Records whose title is actually about this topic. Use a country filter if the list is still too broad.
Records
Bill· HRH.R. 6720 (93rd)referred
United States · United States Congress · 9 April 1973
Allows an income tax credit under the Internal Revenue Code for tuition paid by a taxpayer during the taxable year to any private nonprofit elementary or secondary school for the education as a full-time student of any dependent with respect to whom the taxpayer is allowed an income tax exemption under the Internal Revenue Code. Limits the tax credit to 50 percent of the tuition paid by the taxpayer or $200, whichever is less. Provides that any payment which is taken into account in determining the tax credit shall not be treated as an amount paid by the taxpayer for purposes of determining entitlement to a tax deduction. Allows any U.S. taxpayer to commence a proceeding in the U.S. District Court for the District of Columbia, within the three month period beginning on the date of enactment of this Act, to determine whether the provisions of this Act are valid legislation under the U.S. Constitution. (Amends 26 U.S.C. 42)
Resolution· HCONRESH.Con.Res. 178 (93rd)referred
United States · United States Congress · 9 April 1973
Directs the Joint Study Committee on Budget Control to report to the Congress, by bill or resolution, no later than June 1, 1973, its final recommendations with respect to any matters covered under its jurisdiction. Provides that such report shall include, but shall not be limited to : (1) procedures for improving congressional control of budgetary outlay and receipt totals, including procedures for establishing and maintaining an overall view of each year's budgetary outlays which is fully coordinated with an overall view of the anticipated revenues for that year; (2) procedures for the operation of a limitation on expenditures and net lending commencing with the fiscal year beginning July 1, 1973; and (3) procedures for limiting the authority of the President to impound or otherwise withhold funds authorized and appropriated by the Congress.
Resolution· HCONRESH.Con.Res. 179 (93rd)referred
United States · United States Congress · 9 April 1973
Directs the Joint Study Committee on Budget Control to report to the Congress, by bill or resolution, no later than June 1, 1973, its final recommendations with respect to any matters covered under its jurisdiction. Provides that such report shall include, but shall not be limited to : (1) procedures for improving congressional control of budgetary outlay and receipt totals, including procedures for establishing and maintaining an overall view of each year's budgetary outlays which is fully coordinated with an overall view of the anticipated revenues for that year; (2) procedures for the operation of a limitation on expenditures and net lending commencing with the fiscal year beginning July 1, 1973; and (3) procedures for limiting the authority of the President to impound or otherwise withhold funds authorized and appropriated by the Congress.
Bill· SS. 1492 (93rd)referred
United States · United States Congress · 5 April 1973
Establishes within the Senate a Tax Reform Commission to provide a thorough, nonpartisan and objective tax reform. Provides that the Commission shall be composed of 12 members: 10 selected by the Senate Finance Committee (5 by the majority party and 5 by the minority party); 1 appointed by the majority leader of the Senate; and 1 appointed by the minority leader of the Senate. Authorizes the Commission to hold hearings and gives it powers to carry out the provisions of this Act. Authorizes necessary appropriations to carry out the provisions of this Act.
Bill· HRH.R. 6657 (93rd)referred
United States · United States Congress · 5 April 1973
Allows a tax deduction under the Internal Revenue Code to a taxpayer who has attained the age of sixty-five for all expenses of his medical care, or for the expenses of his mother or father who has attained the age of sixty-five. (Amends 26 U.S.C. 213)
Bill· SS. 1458 (93rd)referred
United States · United States Congress · 4 April 1973
Provides that no declaration of estimated tax is required under the Internal Revenue Code in the case of a taxpayer who has attained the age of 65, with respect to income from pensions and retirement annuities, or with respect to income from interest or dividends to the extent that such interest or dividend income does not exceed $2,000 during the taxable year. (Amends 26 U.S.C. 6015(a))
Bill· SS. 1457 (93rd)referred
United States · United States Congress · 4 April 1973
Permits as a credit against the income tax imposed under the Internal Revenue Code an amount equal to 15 percent of the retirement income received by a qualified taxpayer during the taxable year. Limits the amount of retirement income which may be taken into account for the purpose of computing the credit to $2500, in the case of an unmarried individual and $3750 in the case of a joint return where both spouses are eligible. Provides for a reduction in the amount of retirement income, before applying the limitation figures, of (1) any amount received by an individual as a pension or annuity under title II of the Social Security Act, under the Railroad Retirement Act or otherwise excluded from gross income; (2) one-half the amount of earned income (in excess of $2000) received by an individual who has not attained the age of 72; and (3) any amount of earned income in excess of $1000 if the individual has not attained the age of 62 before the close of the taxable year.
Bill· SS. 1456 (93rd)referred
United States · United States Congress · 4 April 1973
Permits the deduction under the Internal Revenue Code of all expenses for the medical care of a taxpayer and his spouse if either of them attained the age of 65. (Amends 26 U.S.C. 213(a))
Bill· SS. 1471 (93rd)referred
United States · United States Congress · 4 April 1973
Increases, under the Internal Revenue Code, to $200 the maximum cost of an item of tangible personal property which is awarded to an employee by reason of length of service or for safety achievement which is excluded from the definition of "gifts" under such Code. (Amends 26 U.S.C. 274(b) (1) (c))
Bill· HRH.R. 6613 (93rd)referred
United States · United States Congress · 4 April 1973
Individual Retirement Benefits Act - Establishes minimum standards for participation and for vesting of benefits under pension and profitsharing plans. Provides that no employee may be excluded from participating in an employer-sponsored plan if he has attained the age of 30 years and has been an employee for at least three years, except an employee who is within five years of retirement age. Adopts a vesting standard under which every pension must be half vested when an employee's age plus the number of years he has participated in the plan equals 50. Provides that the remaining portion of his pension must vest ratably over the next five years. Grants tax deductions under the Internal Revenue Code to individuals for personal savings for retirement. Provides that the deductible amount is 20 percent of the individual's earned income for the year, but not more than $1,500. Allows a tax deduction for employee contributions to employer-sponsored plans and, in the case of an individual who is not covered by employer-sponsored plans (or who is inadequately covered by an employer-sponsored plan), a deduction is allowed for amounts set aside by the individual for his own retirement in an individual retirement account. Provides that amounts held in individual retirement accounts would be allowed to earn tax-free income. Increases the deductible contribution which may be made on behalf of self-employed individuals and shareholder-employees of electing small business corporations to a retirement plan which covers themselves and their employees to 15 percent, or $7,500, whichever is less.
Bill· HRH.R. 6593 (93rd)referred
United States · United States Congress · 4 April 1973
Requires States and local governments to hold public hearings under the State and Local Fiscal Assistance in which interested individuals and neighborhood groups may participate in decisions with respect to the uses to be made of general revenue-sharing funds.
Bill· HRH.R. 6598 (93rd)referred
United States · United States Congress · 4 April 1973
Provides an itemized deduction under the Internal Revenue Code for individuals who rent their principal residences in an amount equal to 25 percent of the aggregate amount paid. (Adds 26 U.S.C. 219)
Bill· HRH.R. 6594 (93rd)referred
United States · United States Congress · 4 April 1973
Provides that a charitable organization shall be denied exemption from taxation under the Internal Revenue Code where amounts paid or incurred by such organization during each taxable year to influence legislation, including an attempt to affect the opinion of the general public, normally exceeds five percent of the yearly expenditures; or where such amounts exceed twenty percent of the yearly expenditures in any attempt to influence legislation, on a matter which directly affects any purpose for which the organization is organized, through communication with its own members or with any member or employee of a legislative body, or with any other government official or employee who may participate in the formulation of the legislation. Defines charitable organization for purposes of this Act, and designates certain activities which are not included within the term "influence legislation". Provides that no income tax deduction shall be allowed for a contribution to a charitable organization if the contribution is made for the purpose of influencing legislation. (Amends 26 U.S.C. 501, 170)
Bill· HRH.R. 6584 (93rd)referred
United States · United States Congress · 4 April 1973
Extends specified transitional rules, under the Internal Revenue Code of 1954, for allowing a charitable contribution deduction for purposes of the estate tax in the case of certain charitable remainder trusts. (Adds 26 U.S.C. 2055(e)(3)
Bill· HJRESH.J.Res. 479 (93rd)referred
United States · United States Congress · 4 April 1973
Creates a select joint committee in the House of Representatives to conduct an investigation and study into methods of significantly simplifying Federal income tax return forms.
Resolution· HCONRESH.Con.Res. 174 (93rd)referred
United States · United States Congress · 4 April 1973
Makes it the sense of the Congress that the President should: (1) continue in operation the Office of Economic Opportunity administering and supervising the important programs and activities entrusted to that Office under the provisions of the Economic Opportunity Act of 1964, utilizing fully funds appropriated by the Congress for such purposes; and (2) submit a revised budget request for the fiscal year ending June 30, 1974, requesting appropriations for the Office of Economic Opportunity and its administration of programs and activities entrusted to it under and in accordance with the provisions of the Economic Opportunity Act of 1964.
Resolution· HCONRESH.Con.Res. 175 (93rd)referred
United States · United States Congress · 4 April 1973
Makes it the sense of the Congress that the President should: (1) continue in operation the Office of Economic Opportunity administering and supervising the important programs and activities entrusted to that Office under the provisions of the Economic Opportunity Act of 1964, utilizing fully funds appropriated by the Congress for such purposes; and (2) submit a revised budget request for the fiscal year ending June 30, 1974, requesting appropriations for the Office of Economic Opportunity and its administration of programs and activities entrusted to it under and in accordance with the provisions of the Economic Opportunity Act of 1964.
Bill· HRH.R. 6521 (93rd)referred
United States · United States Congress · 3 April 1973
Extends to all unmarried individuals the tax treatment of income splitting now utilized by married individuals filing joint returns under the Internal Revenue Code. Directs the Secretary of the Treasury to prescribe and publish tables reflecting the amendments made by this Act which shall apply in lieu of the tables set forth in the Internal Revenue Code with respect to wages paid on or after the first day of the first month which begins more than 20 days after the date of the enactment of this Act.
Bill· HRH.R. 6490 (93rd)referred
United States · United States Congress · 3 April 1973
Tax Equity Act - Title I: Capital Gains and Losses - Disallows the alternative tax on capital gains. Excludes from gross income so much of the gain on the sale or exchange of property held for more than twelve months as does not exceed the smaller of: (1) an amount equal to one-third of one percent of the adjusted basis of such property times the number of full months the property was held after the date it was held for twelve months; or (2) an amount equal to sixty percent of such adjusted basis of the property. States that capital losses with respect to a corporation shall be allowed only to the extent of gains for the taxable year from the sale or exchange of capital assets and property used in the trade or business. Provides that capital losses in the case of other taxpayers shall be allowed only to the extent of gains from the sale or exchange of capital assets and property used in a trade or business plus the taxable income of the taxpayer or $1000 ($500 in the case of a separate return of a married individual), whichever is smaller. Establishes criteria for determining capital loss carrybacks and carryovers. Defines the terms "capital gain", "capital loss", "net capital gain", and "net capital loss". Provides that if carryover basis property is acquired from a decedent dying after June 30, 1973, then the basis of such property in the hands of the person so acquiring it shall be the adjusted basis of the property immediately before the death of the decedent. Creates methods for adjusting such basis. Requires every executor to furnish information to the Secretary of the Treasury or his delegate regarding: (1) the name and last address of the decedent; (2) the name and address of each person acquiring property from the decedent; and (3) the adjusted basis of each such item in the hands of the decedent immediately before his death. States that amounts received by a seller as transferor of a patent shall be treated as royalties from such patent and not as gain from the sale or exchange of property. Title II: Income Derived from Extraction of Minerals - Terminates the depletion allowance for minerals effective after the taxable year ending December 31, 1973. Allows a taxpayer a deduction for income expenditures paid or incurred during the taxable year for the exploration or development of any mineral property. Removes the imposition of a maximum tax relating to the sale of oil or gas properties. Establishes criteria for determining income from mineral properties located outside the United States. Title III: Reform Measures Affecting Primarily Individuals - Imposes a fifty percent maximum tax rate on the income of individuals whose income exceeds $44,000. Allows a twenty-four percent tax credit for personal exemptions and nonbusiness deduction. Permits the President to adjust this percentage if he deems it to be in the public interest. Provides that income received during the taxable year by a child from a trust or dividends, interest, and royalties shall be included in the gross income of the parent and not the child of the parent who claims the child as an exemption. Eliminates the $100 dividend exclusion. Reduces from $25,000 to $5,000 the limitation on the deduction of interest on investment indebtedness. Disallows deductions in specified instances for expenses incurred while attending conventions outside the United States. Limits deductions for an individual engaged in farming. Provides that, in computing dividends, a distribution by a common parent corporation of a controlled group of corporations, the earnings and profits of the common parent corporation for the taxable year shall not be less than its share of the earnings and profits of the controlled group computed on a consolidated basis. Repeals the provision granting an exemption for earned income from foreign sources. Title IV: Reform Measures Affecting Primarily Corporations - Provides that the reasonable allowance for depreciation shall be computed on the basis of the expected useful life of property in the hands of the taxpayers. States that the depreciation deduction is not to exceed book depreciation and is to be limited to the amount recorded on books. Establishes criteria for computing limitations on dividends received deductions. Denies tax-free exchanges in the case of investment companies. Requires shareholders of any corporation to hold at least twenty percent of the total combined voting power of all classes of stock entitled to vote of the surviving, controlling, or acquiring corporation in order for the transaction to qualify as a reorganization. Provides that if a foreign corporation is a controlled foreign corporation for an uninterrupted period of thirty days or more during any taxable year, every person who is s United States shareholder of such corporation who owns stock in such corporation on the last day in such year on which such corporation is a controlled foreign corporation shall include in his gross income, for his taxable year in which or with which such taxable year of the corporation ends, his pro rata share of the corporation's earnings and profits for such year. Title V: Reforms Affecting Individuals and Corporations - Imposes, generally, in addition to other taxes, with respect to the income of every person, a tax of 10 percent of the amount (if any) by which the sum of the items of tax preference exceeds $12,000. Disallows, in the case of depreciable realty, the deduction for depreciation to the extent it would reduce the adjusted basis of the property at the end of the year below an amount equal to any mortgage indebtedness at the end of the year on the property minus the adjusted basis of the land allocable to such property. Makes provision for the treatment of charitable gifts of appreciated property and capital expenditures incurred in planting and developing fruit and nut groves. Repeals the tax exemption for ships under foreign flag. Title VI: Estate Tax Amendments - Imposes a tax on the transfer of the taxable estate of every decedent who was a citizen or resident of the United States at the time of his death. Provides that in the case of an estate of a decedent who made taxable gifts before death, a tax shall be imposed in an amount equal to the excess of: (1) a tax computed in accordance with the rate schedule set forth on the amount of the taxable estate increased by the amount of the adjusted inter vivos gifts; (2) a tax computed in accordance with such rate schedule on the amount of such adjusted inter vivos gifts as if the taxable estate were equal to such amount. Includes life insurance policies in the gross estate of a decedent. Title VII: State and Local Obligations - Repeals the exemption for interest on issues of State and local banks occurring after December 31, 1973. Provides that the United States shall pay fifty percent of the interest yield on each issue of State and local banks occurring after December 31, 1973.
Bill· HRH.R. 6495 (93rd)referred
United States · United States Congress · 3 April 1973
Reservation Industries Act - Provides that income derived from the sale of goods manufactured or produced in whole or in part at an exempt reservation facility shall not be taxed. Classifies an exempt reservation facility as one which has been so certified by the Secretary of the Interior in one of the nine preceding tax years and one share 50 percent of the man-hours worked have been performed by eligible Indians at such establishment. Disallows a tax credit for normal business expenses. Allows Indian tribes to contract for industry to be brought into the reservations. (Adds 26 U.S.C. 120, 277)
Bill· HRH.R. 6486 (93rd)referred
United States · United States Congress · 3 April 1973
Provides, under the Internal Revenue Code, a trade or business tax deduction to firemen for meals which they eat while at their post of duty overnight. (Amends 26 U.S.C. 162(f))
Bill· SS. 1434 (93rd)referred
United States · United States Congress · 2 April 1973
Provides that children's benefits received by an individual under the Social Security Act shall be disregarded in determining whether that individual is a dependent of a taxpayer under the Internal Revenue Code. (Amends 26 U.S.C. 152)
Bill· SS. 1439 (93rd)referred
United States · United States Congress · 2 April 1973
Tax Reform Act - Title I: Amendments Primarily Affecting Individuals - Provides that the minimum tax for tax preferences is altered by (1) reducing the exemption to $10,000; (2) imposing a graduated tax rate on additional amounts of tax preferences; and (3) eliminating deferral of the minimum tax. Imposes a tax for the purposes of computing taxable income, on the appreciation of capital assets transferred at death or by gift. Excludes from this tax specified property passing to spouses and charities. Reduces the amount of the exemption for interest paid by an individual borrowing for large investments from $25,000 to $10,000. Expands the definition of "investment interest" to include interest paid on passive oil, gas, mineral or real estate investments. Repeals the present law which allows U.S. citizens who live abroad to exclude from taxable income $25,000 (if they are bona fide residents of a foreign country) or $20,000 (if they live abroad for at least 17 out of 18 months). Title II: Amendments Primarily Affecting Corporations - Restricts the investment tax credit for investments in machinery and equipment to allow a credit only for net increases in investment. Repeals rapid amortization for (1) rehabilitation of low-income rental housing, (2) emergency facilities, (3) pollution control facilities, (4) specified railroad rolling stock, (5) specified coal mine safety equipment, and (6) specified expenditures for on-the-job training and child care facilities. Terminates specified provisions governing bad debt reserves of financial institutions. Repeals the deduction allowed for trade corporations operating in Western Hemisphere countries other than the United States. Requires United States shareholders of controlled foreign corporations to include in gross income their pro rata share of the corporations's earnings. Terminates the provisions for domestic international sales corporations which allow such export corporations to defer a percentage of their income. Increases the corporate tax rate on long-term capital gains from 30 percent to 35 percent. Title III: Amendments Affecting Individuals and Corporations - Sets forth tax rules for investments in real property, including: (1) restricts depreciation to the straight line method and to the owner's actual equity; (2) requires capitalization of interest and taxes incurred on undeveloped real estate held for investment and during construction ; (3) recaptures in full at the time of sale the excess depreciation taken on real property; (4) includes in taxable income specified proceeds from a mortgage loan which exceeds the depreciated cost of the real property; and (5) provides for review of the useful lives of buildings. Requires that intangible drilling, mine exploration, and development costs, be capitalized. Provides for the recapture of past deductions when such mineral property is sold. Reduces the allowable deductions of a taxpayer engaged in farming to less than a specified sum of gross income and special deductions. Sets forth special rules for farming deductions in the case of married individuals and members of controlled groups of corporations. Increases farm loss deductions to include (1) taxes; (2) interest; (3) losses from fire or storm; (4) abandonment or theft; (5) drought and (6) losses from sales, exchanges and involuntary conversions. Reduces percentage depletion rates for mines, wells, and other natural deposits. Terminates the exemption from taxation of specified income earned in possessions of the United States. Provides that no foreign corporation shall be treated as a less developed country corporation for any taxable year which begins after the date of enactment of this Act. Title IV: Estate and Gift Tax Amendments - Sets forth new rates for the imposition of taxes on the transfer of a taxable estate by decedents, residents and citizens of the United States. Prescribes new rate schedules for gift taxation. Imposes a tax, equal to three-fifths of the normal estate tax, on the transfer of that portion of the taxable estate of a decedent which consists of a generation-skipping transfer. Provides for the imposition of a tax on transfers in trust. States that such taxes may be imposed on more than one occasion. Grants exceptions to the skipped-generation transfer taxation in specified situations. Title V: State and Local Bonds - Allows state and local governments, at their option, to issue bonds which pay taxable interest. Provides that the federal government shall pay 50 percent of the interest cost of state and local governments elect to make interest on their bonds taxable.
Bill· HRH.R. 6423 (93rd)referred
United States · United States Congress · 2 April 1973
Permits individuals who are not heads of families to produce up to 200 gallons annually of wine for personal consumption. (Amends 26 U.S.C. 5042(a)(2))
Bill· HRH.R. 6436 (93rd)referred
United States · United States Congress · 2 April 1973
Slum Prevention Act - Provides that no tax deduction shall be allowed under the Internal Revenue Code for depreciation for a taxable year on residential property which does not comply with local or State health and safety requirements.
Bill· HRH.R. 6385 (93rd)referred
United States · United States Congress · 29 March 1973
Extends the programs of assistance under the Community Mental Health Centers Act until June 30, 1974.
Bill· HRH.R. 6403 (93rd)referred
United States · United States Congress · 29 March 1973
Provides an itemized deduction under the Internal Revenue Code for individuals who rent their principal residences in an amount equal to 25 percent of the aggregate amount paid. (Adds 26 U.S.C. 219)
Bill· HRH.R. 6399 (93rd)referred
United States · United States Congress · 29 March 1973
Excludes from gross income for income tax purposes under the Internal Revenue Code, retirement benefit amounts received from public retirement systems up to $5,000, less any amount received during the taxable year as a monthly benefit under title II (Old-Age, Survivors, and Disability Insurance) of the Social Security Act. (Amends 26 U.S.C. 124)
Bill· HRH.R. 6353 (93rd)referred
United States · United States Congress · 29 March 1973
Allows, under the Internal Revenue Code of 1954 a deduction in computing gross income for theft losses sustained by individuals, for specified amounts paid to protect against theft, for medical expenses caused by criminal conduct, and for funeral expenses of victims of crime. (Amends 26 U.S.C. 219)
Bill· HRH.R. 6345 (93rd)referred
United States · United States Congress · 29 March 1973
Provides that the fiscal year of the United States shall coincide with the calendar year, and makes provisions for the orderly transition by all Federal Government and District of Columbia agencies to the use of the new fiscal year.
Bill· HRH.R. 6339 (93rd)referred
United States · United States Congress · 29 March 1973
Provides, under the Tax Reform Act, that specified taxes on self-dealing shall not apply to the sale, exchange, or other disposition (other than by lease) of property owned by a private foundation to a disqualified person if: (1) such foundation is leasing substantially all of such property; (2) the disposition of such disqualified person occurs before January 1, 1975; and (3) such foundation receives an amount which equals or exceeds the fair market value of such property. (Amends 26 U.S.C. 4940 nts.)
Bill· HRH.R. 6360 (93rd)referred
United States · United States Congress · 29 March 1973
Provides, under the Internal Revenue Code of 1954 for the licensing of, and regulating of, persons in the business of preparing tax returns. Provides for the requirement of a fee of not more than $50 for the issuance of the license under this Act.
Bill· HRH.R. 6304 (93rd)referred
United States · United States Congress · 29 March 1973
Extends the exceptions and limitations of appreciated property used to redeem stock for the taxability of corporations on distribution pursuant to the Internal Revenue Code. (Amends 26 U.S.C. 311(d)(2)(A))
Law· SS. 1413 (93rd)open
United States · United States Congress · 28 March 1973
Increases the authorization for fiscal year 1974 to $240,000 for the Committee for Purchase of Products and Services of the Blind and Other Severely Handicapped. (Amends 41 U.S.C. 48c)
Resolution· SCONRESS.Con.Res. 19 (93rd)referred
United States · United States Congress · 28 March 1973
Requires the Senate Committees on Finance and Appropriations and the House committees on Ways and Means and Appropriations to meet jointly, at the beginning of each regular session of Congress, and after study and consultation, giving due consideration to the budget transmitted by the President with respect to the next fiscal year, report as soon as practicable to the Senate a bill or joint resolution specifying the total amount of new obligational authority to be made available for the United States Government in general appropriations measures for such year. Provides that if the amount specified in such a bill or joint resolution with respect to a fiscal year agreed to by the Senate and House of Representatives is not the same, conferees on the part of the Senate shall be appointed not later than two days after the House of Congress passing the bill or joint resolution last passes such bill or joint resolution, unless within those 2 days both Houses of Congresses agree upon the same total amount of new obligational authority with respect to such fiscal year without the convening of a committee of conference. Stipulates that it shall not be in order in the Senate to consider any measure providing new obligational authority with respect to any fiscal year until there has been enacted into law with respect to such fiscal year a bill or joint resolution. Provides that, after such a bill or joint resolution has been enacted into law with respect to such fiscal year, the amount so established shall be effective for purposes of this rule unless there subsequently has been enacted into law a bill or joint resolution with respect to such fiscal year establishing a different amount. Requires all general appropriations measures, including any such measure which has passed both Houses of Congress without any differences, with respect to a fiscal year to be committed to same committee of conference of the two Houses. Provides that the total amount of new obligational authority to be made available for that fiscal year under all conference reports with respect to such measures shall not exceed the total amount of new obligational authority established and in effect for the United States Government at the time such conference reports are reported to the Senate. Stipulates that it shall not be in order to consider any conference report on any such measure in the Senate if such report has not been considered by the committee of conference in accordance with this paragraph. Excludes from the provisions of this paragraph any general appropriations measure making deficiency, emergency, or supplemental appropriations. Provides that it shall not be in order in the Senate to consider any conference report on a general appropriations measure making deficiency, emergency, or supplemental appropriations with respect to a fiscal year if the total amount of new obligational authority provided under such measure, when added to such authority for such year already enacted into law or contained in conference reports filed but not enacted into law, exceeds the total amount of new obligational authority established and in effect for the United States Government at the time such deficiency, emergency, or supplemental appropriations measure is to be considered.
Bill· HRH.R. 6282 (93rd)referred
United States · United States Congress · 28 March 1973
Provides that tax-exempt interest is to be added into average base period income for purposes of income averaging under the Internal Revenue Code. (Amends 26 U.S.C. 1302(b)(2)(A)(i))
Bill· HRH.R. 6253 (93rd)referred
United States · United States Congress · 28 March 1973
Provides under the Internal Revenue Code of 1954, that the personal exemption allowed a taxpayer for a dependent shall be available without regard to the dependent's income in the case of a dependent who is over 65. (Adds 151 (e) (1) (C)).
Bill· HRH.R. 6245 (93rd)referred
United States · United States Congress · 28 March 1973
Allows a tax credit under the Internal Revenue Code against the Federal income tax for State and local real property taxes or an equivalent portion of rent paid on their residences by individuals who have attained the age of 65. Provides that where an indivudal has attained the age of 65, there shall be allowed as a credit the amount of real property taxes paid which were imposed by a State or political subdivision on property owned and used by him as a principal residence or rent constituting such taxes as defined by the Internal Revenue Code. Allows payment by the U.S. Treasury to taxpayers to the extent of the difference between the credit and amount of such real property taxes where the tax imposed is less than real property taxes. Provides that the total credit payment for any taxable year shall not exceed $300 (or $150 in case of a single return). Reduces the amount of the credit allowed by the amount that the taxpayer's income exceeds $6,500 (or $3250 in the case of a married person filing a separate return). Directs that the credit be applied collectively in cases of joint ownership. Provides that where the joint return of the husband or wife is filed, the age requirement is met if either person is 65 or older. Apportions the credit allowed to cover only that part of a residence actually used by the taxpayer or that part of a farm not in excess of forty acres. Provides that an individual who is a tenant-stockholder in a cooperative housing corporation shall be treated as owning the house or apartment which he occupies and such person shall be treated as having paid real property taxes equal to the deduction allowable in direct proportion to taxes actually paid on a particular residence where during the taxable year there has been a change in residence. Provides that the term 'rent constituting property taxes" means an amount equal to 25 percent of the rent paid during a taxable year by the taxpayer for the right to occupy his dwelling (exclusive of charges for utilities, services, and furnishings). Reduces the amount of real property taxes paid by an individual by the amount of any refund given on such taxes. Provides that there shall be no assessment of interest charges where there has been an underpayment of taxes by an individual if the amount due is paid within sixty days after the taxpayer receives a refund of real property taxes which caused the underpayment. Specifies that deductions for State and local real property taxes shall not be affected by the credit allowed.
Bill· HRH.R. 6254 (93rd)referred
United States · United States Congress · 28 March 1973
Provides, under the Internal Revenue Code, that gross income does not include any amounts received by an individual in the taxable year as a pension, annuity, or other benefit under a public retirement system, or any amounts received by an individual who is age 65 or over as a pension, annuity, or other retirement benefit under any other retirement plan, program, or system, to the extent that the aggregate of such amounts does not exceed $5,000.
Bill· HRH.R. 6267 (93rd)referred
United States · United States Congress · 28 March 1973
Allows, an additional income tax exemption under the Internal Revenue Code, for each dependent of an individual who is blind or has attained the age of 80. ((Amends 26 U.S.C. 151(c)(3), (d)(3); 3401(f)(i)(H))
Bill· HRH.R. 6259 (93rd)referred
United States · United States Congress · 28 March 1973
Allows an income tax exclusion under the Internal Revenue Code for retirement benefits received under a public system. (Amends 26 U.S.C. 124)
Bill· HRH.R. 6235 (93rd)referred
United States · United States Congress · 28 March 1973
Provides under the Internal Revenue Code of 1954 an exclusion from gross income for the interest on governmental obligations the proceeds of which are used to provide hospital facilities. (Amends 26 U.S.C. 103(c)(4)(h))
Bill· HRH.R. 6240 (93rd)referred
United States · United States Congress · 28 March 1973
Allows a tax credit under the Internal Revenue Code against the Federal income tax for State and local real property taxes or an equivalent portion of rent paid on their residences by individuals who have attained the age of 65. Provides that where an indivudal has attained the age of 65, there shall be allowed as a credit the amount of real property taxes paid which were imposed by a State or political subdivision on property owned and used by him as a principal residence or rent constituting such taxes as defined by the Internal Revenue Code. Allows payment by the U.S. Treasury to taxpayers to the extent of the difference between the credit and amount of such real property taxes where the tax imposed is less than real property taxes. Provides that the total credit payment for any taxable year shall not exceed $300 (or $150 in case of a single return). Reduces the amount of the credit allowed by the amount that the taxpayer's income exceeds $6,500 (or $3250 in the case of a married person filing a separate return). Directs that the credit be applied collectively in cases of joint ownership. Provides that where the joint return of the husband or wife is filed, the age requirement is met if either person is 65 or older. Apportions the credit allowed to cover only that part of a residence actually used by the taxpayer or that part of a farm not in excess of forty acres. Provides that an individual who is a tenant-stockholder in a cooperative housing corporation shall be treated as owning the house or apartment which he occupies and such person shall be treated as having paid real property taxes equal to the deduction allowable in direct proportion to taxes actually paid on a particular residence where during the taxable year there has been a change in residence. Provides that the term 'rent constituting property taxes" means an amount equal to 25 percent of the rent paid during a taxable year by the taxpayer for the right to occupy his dwelling (exclusive of charges for utilities, services, and furnishings). Reduces the amount of real property taxes paid by an individual by the amount of any refund given on such taxes. Provides that there shall be no assessment of interest charges where there has been an underpayment of taxes by an individual if the amount due is paid within sixty days after the taxpayer receives a refund of real property taxes which caused the underpayment. Specifies that deductions for State and local real property taxes shall not be affected by the credit allowed.
Bill· HRH.R. 6220 (93rd)referred
United States · United States Congress · 28 March 1973
Increases the credit against tax for retirement income. under the Internal Revenue Code and coordinates it with the maximum social security retirement benefits. Provides that this Act is to become effective for taxable years beginning after December 31, 1972. (Amends 26 U.S.C. 37)
Law· SS. 1386 (93rd)open
United States · United States Congress · 27 March 1973
Authorizes appropriations of $2,527,000 for the saline water program for fiscal year 1974.
Bill· SS. 1370 (93rd)referred
United States · United States Congress · 27 March 1973
Provides that a qualified employee benefit trust shall have the tax characteristics of a charitable organization for purposes of income, estate, and gift taxes. Allows a tax deduction to corporations for the amount of dividends which they pay on stock held by qualified profit-sharing or stock bonus plan trusts, provided that the dividends are promptly paid over to the employees covered by the plan. Provides for an increase from 15 percent to 30 percent in the percentage limitation on the maximum annual tax-deductible contribution that can be made to a qualified employee benefit trust. Authorizes an additional tax deduction for a corporation making a contribution to a qualified profit-sharing or stock bonus trust where the trust pays off indebtedness incurred to purchase stock of the corporation. States that the amount of the special deduction would be 50 percent of the principal amount of the indebtedness paid by the trust during the taxable year of the corporation.
Bill· HRH.R. 6185 (93rd)referred
United States · United States Congress · 27 March 1973
Allows an income tax credit under the Internal Revenue Code for tuition paid by a taxpayer during the taxable year to any private nonprofit elementary or secondary school for the education as a full-time student of any dependent with respect to whom the taxpayer is allowed an income tax exemption under the Internal Revenue Code. Limits the tax credit to 50 percent of the tuition paid by the taxpayer or $200, whichever is less. Provides that any payment which is taken into account in determining the tax credit shall not be treated as an amount paid by the taxpayer for purposes of determining entitlement to a tax deduction. Allows any U.S. taxpayer to commence a proceeding in the U.S. District Court for the District of Columbia, within the three month period beginning on the date of enactment of this Act, to determine whether the provisions of this Act are valid legislation under the U.S. Constitution. (Amends 26 U.S.C. 42)
Bill· HRH.R. 6198 (93rd)referred
United States · United States Congress · 27 March 1973
Provides an itemized deduction under the Internal Revenue Code for individuals who rent their principal residences in an amount equal to 25 percent of the aggregate amount paid. (Adds 26 U.S.C. 219)
Bill· HRH.R. 6173 (93rd)referred
United States · United States Congress · 27 March 1973
Tax Reform Act - Title I: Capital Gains of Individuals and Corporations - Eliminates the twenty-five percent capital gain rate on the first $50,000 of an individual's capital gains. Increases to thirty-five percent (thirty percent in the case of a taxable year beginning after December 31, 1970, and before July 1, 1973) the alternative rate of taxation on capital gains for corporations. Title II: Gain on Certain Property Transferred at Death or by Gift - Provides that in the case of the death of a taxpayer there shall be included in computing taxable income for the taxable period in which falls the date of his death, the gains and losses which would be taken into account if the taxpayer has sold all property, which is considered to have been acquired from or to have passed from the decedent taxpayer, at a selling price equal to its fair market value at death. Makes exceptions to this provision for household or personal items whose total value is less than $2000, and for property which passes or was passed to a surviving spouse. Sets forth rules applicable in determining the the basis for computing gain or loss. Makes provisions and rules for including gains and losses on lifetime property gifts in computing taxable income for the taxable period in which the transfer was made. Requires the filing of a final income tax return for a decendent by April 15 of the year following the taxable year, or 9 months after the date of death, whichever is later. Makes provisions for extension of time for the paying of tax. Title III: Depreciation Revision - Eliminates the provision permitting a variance from any class life for depreciation allowance purposes of up to 20 percent of such life. Title IV: State and Local Bonds - Allows a State or local government to elect to issue obligations without excluding their interest from gross income. Authorizes necessary appropriations to pay a fixed percentage of interest yield on taxable issues, and sets forth procedures for such payment. Title V: Foreign Corporations - Provides that if a foreign corporation is a controlled foreign corporation for an uninterrupted period of 30 days or more during any taxable year, every United States shareholder of such corporation who owns stock in such corporation on the last day in such year or which such corporation is a controlled foreign corporation, shall include in its gross income for its taxable year its pro rata share of the corporation's anyyyyyyy and profits for such year. Excludes from such shareholder's gross income any previously taxed earnings or profits from a foreign corporation. Provides that such shareholders in foreign corporations may be required to maintain records and accounts for purposes of this Act. Makes conforming amendments for this section. Title VI: Income Derived From Extraction of Oil and Gas - Reduces to fifteen percent the depletion rate for oil and gas wells (presently twenty-two percent). Eliminates the granting of an option to deduct as expenses intangible drilling and development costs in the case of oil and gas wells. Title VII: Farm Losses - Provides that, in the case of a taxpayer engaged in the business of farming, the deductions attributable to such business which would be allowable for the taxable year shall not exceed the sum of: (1) the adjusted farm gross income for the taxable year, and (2) the higher of the amount of the special deductions allowable for the taxable year, or $15,000 ($7,500 in the case of a married individual filing a separate return), reduced by the amount by which the taxpayer's adjusted gross income (taxable income in the case of a corporation) for the taxable year attributable to all sources other than the business of farming exceeds $15,000 ($7,500 in the case of a married individual filing a separate return). Provides for a disallowable farm operating loss carryback to each of the three taxable years preceding the loss year and a disallowed farm loss carryover to each of the five taxable years following the loss year. Defines the various terms of this title. States that a taxpayer shall be treated as engaged in the business of farming for any taxable year if: (1) any deduction is allowable for any expense paid or incurred by the taxpayer with respect to farming, or with respect to any farm property held by the taxpayer, or (2) any deduction would otherwise be allowable to the taxpayer for any expense paid or incurred with respect to farming, or with respect to property held for the production of income, which is used in farming. Excludes the raising of timber from the definition of farming. Establishes a formula limiting the amount of deduction, regarding the business of farming, to a controlled group of corporations. Directs that, under regulations prescribed by the Secretary or his delegate, an electing small business corporation which is engaged in the business of farming during its taxable year, and the shareholders of such corporation, shall apply the provisions of the Internal Revenue Code dealing with certain corporation payments to shareholders separately with respect to: (1) income derived from the business of farming by such corporation and deductions attributable to such business, and (2) all other income and deductions of such corporation. Title VIII: Minimum Tax for Tax Preferences - Imposes for each taxable year, with respect to the income of every person, a tax equal to 20 percent (previously 10 percent) of the amount by which the sum of the items of tax preference exceeds $12,000. Repeals the provision allowing tax carry-overs for 7 taxable years for excess taxes.
Bill· HRH.R. 6169 (93rd)referred
United States · United States Congress · 27 March 1973
Defers the payment of income tax on amounts deducted from a public employee's wages for purposes of retirement until the amounts are received by the taxpayer. (Amends 26 U.S.C. 124)