Records whose title is actually about this topic. Use a country filter if the list is still too broad.
Records
Bill· SS. 2060 (99th)open
United States · United States Congress · 6 February 1986
Equity Investment Tax Reform Act of 1985 - Amends the Internal Revenue Code to permit a corporation to take a deduction for dividends paid on new equity stock. Limits the amount of the deduction to the lesser of: (1) the applicable percentage of dividends paid during such taxable year on each share of new equity stock in such corporation; or (2) the balance in the corporation's qualified dividend account as of the close of the preceding taxable year. Defines the "applicable percentage" as 100 percent of the dividends paid with respect to each share of new equity stock, reduced by a specified amount where the corporation engaged in certain stock transactions during a prohibited stock acquisition period. Provides that the qualified dividend account shall be adjusted each year by crediting such account with the adjusted taxable income of the corporation and by debting the account by certain dividends paid during the taxable year. Defines "new equity stock" as stock in a domestic corporation which is issued by such corporation after December 31, 1985, for money or other property (other than stock). Sets forth rules for the operation of these provisions and requires the Secretary of the Treasury to prescribe such regulations as may be necessary to carry out these provisions. Requires each corporation paying dividends on new equity stock to notify the shareholder of such stock of the amount of such dividend with respect to which a deduction is allowed. Prohibits the exclusion of dividends on new equity stock from income of a taxpayer. Disallows the dividends received deduction with respect to dividends paid on new equity stock for which a deduction is allowed. Requires an acquiring corporation to take into account the qualified dividend account of a distributor or transferor corporation.
Resolution· SRESS.Res. 339 (99th)open
United States · United States Congress · 6 February 1986
Expresses the sense of the Senate that employee benefits should not be taxed.
Bill· HRH.R. 4141 (99th)referred
United States · United States Congress · 6 February 1986
Provides that the effective date of any provisions of H.R. 3838 or any similar tax reform legislation shall not be before January 1, 1987.
Law· HJRESH.J.Res. 520 (99th)enacted
United States · United States Congress · 6 February 1986
Makes a supplemental appropriation for FY 1986 to the Department of Agriculture to reimburse the Commodity Credit Corporation for net realized losses.
Resolution· HRESH.Res. 375 (99th)referred
United States · United States Congress · 6 February 1986
Declares that each standing committee of the House of Representatives may, within two days of adoption of this resolution, submit to the House Budget Committee alternatives to the President's sequestration order under the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act), insofar as such order affects laws within the jurisdiction of the committee. Requires the Budget Committee, within four days of adoption of this resolution, to report a resolution containing instructions to committees sufficient to achieve the total level of deficit reduction contained in the President's sequestration order for FY 1986. Provides that such instructions shall require that each committee (and each subcommittee of the Committee on Appropriations) achieve the same level of deficit reduction with respect to programs under its jurisdiction as would have been saved under the President's order. Requires committees to submit recommendations to the Budget Committee by February 21, 1986, sufficient to meet deficit reductions. Requires the Budget Committee to promptly report a reconciliation bill carrying out such recommendations. Authorizes the Budget Committee to include legislative language within the jurisdiction of any noncomplying committee. Requires such reconciliation bill to include a provision which states that if it is enacted on or before March 1, 1986, then the sequestration order for FY 1986 is null and void. Establishes procedures for floor consideration of such reconciliation bill, including limitation on debates and amendments.
Bill· SS. 2052 (99th)open
United States · United States Congress · 5 February 1986
Establishes a veterans' home loan guaranty limitation amount of $17,600,000,000 reduced by 4.3 percent for purposes of implementing any sequestration order issued by the President for FY 1986 calling for a reduction of such loan commitments.
Law· HRH.R. 4130 (99th)enacted
United States · United States Congress · 5 February 1986
Establishes a veterans' home loan guaranty limitation amount of $17,600,000,000 reduced by 4.3 percent for purposes of implementing any sequestration order issued by the President for FY 1986 calling for a reduction of such loan commitments.
Bill· HRH.R. 4123 (99th)referred
United States · United States Congress · 5 February 1986
Minimum Tax Act of 1986 - Amends the Internal Revenue Code to revise the alternative minimum tax for individuals and corporations. Sets the rate of such tax as an amount equal to the excess of: (1) the tentative minimum tax for the taxable year; over (2) the regular tax for the taxable year. Defines the "tentative minimum tax" as 22.5 percent (20 percent in the case of a corporation) of so much of the alternative minimum taxable income as exceeds the exemption amount, reduced by the alternative minimum tax foreign tax credit for the taxable year. Sets the exemption amount at: (1) $30,000 in the case of a joint return or a surviving spouse; (2) $25,000 in the case of an unmarried individual; (3) $15,000 in the case of a married individual filing a separate return or an estate or trust; and (4) $40,000 in the case of a corporation. Sets forth the method of calculating alternative minimum taxable income. Specifies certain adjustments in the calculation of such alternative minimum taxable income. Specifies certain tax preferences to be included in the calculation of such alternative minimum taxable income. Allows an alternative minimum tax foreign tax credit. Sets forth the method of calculating such tax credit. Specifies that the alternative minimum tax shall not apply to corporations eligible for the Puerto Rico and possession tax credit. Imposes a superminimum tax. Provides that if two percent of the expanded alternative minimum taxable income exceeds the tentative minimum tax, such tentative minimum tax shall be treated as being equal to two percent of the expanded alternative minimum taxable income. Sets forth the method of calculating alternative minimum taxable income. Allows an income tax credit against such regular tax for prior year minimum tax liability. Sets forth the method of calculating such income tax credit. Provides for the increase in the personal tax exemptions based on the revenue increase due to the alternative minimum tax.
Bill· HJRESH.J.Res. 515 (99th)referred
United States · United States Congress · 5 February 1986
Makes a supplemental appropriation for FY 1986 to the Department of Agriculture to reimburse the Commodity Credit Corporation for net realized losses.
Resolution· HRESH.Res. 374 (99th)referred
United States · United States Congress · 5 February 1986
Expresses the sense of the House of Representatives that the Congress should comply with the deficit reduction targets of the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) by applying an across-the-board freeze on all Federal spending programs at FY 1986 levels.
Resolution· SCONRESS.Con.Res. 105 (99th)open
United States · United States Congress · 4 February 1986
Expresses the sense of the Congress, and instructs its committees and conferees, that the Congress will not approve any provisions in H.R. 3838 or in similar legislation that would adversely affect the tax-exempt status of the bonds or other obligations of the States or their political subdivisions and instrumentalities which comply with current law and which are issued prior to: (1) January 1, 1987; or (2) any later date provided in enacted law.
Bill· HRH.R. 4107 (99th)referred
United States · United States Congress · 4 February 1986
Amends the Internal Revenue Code to extend the Hazardous Substance Response Trust Fund (Superfund) excise taxes on crude oil and petroleum products for the 180-day period beginning on February 3, 1986. Permits repayable advances to be made to such fund during the 180-day period beginning on February 3, 1986.
Bill· HRH.R. 4117 (99th)referred
United States · United States Congress · 4 February 1986
Amends the Internal Revenue Code to impose an additional excise tax on gasoline, diesel fuel, and special motor fuels. Specifies that the rate of such additional tax shall be based on the amount by which the average international price of crude oil for a calendar quarter is less than $27. Provides that such tax shall be in addition to the present excise tax on gasoline, diesel fuel, and special motor fuels. Specifies that revenues raised by such additional taxes shall not be transferred to the Highway Trust Fund or the Airport and Airway Trust Fund. Provides that certain exemptions to such excise taxes shall not apply to the additional taxes imposed by this Act.
Bill· HRH.R. 4113 (99th)referred
United States · United States Congress · 4 February 1986
Amends the Internal Revenue Code to increase fuel economy requirements for purposes of the manufacturers' excise tax on gas guzzler automobiles. Specifies such increases for model years 1989, 1990, 1991, 1992, and 1993 and thereafter.
Resolution· HRESH.Res. 371 (99th)passed
United States · United States Congress · 4 February 1986
Sets forth the rule for the consideration of H.R. 3456 (consumer product safety).
Resolution· HCONRESH.Con.Res. 279 (99th)referred
United States · United States Congress · 4 February 1986
Expresses the sense of the Congress, and instructs its committees and conferees, that the Congress will not approve any provisions in H.R. 3838 or in similar legislation that would adversely affect the tax-exempt status of the bonds or other obligations of the States or their political subdivisions and instrumentalities which comply with current law and which are issued prior to: (1) January 1, 1987; or (2) any later date provided in enacted law.
Bill· HRH.R. 4100 (99th)open
United States · United States Congress · 3 February 1986
Amends the Economic Recovery Tax Act of 1981 to extend for one year, from January 1, 1986, to January 1, 1987, the termination of the tax credit for increasing research activities.
Bill· HRH.R. 4102 (99th)referred
United States · United States Congress · 3 February 1986
Amends the Tax Equity and Fiscal Responsibility Act of 1982 to make permanent the increase in the excise tax on cigarettes. Amends the Internal Revenue Code to provide for cost-of-living adjustments in the rate of such tax.
Bill· HRH.R. 4101 (99th)referred
United States · United States Congress · 3 February 1986
Amends the Internal Revenue Code to extend the energy investment tax credit for geothermal property from December 31, 1985, until July 31, 1986.
Resolution· HRESH.Res. 370 (99th)referred
United States · United States Congress · 3 February 1986
Expresses the sense of the House of Representatives that H.R. 3838, a bill to reform the internal revenue laws of the United States, should not take effect before January 1, 1987.
Bill· SS. 2037 (99th)open
United States · United States Congress · 30 January 1986
Targeted Fiscal Assistance Act of 1986 - Amends Federal law to replace the general revenue sharing program with the Targeted Fiscal Assistance (TFA) program. Authorizes appropriations for TFA for FY 1987 through 1989. Provides for special allocations of TFA funds for Indian tribes, Alaskan native villages, and the District of Columbia. Directs the Secretary of the Treasury to allocate TFA funds to each State (for subsequent allocation to local governments) according to a specified formula based on the need factor, the general tax effort factor, and the relative fiscal gap factor, as defined in this Act, for each State. Entitles local governments to a portion of such State funds according to a specified formula based on the following factors, as defined in this Act, for each unit of local government in a State relative to all units in such State: (1) the unit's population; (2) the unit's general tax effort factor; and (3) the unit's relative income factor. Eliminates provisions allowing State variation of local government allocations. Sets forth maximum and minimum limitations on local government entitlements.
Resolution· SRESS.Res. 320 (99th)referred
United States · United States Congress · 30 January 1986
Affirms the President's sequestration order for FY 1986 as it applies to defense programs. Disaffirms such order as it applies to all other programs. Directs the appropriate Senate committees to report to the Committee on the Budget of the Senate changes in laws within their jurisdictions: (1) required under the conference report on the Consolidated Omnibus Budget Reconciliation Act of 1985; and (2) to provide for the payment of automatic spending increases withheld pending the effective date of, or pursuant to, such order.
Resolution· SRESS.Res. 312 (99th)referred
United States · United States Congress · 30 January 1986
Affirms the President's sequestration order for FY 1986 as it applies to defense programs. Disaffirms such order as it applies to all other programs. Directs the appropriate Senate committees to report to the Committee on the Budget of the Senate changes in laws within their jurisdictions: (1) required under the conference report on the Consolidated Omnibus Budget Reconciliation Act of 1985; and (2) to provide for the payment of automatic spending increases withheld pending the effective date of, or pursuant to, such order.
Bill· HRH.R. 4085 (99th)referred
United States · United States Congress · 30 January 1986
Targeted Fiscal Assistance Act of 1986 - Amends Federal law to replace the general revenue sharing program with the Targeted Fiscal Assistance (TFA) program. Authorizes appropriations for TFA for FY 1987 through 1989. Provides for special allocations of TFA funds for Indian tribes, Alaskan native villages, and the District of Columbia. Directs the Secretary of the Treasury to allocate TFA funds to each State (for subsequent allocation to local governments) according to a specified formula based on the need factor, the general tax effort factor, and the relative fiscal gap factor, as defined in this Act, for each State. Entitles local governments to a portion of such State funds according to a specified formula based on the following factors, as defined in this Act, for each unit of local government in a State relative to all units in such State: (1) the unit's population; (2) the unit's general tax effort factor; and (3) the unit's relative income factor. Eliminates provisions allowing State variation of local government allocations. Sets forth maximum and minimum limitations on local government entitlements.
Resolution· SRESS.Res. 304 (99th)open
United States · United States Congress · 29 January 1986
Expresses the sense of the Senate that the present three-year basis recovery rule on the taxation of retirement annuities for public employees should be maintained and provisions requiring the repeal of such treatment contained in certain tax reform legislation (H.R. 3838) should be deleted.
Resolution· SRESS.Res. 303 (99th)open
United States · United States Congress · 29 January 1986
Expresses the sense of the Senate that employee benefits should not be taxed.
Bill· HRH.R. 4077 (99th)open
United States · United States Congress · 29 January 1986
Amends the Internal Revenue Code to provide that the interest on an obligation issued to provide property for use by an electric utility is not exempt from tax if such utility fails to adhere to certain take or pay agreements entered into in connection with the proposed construction of certain nuclear electric generating facilities.
Bill· HRH.R. 4080 (99th)referred
United States · United States Congress · 29 January 1986
Farm Tax Relief Act of 1986 - Amends the Internal Revenue Code to exclude from income any gain from the sale of farm property by insolvent farmers where substantially all of the proceeds from the sale or exchange are applied to the indebtedness of the taxpayer. Provides that gross income does not include any income resulting from a discharge of indebtedness of a farmer who: (1) has a debt to asset ratio in excess of 70 percent; and (2) earned 50 percent or more of his gross income in the preceding taxable year in the trade or business of farming. Prohibits any investment tax credit recapture on sales of farm property by insolvent farmers.
Bill· SS. 2024 (99th)open
United States · United States Congress · 28 January 1986
Amends the Internal Revenue Code to allow an individual taxpayer an income tax deduction for contributions to a savings account established to pay the education expenses (tuition, supplies, meals, and lodging) at an institution of higher education or a vocational school of the taxpayer or the child of the taxpayer unless the taxpayer has attained the age of 50 or the child has attained the age of 25. Limits the amount of such deduction to $2,000 (adjusted for inflation) for each account per calendar year. Provides that no account may have more than one beneficiary and that no individual may be a beneficiary of more than one account. Requires any balance in an education savings account to be distributed after the eligible individual for whose benefit the account is established attains the age of 60 if the eligible individual is the taxpayer or age 30 if the eligible individual is the taxpayer's child. Requires the trustee of the education savings account to transfer five percent of the amount of any contribution to a qualified State educational fund which provides educational assistance to individuals attending eligible educational institutions within the State. Requires that amounts paid or distributed out of an education savings account must be included in the gross income of each individual who has contributed to the account in the ratio of the amounts which they contributed to such accounts, unless such amount is used exclusively to pay the educational expenses incurred by the individual for whose benefit the account is established. Requires the beneficiary of an education savings account to include pro-rata over a ten-year period amounts paid or distributed out of the account which were used exclusively to pay the educational expenses incurred by that individual after specified dates. Provides that an education savings account is exempt from taxation except for the tax on unrelated business income. Revokes the tax exemption of the account where the individual for whose benefit the account is established engages in certain prohibited transactions with the account. Imposes a ten percent penalty tax on distributions which are not used for educational expenses. Requires the trustee of an education savings account to file reports with the Secretary of the Treasury on the maintenance of the account. Imposes a penalty for failure to file any required report. Extends the deduction for contributions to an education savings account to taxpayers who do not otherwise itemize deductions. Provides that distributions from an education savings account shall not be taken into account in determining support to the extent such distribution is excluded from gross income of the individual for whose benefit the account has been established. Provides that any payment made to an education savings account for the benefit of a child shall not be treated as a gift for gift tax purposes.
Bill· HRH.R. 4057 (99th)referred
United States · United States Congress · 28 January 1986
Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to exempt cost-of-living increases in Federal retirement and disability programs from reduction under the President's sequestration order for FY 1986. Provides for reducing the outlays of each agency to offset the increased costs.
Bill· HRH.R. 4056 (99th)open
United States · United States Congress · 27 January 1986
Amends the Internal Revenue Code to provide that citizens or residents of the United States who are in a foreign country in violation of an executive order shall not be permitted to exclude from income the foreign earned income from sources within such country or the housing expenses allocable for housing in such country.
Bill· HRH.R. 4049 (99th)referred
United States · United States Congress · 23 January 1986
Amends the Internal Revenue Code to prohibit States from including in the gross income of a corporation any income attributable to the corporation's foreign affiliates, unless such foreign income is includible in the gross income of the corporation for Federal income tax purposes.
Bill· HRH.R. 4045 (99th)referred
United States · United States Congress · 23 January 1986
Amends the Internal Revenue Code to extend the termination date of the residential energy tax credit for solar property from December 31, 1985, to July 31, 1986. Sets forth definitions and special rules for solar property during such extension period. Extends the energy investment tax credit for solar energy property from December 31, 1985, to July 31, 1986. Sets forth special rules for solar property eligible for such credit during such extension period.
Bill· HRH.R. 4041 (99th)referred
United States · United States Congress · 23 January 1986
Live Birth Abortion Revision Act - Amends the Internal Revenue Code to deny a taxpayer's personal exemption deduction for a child who is born alive after an induced abortion or an attempt to perform an abortion and dies as a result of such procedure. Denies the deduction for abortion expenses unless the abortion was performed to save the life of the mother. Denies the personal exemption deduction for the spouse or a dependent of the taxpayer if the taxpayer intentionally causes the death of such spouse or dependent. Requires a court determination of an intentional cause of death.
Bill· HRH.R. 4031 (99th)referred
United States · United States Congress · 22 January 1986
Amends the Internal Revenue Code to delay the inclusion in gross income of interest on certain financial institution deposits which are subject to withdrawal restrictions by reason of the bankruptcy or insolvency of the financial institution or of a State requirement related to such bankruptcy or insolvency.
Bill· HRH.R. 4013 (99th)referred
United States · United States Congress · 21 January 1986
Amends the Internal Revenue Code to treat the use of a public vehicle by a public employee as a working condition fringe for purposes of the tax exclusion of certain employee fringe benefits. Defines a "public vehicle" as a vehicle used by a governmental unit to provide law enforcement, fire protection, emergency medical service, or any other service relating to the public safety. Treats the use of a farm use vehicle by an employee as a working condition fringe. Defines a "farm use vehicle" as any vehicle which is not a passenger automobile and is used in the employer's trade or business of farming.