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Bill· HRH.R. 4091 (100th)open
United States · United States Congress · 3 March 1988
Amends Federal law to authorize the Secretary of the Treasury, with the approval of the President, to issue educational savings bonds, a form of non-transferable savings bond that: (1) pays interest only if redeemed after 12 months of issuance; and (2) ceases to bear interest at the end of the 20th year after issuance. Amends the Internal Revenue Code to exclude from the gross income of an individual any interest on educational savings bonds redeemed within 300 months of issuance to the extent: (1) the aggregate face amount of the bonds is $2,000 or less; and (2) the interest is used to pay the higher education expenses (tuition, fees, books, supplies, meals, and lodging) of a dependent at either an institution of higher education or a vocational school.
Bill· HRH.R. 4082 (100th)referred
United States · United States Congress · 3 March 1988
Amends the Internal Revenue Code to authorize the Secretary of the Treasury to waive interest on income tax underpayments created or increased as a result of retroactive legislation when: (1) requiring the interest payment would be against equity and good conscience; and (2) the interest has accrued within 30 days after the enactment date of the relevant legislation.
Bill· HRH.R. 4088 (100th)referred
United States · United States Congress · 3 March 1988
Amends the Internal Revenue Code to terminate, as of January 1, 1989, the permitted exclusion from the taxable gross income of U.S. citizens and residents working abroad of: (1) foreign earned income; and (2) eligible housing expenses.
Bill· SS. 2118 (100th)referred
United States · United States Congress · 2 March 1988
Amends the Internal Revenue Code to prohibit the imposition of excise tax on the sale of diesel fuel to any purchaser (or purchaser for resale to a second purchaser) for any use not as a fuel in a diesel-powered highway vehicle or a diesel-powered train. (Although fuel sold for such off-highway uses is tax-exempt under current law, provisions of the Revenue Act of 1987 require purchasers to pay the tax and subsequently apply for a refund based on the nontaxable use.)
Bill· SS. 2119 (100th)referred
United States · United States Congress · 2 March 1988
Amends the Internal Revenue Code to make permanent the income tax exclusion of amounts received under qualified group legal services plans. (Under current law the exclusion expired as of January 1, 1988.)
Bill· HRH.R. 4069 (100th)open
United States · United States Congress · 2 March 1988
Amends the Hazardous Materials Transportation Act to direct the Secretary of Transportation to issue regulations for the safe transportation of hazardous materials in domestic and foreign commerce (including route designations). Cites the area in which Federal regulations preempt State hazardous materials transportation requirements. Authorizes the Secretary to promulgate regulations for dispute resolution among the States regarding hazardous materials highway route designations. Permits States to petition for judicial review of the dispute resolution decision. Grants the Secretary discretion to either adopt or reject hazardous materials transportation standards adopted by international bodies according to the Secretary's perception of the public interest. Requires motor carriers of specified hazardous materials (including radioactive materials) to possess a valid safety permit issued by the Secretary authorizing the carrier to engage in such transportation. Cites circumstances under which such permits may be suspended or revoked. Amends the definition of radioactive materials to state that it does not include any material determined by the Secretary to be of such low radioactivity that it does not pose a significant hazard when transported. Revises the scope of civil penalties to impose liability for any infraction of regulations (currently such liability only attaches to violations knowingly committed). Prescribes guidelines under which the preemption of State laws conflicting with this Act shall be determined. Authorizes appropriations for FY 1988 through 1989.
Bill· HRH.R. 4056 (100th)referred
United States · United States Congress · 2 March 1988
Makes a supplemental appropriation for FY 1988 to the Coast Guard (Department of Transportation) for operations at certain facilities comparable in nature and extent to the operations carried out during FY 1987. Prohibits amounts made available by this Act from being used in connection with any closing of, or reduction in force with respect to, any Coast Guard facility or installation.
Bill· SS. 2115 (100th)referred
United States · United States Congress · 1 March 1988
Community Revitalization Tax Act of 1988 - Amends Internal Revenue Code income tax accounting rules limiting passive activity losses and credits to eliminate the disallowance of credits in this context. Revises the limitation on the general business credit to allow a maximum annual credit equal to the first $20,000 of an individual taxpayer's income tax liability plus 20 percent of any excess liability. Amends provisions that reduce the investment credit base by nonqualified nonrecourse financing amounts to apply them to certain qualified rehabilitation property as if the property were subject to the at-risk rules associated with the low-income housing credit. Permits a tax-exempt organization to offset the amount of any general business credit against its unrelated business income tax liability. Revises the definition of "qualifying distribution" for purposes of the tax on a private foundation's failure to distribute income. Includes as qualifying any amount of interest foregone on a below-market loan made to a tax-exempt organization to operate a qualified low-income building. Includes as a qualified rehabilitation expenditure for tax credit purposes any expenditure in connection with the rehabilitation of a low-income building leased to a tax-exempt entity. Permits a pooled income fund having substantially all of its assets invested exclusively in qualified low-income buildings to have one or more corporations as income beneficiaries, each with a 20-year life.
Bill· SS. 2112 (100th)referred
United States · United States Congress · 1 March 1988
Amends the Internal Revenue Code to provide that if an employer does not operate an on-premises eating facility for employees, 50 percent of the employer's share of an off-premises meal furnished to an employee shall be treated as a de minimis fringe benefit (not includible in the employee's income), provided that: (1) the employer pays no more than one-third of the cost of the meal; (2) a maximum of one meal per working day is provided; and (3) the meal is furnished during normal business hours.
Bill· HRH.R. 4048 (100th)referred
United States · United States Congress · 1 March 1988
Community Revitalization Tax Act of 1988 - Amends Internal Revenue Code income tax accounting rules limiting passive activity losses and credits to eliminate the disallowance of credits in this context. Revises the limitation on the general business credit to allow a maximum annual credit equal to the first $20,000 of an individual taxpayer's income tax liability plus 20 percent of any excess liability. Amends provisions that reduce the investment credit base by nonqualified nonrecourse financing amounts to apply them to certain qualified rehabilitation property as if the property were subject to the at-risk rules associated with the low-income housing credit. Permits a tax-exempt organization to offset the amount of any general business credit against its unrelated business income tax liability. Revises the definition of "qualifying distribution" for purposes of the tax on a private foundation's failure to distribute income. Includes as qualifying any amount of interest foregone on a below-market loan made to a tax-exempt organization to operate a qualified low-income building. Includes as a qualified rehabilitation expenditure for tax credit purposes any expenditure in connection with the rehabilitation of a low-income building leased to a tax-exempt entity. Permits a pooled income fund having substantially all of its assets invested exclusively in qualified low-income buildings to have one or more corporations as income beneficiaries, each with a 20-year life.
Bill· HRH.R. 4038 (100th)referred
United States · United States Congress · 29 February 1988
Amends the Internal Revenue Code to allow a nonrefundable individual income tax credit for the educational expenses of the taxpayer or dependents at an eligible private elementary or secondary school, institution of higher education, or vocational school. Limits the credit to $1,000 per individual. Excludes from credit calculations amounts paid for meals, lodging, or similar personal expenses. Includes scholarships and other educational assistance in expense determinations.
Bill· SS. 2099 (100th)referred
United States · United States Congress · 26 February 1988
Amends the Internal Revenue Code to permit an individual taxpayer who files a timely return to elect to pay part or all of his or her income tax liability in three equal installments. Makes the entire amount of unpaid tax due and payable upon the notice and demand of the Secretary of the Treasury when an installment is not timely paid. Authorizes the Secretary to enter into a written agreement with a taxpayer under which the taxpayer may pay any tax liability in installments when the Secretary determines that such an agreement will facilitate the collection of the tax. Invalidates any agreement based on inaccurate or incomplete taxpayer information. Permits the Secretary, after proper notice to the taxpayer, to modify or annul an agreement upon the finding that the financial condition of the affected taxpayer has significantly changed. Permits the modification or termination of an agreement if the taxpayer fails to comply with its terms or fails to pay any tax liability when due.
Bill· SS. 2096 (100th)referred
United States · United States Congress · 25 February 1988
Canadian Free Trade Agreement Incentive Equalization Act - Amends the Internal Revenue Code to repeal the windfall profit tax on domestic crude oil. Treats certain geological and geophysical costs as intangible drilling and development costs that a taxpayer may elect either to capitalize or to deduct for income tax purposes. Exempts oil and gas wells from the application of the net income limitation on percentage depletion. Revises the percentage depletion allowance applicable to oil and gas wells, retaining a 15 percent minimum, but increasing the percentage incrementally (to a maximum of 30 percent) as the average annual removal price falls below $20. Permits a percentage depletion income tax deduction for proven oil and gas wells that have been transferred to a new owner. (Current law disallows the deduction after such a transfer.) Applies the exemption of stripper well oil from the windfall profit tax after a transfer of such a well to a new owner. (Current law disallows the exemption after such a transfer.) Repeals provisions that tax as ordinary income any gains from dispositions of oil, gas, or geothermal wells. Establishes a marginal production income tax credit for producers who maintain economically unproductive oil wells. Applies the credit to domestic crude that is: (1) from stripper well property; (2) heavy oil; or (3) oil recovered through a tertiary recovery method. Fixes the credit at ten percent of the qualified cost (determined in accordance with a formula set forth in this Act) of each barrel produced by the producer during the tax year. Provides for the carryback and carryforward of unused credits. Creates a crude oil and natural gas exploration and development tax credit as a component of the general business credit. Allows a five percent credit for qualified investments exceeding $10,000,000, ten percent for those of $10,000,000 or less. Permits the credit as an offset against the taxpayer's minimum tax liability. Directs the President to: (1) establish a National Oil Import Ceiling, that level (not to exceed 50 percent) above which foreign crude oil and petroleum products as a share of U.S. oil consumption shall not rise; and (2) prepare and submit to the Congress with the presidential budget an annual report containing three-year projections with respect to both domestic oil and gas demand and production, and crude oil and petroleum product imports, including certification as to whether the imports will exceed the ceiling level. Grants to the Congress ten continuous session days after submission of the projections to review them and to determine whether violations of annual ceiling levels will occur. Declares the presidential certification binding after the ten days, unless the Congress disapproves or modifies it by joint resolution. Requires the President, if the ceiling level will be exceeded, to submit to the Congress legislation to serve as an Energy Production and Oil Security Policy, which, if enacted, would prevent imports from exceeding the ceiling level. Authorizes the plan to include: (1) an oil import fee; (2) energy conservation actions; (3) expansion of the Strategic Petroleum Reserves; and (4) production incentives for domestic oil and gas. Repeals provisions that identify intangible drilling costs as a tax preference item for purposes of determining alternative minimum tax liability. Increases from 65 to 100 percent the taxable income limitation on the percentage depletion deduction for oil and gas property. Conditions the implementation of certain provisions of this Act upon enactment of the implementing legislation for the U.S.-Canada Free Trade Agreement.
Bill· SS. 2092 (100th)referred
United States · United States Congress · 25 February 1988
Ground Water Revenue Act - Amends the Internal Revenue Code to impose a per ton tax on: (1) the exportation of hazardous waste from the United States (liability for the tax is on the exporter); and (2) the receipt of hazardous waste at a qualified hazardous waste management unit (liability is on the owner or operator of the unit) or for transport from the United States for ocean disposal (liability is on permittee). Sets the initial (1989) rate of the tax at $27.00 for land disposal (increasing annually to a maximum of $43.00 for 1993 and thereafter), and $2.70 ($3.00 in 1993) for any other taxable event. Establishes exceptions to the tax, including hazardous waste received at a U.S.-owned facility or at any waste treatment unit, unless the unit requires corrective action that has not been completed. Provides for reduced tax liability when the waste has already been subjected to the waste management tax or to the tax on waste generation. Permits as a credit or refund any waste management tax paid in connection with: (1) hazardous waste incinerated on land or a battery recycled within 90 days after the receipt subjected to the tax; or (2) waste used by a producer of a qualified chemical fuel or solvent to be sold for industrial or commercial use. Imposes a per ton waste generation tax on hazardous waste that has been neither received for proper disposal nor exported within 270 days of being generated. Applies the same rates as those of the hazardous waste management tax. Places liability for the tax on the producer of the waste. Permits some of the same exemptions established in connection with the waste management tax, as well as exemptions for generators of small amounts of waste and waste legally disposed of in publicly owned treatment works. Authorizes the Secretary of the Treasury to provide for other exemptions. Describes reporting requirements with respect to the hazardous waste management tax. Imposes penalties on persons who fail to report or who underpay environmental excise taxes because of negligence or disregard of rules and regulations. Imposes a $1.00 per ton tax on the receipt of solid waste at a solid waste management facility (liability is on the owner or operator) and on its exportation from the United States (liability is on exporter). Establishes exemptions generally corresponding to those under the hazardous waste management tax. Describes reporting requirements with respect to the tax and imposes penalties on persons failing to report. Imposes a tax of two cents per thousand gallons on the sale or delivery of water piped by any public water system. Exempts small systems (those supplying up to 500 service connections) and sales of water already subjected to the tax. Imposes a two percent excise tax on chemical products sold as pesticide or fertilizer packaged for retail distribution in quantities of less than 100 pounds. Places liability on the manufacturer, producer, or importer. Permits as a credit or refund any tax paid in connection with a fertilizer or pesticide used to produce either another product subject to this tax or an agricultural commodity. Establishes in the Treasury the Ground Water Protection Trust Fund to receive revenue generated by the hazardous waste management tax and by the excise tax on fertilizers and pesticides. Describes permissible Fund expenditures. Provides for State entitlements (based on the nationwide proportion of residents dependent on groundwater for household needs) to be paid whenever the fiscal year ending balance of the Fund exceeds $300,000,000. Earmarks these monies for State groundwater protection programs. Appropriates amounts to fund these entitlements for FY 1989 through 1993. Establishes in the Treasury the Well Water Replacement Trust Fund to receive revenue generated by the tax on the sale or delivery of water and other specified amounts. Describes permissible Fund expenditures. Establishes in the Treasury the Community Water Supply Management Trust Fund to receive revenue generated by the solid waste disposal tax. Makes Fund monies available, with express exceptions, only to make grants to local groundwater management districts. Provides for district entitlements to be paid whenever the Fund's fiscal year ending balance exceeds $20,000,000. Appropriates amounts to fund these entitlements for FY 1989 through 1993. Authorizes FY 1989 through 1993 appropriations.
Bill· HRH.R. 4031 (100th)open
United States · United States Congress · 25 February 1988
Authorizes appropriations for FY 1989 through 1993 to: (1) the Secretary of Defense for natural resources and fish and wildlife management on military reservations; (2) the Secretary of the Interior for cooperative plans for enhancement of fish and wildlife habitat and development of public recreation facilities on military reservations; (3) the Secretary of the Interior for data collection and conservation programs on public lands; and (4) the Secretary of Agriculture for fish, wildlife, and plant conservation and rehabilitation programs.
Bill· HRH.R. 4029 (100th)open
United States · United States Congress · 25 February 1988
Amends the Fish and Wildlife Conservation Act of 1980 to extend the Department of the Interior's authorization of appropriations for such Act through FY 1990.
Bill· HRH.R. 4032 (100th)referred
United States · United States Congress · 25 February 1988
Amends Internal Revenue Code accounting provisions to revise the definition of "passive activity" to exclude the rental real estate activity of any individual: (1) whose work time is at least 50 percent devoted to real estate trade or business activities; and (2) whose average earned income for the three preceding taxable years is at least 50 percent attributable to such activities.
Bill· HRH.R. 4020 (100th)referred
United States · United States Congress · 25 February 1988
Amends the Internal Revenue Code to exempt from the required application of uniform inventory cost capitalization rules the relevant costs of a taxpayer-manufacturer whose receipts for the preceding three years are $10,000,000 or less.
Bill· SS. 2090 (100th)referred
United States · United States Congress · 24 February 1988
Amends the Internal Revenue Code to permit the refinancing of small issue bonds without considering the bonds to be reissued (for the purpose of being tax-exempt under the provisions of the Tax Reform Act of 1986) if the average maturity date of the issue of which the refunding bond is a part is not later than five years after the maturity date of the bonds being refunded. Repeals interest rate rules associated with the refunding of small issue bonds.
Bill· HRH.R. 3990 (100th)open
United States · United States Congress · 24 February 1988
Fuels Excise Tax Equity Act of 1988 - Amends the Internal Revenue Code with respect to the excise tax on diesel and aviation fuels. Declares the tax inapplicable in connection with sales of these fuels for use on a farm for farming purposes. (Although fuel sold for these purposes is tax-exempt under current law, provisions of the Revenue Act of 1987 require purchasers to pay the tax and subsequently apply for a refund based on nontaxable uses of the fuel.) Exempts from the same excise tax any sale of fuel for exclusive State or local governmental use. (Under current law, the Secretary of the Treasury is authorized to issue regulations exempting such sales.) Permits wholesale distributors of gasoline who have registered with the Secretary of the Treasury and posted the required bond to pay the gasoline tax (in lieu of the person otherwise liable for the tax).
Bill· HRH.R. 4007 (100th)open
United States · United States Congress · 24 February 1988
Amends the Internal Revenue Code to prohibit imposition of the excise tax on the sale of diesel or aviation fuel to any purchaser (or purchaser for resale to a second purchaser) for use on a farm for farming purposes. (Although fuel sold for these purposes is tax-exempt under current law, provisions of the Revenue Act of 1987 require purchasers to pay the tax and subsequently apply for a refund based on nontaxable uses of the fuel.) Prohibits imposition of the gasoline tax on the sale or removal of gasoline by any person (or for resale to a second person) for use on a farm for farming purposes.
Bill· HRH.R. 4008 (100th)open
United States · United States Congress · 24 February 1988
Amends the Internal Revenue Code to exempt from the required application of uniform inventory cost capitalization rules any plant or animal produced by a taxpayer in a farming business, regardless of the product's preproductive period.
Bill· HRH.R. 4000 (100th)open
United States · United States Congress · 24 February 1988
Amends the Internal Revenue Code to exempt from the excise tax on diesel and aviation fuels any sales of fuel for exclusive State or local governmental use. (Under current law, the Secretary of the Treasury is authorized to issue regulations exempting such sales.) Prohibits the Secretary from requiring reporting or registration in connection with this tax exemption and exempt sales.
Bill· HRH.R. 3989 (100th)open
United States · United States Congress · 24 February 1988
Amends the Internal Revenue Code to exempt from the gasoline excise tax any sale of gasoline to a State or local government (or to a purchaser for resale to such government) for its exclusive use. Prohibits imposition of the excise tax on the sale of diesel or aviation fuel to any purchaser (or purchaser for resale to a second purchaser) for use on a farm for farming purposes. (Although fuel sold for these purposes is tax-exempt under current law, provisions of the Revenue Act of 1987 require purchasers to pay the tax and subsequently apply for a refund based on nontaxable uses of the fuel.) Prohibits imposition of the excise tax on the sale of diesel fuel to any purchaser (or purchaser for resale to a second purchaser) for use in the drilling of an oil or gas well.
Bill· HRH.R. 4010 (100th)referred
United States · United States Congress · 24 February 1988
Repeals provisions of the Tax Reform Act of 1986 relating to the taxation of both individual and corporate capital gains. Provides that the Internal Revenue Code shall be applied and administered as if such provisions had not been enacted. (The capital gains tax rate for corporations would generally be 28 percent.) Amends the Internal Revenue Code to revise the method of calculating the deduction for capital gains of noncorporate taxpayers. Allows a capital gains deduction equal to: (1) 80 percent for assets held ten years or longer; and (2) 40 percent for assets held for between three and ten years. Amends the Deficit Reduction Act of 1984 to revise the holding period required for long-term capital gain tax treatment of property.
Bill· HRH.R. 4009 (100th)referred
United States · United States Congress · 24 February 1988
Repeals specified provisions of the Tax Reform Act of 1986 that eliminated income averaging. Provides that the Internal Revenue Code (IRC) be applied and administered as if such provisions had not been enacted. Amends the IRC to restore income averaging for a person: (1) actively engaged in the trade or business of farming, including aquaculture; and (2) whose average annual gross income for the three preceding taxable years is at least 50 percent attributable to farming.
Bill· HRH.R. 4001 (100th)referred
United States · United States Congress · 24 February 1988
Savers and Investors Act of 1988 - Amends the Internal Revenue Code to exempt any tax deferred account (defined in this Act) from taxation, except for taxes imposed on the unrelated business income of certain tax-exempt organizations. Requires such an account to be in the form of a trust created for the exclusive benefit of an individual or beneficiary. Enumerates other qualifying criteria and limitations governing the accounts. Taxes account distributions as ordinary income, but permits a tax-free rollover from one account to another. Lists special rules in connection with an account's loss of tax-exempt status. Requires the account trustee to report account data to the Secretary of the Treasury and to the investor.
Bill· HRH.R. 3993 (100th)referred
United States · United States Congress · 24 February 1988
Declares that the State of Maryland Deposit Insurance Fund Corporation shall not be liable for any Federal income tax liability or deficiency directly, indirectly, or as a successor or transferee of the Maryland Savings Share Insurance Corporation.
Bill· HRH.R. 3996 (100th)referred
United States · United States Congress · 24 February 1988
Small Business Investment Incentive Act - Amends the Internal Revenue Code to permit an individual income tax deduction not exceeding $25,000 per year ($50,000 for joint returns) of amounts paid or incurred to purchase stock under the qualified stock purchase plan of a small business corporation (excluding S corporations and personal service corporations) actively engaged in a trade or business. Prescribes criteria to be met by a qualified stock purchase plan, including: (1) an aggregate $300,000 limit on stock to be sold; (2) requirements that all stock be purchased with cash and that all proceeds from stock purchases be used in conducting the business of the corporation; (3) limitations as to who may purchase stock; and (4) a three-year prohibition on both distributions by the corporation and shareholder transfers of stock. Establishes special rules with respect to the stock, including rules to govern the taxation of capital gains and relevant basis adjustments. Allows the exclusion from adjusted gross income of the amount permitted as an income tax deduction for these small business stock purchases.
Bill· SS. 2082 (100th)referred
United States · United States Congress · 23 February 1988
Amends the Internal Revenue Code to exempt from the ten percent penalty tax on early distributions any distribution received on or after retirement by public safety officers (law enforcement or corrections officers, firefighters, or emergency service personnel) under a deferred compensation plan maintained by a Federal or other governmental entity.
Bill· SS. 2078 (100th)open
United States · United States Congress · 22 February 1988
Amends the Internal Revenue Code to require a majority of employees to approve (by secret ballot) their employer's establishment of an employee stock ownership plan (ESOP). Requires the employer to notify employees, before the election, of all the material facts concerning the plan, including its terms and asset transfer provisions. Authorizes the Secretary of the Treasury to disqualify an ESOP if the voting rights of any plan participant or beneficiary are not substantially similar to those of other persons holding the same class of securities.
Bill· SS. 2079 (100th)referred
United States · United States Congress · 22 February 1988
Organ Transplant Contributions Act of 1988 - Amends the Internal Revenue Code to allow taxpayers to designate on their income tax returns that any portion of their income tax refund or any cash donation included with the return be paid to the National Organ Transplant Trust Fund. Establishes in the Treasury the National Organ Transplant Trust Fund and appropriates to it amounts equal to those designated on tax returns. Establishes a program through which Trust Fund monies will be used to pay the costs of organ transplantation procedures and immunosuppressive drugs for individuals deemed unable to pay for a reasonably medically necessary transplant procedure. Authorizes, in addition, the use of Fund monies to pay the costs of notifying potential beneficiaries about the Trust Fund, and for other administrative expenses, including the solicitation of contributions.
Bill· HRH.R. 3985 (100th)open
United States · United States Congress · 22 February 1988
Farmer Fuel Tax Relief Act - Amends the Internal Revenue Code to prohibit imposition of the excise tax on the sale of diesel or aviation fuel to any purchaser (or purchaser for resale to a second purchaser) for use on a farm for farming purposes. (Although fuel sold for these purposes is tax-exempt under current law, provisions of the Revenue Act of 1987 require purchasers to pay the tax and subsequently apply for a refund based on nontaxable uses of the fuel.) Permits wholesale distributors of gasoline who have registered with the Secretary of the Treasury and posted the required bond to pay the gasoline tax (in lieu of the person otherwise liable for the tax.) Prohibits imposition of the gasoline tax on the sale or removal of gasoline by any person (or for resale to a second person) for use on a farm for farming purposes. Requires that the reduced gasoline tax rate (3.4 cents instead of 9.1 cents) be applied with respect to gasoline used to produce gasohol after the time of the relevant removal or sale.
Bill· SS. 2075 (100th)referred
United States · United States Congress · 19 February 1988
Amends the Internal Revenue Code to direct the Secretary of the Treasury to issue regulations exempting the following from the excise tax on diesel and aviation fuels: (1) diesel fuel for use in a diesel-powered train (to the extent of 15 cents per gallon); (2) aviation fuel for use in commercial aviation; (3) fuel used other than as motor fuel; (4) fuel for use by a State or local government; and (5) fuel for use on a farm for farming purposes. (Under current law, the Secretary is authorized to issue such regulations with respect to all but the last item. Although fuel sold for farm use is already tax-exempt, provisions of the Revenue Act of 1987 require purchasers to pay the tax and subsequently apply for a refund.)
Bill· SS. 2077 (100th)referred
United States · United States Congress · 19 February 1988
Amends the Internal Revenue Code to provide that rules requiring the capitalization of preproductive costs shall not apply with respect to livestock bred by the taxpayer.
Bill· HRH.R. 3968 (100th)open
United States · United States Congress · 18 February 1988
Economic Development Act of 1988 - Title I: Provisions Relating to Capital Gains - Amends the Internal Revenue Code to provide for the nonrecognition of gain, upon taxpayer election, in certain cases involving the sale or exchange of any of the following, which must have been held continuously by the taxpayer during the five years preceding the sale or exchange: (1) an interest as a proprietor in a proprietorship, or as a partner in a closely held partnership (the taxpayer holds at least 80 percent of the capital interest); (2) stock in a closely held corporation (the taxpayer holds at least 80 percent of the value of the stock); or (3) property used by a proprietor in the business of the proprietorship. Permits such nonrecognition of gain only when, within 18 months of the given sale or exchange, the taxpayer either purchases like interest, stock, or property or makes a nondeductible contribution to an individual retirement plan. Increases from one year to two years the holding period required for long-term capital gain treatment of property acquired after January 1, 1988. Allows a noncorporate taxpayer a capital gains income tax deduction equal to: (1) 50 percent for assets held five years or longer; and (2) 25 percent for assets held for between two and five years. Decreases the capital gains tax rate for corporations from 34 percent to: (1) 20 percent for assets held five years or longer; and (2) 27 percent for assets held for between two and five years. Title II: Treatment of Educational Assistance Benefits - Restores the exclusion from the gross income of an employee of up to $5,250 of educational assistance provided under an employer's educational assistance program. (Under current law the exclusion expired as of January 1, 1988.) Requires annual indexing of the maximum permissible exclusion. Applies no maximum with respect to graduate students who are teaching or doing research for certain educational organizations. Title III: Educational Development - Exempts from the ten percent additional tax on early distributions from qualified retirement plans any distributions made to an employee after separation from service to the extent the amounts are used to alleviate the employee's financial hardship resulting from educational and retraining expenses paid for the purpose of enhancing future employment. Title IV: Research and Development - Increases from 50 percent to 67 percent the amount of research and development expenditures that a company must allocate to income from sources within the United States. Establishes a special rule for the qualified research and experimental expenditures required by governmental entities. Requires companies to report on a consolidated basis with respect to the expenditures associated with this source rule. Makes permanent the income tax credit for qualified research expenditures by repealing the provisions of the Internal Revenue Code that would terminate the credit for expenses incurred or paid after 1988.
Bill· SS. 2067 (100th)referred
United States · United States Congress · 17 February 1988
Farmer Fuel Tax Relief Act - Amends the Internal Revenue Code to prohibit imposition of the excise tax on the sale of diesel or aviation fuel to any purchaser (or purchaser for resale to a second purchaser) for use on a farm for farming purposes. (Although fuel sold for these purposes is tax-exempt under current law, provisions of the Revenue Act of 1987 require purchasers to pay the tax and subsequently apply for a refund based on nontaxable uses of the fuel). Permits wholesale distributors of gasoline who have registered with the Secretary of the Treasury and posted the required bond to pay the gasoline tax (in lieu of the person otherwise liable for the tax). Prohibits imposition of the gasoline tax on the sale or removal of gasoline by any person (or for resale to a second person) for use on a farm for farming purposes. Requires that the reduced gasoline tax rate (3.4 cents instead of 9.1 cents) be applied with respect to gasoline used to produce gasohol after the time of the relevant removal or sale.
Bill· SS. 2062 (100th)referred
United States · United States Congress · 17 February 1988
State and Local Government Exemption Reaffirmation Act of 1988 - Amends the Internal Revenue Code to exempt from the gasoline excise tax any sale of gasoline to a State or local government (or to a purchaser for resale to such government) for its exclusive use.
Bill· SS. 2063 (100th)referred
United States · United States Congress · 17 February 1988
Amends Internal Revenue Code provisions governing situations in which unearned income of a child under age 14 is taxed as if it were parental income. Excludes from income subject to the parental tax rate any earnings attributable to investments of the child's earned income.
Bill· HRH.R. 3955 (100th)referred
United States · United States Congress · 17 February 1988
Amends the Department of Defense Appropriations Act, 1988 to increase from $1,500,000,000 to $4,000,000,000 the maximum amount authorized to be transferred by the Secretary of Defense between working capital funds of the Department of Defense (DOD) and appropriations made available under such Act for military functions of DOD. Requires the Secretary, in determining the proper amounts to be so transferred, to ensure that an appropriate portion of such authority is used to transfer to operation and maintenance accounts of DOD for FY 1988 sufficient funds for depot maintenance activities and civilian personnel pay. Amends the National Defense Authorization Act for Fiscal Years 1988 and 1989 to increase from $2,000,000,000 to $4,000,000,000 the amount authorized under such Act to effect such transfers.
Bill· HRH.R. 3944 (100th)referred
United States · United States Congress · 16 February 1988
Amends the Internal Revenue Code to allow an individual taxpayer a refundable income tax credit, in an amount based on adjusted gross income (minimum credit of $150), for each dependent below the age of compulsory school attendance in the State where the taxpayer resides. Sets the maximum credit amount as the total employee tax withheld from the taxpayer's wages during the year under the Federal Insurance Contributions Act. Disallows application of the nonrefundable dependent care income tax credit with respect to a taxpayer's dependents under age 15, unless the child is physically or mentally incapable of self-care.
Bill· HRH.R. 3922 (100th)referred
United States · United States Congress · 8 February 1988
Amends the Tax Reform Act of 1986 to establish a special rule to govern the taxation of certain amounts treated as part of a designated settlement fund with respect to a corporation that filed for bankruptcy reorganization on November 1, 1982.
Bill· HRH.R. 3924 (100th)referred
United States · United States Congress · 8 February 1988
Treats as tax-deductible charitable contributions certain grants providing technical assistance to establish businesses in the Flint, Michigan, area.
Bill· SS. 2054 (100th)referred
United States · United States Congress · 4 February 1988
Amends the Peace Corps Act to authorize appropriations for FY 1988 and 1989 to carry out such Act.
Bill· HRH.R. 3915 (100th)referred
United States · United States Congress · 4 February 1988
Radon Gas Tax Relief Act of 1988 - Amends the Internal Revenue Code to permit a 40 percent nonrefundable income tax credit of up to $4,000 for expenditures made for radon testing in or below the taxpayer's principal residence and for the installation of property designed to reduce radon levels inside the residence. Permits an income tax deduction (both individual and corporate) for radon prevention expenditures in connection with: (1) the development of real property; (2) the construction or enlargement of any building or dwelling unit; or (3) a dwelling required to be purchased by the taxpayer under a contract with an employer covering employee relocation services (the deductible expenses must be incurred by the taxpayer-employee). Makes the tax credit and the tax deduction mutually exclusive with respect to the same expenditures. Amends Federal law to make funds available for the reimbursement of Federal employees for radon protection expenditures necessary to overcome a substantial obstacle to the salability of a principal residence being sold in conjunction with a transfer to a new location.
Bill· HRH.R. 3907 (100th)open
United States · United States Congress · 3 February 1988
Amends the Internal Revenue Code to exempt from the required application of uniform inventory cost capitalization rules any animal produced in a farming business, regardless of the animal's preproductive period.
Bill· HRH.R. 3903 (100th)open
United States · United States Congress · 3 February 1988
Family Farm Tax Accounting Relief Act of 1988 - Amends the Internal Revenue Code to exempt from the required application of uniform inventory cost capitalization rules any animal produced in a farming business, regardless of the animal's preproductive period. Permits an exception from required use of the accrual method of accounting for family farm corporations having gross receipts of $5,000,000 or less for each prior taxable year after 1985.
Bill· HRH.R. 3904 (100th)open
United States · United States Congress · 3 February 1988
Fixes valuation standards for purposes of mortgage revenue bond purchase price requirements in connection with any ground lease having a remaining term of at least 35 years and a specified ground rent for at least the initial ten years of the term. Requires that pertinent Federal regulations be amended to reflect these standards.
Bill· SS. 2023 (100th)referred
United States · United States Congress · 2 February 1988
Amends the Internal Revenue Code to include as a tax-excludible fringe benefit $60 per month of qualified employer-provided commuter services between an employee's residence and workplace. Includes as qualified services: (1) transportation furnished in a commuter highway vehicle (such as a van); and (2) transportation paid for or reimbursed by the employer on public buses, trains, or subways. Doubles the rate of the gas guzzler tax.
Bill· HRH.R. 3892 (100th)open
United States · United States Congress · 2 February 1988
Amends the Internal Revenue Code to exempt from the gasoline excise tax any sale of gasoline to a State or local government (or to a purchaser for resale to such government) for its exclusive use.