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401 records in US in 1976
United States · United States Congress · 1 April 1976
Amends the Internal Revenue Code to exclude from gross income the interest on series E and H United States saving bonds. Makes technical and conforming amendments.
United States · United States Congress · 1 April 1976
Increases the estate tax exemption for taxable estates under the Internal Revenue Code from $60,000 to $200,000 of the value of the gross estate. Increases the limitation on the aggregate marital deduction to 50 percent of the adjusted gross value of the estate, plus $100,000. Allows an executor to value farmland, woodland, and scenic open land at its current use value rather than at its fair market value.
United States · United States Congress · 1 April 1976
Authorizes courts with naturalization jurisdiction conferred to them under the Immigration and Nationality Act to retain up to $20,000 (presently $6,000) of the fees collected in naturalization proceedings held in such courts in any fiscal year.
United States · United States Congress · 1 April 1976
Surplus School Conversion Act - Entitles taxpayers, under the Internal Revenue Code, to elect to take a deduction with respect to the amortization of any qualified school or hospital property based on a period of 180 months. Defines qualified school or hospital property to mean any building or other structure which is acquired by the taxpayer from a tax-exempt organization which used such structure to provide facilities for an educational institution or an institution which provided medical or custodial care. Makes technical and conforming amendments.
United States · United States Congress · 31 March 1976
Amends the Internal Revenue Code to allow a deduction to individuals who rent their principal residences for a portion of the real property taxes paid or accrued by their landlord.
United States · United States Congress · 31 March 1976
Authorizes a tax credit, under the Internal Revenue Code, for the amount of an individual's real property taxes paid or accrued on the individual's principal residence plus the amount of rent incurred with respect to property used by such individual as a principal residence, if the sum of such amounts exceeds five percent of such individual's gross income for the taxable year. Limits such credit to $250 for any taxable year. Reduces such credit by five percent of the amount of excess of the taxpayer's adjusted gross income over $10,000, in the case of taxable years beginning in 1976; $15,000, in the case of taxable years beginning in 1977 and $20,000, in taxable years beginning after December 31, 1977. Apportions such credit among two or more eligible taxpayers using the same principal residence based on such taxpayers' shares of the property tax or of the rent paid.
United States · United States Congress · 31 March 1976
Authorizes the balance to the credit of an employee who is a beneficiary of an exempt trust or annuity, under the Internal Revenue Code, to be paid out within one taxable year of the employee, on account of a termination of the employee benefit plan without inclusion in the gross income of such employee if such benefit payment is transferred to an individual retirement annuity, account, or bond within 60 days. Makes technical and conforming amendments.
United States · United States Congress · 31 March 1976
Appropriates $135,064,000 for a comprehensive, nationwide influenza immunization program. Provides that vaccines may be supplied to State and local health agencies without charge.
United States · United States Congress · 30 March 1976
Historic Structures Tax Act - Title I: Short Title, etc. - Sets forth the popular name for this Act. Title II: Preservation and Rehabilitation of Historic Structures - Provides under the Internal Revenue Code for the preservation and rehabilitation of historic structures by allowing a tax deduction with respect to the amortization of the amortizable basis of any certified historic structure based on a period of 60 months. Specifies that no deduction shall be allowed for any expense or loss incurred as a result of the destruction of a certified historic structure. Limits deductions on structures erected upon a site which was occupied by a certified historic structure which was demolished or substantially altered. Title III: Rehabilitation of Other Property - Allows a taxpayer to compute the depreciation deduction attributable to substantially rehabilitated property as through the original use of such property commenced with him. Title IV: Charitable Transfers for Conservation Purposes - Allows income, estate and gift tax deductions for transfer of remainder or partial interests in property for conservation purposes.
United States · United States Congress · 30 March 1976
Historic Structures Tax Act - Title I: Short Title, etc. - Sets forth the popular name for this Act. Title II: Preservation and Rehabilitation of Historic Structures - Provides under the Internal Revenue Code for the preservation and rehabilitation of historic structures by allowing a tax deduction with respect to the amortization of the amortizable basis of any certified historic structure based on a period of 60 months. Specifies that no deduction shall be allowed for any expense or loss incurred as a result of the destruction of a certified historic structure. Limits deductions on structures erected upon a site which was occupied by a certified historic structure which was demolished or substantially altered. Title III: Rehabilitation of Other Property - Allows a taxpayer to compute the depreciation deduction attributable to substantially rehabilitated property as through the original use of such property commenced with him. Title IV: Charitable Transfers for Conservation Purposes - Allows income, estate and gift tax deductions for transfer of remainder or partial interests in property for conservation purposes.
United States · United States Congress · 30 March 1976
Amends the Internal Revenue Code to allow a deduction to individuals who rent their principal residences for a portion of the real property taxes paid or accrued by their landlord.
United States · United States Congress · 30 March 1976
Allows an estate tax credit of $25,000 under the Internal Revenue Code. Authorizes the executor of an estate to elect an additional credit of $15,000 if 65 percent or more of the value of the adjusted gross estate is attributable to a qualifying small business. Reduces the additional credit by 15 percent of the amount by which the value of the taxable estate exceeds $300,000. Defines the terms used in this Act. Makes technical and conforming amendments.
United States · United States Congress · 30 March 1976
Authorizes any taxpayer to elect to have any portion of any overpayment of tax or any contribution in money which the taxpayer forwards with the return for such taxable year, under the Internal Revenue Code, be available, as the taxpayer may designate on such return, for the National Endowment for the Arts or the National Endowment for the Humanities.
United States · United States Congress · 30 March 1976
Allows an estate tax credit of $25,000 under the Internal Revenue Code. Authorizes the executor of an estate to elect an additional credit of $15,000 if 65 percent or more of the value of the adjusted gross estate is attributable to a qualifying small business. Reduces the additional credit by 15 percent of the amount by which the value of the taxable estate exceeds $300,000. Defines the terms used in this Act. Makes technical and conforming amendments.
United States · United States Congress · 29 March 1976
Requires the taxpayer to disclose, when filing a tax return under the Internal Revenue Code, any amount of interest received or accrued during the taxable year which is exempt from taxation, as well as the principal amount of tax-exempt bonds or notes held by the taxpayer.
United States · United States Congress · 29 March 1976
Amends the Internal Revenue Code to tax married and unmarried individuals at the same rates.
United States · United States Congress · 29 March 1976
Increases the estate tax exemption for taxable estates under the Internal Revenue Code from $60,000 to $200,000 of the value of the gross estate. Increases the limitation on the aggregate marital deduction to 50 percent of the adjusted gross value of the estate, plus $100,000. Allows an executor to value farmland, woodland, and scenic open land at its current use value rather than at its fair market value.
United States · United States Congress · 25 March 1976
Municipal Taxable Bond Alternative Act - Amends the Internal Revenue Code to allow a State, a possession of the United States, any political subdivision of any of the foregoing, or the District of Columbia, to elect to issue taxable obligations, the interest of which will be included in the gross income of the recipient. Directs the Secretary of the Treasury to pay without condition or requirement 40 percent of the interest yield on each obligation for which the election of taxability has been made. Makes technical and conforming amendments.
United States · United States Congress · 25 March 1976
Amends the Internal Revenue Code to deny a tax deduction as an ordinary and necessary business expense for any amount paid or incurred in connection with lobbying expenses with respect to legislation or proposed legislation before Congress or any legislative body of a State.
United States · United States Congress · 25 March 1976
Authorizes the balance to the credit of an employee who is a beneficiary of an exempt trust or annuity, under the Internal Revenue Code, to be paid out within one taxable year of the employee, on account of a termination of the employee benefit plan without inclusion in the gross income of such employee if such benefit payment is transferred to an individual retirement annuity, account, or bond within 60 days. Makes technical and conforming amendments.
United States · United States Congress · 25 March 1976
Amends the Internal Revenue Code to allow specified otherwise tax exempt organizations to operate a public entertainment activity in conjunction with a National, State, local, regional, or international fair or exposition without losing their tax exempt status, by excluding such public entertainment activity from the definition of the term "unrelated trade or business."
United States · United States Congress · 25 March 1976
Jobs Creation Act - Allows as a tax credit, under the Internal Revenue Code, an amount equal to ten percent of the increase in the total amount of qualified savings deposits and investments of an individual. Stipulates such credit shall not exceed $1,000. Increases the maximum tax deduction for retirement savings to $2,000. Excludes from gross income amounts received by an individual as dividends from domestic corporations. Allows a taxpayer to exclude from gross income up to $1,000 of gain from the sale or exchange of securities. Allows the nonrecognition of gain from the sale or exchange of qualified small business property, at the election of the taxpayer, to the extent that the amount realized on such sale or exchange is reinvested in qualified small business property by the taxpayer during the reinvestment period beginning one year before the date of the sale or exchange and ending one year after such date. Allows the executor of an estate which includes an interest in a qualified closely held business which exceeds either 35 percent of the value of the gross estate or 50 percent of the value of the taxable estate, but is less than $300,000 to elect: (1) to pay the estate tax in up to 20 equal annual installments (presently ten); and (2) to defer the payment of the first installment until five years after the filing of the return. Reduces the corporate normal tax rate to 20 percent. Reduces the corporate surtax rate to 22 percent. Increases the corporate surtax exemption to $100,000. Revises the procedure for the determination of the investment credit to provide graduated rates of 25 percent of the qualified investment to the extent that the qualified investment does not exceed $25,000; 20 percent of the qualified investment to the extent that the qualified investment exceeds $10,000 and does not exceed $50,000; plus 15 percent of the qualified investment to the extent that the qualified investment exceeds $50,000. Increases the allowable percentage variation from any class life prescribed by the Secretary of the Treasury to 40 percent. Allows a taxpayer to elect to take a tax deduction for a capital recovery allowance on qualified tangible property in lieu of the depreciation allowance. Allows a taxpayer to elect a 12 month amortization period for pollution facilities. Increases the exemption for specified small issues of industrial revenue bonds which allows the exclusion from gross income of interest received on such bonds issued to $10,000,000.
United States · United States Congress · 25 March 1976
Amends the Internal Revenue Code to disallow the foreign tax credit for any income, war profits, or excess profits tax paid or accrued to any foreign country with respect to foreign oil-related income.
United States · United States Congress · 25 March 1976
Amends the Internal Revenue Code to allow a taxpayer to deduct so much of the taxes assessed against local benefits of a kind tending to increase the value of the property assessed as is properly allocable to the construction, reconstruction, or erection of treatment works or to the retirement of indebtedness attributable to any such construction, reconstruction, or erection.
United States · United States Congress · 25 March 1976
Legal Fees Reimbursement Act - Provides that in any legal action initiated by the Government, or in any action instituted by a taxpayer contesting the accuracy of a deficiency or claiming a refund of taxes paid where the taxpayer prevails or substantially prevails, the Government shall be liable for the reimbursement in full of all reasonable litigation expenses incurred by the taxpayer as a consequence of legal defense, under the Internal Revenue Code.
United States · United States Congress · 25 March 1976
Revises the Internal Revenue Code to provide that the allowable dollar amount of the tax deduction taken for a charitable contribution which is a musical, artistic, or literary composition shall be the fair market value of such property at the time of contribution. Excludes from the coverage of such provision any charitable contribution of any writing, memorandum, or similar property the production of which was related to, or arose out of, the performance of the duties of any office held under the Government of the United States or of any State or any political subdivision thereof.
United States · United States Congress · 24 March 1976
Authorizes appropriations of $25,000,000 a year for the National Sea Grant College and Program Act of 1966 for fiscal years 1977, 1978, and 1979.
United States · United States Congress · 24 March 1976
Municipal Taxable Bond Alternative Act - Amends the Internal Revenue Code to allow a State, a possession of the United States, any political subdivision of any of the following, or the District of Columbia, to elect to issue taxable obligations, the interest of which will be included in the gross income of the recipient. Directs the Secretary of the Treasury to pay without condition or requirement 35 percent of the interest yield on each obligation for which the election of taxability has been made. Makes technical and conforming amendments.
United States · United States Congress · 24 March 1976
Directs the Secretary of Health, Education, and Welfare, under title XX (Grants to States for Services) of the Social Security Act, to allot funds not used by some of the States to States which have a need for additional funds for social services. Stipulates that such excess funds will be apportioned according to the same ratio which governs the original apportionment of such funds each year.
United States · United States Congress · 24 March 1976
Allows a general estate tax credit of $30,000 under the Internal Revenue Code. Requires the filing of a Federal estate tax return where the value of the gross estate exceeds $131,000.
United States · United States Congress · 24 March 1976
Allows an estate tax credit of $25,000 under the Internal Revenue Code. Authorizes the executor of an estate to elect an additional credit of $15,000 if 65 percent or more of the value of the adjusted gross estate is attributable to a qualifying small business. Reduces the additional credit by 15 percent of the amount by which the value of the taxable estate exceeds $300,000. Defines the terms used in this Act. Makes technical and conforming amendments.
United States · United States Congress · 24 March 1976
Provides that upon the adoption of this resolution it shall be in order to move that the House resolve itself into the Committee of the Whole House on the State of the Union for the consideration of the bill (H.R. 12262) to amend the Board for International Broadcasting Act of 1973 to authorize appropriations for fiscal year 1977 and to require the President to submit to the Congress a report on more effective utilization of overseas broadcasting facilities. Directs that after general debate, which shall be confined to the bill and shall continue not to exceed one hour, to be equally divided and controlled by the chairman and ranking minority member of the Committee on Science and Technology, the bill shall be read for amendment under the five-minute rule. Requires that, at the conclusion of the consideration of the bill for amendment, the Committee shall rise and report the bill to the House with such amendments as may have been adopted, and the previous question shall be considered as ordered on the bill and amendments thereto to final passage without intervening motion except one motion to recommit.
United States · United States Congress · 24 March 1976
Provides that upon the adoption of this resolution it shall be in order to move that the House resolve itself into the Committee of the Whole House on the State of the Union for the consideration of the bill (H.R. 12566) authorizing appropriations to the National Science Foundation for fiscal year 1977. Directs that after general debate, which shall be confined to the bill and shall continue not to exceed one hour, to be equally divided and controlled by the chairman and ranking minority member of the Committee on Science and Technology, the bill shall be read for amendment under the five-minute rule. Requires the Committee, at the conclusion of the consideration of the bill for amendment, to rise and report the bill to the House with such amendments as may have been adopted, and the previous question shall be considered as ordered on the bill and amendments thereto to final passage without intervening motion except one motion to recommit.
United States · United States Congress · 24 March 1976
Provides that upon the adoption of this resolution it shall be in order to move that the House resolve itself into the Committee of the Whole House on the State of the Union for the consideration of the bill (H.R. 12567) to authorize appropriations for the Federal Fire Prevention and Control Act of 1974 and the Act of March 3, 1901, for fiscal years 1977 and 1978, and for other purposes. Requires that after general debate, which shall be confined to the bill and shall continue not to exceed one hour, to be equally divided and controlled by the chairman and ranking minority member of the Committee on Science and Technology, the bill shall be read for amendment under the five-minute rule. Directs that, at the conclusion of the consideration of the bill for amendments, the Committee shall rise and report the bill to the House with such amendments as may have been adopted, and the previous question shall be considered as ordered on the bill and amendments thereto to final passage without intervening motion except one motion to recommit.
United States · United States Congress · 23 March 1976
Authorizes the balance to the credit of an employee who is a beneficiary of an exempt trust or annuity, under the Internal Revenue Code, to be paid out within one taxable year of the employee, on account of a termination of the employee benefit plan without inclusion in the gross income of such employee if such benefit payment is transferred to an individual retirement annuity, account, or bond within 60 days. Makes technical and conforming amendments.
United States · United States Congress · 23 March 1976
Amends the Budgeting and Accounting Act of 1921 to give the Comptroller General access to any books, documents, papers, or records of any Federal agency.
United States · United States Congress · 23 March 1976
Redefines "firearm" under the Omnibus Crime Control and Safe Streets Act of 1968 and "any other weapon" under the National Firearms Act to include electric weapons for purposes of regulation of the sale, manufacture, importation, transportation and taxation of such weapons.
United States · United States Congress · 23 March 1976
Allows an estate tax credit of $25,000 under the Internal Revenue Code. Authorizes the executor of an estate to elect an additional credit of $15,000 if 65 percent or more of the value of the adjusted gross estate is attributable to a qualifying small business. Reduces the additional credit by 15 percent of the amount by which the value of the taxable estate exceeds $300,000. Defines the terms used in this Act. Makes technical and conforming amendments.
United States · United States Congress · 23 March 1976
Amends the Internal Revenue Code to allow a taxpayer to take a personal exemption for a dependent who is a handicapped individual participating in a sheltered workshop.
United States · United States Congress · 23 March 1976
Amends the Internal Revenue Code to treat gain or loss from any closing transaction as a gain or loss from the sale or exchange of a capital asset held for not more than six months. Defines the term "closing transaction" to mean the purchase of a put or call in stock or securities, or commodities, to terminate the taxpayer's obligation under an existing put or call in substantially identical stock or securities.
United States · United States Congress · 22 March 1976
Amends the Internal Revenue Code to increase from $1,000,000 to $10,000,000 the exemption from industrial development bond treatment for qualified small issues, which exempts the interest paid on such bond issues from Federal taxation.
United States · United States Congress · 22 March 1976
Increases the estate tax exemption for taxable estates under the Internal Revenue Code from $60,000 to $200,000 of the value of the gross estate. Increases the limitation on the aggregate marital deduction to 50 percent of the adjusted gross value of the estate, plus $100,000. Allows an executor to value farmland, woodland, and scenic open land at its current use value rather than at its fair market value.
United States · United States Congress · 22 March 1976
Creates a nine member House Select Committee on the Fiscal Problems of Cities. Directs the committee to conduct a study to identify the nature and causes of problems afflicting large cities which face severe fiscal imbalance. Provides that consideration shall be given problems which contribute to the financial plight of cities, including: (1) net outmigration of population; (2) decline in employment opportunities; (3) adverse city/suburban relationships; (4) cost of public services; (5) rising crime rates; (6) lack of new investment in housing; and (7) racial, ethnic, and economic segregation. Calls upon the committee to develop a policy regarding the appropriate role of various levels of government in the solution of such problems. Requires the committee to evaluate the consequences of, and coordination among, existing Federal policies and programs which relate to the major problems identified by the committee. Directs the committee to formulate specific recommendations regarding Federal legislation and executive administrative action for modifications of or alternatives to present Federal programs.
United States · United States Congress · 18 March 1976
Foreign Relations Authorization Act - Amends the Foreign Relations Authorization Act Fiscal Year 1976, to authorize the appropriation of $552,240,500 for the administration of foreign affairs for fiscal year 1977. Repeals prohibitions against the implementation of the Travel Document and Issuance System proposed by the United States Passport Office. Repeals the authorization of appropriations to study such a system. Authorizes the appropriation of $342,460,453 for fiscal year 1977 to the Department of State for participation in international organizations and conferences. Makes available $3,545,453 for contribution to the United Nations Educational, Scientific and Cultural Organization, from the $17,069,000 authorized for appropriation for international commissions for fiscal year 1977. Authorizes the appropriation to the Department of State of $68,500,000 for educational exchange programs for fiscal year 1977. Amends the Refugee and Migration Assistance Act of 1962 to authorize the appropriation to the Department of State of $10,000,000 for such assistance for fiscal year 1977. Authorizes the Secretary of State to utilize appropriated funds for representation expenses within the United States for the American Sections, International Joint Commission, United States and Canada. Authorizes the President to maintain United States membership in the International Cotton Advisory Committee, the International Lead and Zinc Study Group, the International Rubber Study Group, and the International Seed Testing Association. Amends the Foreign Service Buildings Act to authorize the appropriation of $73,058,000 to the Department of State for acquisition, construction, and alterations during fiscal year 1976 and 1977. Authorizes the appropriation of an additional $30,000,000 to carry out such activities in the Soviet Union, such funds to remain available until expended. Amends the Foreign Service Act to specify civil actions and compensation as exclusive remedies for malpractice arising from medical care from personnel of the Department of State. Directs the Federal Government to defend any person to such action. Permits the Secretary of State to provide malpractice insurance to such personnel in specified circumstances precluding legal remedy. Directs the Secretary of State to transmit to Congress a plan for improvement and simplification of the personnel system of the Department of State and the United States Information Agency. Increases the appropriation authorized for delegations to the Canada-United States Interparliamentary Group to $50,000 annually. Authorizes appropriations for the United States Information Agency for fiscal year 1977: $256,925,000 for salaries and expenses; $4,841,000 for special international exhibitions; $2,142,000 for acquisition and construction of radio facilities; and additional amounts which may be necessary for nondiscretionary personnel benefits. Directs that such appropriations remain available until expended. Amends the United States Information and Educational Exchange Act of 1948: (1) to authorize the purchase of uniforms, and (2) to make available without fiscal year limitation exchange allowances or proceeds from the sale of passenger motor vehicles for replacement of an equal number of vehicles when used for the purposes of this Act and the Mutual Educational and Cultural Exchange Act of 1961. Amends the United States Information and Educational Exchange Act of 1948 to set forth principles to govern Voice of America broadcasts with respect to accuracy, objectivity, and comprehensiveness. Directs the President to submit to Congress a report of plans to increase the effectiveness of international broadcasting by the United States Government. Amends the Board of International Broadcasting Act of 1973: (1) to authorize the appropriation of $58,385,000 to carry out the purposes of this Act, with specified limitation; and (2) to make technical amendments with respect to the organizational structure of Radio Free Europe and Radio Liberty. Amends the Japan- United States Friendship Act to change the formula upon which appropriations to the Japan-United States Friendship Trust Fund are based. Terminates the authority of the Japan-United States Friendship Commission to obtain administrative support services and personnel from the Secretary of State on a reimbursable basis.
United States · United States Congress · 18 March 1976
State and Local Fiscal Assistance Act Antidiscriminination Amendments - Directs the Secretary of the Treasury to terminate revenue sharing payments made under the State and Local Fiscal Assistance Act of 1972 to any State or local government which denies the benefits of such funds to any person on the basis of race, color, national origin, or sex.
United States · United States Congress · 18 March 1976
Amends the Public Health Service Act to authorize the appropriation of specified sums in fiscal years 1976 through 1979 for the purpose of continuing Federal assistance programs for health services research and statistics and Federal programs for assistance to medical libraries. Directs the Secretary of Health, Education, and Welfare to use and permit use of Department resources, provide technical assistance and advice, make grants, and enter into contracts for the provision of health services research and health statistics training for the purpose of aiding federally funded projects for health research experiments.
United States · United States Congress · 18 March 1976
Amends the Comprehensive Alcohol Abuse and Alcoholism Prevention, Treatment, and Rehabilitation Act of 1970 to authorize the appropriation of specified amounts in fiscal years 1976 through 1979 to carry out the purposes of such Act. Authorizes the Secretary of Health, Education, and Welfare to designate National Alcohol Research Centers for the purpose of interdisciplinary research relating to alcoholism and other alcohol problems. Directs the Secretary to make annual grants to such centers, not in excess of $1,000,000. Requires State alcohol abuse programs and the Secretary to give special consideration to alcohol abuse treatment and prevention for women and juveniles. Entitles alcohol abusers and alcoholics to be treated at outpatient facilities receiving Federal funds for treatment of alcoholism. Requires State alcohol abuse programs to include assurance that there will be some means of evaluating the effectiveness of treatment and rehabilitation programs funded under the Act. Requires that the National Advisory Council on Alcohol Abuse and Alcoholism approve applications for grants under such Act. Amends the Drug Abuse Office and Treatment Act of 1972 to require State drug abuse programs and the Secretary to give special consideration to drug abuse treatment and prevention for women and juveniles.
United States · United States Congress · 18 March 1976
Authorizes the Secretary of Health, Education, and Welfare, under title XX (Grants to States for Services) of the Social Security Act, to allot social services funds which are unused in one year to States for use in the succeeding fiscal year for the purpose of preventing or reducing inappropriate institutional care by providing for community-based or home-based care, or other forms of less intensive care. Requires that States requesting such funds have approved plans for the provision of such care. Directs the Secretary to pay quarterly to each State 85 percent of the State's expenditures for the provision of services in or through multipurpose senior centers. Directs the Secretary to standardize the eligibility requirements applicable to the provision of assistance, under the individual State programs, to multipurpose senior centers.
United States · United States Congress · 18 March 1976
Authorizes a tax deduction, under the Internal Revenue Code, for any taxpayer who contributes the right to use any real property owned by the taxpayer to a tax-exempt organization for use by a qualified senior citizen facility. Limits such deduction to 50 percent of the lesser of the fair market rental value of such property or the amount of State or local property taxes which are paid or incurred by the taxpayer and which are allocable to such property.
United States · United States Congress · 18 March 1976
Amends the estate tax provisions of the Internal Revenue Code to exclude from the gross estate that portion of the amount receivable by any beneficiary as insurance under any policy on the life of the decedent which bears the same ratio to the amount so receivable by the beneficiary as the amount of the premiums paid on such policy by the beneficiary bears to the total amount of the premiums paid on such policy.