425 (99th)referred
United States · United States Congress · 8 May 1985
Agricultural Tax Reform Act of 1985 - Amends the Internal Revenue Code to reduce the amount of the investment tax credit for farm property of a taxpayer not primarily engaged in farming. Excludes from the minimum tax any gain realized on the sale of farm property sold to satisfy the indebtedness of an insolvent farmer. Treats losses attributable to the trade or business of farming as an item of tax preference for purposes of the minimum tax. Disallows an investment tax credit for a single purpose agricultural structure. Disallows capital gains treatment for any gain realized on the sale of a single purpose agricultural structure. Repeals the income tax deduction for expenditures by farmers for clearing land. Allows an additional investment tax credit for soil or water conservation expenses incurred for irrigation property and conservation improvements by a taxpayer engaged in the business of farming. Sets the amount of such credit at ten percent of such expenses (in addition to the regular percentage allowed for the investment tax credit).
Bill· SS. 1092 (99th)passed
United States · United States Congress · 7 May 1985
Authorizes appropriations for the Bureau of the Mint for FY 1986 and 1987.
Bill· HRH.R. 2399 (99th)referred
United States · United States Congress · 7 May 1985
Amends the Internal Revenue Code to provide that early retirement benefits of a defined benefit plan established for commercial airline pilots shall be limited by actuarial adjustments made by reference to age 60 (instead of age 62).
Bill· HRH.R. 2384 (99th)referred
United States · United States Congress · 7 May 1985
Amends the Internal Revenue Code to allow the use of distributions from individual retirement accounts and individual retirement annuities for the purchase of a principal home by a first-time homebuyer.
Bill· HRH.R. 2380 (99th)referred
United States · United States Congress · 7 May 1985
Amends the Internal Revenue Code to extend the period for making tax-free rollovers of certain distributions from employee benefit plans from 60 days to 90 days.
Resolution· HRESH.Res. 158 (99th)passed
United States · United States Congress · 7 May 1985
Sets forth the rule for the consideration of H.R. 1784 (Panama Canal operations).
Resolution· HRESH.Res. 157 (99th)passed
United States · United States Congress · 7 May 1985
Sets forth the rule for the consideration of H.R. 1157 (maritime programs funding).